SOCIAL WHAT?

The latest political issue du jour is how to reform the Social Security system. What is interesting about this issue is what will be done to salvage an inadequate and misguided system put in place by the government under the guise that it will in some way secure our golden years. What exactly needs to be done is still unclear, and why it needs to be done is not understood. The fascinating part of the debate is seeing which politicians support the various reform proposals and trying to figure out their political motivations. What may become the most important aspect of the entire debate, is that in every survey most Americans do not want to pay into the system and most do not believe that the Social Security system will be around when its there time to receive benefits.

The name Social Security is itself a misnomer. The system itself is not secure, and it does not provide any financial security. Today, the system is such that 3 workers are paying in benefits for every 1 recipient. That ratio will be down to 2 for 1 in the next 10 years. When the system was established, 30 workers contributed for 1 retirees benefits. Clearly the system is broken.

The government estimates that in the next 15-50 years the system will bankrupt if serious changes aren't made. Either raising the retirement age, lowering benefits or raising contributions...none of which are 'politically' tolerable, must be done in order to rescue the system. Republicans have different goals then Democrats, yet most people in the country do not understand why. If the Social Security is supposed to be the retirement system of last resort, make the changes that need to be made and fix the system.

As a middle aged American worker, I can tell you that I do not in any way, shape, or form plan on living off my Social Security benefits. Not only won't my benefits be enough to allow me to spend the way I hope to be able to or to live the lifestyle I hope to be fortunate to live, they probably won't be enough to pay for my medications that I will surely need as I live to be 80 plus years old...please G-d. If was planning on relying on Social Security benefits, my expectations would be to live a substandard lifestyle just skirting the poverty level.

Social Security is designed to be a paid-in welfare system, thus allowing the retired elderly a stipend of payments that takes the place of welfare from the government. Social Security is not going to allow the baby boom generation or any subsequent generations anywhere near enough money to live the way they want or are used to, so why bother struggling to fix the system. Aloow it to run out and stop colloecting the payroll tax for it. That would allow workers to get more of what they earn today and would force them to plan for their own retirement and be responsible about how they will live when they retire.

Allowing the system to stay in place with the false sense that it will take care of people when they retire is a sham, and will not help now or when todays workers retire. All good things must come to an end, and Social Security is a broken system that should be allowed to end...most won't miss it a bit.