How to fix the US Social Security?

[Duty Honor Country]

I hope everyone in the US realizes the exteme problem that lies in our current social security plan. If things do not change now, social security will be in the red (loosing money) around 2018 and be bankrupt by 2040. That means I am paying for it now, but I will recieve nothing when I retire. For that reason, I am not counting on Social security in my retirement plans. I am happy that Bush bringing the issue to congress. The problem with social security has been known since the first Bush. No one has had the guts to tackle such an issue. Try telling millions of retirees that they are going to lose benefits and see if you last long in Washington. With the way things work in congress, we may get a solution in 10 years.

I would like to know what kinds of social security programs are in other counries and what people think shoiuld be done to salvage the program

Let's week the political bashing down. I actually read a column that Blames Bush for the crisis. How can that be since the problem has been known for over 10 years? I believe every politician since 1992 is to blame becuase no one was willing to take any action.

 

[Missileer]

I am just barely pre-babyboomer being born in 1945. You have about 6 to 10 years to stash away your millions of dollars that will be necessary to maintain your present standard of living. The social security system was not originally started for the general populace but for war widows and dependants as well as disabled. Later, the Government changed it from a benevolent fund to encompass those who might slack in saving for the future. Later, when it became a section of the General Funds, things really slid downhill. Social Security is supporting a variety of projects to secure re-election by the pork barrellers who rely on votes from people who depend on the money. All an emigrant has to do is pay into the system for 15 quarters to receive retirement payments. Aid for women with dependant children has been misused for many years. The system has been in trouble for 40 years but has been the "third rail" for politicians. If Bush gets the support he needs from Congress for some savings account devices, we will have at least a small chance of saving the program. Only a lame duck with a lot of political capital can pull this off. The Teddy Kennedys are going to attack with a vengeance, anything suggested by a Republican Congress so nothing may happen in our lifetimes. I would love to have what I will be paying in for the next 7 years. The stock market will react favorably to any chance of an investment program and we will all benefit.

 

[chewie_nz]

we have this problem in NZ also. the Govt is telling everyone to save for their own retirement. because we are a small country with an aging population our retirment programme WILL fail. couple that with our student loan programme (started in 1991 - 3 billion in debt ) where the AVERAGE young adult has $13 500 debt before they even start their careers.

now they reckon that my generation for the most part will never own their own homes and will put off having kids. just proof that social programmes designed in the 50's will not work.

in NZ's case, the Govt invested half of our superannuation fund in the stockmarket.

don't think that would be a solution to america's social security programme!