That is what is guaranteeing every American's Social Security benefits. It is simply a piece of paper in an old filing cabinet in Parkersburg, West "By God" Virginia that promise you will recieve your Social Security check every month and that Medicare will cover your medical needs. That is what passes for a bond these days. No collateral for the money they take out of your paycheck before you even see it.
There is a problem, a big one. Medicare paid out more in benefits than it took in last year and will continue to do so. The fund will be depleted by 2017. Social Security will start paying out more in benefits than it will collect in taxes by 2016. The fund will be empty by 2037.
Thue current political parties in charge only no have two ideas: raise taxes (big surprise) and raise the retirement age.
Here is the Libertarian Party's response to this madness.
Social Security
Securing Your Retirement
Politicians in Washington are stealing your future.
Every year, they take 12.4% of your income to prop up their failed Social Security system - a system that is heading toward bankruptcy.
If you are an American earning the median income of $31,695 per year, and were given the option of investing that same amount of money in a stock mutual fund, you would retire a millionaire - without winning the lottery or a TV game show.
That million dollars would provide you with a retirement income of over $100,000 per year - about five times what you could expect from Social Security.
Even a very conservative investment strategy would yield three times the benefits promised by Social Security.
Libertarians believe you should be able to opt out of Social Security and invest your money in your own personal retirement account. An account that you own and control - one that politicians can't get their hands on. Click Here to Read More
No comments:
Post a Comment