Many boomers (and I am one) seem defensive about SS and Medicare. They see a realistic assessment of these Ponzi schemes as somehow denigrating their work and contributions. Yes, we all know you worked and contributed. That doesn’t make the programs viable.
It’s a shame so many were led to believe they were saving for their own retirement, when in truth they were paying for their parents to live independently in Florida instead of with their kids.
It was set up that way. Social Security “invested” the taxes we paid in Treasury bonds. What else could it be invested in - the stock market? The trust fund consists of Treasury bonds, the “safest” investment on the planet.
Of course, that also means that Social Security lent the money to the government to use on whatever it wanted. That’s what happens to all money invested in Treasury bonds. The US government uses it, with a promise to pay back later.
I'm not defensive about either. I don't even have Medicare by choice. I'm one of those "deadbeat" career federal employees who spent 30 years in public service, whether the looneys want to call it that or not. I didn't write the laws, I just followed them. There seems to be a lot of envy/jealousy of boomers because we got the best of things. We built a lot of the best of things too.
I’m a boomer too. My point is that we were all deceived. The program was never set up as a way to save for your own retirement, it was always about paying for past generations.
Now there are not enough young people to support the older generation. A lot of boomers don’t want to accept the reality that while they thought they were saving for their own retirement, they were really paying so their parents didn’t have to move in with them.
I have done the same financially, so how am I ill-informed?
Many boomers (and I am one) seem defensive about SS and Medicare. They see a realistic assessment of these Ponzi schemes as somehow denigrating their work and contributions. Yes, we all know you worked and contributed. That doesn’t make the programs viable.
It’s a shame so many were led to believe they were saving for their own retirement, when in truth they were paying for their parents to live independently in Florida instead of with their kids.
Yes, but the reason it is going broke, is because Politicians have been stealing the money.
It was set up that way. Social Security “invested” the taxes we paid in Treasury bonds. What else could it be invested in - the stock market? The trust fund consists of Treasury bonds, the “safest” investment on the planet.
Of course, that also means that Social Security lent the money to the government to use on whatever it wanted. That’s what happens to all money invested in Treasury bonds. The US government uses it, with a promise to pay back later.
I'm not defensive about either. I don't even have Medicare by choice. I'm one of those "deadbeat" career federal employees who spent 30 years in public service, whether the looneys want to call it that or not. I didn't write the laws, I just followed them. There seems to be a lot of envy/jealousy of boomers because we got the best of things. We built a lot of the best of things too.
We are about to find out that dogs and cats are not really equivalent to children. The dog babies will not be paying into Social Security.
I’m a boomer too. My point is that we were all deceived. The program was never set up as a way to save for your own retirement, it was always about paying for past generations.
Now there are not enough young people to support the older generation. A lot of boomers don’t want to accept the reality that while they thought they were saving for their own retirement, they were really paying so their parents didn’t have to move in with them.