The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  https://boards.fool.com/your-reasoning-is-akin-to-falling-off-a-building-32160749.aspx

Subject:  Re: Attitude Question - SS Date:  3/15/2016  4:07 PM
Author:  syke6 Number:  79359 of 97373

Your reasoning is akin to falling off a building and saying how wonderful things are as you're passing the 10th floor.

I just don't understand the panic-inducing metaphors people use to describe Social Security. I understand the metaphors, but I don't understand the panic.

The last time they raised payroll taxes back in 1990 (IIRC), they estimated SS would be able to pay promised benefits until 2040. Today, that number is looking more like 2036. That means a financial prediction for 50 years in the future might be off by four whole years! Time to freak out!

And that means, gulp, payroll might have to be raised, or benefits modified or some combination, four years sooner than people thought back in 1990! I mean, we only have about ten years before something needs to be changed. This is exactly like falling off a building. Definitely time to freak out! Time to turn the whole thing over to Wall Street, because they did such a great job with the housing thing.
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us