Quote:
Originally Posted by Papa_Complex
Is anyone really surprised? They lived off the money from a single industry, for years, and never bothered to put that money toward known future costs. You know, like the retirement funds of civic employees. Don't politicians always tell us that we have to save money throughout our entire lives, in order to fund retirement? Why don't THEY?
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They don't because nobody punishes them for it.
The money in our Federal Social Security program is long gone and was replaced by IOUs from the Federal Government. Current payments in to the system by workers are basically spent immediately on benefits to current retirees. It is a completely broken and unsustainable system.
Try to have a discussion about fixing SS and seniors flip about benefit cuts, even if they won't be affected. People also dismiss the no money thing by saying the IOUs are backed by the full faith and credit of the US and claim that is just as good as money.
Most of the people I know younger than mid 40s have accepted that SS will be gone, or so severely reduced it won't matter, by the time they retire. Even so politicians are rewarded for doing nothing about it. It would be a joke if we all weren't paying in money we aren't likely to ever see.