The Motley Fool Discussion Boards
Retirement Discussions / Retire Well on Less
|Subject: Re: SS conclusion||Date: 11/9/2003 7:49 AM|
|Author: SeattlePioneer||Number: 210 of 1498|
<<It's a mixed bag, I think. Part of the problem is that, unlike most other programs, folks get to see what they're putting into SS, so it's a little more concrete than most other taxes. Some folks don't realize it's a pay-as-we-go system, thinking that their SS is a contribution into their own pension plan which only happens to be run by the government. Many folks who do understand how it works, in general have not been hit hard by the "what the government gives today, it can take back tomorrow" bug, and so, I think, do not fully internalize that possibility. There's also a bunch of folks who have grown up with this particular expectation, and long-ingrained thought patterns are usually the hardest to change.
Now your dog has the luxury of concentrating only on that bone. Folks thinking about SS, in comparison, have to varying degrees been aware of various political campaigns and may even have voted for folks who have promised not to cut SS. So there's a certain feeling of betrayal, for some, I think.
Only speculations, nothing more. M'self, I never counted on SS, and see no reason to begin doing so.
Heh, heh! There's always a slight sense of frustration when a good rant produces a well reasoned response!
I think you explanation is very reasonable. Unfortunately at its core is the fact that people are woefully ignorant about the nature of a program many are betting their lives upon.
For some generations of Americans (all through the WWII generation) Social Security paid enormously, at the expense of younger generations. The 'boomer generation ought to expect the reverse, since follow on generations aren't going to be able to afford the taxes to keep 'boomers in a style of life they were promised ---not without crushing the younger generations with much higher taxes.
My hope is that 'boomers and others receiving Social Security and Medicare recognize that fact and accept the cuts in benefits that will be necessary. My hope is that by means testing Social Security and Medicare those who need the benefits will get them, and those who don't will get the cuts. I would be in the second group, myself, I hope.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|