Since the age of 25, I have understood that the money I pay into social security will NEVER be returned to me despite the sales pitch that it’s an investment. The Obama administration reported dire numbers yesterday about the funding of both social security and medicare. Surprise! No, it shouldn’t be a surprise to anyone. Babyboomers, aptly named for sharp increase in child birth post-World War II, are retiring now and have been for quite a while. Now the government expects that younger generations will pay at a higher rate to support more people per individual than babyboomers had to support.
Social Security is a giant ponzi scheme. I am ordered by the government to “invest” money in social security to fund the retirement of others. The government expects that when I reach 65 or whatever retirement age might be that others will be around to pay for my retirement. Sound like any other schemes you’ve heard about recently. Mr. Madoff’s idea echoes this plan however he didn’t have legislation.
If I am given to understand, younger generations are required to save money as the economy tanks, support our immediate families, and now potentially pay more money to the government to support people we don’t even know with the expectation that this “investment” might be paid off later. No thanks.