How will Congress explain: Americans paid 45 years into Social Security but now there is no money for them?

Question

The Americans who will retire in 2010 have paid into Soc Sec for 45 years, assuming they got their first real job at age 20. Perhaps the first generation who have paid in their entire lives, is starting to retire now.
How will Congress explain to those Americans that the money is gone?

Answer 1

This is how they explain it. First Social Security (SS) is like an insurance policy, you pay into it but if you never have an accident you never get any benefit from it. So, SS is like that you pay into it, but if you do not reach age 62, or 65, or 72 you never get anything from it. That is explanation #1, #2 is it is not guaranteed. Funny, how if you work it pretty much is guaranteed that you will pay into it. They (gov) also say it should not be looked at as an insurance or savings program, you should also have savings, 401K(s), Roth IRA, etc. That is like saying you save for your retirement, we're gonna spend what you have to give to us and never pay you back.

Answer 2

Yes, this year Social Security is running a deficit years ahead of predictions. The retiring baby boomers have been had. The only thing the government can do is means test benefits, increase paycheck withholding and hold benefits down. Congress won't explain anything because they have consistently applied Social Security payments to general fund obligations.

Answer 3

The fools that wrote the original conception of SUPPLEMENTAL retirement payments failed to count on subsequent politicians being as 'honest' as they were. HOWEVER, generations of politicians seeing that huge pile of money in 'social security' account could NOT resist 'borrowing' a dollar now and then until we sit as we are today.



BROKE. With a 'lockbox' full of IOU's.



They could 'save it' by either jacking up the taxes the remaining workers pay substantially, or reducing the paid out benefits substantially, neither of which will sit well with anyone.

Answer 4

That money has been in a "lock box" (eye roll)

If you actually got your money back, what the heck kind of investment is that!?!? No return on your investment in 45 years!!??

But noooooooo, privatizing it in the market is a bad idea!

At it's inception, social security was not intended to be a "retirement plan", but only a supplement. Where,when and why did it evolve into a retirement plan?

Answer 5

I think your question is a little bit intellectually dishonest.



You ask the question under the pretense that the American people especially the ones 65 years old and older can actually do anything about it.



They ignored and laughed at Congressman Ron Paul and now they cant.

No one can because our Government is too big, too wasteful, and far too powerful and theres not a thing you or any other American can do about it....its simply too late.



It is what it is.

Hate the game, not the player.





Its a Republic ma'am... If you can keep it.

-Benjamin Franklin

Answer 6

"Sorry, we spent your money on: A stimulus bill that didn't work, a few billion on overhauling healthcare (even though it won't be passed), a few billion on stupid wars, a few billion on minimizing our defenses, so you're left with... here's a dime."



Congress might want to watch out, five million veterans storming the White House for their money could be pretty nasty.

Answer 7

They will say someday they will pay back all the money they borrowed w/o interest. Peace

Answer 8

They are trying to shove Obama health care down our throat, so we will all die soon and leave our money to them so they can waste it on phony stimulus packages.

Answer 9

there going to tell em that it was a bad idea and now obama needs it for there health care and they should be thankful for a president like him.

Answer 10

They won't say one word! That's how they roll and aren't they just the pitiful ones with all their money!