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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: The Philosopher who wrote (51298)	8/15/1999 10:05:00 AM
From: Edwarda	Respond to of 108807

As I recall, the original intent was to provide a safety net, not a retirement system. I cannot speak for Terry (God knows he is more than capable of speaking for himself!), but I suspect that we feel the same foreboding--namely, that based on demographics, at the time of our retirement, the response will, in effect, be "sorry, Charlie, no money for you." Meanwhile, the monies that we ourselves could have been investing toward our retirement has been taken from us without our consent to fund other people's retirement. This is an unnerving prospect and smacks of a Ponzie scheme. A realistic solution in light of the mess we have already created? I continue to ponder. Perhaps Terry has one?

To: The Philosopher who wrote (51298)	8/16/1999 7:30:00 PM
From: nihil	Read Replies (1) \| Respond to of 108807

Hey, Chris, you really ought to read a little about the Social Security system. As originally conceived by FDR and his committee, OASI was limited to the first few thousand dollars of earned wages and salaries. A 1% tax on each employer and employee. This was to be a nearly "fully funded system" until after WWII it was discovered that if was overfunded and it would be years before anyone would get much out of it. The Republican Congress in 1951 extended it and froze tax rates planning to bankrupt the sysytem against the warnings of the Social Security actuary. In addition, Congress made AFDC apply to single mothers other than widows. Many groups were brought into coverage without making significant contributions. Its a wonderful story of responsible initiation and political corrupt destruction of a workable system.