Back in the late '80s, interest on a home mortgage was 9.5% or 10%. That's what we got in the late 80s.

In the late 90s, interest rates on private student loans were 7.5-8.5%.

Those of us who paid the increases in payroll taxes that were enacted to save in the Social Security Trust Fund for the retirement of the baby boomers (starting during the Reagan administration between 1983-1985) PAID those interest rates.

The interest rates now are artificially low thanks to Fed maneuvers and the crash of the housing boom. Please note that the first of the baby boomers who were born in 1946 first became eligible for Social Security at the reduced distributions for 63-year-olds in 2009. The housing crash and bank failures were timed perfectly to harm baby boomers.

As is the proposed default on the Social Security benefits.

And please note that the Republicans were in office when the housing boom and subsequent crash were allowed to happen.

We are due a lot of interest on the money that we put into the Social Security system.

Most of us started putting in money when we were still kids back in the 1960s. Our generations (war babies and baby boomers) often started working as early teenagers.

The money we put in when we were in our teens and 20s so long ago has accrued an enormous amount of interest. That is why we probably are not really even getting back the value that we put in with the current benefits.

Average benefits paid out to retirees as of August 2013:

Old-Age and Survivors Insurance . . . . 1,203.72
Retirement benefits . . . 1,224.69
Retired workers . . . 1,270.38
Spouses of retired workers . . . 634.20
Children of retired workers . . . 619.95

http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/

The minimum benefit is $1.

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/254/~/minimum-social-security-retirement-amount

The maximum benefit depends on the age at which you retire and your income (how much you put in).

The maximum benefit depends on the age you retire. For example, if you retire at your full retirement age in 2013, your maximum benefit would be $2,533. But if you retire at age 62 in 2013, your maximum benefit would be $1,923. If you retire at age 70 in 2013, your maximum benefit would be $3,350.

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/5/~/maximum-retirement-benefit

The recent job deficit has forced more people to retire earlier. That means that the monthly benefits they receive are and will continue to be lower than those who can still work until they are 70.

People retire because employers really don't want to hire older workers.

If workers were in big demand, if we had very, very low unemployment, fewer people would retire before they were 70.

So, the real problem is not Social Security but our bad economy. We have outsourced and exported too many jobs. That is our problem. Our free trade policies are really hurting Americans. Social Security is a red herring. It's not the problem. The lack of jobs is the problem.