There are a few things you all might like to ponder about SS. First, when you're calculating what you pay, or paid into SS, remember that your employer paid in a matching amount, or if you are self employed, you pay double.
It is said that Congress spent the SS fund. Well technically the excess in the fund since the Eighties was loaned to the federal treasury and yes the Congress spent it, but the federal treasury is obligated to pay it back to SS. By law, that was all that could be done with the excess.
Some might prefer that the excess were invested in private enterprise. That might, or might not be a good idea, depending on who makes the decisions about the investments and how well they work out. Private enterprise for all its merits is still a gamble over the long haul and must be managed well every bit as much as government must be to survive.
Personally, I would not want Congress to have any more influence on the stock market than it already has. Can you imagine the games Congress could play if it were able to manipulate the market with the billions in excess that were in the so-called SS trust fund?
For those of you who would be willing to see your contributions go down the drain if you could just drop out. I wonder if you would be that generous if you had paid into a private insurance, or pension plan that had financial problems.
I haven't seen one plan, or proposal by the Bush administration, the Tea Party, or anyone else that would eliminate the SS program sompletely. Bush wanted to allow young workers to begin to invest a portion of their contributions into private investments, much the same as 401K plans. I have no problem with that, but anyone who thinks the stock market is a sure thing, just hasn't been paying attention.
Prudent people will take advantage of 401K's, IRA's and anything else they can. I'm happy to say that I did all of that and I draw a really nice pension from my employer. I am also happy to draw my Social Security benefits. It's all good.
