The Social Security and Medicare money deductions go into giant Ponzi scams, the biggest in history. Your hard earned F.I.C.A. deductions go into the general revenue stream and are spent on God knows what. All that is left are IOUs in Parkersburg, W VA ( Bureau of the Public Debt ). What happens when China stops buying our debt ? Whoops !! Game up. Do the research.
http://www.factcheck.org/social_secu...rotection.html
"....As recently as 1950 there were 16.5 workers paying Social Security taxes for every one person receiving Social Security benefits, according to statistical tables published annually as part of the Social Security trustees report. Currently, there are 3.3 workers paying in for every one beneficiary receiving benefits, and the situation will worsen dramatically when the post-World War II "baby boom" generation begins reaching age 62 -- the age when many choose to begin receiving early retirement benefits -- in about three years.
And just as the ad says, within 15 years that ratio is projected to decline to 2.2 workers paying in for every one person getting benefits. And it is forecast to continue declining to 2.0 workers in 2040, when workers who are now in their 20's reach retirement age.
That's a pretty solid projection -- All those who will receive benefits in 2040 have already been born and counted. Changes in projected life expectancies, immigration rates or birth rates could throw it off some, but not much, and not soon. The projection uses "intermediate" assumptions, but even under a "low cost" set of assumptions (birth rates 13% higher, improvements in life expectancy slow by half, and immigration increases 44%) each of today's young workers would have only 2.4 workers supporting them at retirement in 2040. Either way, the system faces an enormous financial crunch...."
"....That's right -- except that workers who pay into Social Security are supporting not only "retirees" but also are supporting millions of disabled workers and surviving dependents. To be strictly accurate the ad should have said "beneficiaries" instead of "retirees...."
"Enormous financial crunch..." We are there NOW. Baby Boomers born in 1946 are turning 64. Next year they will hit Medicare. All of the above, coupled with the enormous budget deficits ( When Clinton left office there was a surplus...remember ? ) created under the 8 years of Bush's years, make it IMPOSSIBLE to continue what we are doing. Time to FLUSH CONGRESS in 2010 !!!