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Thursday, May 14, 2009
Social Security shortfall
Baby boomers' retirement may be fine, but younger generations stand to lose out.
Stories like this are part of the orchestrated campaign to disparage the most popular, successful and well funded government program in existence. This is being done to convince us that we should be investing SS money into managed investements run by the very same bankers we just bailed out. Think about how well your 401K has done.
Because of the current economic disaster (depression) Social Security it putting less into the boomer trust fund than planned, which means that it will run out a little earlier (in about 28 years instead of 30), but it was DESIGNED to run out and return SS to pay as you go, just like during the first 50 years.
What they aren't telling you is that Social Security can continue - for as far as we can see into the future - to pay all claims, without reductions, without further raising retirement age, and without increasing the percentage we pay in contributions if we reduce or eliminate the Social Security tax discount we currently give to the wealthy.
Baby boomers' retirement may be fine, but younger generations stand to lose out.
1 comment:
Stories like this are part of the orchestrated campaign to disparage the most popular, successful and well funded government program in existence. This is being done to convince us that we should be investing SS money into managed investements run by the very same bankers we just bailed out. Think about how well your 401K has done.
Because of the current economic disaster (depression) Social Security it putting less into the boomer trust fund than planned, which means that it will run out a little earlier (in about 28 years instead of 30), but it was DESIGNED to run out and return SS to pay as you go, just like during the first 50 years.
What they aren't telling you is that Social Security can continue - for as far as we can see into the future - to pay all claims, without reductions, without further raising retirement age, and without increasing the percentage we pay in contributions if we reduce or eliminate the Social Security tax discount we currently give to the wealthy.
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