They stole it and are replacing it with government notes, IOU's. Militarism is the only reason we have a country. People have forgotten Stalin, Hitler, Mao. John
They MIGHT pay it back... but with what? Print-money inflation? Raise taxes so that we "pay ourselves back" for the money they stole?
how about a combo immigration, cutting benifits and raising the retierment age? DOnt forget socil security is solovent until the 2040's medicare and medicade have issues around 2018
There are any number of partial solutions involving delaying, reducing benefits. I have no proof, but I doubt SS is "solvent to 2040's". It MIGHT have been had not Congress stolen the reserves. If "solvency" now includes the phony bonds Congress exchanged, then any claims of financial durability are just more Gummint lies and accounting sleight of hand.
what always amazed me is how they cap it. I.e. if you make 90k, you pay the full 6.2% Yet if you make 100million (or any amount above 90k), guess how much you pay? .006% Good ol' fair and equitable playing field in action. Money for congress subsidized by the poor and middle class.
Your view is terribly distorted... 1. The guy who makes $100Million is still going to get only $1200/mo from social security. Why should he be paying in $6 Million? 2. There is no cap on the Medicare tax. The $100 Million earner would pay $1.45 Million or $2.9 Million depending upon his employment status. You've got it all wrong. The rich are rich IN SPITE of being hosed on taxes TO subsidize the poor and middle class... not from being subsidized by the have nots.
from washington post The trustees who oversee Social Security and Medicare issued new warnings yesterday that the two programs are becoming unaffordable but pushed back slightly their predictions of when the crunch will hit. By 2017, Social Security will pay out more in benefits than it collects in taxes, the trustees said in their annual report. The program's trust fund is projected to be exhausted by 2041, one year later than estimated last year http://www.washingtonpost.com/wp-dyn/content/article/2007/04/23/AR2007042301963.html
Assume the money never gets paid out (not unfathomable). How much utility did the little guy lose? How bout the millionaire? Does that sound equitable to you? No, I think you have it wrong. Let the rich guy pay out the full 6million, so he loses the same utility as the middle class, he should get it back in social security later, just like everyone else, right? Your 1200 number is only a fixed amount because the amount they pay is capped.
It's illegal in America to discriminate based on any number of things... why is it OK to discriminate based on productivity? BTW... The world doesn't owe you a living. America doesn't owe you a living. The rich are subsidizing you and your government every which way from Sunday. You show lack of class when you complain that the hand-out you get isn't big enough.
If you take out cancer, heart disease, diabetes what else is there to kill you? We will all die but kids born in 20 years will live to 120-150. John