We are the first generation to pay for two generations' Social Security retirements funds. Yet, listen to the generation behind us. They have been brainwashed into thinking it is the Baby Boomer generation threatening their future retirement.
In theory, we were to pay for the generation before us, then we would pay for our generation, and after the last Baby Boomer bit the dust, the problem would be over because the next slate of generation of retirees would not be as huge as ours. When that day comes, who here thinks the FICA tax will be lowered to its former normal rate?
I learned about the resentment many in the generation behind us have for Baby Boomers, thinking their FICA is being sucked up by paying for the huge numbers of retirees considered Baby Boomers one day while shopping in a retail store. The young man behind the counter looked at me and smirked, saying, "Boy your generation really did a number on my generation. By the time I get ready to retire, Social Security will not be there." I was very saddened to hear such a young person say this. I asked him who or what was the source of his news, but he did not respond. So I explained to him the 80s' agreement, and asked him to look this up for himself and see for himself we were paying for our own retirement. I told him this misinformation was being spread by Republicans who wanted to assist Wall Street gets its wish to privatize Social Security.
If George Bush* had been successful in privatizing the program, 40 percent of the then current funds would have been lost during the 2008 crash. We can never allow such privatization to happen. The transition costs to convert the program would have been 3 trillion dollars in 2003. The government would not pay for the transition, neither would those slated to administer the program privately, and it was decided the participants would foot the bill by having their benefits cut.
Sam
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