"Capt. NealŪ" wrote
Some excerpts:
Well, I found one statement that wasn't an lie. SS will start paying out
more than it takes in in 2018. But he forgot to mention that that is
exactly as planned! SS is a pay-as-you-go program. Normally, there is no
surplus - everything that comes in goes out as benefits. The rates were
increased and benefits cut in 1982 (IIRC) to create a surplus in
anticipation of the "baby boom" generation retiring. "Boomers" will retire
in a few years and use up that surplus exactly as planned. The surplus will
last until about 2048 then the system will go back to pay-as-you-go mode
like it worked since Roosevelt. But by then the boomers will be largely dead
and payouts will shrink. THERE IS NO EMERGENCY!
Are individual accounts a good idea? Sure. I have several - in addition to
SS. If the NeoCons are hell bent on a subsidy for their stock-broker
supporters then pass a law requiring everybody to have one - seperate from
SS.
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