For years, the United States government promised security to retired Americans. Social Security was supposed to be there for you when you needed it.
The government lied.
Social Security has been in crisis for years. Americans worked for decades, “paying into” Social Security. They believed that they would have money to fall back on, once they were too old to work.
But now a new report reveals how much trouble SS is in. And the only logical solution to fix it.
From Fox News:
Social Security is running out of money.
You may not believe that, but it’s a fact.
That FICA money taken from your paycheck was not saved for you in a “trust fund.” Politicians misled us. They spent every penny the moment it came in…
They assumed that FICA payments from young workers would cover the cost of sending checks to older people. After all, at the time, most Americans died before they reached 65.
Now, however, people keep living longer. There just aren’t enough young people to cover my Social Security checks…
One partial solution proposed by Heritage and others is to let younger workers put some of their Social Security money into their own personal retirement accounts…
Private accounts have been tried in a few countries. In Chile, the investment they created helped make Chile the richest country in Latin America. (Before, Chile was poorer than most.)
Wow. Private commerce bailing out a failed government program? Where have we heard that before? Oh, everywhere.
Another recommendation has been to raise the retirement age to 70 and cut back on how much they give out. That sounds nice, but it might not do much to stem the growing problem.
The bottom line is Social Security was a problem from the start. President Roosevelt was able to create it during the dark days of the Great Depression. It got him support.
He knew he’d be long gone before it collapsed.
After so many generations, it finally is. Cost of living and life expectancies have outpaced the government’s ability (and willingness) to pay out benefits.
Most retired Americans know that Social Securit does not provide enough to support them.
So significant changes must be made, for the future.
But will it be done? President Trump has promised to protect the Social Security of retired Americans. He is no one to go back on a promise.
Regardless, though, changes are inevitable. What do you think should be done with Social Security?
Source: Fox News