Originally posted by Tptmanno1
Yes there is, The threat of Social Secureity is not real its hyped. All of the baby Boomers all had kids! When they retire, the Boomer's Kids will pick up the slack. Thats how it works. I'm not saying Social Security is perfect, its not, but not the radical change that Bush is promoting. That is really bad.
They make it seem like your incharge of your own money, but your really not. You pay your money into a governemnt account, and They give it back in small incriments. adn If you die early, well sucks to be you. and if you didn't invest enough. Sucks to be you. Its a really shoddy idea.
Are you serious?
Social Security isn't hyped. It really is failing, there aren't enough people putting into SS to accomodate for the number of people who want to reap the benefits of SS.
In order for the children of the baby boom to "pick up the slack"...every family would have to have like 7 or 8 children. And that would mean that in order to provide for that generation, their children will have to have like 7 or 8 children.
Example: Say I have a wife and that the two of us produce 2 children. If you fast forward in life to the point in time where those children are paying social security and me and my wife are collecting social security, that lowers the ratio of money in vs. money out. You would need like 7 or 8 children paying in just to provide for the two adults who are now on Social Security.
Basically there isn't enough youth paying in to take care of all the elderly people taking out.
As for the personal expense account....far be it for me to criticize it or ridicule it because I don't think it's been fully introduced to Congress yet, so I don't know the extent of what it would cover. But if Greenspan likes it.....so do I.