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That's only because payroll taxes were sold as a retirement plan contribution for yourself. The idea is that you get all of that money back plus interest. Sadly
by mattmcknight 16y ago
That's only because payroll taxes were sold as a retirement plan contribution for yourself. The idea is that you get all of that money back plus interest. Sadly, it's not run that way. People have the let the money be spent on other items for years, and now they are retiring and it's not there.
- tptacek 16y agoIt isn't? Social security is solvent assuming no funding changes until 2037.
- bd_at_rivenhill 16y agoIn an accounting sense, but it will start drawing from income sources other than payroll taxes as soon as outlays exceed those incomes, which will happen a lot sooner. The trust fund is an accounting fiction, and a debt to yourself is not an asset.
- byrneseyeview 16y ago"Solvent until..." is a contradiction. If you're solvent until you have to pay your bills, you're broke.
- tptacek 16y agoThe "solvent..." part of that assertion isn't severable from the "... without changes to..." part.