Tuesday, December 07, 2004

Social Security Magic

Okay, so from what I've been reading and trying to understand about this so-called crisis about Social Security, this is so far what I've gathered.

1) Social security will START running out of fund in 2045 or something like that. By running out, they mean that around that year, it will be able to support 80% of the retirees.

2) The reason why Social Security will be running out is because there will be more people taking out than putting in.

3) The reason given as to why we should fix it now is because (okay here's where it gets confusing) we're in the hole financially and sooner or later, our debtors are going to come knocking.

So far, I'm gathering that two schools of social security redemption is out there.

1) Borrow money now so we have the money to pay back later.


2) Move everyone from a general fund to a private one, one that you take responsibility for.

Hmm, let's see...

Dear IRS: I have had experts come and look at my health, my work energies, my income levels and I can tell that in the year 2010 that there will be a large shortfall and I will be unable to pay my taxes then.

So, in order for you to get your money in 2010, here's what I'm proposing. I borrow a huge sum now (so I won't get caught by the short hairs) and even though I'm supposed to keep it around for you in 2010, you know how creditors are and the utilities and the mortgage companies are. So, the money I'm borrowing now to pay you then might not be around. Because instead of having a tax account just for the IRS, I'm going to mix up my funds... you know, keep me more flexible and liquid.

Well, if you don't like THAT idea, how's this? You get the money you're supposed to get from me in 2010 by you starting a private account and YOU save for it, okay? Since you have been given advance notice that I will be experiencing a short fall in that year and I (the well-meaning person that I am) don't want to short change you, I'm telling you that personal responsibility is a really good thing. You can do so much if you just only relied on yourself instead of the citizenry trying to help you out. By starting your own private account, YOU will be in control of how much I will be giving you. See?

Let me know if this works okay, IRS? I'm just following my government's example here.

Filed under Politics & B.S.


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