Lately we have been hearing Social Security is a government entitlement program. Now that the Baby Boomers are hitting retirement the government won't have the cash to make good on the program and the program is not sustainable.
I have to admit, I am a more than a little bit confused about all the financial jargon floating around these days. However, I do remember "premiums" for Social Security were made palatable to all the workers of the country by telling us 50% is paid by the worker and 50% by the employer. Hogwash... it was all paid by forced withholding of nearly 15% of a workers income for the duration of his employable years.
I can remember in the 1960's I hit the limit or maximum that could be withheld and it seemed like a raise in pay. Over the years I know there was a cap on how much was extracted from a worker but I never hit the cap as the years rolled forward and I got older. 15% of my pay, some years less and toward the end of my working years it was more but we'll use 15% of our pay went into Social Security.
It is more than annoying to hear from our elected officials that Social Security is an ENTITLEMENT! Now that I have reached the age I can collect on the program I am told the program is a government handout? I beg to differ on this point, ever since the age of 16 Social Security withholding has been deducted from my pay. It is now time for me to get the money back. It was taken from workers and a good faith pledge it would be there when I and others retired. We are not parasites who have failed to pay our way. Republican and Democrat politicians who call Social Security a ENTITLEMENT PROGRAM surely need to think this over.
I would settle for the same retirement given to members of Congress and forego any further S.S. payments.
I agree with you call it what you will I am entitled to my portion for which I have paid its not a handout because its what we have all paid into. It will be fixed because 65 percent of Americans have nothing else to fall back on in their golden years. That will be their only income after paying in all their working years.
ReplyDeleteThis situation is no different than many pension plans. We need to honor our agreements and stop treating social security and retirement plans like they are sources of some magical income we can borrow against for all kinds of stupid pet projects. If you didn't contribute, you shouldn't get anything out of it. So how do we take care of all the non contributors? They should be funded as a separate line item under welfare so we can see where all the money is going and how much is being spent there. I am disgusted when I see there will be nothing left when I retire after having to pay into a system for my entire adult life, that redistributes my money to someone who hasn't paid into the system. How did Social Security get so far off track?
ReplyDeleteSocial Security got out of control in the 1960's when more and more beneficiaries (who paid nothing into Soc. Sec.) were added to those already receiving Soc. Sec. checks.
ReplyDeleteEveryone thought the Boomers would have more kids than their parents did and there would be an endless flow of money into the program.
Three things happened on the way to prosperity: First, the birth control pill came onto the market, Second, the Boomers have had fewer kids than their parents, Third, people are living longer and collecting payments for a lot longer.
During the 1970's we had STAGFLATION with double digit inflation and congress put COLA's on payments to adjust for inflation.
I think we do need to have a national discussion about medical heroics that keep people alive beyond any quality of life. At 92 my own father thought a cure for old age and death was just around the corner. Meanwhile he was using every medical option he could to stay alive a few more weeks or months at huge expense to everyone paying his bills.
This is an issue where middle class America is going to have to gear up, mount up, and soldier up to any attacks on Social Security. Hands off of it, or else. It was the Bush tax cuts, fighting two unfunded wars, and handouts to Wall Street that got us into this situation.
ReplyDeleteThe real problem here is Social Security has drained our economy and is the real reason why the economy tanked. Has nothing to do with Wall Street. We have promised too much to too many people. More people are drawing out than putting in. Maybe they should take your social security and put it into a 401k or Roth IRA and you can live off that. Why should those of us who have risked everything to make wealth have to fund everyone else's retirement.
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