Ponzi scheme

ROFL!

See you in 2016 when it goes "upside down" and they start trying to cash
those
worthless SS bonds.

I always get a huge laugh at the entire social security nightmare.

The same people who scream bloody murder about the evils of socialism are the
first to get real territorial about the US Socialism Security program-
espically if they are receiving a monthly stipend.

I think we should take the "retirement" aspect of the program and junk it, or
certainly revamp it to reflect today's realities. When the program was started,
it was a program for destitute widows, orphans, and the extremely elderly. At
the time the program began, people commonly died of "old age" in their late
50's and early 60's. At 65 you were a fossil. A significant portin of the
population died before they were eligible to collect, and those who lived to
the ripe old age of 65 seldom lived much longer. Anymore, you find people at 65
and 70 who are still in the later stages of "middle age". 75 years of age
today is probably equivalent to the 65 years standard that was used back during
the 30's when the program was initiated. Kids who are teenagers and in their
20's today will routinely live to be over 100, if we can believe what the
scientists are projecting.
At 65, those kids will still have about 1/3 of their lifespan to go.

The program was initiated to keep people off the streets. "off the street"
isn't intended to mean four feet above the street in a luxurious motor coach,
touring incessantly around the country and expecting social security to pay all
the bills. That's not reality.

The retirement portion could be easily phased out. It would have to be done by
age brackets. The closer one might be to current retirement age, the greater
the portion of the existing benefit that would need to be preserved. It isn't
fair to allow people to (foolishly) plan during an entire career that Social
Security will pay them for not working after a certain age, and then change the
rules just as they reach the "finish line."

Young kids in their 20's? Sorry kids, no retirement benefits for you......but
we'll cut your SS tax rate by 50% and let you invest in whole life insurance,
stocks or bonds, or
etc. (If you spend the money and don't provide for your own retirement, that's
your choice and you'll have to live with it when you get older). Everybody
would still be covered by the disability benefits, widows and orphans benefits,
etc.

For people between their 20's and the mid to late 50's, a series of step
adjustments could be made. As each age bracket reached "retirement" age and
more kids come along, the system would be simpler to administer. Within a few
decades, all workers would be on the "no retirement benefits/ reduced SS tax
program."

And besides, the US economy is now just a branch of the global economy. Our
old people will soon be working until they die. Who can save for retirement (or
pay in much in SS taxes) on minimum wage?