Kasz216 said:
spurgeonryan said:
Kasz216 said:
spurgeonryan said:
Thought this email was interesting about people on social security disability which will be out of money by 2017 or earlier. and they are thinking of taking away from retirement which would reduce it more as well even though they work for it forever |
Not really.
The Truth is Social Security has no money.
Note during the debt ceiling crisis the first thing Obama said was they weren't going to be able to pay social security.
Once any social security money goes into the sysetm it's used to buy special issue government bonds.
Which are essentially IOUs.
They may use the bankrupting of the IOUS as an excuse to not pay people what they're old.
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I don't know if you know anything about the Chicago area, but supposedly all the teachers lost there retirement because the state used it. From what I was told they did not do social security because they had a pension or something. If that is actually what happened, would that be the same as what you mentioned up above? The government issued I.O.U's and did not pay them?
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Looking it up, it actually looks to be totally different. Soical Security benefits should be paid to anyone who put in enough credits to qualify, regardless of how many "IOUs" the fund has... since theoretically you are supposed to be paying in for YOUR benefits, it's just FDR built a dumbass system.
What the Chicago Area teacheres fund lawsuit is about is that the bank was SUPPOSED to be useing that money for safe invesments but apparently put them in high risk securities and morgages that caused people to go bankrupt.
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Its scary that FDR build and LBJ expanded this system. It makes no sense that an entity can stand that takes trillions of dollars from people, does not invest it, then gives it to those that paid in. Social Security is essentially like digging a hole and putting the money in it as a means of security.
The worst part is that its screwing over so many people. Payments for SS are barely livable, while any decent pension system pays out multiples more than Social Security with few issues of solvency. Yes, there are cases of the Chicago teachers issue, but that is a small issue when compared to the potential of the entire Social Security system collapsing - that is, having no money and forcing austerity measures which will mean many people (litterally) starve to death. Its a scary thought to know that our system is headed that way in 10 years.
