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Tuesday, March 15, 2005Social Security in a Nutshell
I got this article from blackpundit.com and it explains social security very well.
After reading this article, I can see why social security is in trouble. There's no money in the fund only IOU's in the form of Treasury notes. Unfortunately, these notes can't be sold, traded, etc. These notes are called IOU's since the government is the only one that can redeem them. If the monies have been used to fund expenditures like the war, how can these bonds be redeemed for cash? Right now, they are saying it takes 4 - 5 people to fund one person on social security. However, as the baby boomers approaches retirement age, it is estimated that the amount of people paying one person's social security benefits will be reduced to 2 working people funding every one individual. This is a serious issue since there are no social security reserves since the government issues an IOU initially based upon the amount of payroll taxes collected for this so called "social security fund". The bottom line - it's only a paper transaction between two governmental branches as the actual funds are never deposited in this infamous "social security fund". These notes are then locked into a vault I guess until they are redeemed. Redeemed how???? This is the billion dollar question....
I'm not a Bush fan, but I think, if his proposal was modified appropriately, it would be feasible and it probably would fix the problem (as long as it is modified). More on this later...