Will social security run out for the boomers?

[franmarz]

In the Tampa todays paper, Greenspan presented a thought that perhaps there should be a raising of income taxes, and a lowering of social security payouts. My kids are boomers, and they already think there will be nothing left for them in 15 years-maybe sooner.

[mmonk]

1. That's the republican plan

[physioex]

2. Don't count on it being around...

Plus the retirement age keeps going up. Maximize your 401K investments if you got it........

[htuttle]

3. I'm 41, have paid into Social Security since I was 14

And I don't expect to get squat from it by the time I'm 65.

It's more than a little depressing.

[physioex]

8. HAH.....Laughable...

I doubt it will 65 when you retire. More like 70 even higher when its my time...

[bearfan454]

4. I looks like we will get stiffed for sure.

They say it is solvent until 2042, but I don't believe it. The 200 billion a year for war and tax cuts for the rich are bankrupting it faster. That might be their plan. Bankrupt it as fast as they can so they can scrap the whole program.

[nothingshocksmeanymore]

5. There are SEVERAL ways to fix social security

Granted George Bush's plan all along was to pretend we needed a war to drain it's coffers and give the booty to his MIC buddies BUT:

SS should be paid by everyone and should NOT be capped for the wealthy at it's current limit...RAISE the limit.

Also, America should get OVER it's fear of Mexicans...if the ones who were here illegally were given amnesty and made part of the system, it would ENSURE they were paying into it rather than living under the table as some currently do.

There should be GREATER penalties to businesses CAUGHT paying under the table and a portion of THOSE fines whould be earmarked to go into the SS fund.

The people that claim social security can't remain solvent do so by claiming that the upcoming workforce isn't enough to support the boomers...it's easy...allow more immigration to make up for the children boomers didn't have.

[swag]

6. I heard Robert Reich speak about this a couple of years ago

and here's somebody else's quote of Reich from 1998 on the same subject:

Robert Reich, former Labor Secretary and former OASDI trustee, had to say in 1998: "I can tell you that the actuary's projection...is based on the wildly pessimistic assumption that the economy will grow only 1.8% annually over the next 3 decades. Crank the economy up just a bit, to a more realistic 2.4% a year...and the fund will be flush for the 75 years. Even if we have several recessions along the way, it's highly doubtful that the economy will grow any slower, on average."

http://www.peninsulayd.org/PDC/newsletter/Aug_Fran_SS.shtml

What has happened since then, of course, is that the Republican-controlled Congress along with the President have run up record deficits some say (the WSJ editorial page gave the game away on this about 2 years ago) with the very direct intent of creating a government fiscal crisis that would effectively spell doom for the Social Security system.

Alan Greenspan, Ayn Rand cultist, is taking the next step in the game and trying to force erosion of benefits.

Social Security had a fairly bright future when we had a fiscally responsible President.

[sadiesworld]

7. If people accept it as invitable, yes.

If we stand together and call it for what it is--theft on a massive scale--perhaps not.