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

To: RetiredNow who wrote (218896)	2/12/2005 9:28:16 AM
From: Road Walker	Read Replies (1) \| Respond to of 1574494

re: Show me the source of that statement. John and others have claimed that is true, but no one has shown proof. I'm not going to read all the SS laws for you; if you want to you can go here: socialsecurity.gov That the benefits will be reduced if the fund is exhaused and it is cash flow negative is stated in every article about SS, including the following from a SS wenb page: The future of Social Security Social Security is a compact between generations. For more than 65 years, America has kept the promise of security for its workers and their families. But now, the Social Security system is facing financial problems, and action is needed to make sure that the system is sound when today’s younger workers are ready for retirement. Here is why the level of benefits that Social Security will be able to pay in the future is uncertain. Today there are about 35 million Americans age 65 or older. Their Social Security retirement benefits are funded by today’s workers and their employers, who jointly pay Social Security taxes—just as the money they paid into Social Security was used to pay benefits to those who retired before them. Unless action is taken to strengthen Social Security, in just 14 years we will begin paying more in benefits than we collect in taxes. Without changes, by 2042 the Social Security trust fund will be exhausted. By then, the number of Americans 65 or older is expected to have doubled. There will not be enough younger people working to pay all of the benefits scheduled for those who are retiring. At that point, there will be enough money to pay only about 73 cents for each dollar of benefits that retirees are scheduled to receive. We will need to resolve these issues to make sure Social Security will provide a foundation of protection for future generations as it has done in the past. ssa.gov; If we don't fix it, the benefits will be reduced to balance the cash flow. That's the way it was set up. John