Tagged: generational debt

Social Security for Who?

How did our generation get stuck with such a raw deal when it comes to Social Security? I’m not bemoaning the fact that my mother and grandmother get it; I’m sick of the way government handles our money! There wasn’t a whole lot of foresight in the creation of SS.

Is it really wise to let our government take our hard earned money and put it into a fund for the use of generations ahead of us to retire, masked as a ‘due’ for our own retirement, no less?!  Did anyone ever think that maybe the birth rate would decline immensely? Did anyone think that maybe people would live longer and longer? How about a bad economy and high unemployment on top of that?  Let’s think that through.

The Social Security taxes you now pay go into the Social Security Trust Funds and are used to pay benefits to current beneficiaries. The Social Security Board of Trustees now estimates that based on current law… In 2017 (it) will begin paying more benefits than it collects in taxes and… in 2041, the Trust Funds will be depleted. Because people are living longer and the birth rate is low, the ratio of workers to beneficiaries is falling. Therefore, the taxes that are paid by workers will not be enough to pay the full benefit amounts scheduled. So, according to the SS Administration, our generation will pay the tax but won’t be able to collect on it when we retire.

Of course, I have heard the argument that this is a simple math problem to be fixed with increasing taxes. When does that line of thinking ever stop?! And how much do you have to raise the taxes to compensate for all of the changes I just mentioned? Let’s learn from history and our mistakes.  Quit having the government take things over that are too important to mess with. Do we really want to give the US Government the opportunity to make us relive the Social Security mess with our healthcare?

Will our children be asking us, “Why did you get us into such a healthcare mess we can’t afford, when you knew how Social Security failed?”

By Jane Pinkterton