The Epic American Credit and Bond Bubble Laboratory Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Umunhum who wrote (24508)	1/12/2005 4:38:15 PM
From: CalculatedRisk	Read Replies (3) of 110194

Social Security Retirement Insurance is NOT a retirement program; it is an insurance program. It is intended to provide a safety net of income, in old age, for those that for whatever reasons need it. It is paid to everyone (the only means test is the income tax on 85% of benefits), to keep overhead low (just 1% goes to overhead). This has fooled some people into thinking it is a "retirement program". They couldn't be more wrong. The next questions is: Why do we need retirement insurance? Surely you won't need it and neither will I. Good question. It is not a retirement program and it is not noble largesse. The economic purpose of Retirement Insurance is a stable society! This is an important concept to understand. In the 30s when many or our elderly were living on the streets, this created significant unrest among working men in their 40s, 50s and early 60s. They could see their future, and it was grim. By providing a safety net for these workers, we were able to defuse an unstable situation. And who benefits most from a stable society? The wealthy, of course. So who should pay for retirement insurance?

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next