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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Amy J who wrote (213162)	12/12/2004 9:30:39 AM
From: RetiredNow	Respond to of 1577566

Amy and John Fowler, please read this article on Social Security. It is a primer on the system. I've seen in both of your posts that somehow you think the SS system ties your contributions to your SS # and that is NOT true. Your contributions go to pay for today's retirees and that is the fundamental flaw in the current SS plan. Privatization is simply about tying you contributions to your SS #. So you get what you paid in plus whatever earnings your contributions make. money.cnn.com "Social Security operates primarily as a pay-as-you-go system: the Social Security taxes taken out of your paycheck are used mostly to pay today's retirees their benefits...Until now, Social Security has taken in more money than it has had to pay out. The surplus is loaned to the Treasury and in exchange Social Security receives Treasury bonds...Come 2018, it's estimated that the payroll taxes Social Security takes in will be less than what it must pay out."