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They should change the name of the program. In Australia, it's referred to as the Aged Pension. Social Security is a bit misleading now.
This also proves the importance of saving for one's own retirement. That is of course the idea of retirement even continues. Most people were not meant to work all of their lives. Society is going in the wrong direction IMO.
Quoting: "Yet despite the coming rise in the retirement age, Social Security's cash deficit is set to explode to $361 billion in 2025 from $74 billion in 2014, the Congressional Budget Office estimates."
But SS is funded by every worker, through every single paycheck. An "insolvent" SS fund is "insolvent" because "take from Peter to give to Paul" games have been played along the way.
Comments
They should change the name of the program. In Australia, it's referred to as the Aged Pension. Social Security is a bit misleading now.
This also proves the importance of saving for one's own retirement. That is of course the idea of retirement even continues. Most people were not meant to work all of their lives. Society is going in the wrong direction IMO.
But SS is funded by every worker, through every single paycheck. An "insolvent" SS fund is "insolvent" because "take from Peter to give to Paul" games have been played along the way.
http://www.salon.com/2015/04/24/paul_krugman_on_the_gops_zombie_apocalypse_chris_christies_social_security_plan_is_exactly_this_bad/
http://www.nytimes.com/2015/04/24/opinion/paul-krugman-zombies-of-2016.html
backgrounder, sort of:
http://www.nytimes.com/2015/04/10/opinion/paul-krugman-where-government-excels.html
new projections, but still projections:
http://www.dailyfinance.com/2015/05/16/social-security-bigger-trouble-than-you-think/