Social Security confusion
There seems to be some confusion about Social Security. When SS began, the retirement age was 65 and life expectancy was 62. Very few people lived long enough to draw it. Now, life expectancy is 78. The baby boomers are now retiring and too few babies are being born to replace them. Soon, we will have two people working and paying into SS for each person drawing it.
There is no surplus in SS. All the money paid in today is being spent today on retirees. The reason? The government has “borrowed” (and spent) the money in the SS Trust Fund. If the government would just pay the money back, everything would be fine. No, the government already owes $17 trillion not counting what it owes SS.
The government collects $2.5 trillion each year and spends $3.5 trillion. The debt will be $20 trillion by the time Obama leaves office. Actually, the “government” doesn’t owe anything. We, the taxpayers, owe all that money. Would you like to pay your share? Each family of 4 owes $130 thousand. Think of it this way. Your family earns $25K per year and spends $35K per year. But you owe $170K. To solve this problem, you would probably start spending a lot less?
So, how does the government get this debt under control? We can’t quit spending, because congress is addicted to spending and the people who don’t pay taxes would still want their “free stuff.” We could tax “the rich” at 100 percent and that wouldn’t even dent the problem. It would also only work for one year, because the rich would move out of the country or stop earning and hiring people.
A recent writer to this page said Bernie Sanders is the only one telling the truth. Bernie Sanders is a professed socialist (communist) and is a liar. He wants our form of government to fail so we can be like China and Cuba. In his world, the government would own everything and would tell us when and where to work and live.
Our system has lots of problems, but at least we still have some freedom left. It is scary when people start agreeing with a communist.