Ian Mathias, has provided a few essays on that so-called retirement “lock box” and the millions of Americans who are counting on it to supplement their golden years [click here to see Part I, "The End of Social Security as We Know It" and Part II, "Opt Out of Social Security"].
Here’s what a few readers had to say:
Thank you for your article on Social Security. Let me offer you another slant on that awful program.
One argument that I have used in the past against SS is a rather religious one, mainly the 4th commandment: Honor thy father and mother. When I was growing up, of course that always meant I was suppose to obey my parents…well, at least try. But as I got older, that also meant to take care of my parents when they became elderly. What I have argued is that SS short-circuits that process. Why bother with taking care of them monetarily? After all, they have Social Security, and that frees me from that responsibility.
In addition, it seems to me, that it diminishes the connection between generations. Obviously, there’s going to be more interaction between you and your parents if you’re helping to support them. And then there is the resentment that drives a wedge between generations. Why should I pay more and more into a program that isn’t going to be worth a damn once I retire? They’re going to get theirs, but I’m not going get anything.
I will be eligible for SS in 5 years. Believe me, I’m not counting on it. God help the people who are because they’re going to be in for one hell of a jolt.
And this:
The system may “go into the red”…but the federal government owes the trust 2.7 trillion dollars and the program is solvent for many years to come…unless the government defaults on its commitment to the trust…
And, finally:
As I fast approach the age of 70, I think back to the time when I first got a SS card. I was 11 years old, living in New York. I had a chance to get a paper corner on the crossroads of two busy streets, 5th Avenue & 5th Street in the Bronx. I had to get an SS card to get the corner. I was excited and when I got my first payment for the job I was doing, I questioned the card that came with the cash about the deductions that were withheld.
SS was explained to me and I have been paying into this fund for almost 60 years. During those years I seem to remember the government borrowing from the fund for some crisis or something a couple of times. My grandfather made the comment to me before his passing that SS should always be there unless the government does not pay back what they borrow.
Is this in fact what happened, and if so, did they ever pay back what they borrowed?
Thank you to all our Fellow Reckoners who wrote in with thoughts and concerns regarding this very important topic. For more insight on the Social Security bankruptcy and government meddlers, take a look at Ian Mathias’s brilliant essay “What’s Really in the Social Security Trust Fund?”
Joel Bowman
for The Daily Reckoning
Here’s what a few readers had to say:
Thank you for your article on Social Security. Let me offer you another slant on that awful program.
One argument that I have used in the past against SS is a rather religious one, mainly the 4th commandment: Honor thy father and mother. When I was growing up, of course that always meant I was suppose to obey my parents…well, at least try. But as I got older, that also meant to take care of my parents when they became elderly. What I have argued is that SS short-circuits that process. Why bother with taking care of them monetarily? After all, they have Social Security, and that frees me from that responsibility.
In addition, it seems to me, that it diminishes the connection between generations. Obviously, there’s going to be more interaction between you and your parents if you’re helping to support them. And then there is the resentment that drives a wedge between generations. Why should I pay more and more into a program that isn’t going to be worth a damn once I retire? They’re going to get theirs, but I’m not going get anything.
I will be eligible for SS in 5 years. Believe me, I’m not counting on it. God help the people who are because they’re going to be in for one hell of a jolt.
And this:
The system may “go into the red”…but the federal government owes the trust 2.7 trillion dollars and the program is solvent for many years to come…unless the government defaults on its commitment to the trust…
And, finally:
As I fast approach the age of 70, I think back to the time when I first got a SS card. I was 11 years old, living in New York. I had a chance to get a paper corner on the crossroads of two busy streets, 5th Avenue & 5th Street in the Bronx. I had to get an SS card to get the corner. I was excited and when I got my first payment for the job I was doing, I questioned the card that came with the cash about the deductions that were withheld.
SS was explained to me and I have been paying into this fund for almost 60 years. During those years I seem to remember the government borrowing from the fund for some crisis or something a couple of times. My grandfather made the comment to me before his passing that SS should always be there unless the government does not pay back what they borrow.
Is this in fact what happened, and if so, did they ever pay back what they borrowed?
Thank you to all our Fellow Reckoners who wrote in with thoughts and concerns regarding this very important topic. For more insight on the Social Security bankruptcy and government meddlers, take a look at Ian Mathias’s brilliant essay “What’s Really in the Social Security Trust Fund?”
Joel Bowman
for The Daily Reckoning
