To: koan who wrote (54689 ) 10/8/2013 8:08:53 AM From: Brumar89 Read Replies (1) | Respond to It's a shame it's a Ponzi scheme that exploits the young. I mean, there are even liberals who recognize this:Message 29153357 Message 29154360 Message 29153440 I'd love to be wrong... but it was really clear that those in early won huge. That is the definition of a pyramid. They say it is funded but they have put the funding into government IOUs. Also, I'm at the tail of the Baby Boomer wave so I'm not optimistic. Greater than inflation increases in most commodities - health care, food, gasoline, etc. have not been properly accounted for so there is an erosion of buying power every year. I don't make this up... it is a bipartisan concern.The Social Security Trust Fund’s lack of any actual economic assets was noted back in 2000 by Clinton’s Office of Management and Budget, which wrote that, “These balances are available to finance future benefit payments … only in a bookkeeping sense. They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits, or other expenditures.” This quote aligns well with the with the information released recently from Social Security’s chief actuary. forbes.com
Message 29153383
