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social security isn't an investment program. When it started during the great depression, the money put in by workers was immediately paid out to retirees who
by lsc 8y ago
social security isn't an investment program. When it started during the great depression, the money put in by workers was immediately paid out to retirees who hadn't contributed to the system.
This is how it works today; working people pay in, and our parents or grandparents get that money.
Any perceived financial trouble is because we've now got people living longer, and so we've got more retirees for the same number of workers. This... just means we need to raise taxes.
I mean, really, I think it's silly to say we have a special tax for social security; my understanding is that the money goes into the general fund anyhow (and it's been running a surplus for some time now)
We don't have a special tax for the army that you only have to pay on your first $128K/yr, why do we have that for social security?