clevergirl
Gold Member
- Oct 22, 2009
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The only way to correct the problem is to raise employment taxes; raise the retirement age; or cut benefits. This MEANS that SS is currently insolvent and will bankrupt if something isn't done.
No, it doesn't mean its currently insolvent. You either don't understand what the word "insolvent" means or what the word "currently" means.
No it isn't.Phasing it out is also an option.
SS ought to at least be an opt in program, instead of a forced in one.
Your state or local government is free to provide you a substitute program. The teachers into Louisiana pay into the states retirement fund - not SS. The entire city of Galveston, TX, also has opted out.
I know what insolvent means. I also qualified my statement by underscoring what has to happen in order to make it solvent. This is not mere rhetoric I am espousing. link
Selling off treasury bonds cannot solve the problem of tax receipt short falls indefinitely. Right now SS has approximately .73 cents for every obligated 1.00. It is making that up on the backs of younger workers.
SS is not an actual fund- it is an accounting device- There is no actual money in SS, merely IOU's. link