> The real crisis facing Social Security today isn't that it's going broke
> or that it's going to go broke in 25 years. The real crisis is a crisis
> of confidence.
Oh to be young and naive.....................................
The real crisis is that the money is already spent. There is no trust
fund, simply IOU's from the same entity that spent the money.......and there
is NO safeguard that you, or anyone else will get anything for it. They
could simply end all payments and keep taxing you.
> Simply put - most people my age don't think Social
> Security will be there for them. 20 and 30 somethings are convinced
> they'd be crazy if they intend to count on Social Security for the bulk
> of their retirement income in 30 or 40 years. Much better to put money
> away in IRAs. Social Security, if there's antyhing left of it in the
> 2040s and 2050s, maybe could pay for a sailboat or an RV.
> That said, I'd love if, instead of building a huge bureaucracy
> surrounding 'private accounts' (that you can bet won't really be
> 'accounts' and definitely won't be anything ressembling 'private'), they
> deducted the dollar amount of my IRA and 401(k) contributions from my
> social security taxes. If I paid about $2200 in SS tax over a year, and
> I contributed $1900 to my IRAs and 401(k) that year, then my net SS tax
> was only $300 and I get a nice return for $1900 from it - in addition to
> and separate from any income tax deductions I might get. If I paid
> $2200 in SS tax and put $4,000 to my IRAs and 401(k), then I get the
> whole $2200 back that year.
> Don wrote:
>> The other night Bush said this:
>> "I feel strongly that there needs to be voluntary personal savings
>> as a part of the Social Security system."
>> Is there something wrong with that question?
>> The word *needs* followed by the word *voluntary*.
>> It seems to be an oxy moron or something.
>> Here's the deal, Bush can come right out and say, "Effective
>> to the year 1971, Social Security tax will no longer be witheld from
>> American citizens." "And further, retroactively to the year 1971, all
>> Security tax that has been paid will be promptly refunded to the
>> If Bush would come right out and say that, before the end of 2005, I
>> friends and associates will purchase a full page ad in the New York
>> pledging that we will vote for anyone Bush wants us to in the next
>> and we will do all that we can to try to get as many people as possible
>> vote along with us.
>> Short of that, my solemn wish is for overwhelming peril to descend upon
>> and all of his enablers immediately and continuously.