There are two ways of looking at Social Security. One way is to say no problem exists as the trust fund has roughly $2.5 trillion in assets. The other way is to say that the trust fund is broke because the Federal government borrowed the money and spent it, replacing the tax receipts with government IOUs. The people who claim that Social Security is a problem are those who do favor reneging on the promise of a retirement income for seniors because they don’t want to be taxed to redeem the IOUs.
As I used to say to my younger co-workers when we argued about Social Security: If you believe it will still be there when you retire, it will be. If you don’t so believe, it won’t be. That is because you will vote your beliefs and the candidates you elect will either fix the problem or vote to eliminate the program.
- The Federal Reserve Is Destroying Social Security And The Retirement Plans Of Millions Of Americans (activistpost.com)
- Social Security: scary truths, or hoary scare tactics? (socialsecurityhome.com)
- A Radical Solution for the Social Security Crisis: Have More Babies! (dailyfinance.com)