DO Baby Boomers Even Deserve Social Security?

Discussion in 'Economy' started by jasendorf, Oct 9, 2007.

  1. jasendorf
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    jasendorf Senior Member

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    You know, after 40 years of allowing the government to cook the books using their Social Security money for the frivolous things that have made them happy... should the baby boomers get a dime of Social Security? They'll say "we paid our money in!" To which I reply, "yeah, and you let your elected official spend it instead of making them save it for you. You've already gotten your benefits... in the way of lower taxes, more services... all from that money. Why did you let you politicians spend your social security money?"

    Just irks me.
     
  2. midcan5
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    midcan5 liberal / progressive

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    You need to lay off those voodoo economics' drugs, or like the Lion see if you can get a heart!
     
  3. BaronVonBigmeat
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    BaronVonBigmeat Senior Member

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    There's few things more heartless than forcing people to contribute a substantial portion of their savings to a pyramid scheme. If it wasn't for my "contribution" to SS, I could easily double the contribution to my 401k. Not to mention the other half that my employer has to pay, so it's really more like triple.

    And no, no one has a "right" to social security. People are going to find that out the hard way in the coming decades.
     
  4. doniston
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    doniston Member

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    By way of humor:

    You must be the Scarecrow cause you have the characters mixed. The Lion needed courage, and the Tinman needed the heart.
     
  5. RetiredGySgt
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    RetiredGySgt Platinum Member

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    If Congress would do the right thing, which is remove Social Security taxes from general funds, we would have very little problem funding the system.

    Now who made it the way it is and kept it that way? All one need do is do a quick check of which party has dominated the Congress since SS was passed to answer that one.
     
  6. Toro
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    Toro Diamond Member

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    Yes, they should, because they did pay into it.

    Whether or not they should receive the amount promised though is another question.

    America should get a real social security system.
     
  7. Diuretic
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    Diuretic Permanently confused

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    Is it a defined benefits system?
     
  8. Toro
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    Toro Diamond Member

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    Not necessarily, though that's the one I would recommend for social security. Rather, the criticisms of the system are valid, and Social Security should be designed like CalPERS or, better yet, the Canada Pension Plan Board, which is CalPERS without the political nonsense.
     
  9. Diuretic
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    Diuretic Permanently confused

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    Thanks for that.

    Here (Australia) we have various forms of social security but without going into detail (because I don't have the knowledge about the system) there are schemes for persons without private (occupational) superannuation (which I think is roughly equivalent to the 401k scheme, not that I know anything about it) which cover them for invalidity, old age, supporting mother, widowed etc. They are a pittance but enough to keep body and soul together though you would not want to be in that situation as it's existence and not living.

    Back in 1992 our federal government could see that our system couldn't continue to bear the load and passed laws which ensured that individuals who were in employment would get their next pay increase partly offset into compulsory superannuation (it was originally 3% of salary but has been increased to account for inflation and cpi to a rate of about 9% now, I think).
    That was a wise move. As far as I'm concerned it's irrelevant as I have been paying into my own occupational superannuation scheme since I was 20 (it's a defined benefit scheme) and it will allow me to take a 100% lump sum or an annuity or a mix of the two ( a lump sum which is then deducted from the annuity). I hope not to have to ask for aged pension, I want to be a self-funded retiree.

    Looking back that's a bit of a babble, sorry about that, I was just interested to know how it worked in the US because I haven't any idea how it's done.
     
  10. Jack Woods
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    Jack Woods Rookie

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    Hey, it wasn't the baby boomers who voted the republicans in office...
     

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