Social Security Administration Sees Stars

For all of the concerns about social security, I feel a whole lot better knowing the system is in place and that efforts to abandon it in favor of privatization are now dead. The government under all administrations took in more in social security taxes than that which was needed. The extra was put into an imaginary lock box. The truth is, social security obligations by the employer and the employee were met, while now there is less coming in than going out, hence the need to dip into the lock box. Unfortunately, the lock box is empty unless you think that IOU's are not going to be funded by general tax obligations. Social security is a great system, one should not have to rely on the vagaries of the stock market and having to acquire sophisticated investing knowledge in order to have a basic level of support during retirement. Politicians love to give us the candy that we demand, in exchange for our votes. Now the public is going to see that the candy must be paid for. The question is, by whom?

Nick of RI 5:10PM April 01, 2010