My question is still: When did Social Security become the national
retirement act? It was the "Widows and Children's act". Most of the people
getting SS paid $330 / year for most of the years they contributed. Was
maybe the mid 70's when the rate increased from the 1% of the first $3300 /
year. Matched by the employer for a $660 / year input. Can not support a
retirement plan at those rates, and the Social Security Trust Fund is
non-existant. If any private person borrowed from a trust fund with zero or
even an interest payment, they would go to jail.
Bill

"Grumman-581" wrote in message
...
"Gfretwell" wrote ...
The problem with this is that the "boomers" are going to break
the system long before the phase out could occur.

I suspect that that is not the problem, but rather a symptom of the
problem... In my opinion, the problem with Social Security is that is
basically a pyramid scheme... It it was run by anyone other than the
government, it would be illegal... The invention of the birth control pill
was the nail in its coffin... As long as we had a geometrically increasing
population, the system could continue to work... With the average family
only having around 2 kids, that means that the SS taxes that those 2 kids
pay must support their parents in their retirement... Back before The Pill
with people having 6-8 kids (more if they were Catholic, I guess), it
didn't
take as much from each of the contributors to support the people on SS...