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Politics : View from the Center and Left

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To: Wharf Rat who wrote (211140)	12/10/2012 11:51:50 AM
From: research1234	2 Recommendations Read Replies (1) of 541863

There is a big difference between SS and a 401(k) or other investment-based retirement plan. The SS system is a generational income transfer program. Contributions made by workers are used to pay benefits to current retirees. In the old pre-SS days, the generational transfer was very personal - grannie moved in with the kids or grandkids, and lived off their generosity.. grannie had no real personal freedom, and if her kids or community couldn't (or wouldn't) care for her, she died in abject poverty. SS is all about providing a floor benefit that allows folks to retire with a bit of dignity and personal freedom. The current SS trust fund is a temporary measure designed in the 80's, because otherwise the baby boomer retirement benefits could not have been funded by the next generation of workers without a massive taxation problem. Cutting SS would break the generational promise that is inherent in its design, and put us on a path that will lead to higher rates of elder poverty. If cuts really start to get traction, I would expect SS experts to make these arguments much more robustly.

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