The Motley Fool Discussion Boards

Previous Page

Financial Planning / Social Security Reform


Subject:  Social Security and US Debt Date:  3/8/2011  10:22 AM
Author:  bdlessans Number:  5252 of 5269

Could it be beneficial/possible to recognize unnecessary Social Security expenditures and end them. There are people who relied on their Social Security benefits and who actually need them. I don't want these people to lose their benefits. However, wherever Social Security spending is deemed unnecessary (I recognize this is a relative) I think it should be cut. Currently, 20% of our budget is spent on Social Security with another 23% on Medicare and Medicaid. How are we ever supposed to get out of debt with such a high percentage of our spending there?

I read a quote by an economist the other day that said: "Social Security has been a pyramid scheme from the beginning. Those who paid in first received money from those who paid in second--and so on, generation after generation. This was great so long as the small generation when Social Security began was being supported by larger generations resulting from the baby boom. But, like all pyramid schemes, the whole thing is in big trouble once the pyramid stops growing. When the baby boomers retire, that will be the moment of truth--or of more artful lies. Just like Enron." -Thomas Sowell

This quote really made sense to me, and with so much of the US budget going to social security, specifically social security that I pay for but will never benefit from, I have to wonder if there is a better way to spend some of that money. Am I being unreasonable?
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us