The Mudcat Café TM
Thread #75554   Message #1374731
Posted By: CarolC
08-Jan-05 - 05:12 PM
Thread Name: BS: 'Reforming' Social Security?
Subject: RE: BS: 'Reforming' Social Security?
Also, I think this part is a huge red herring:

I would welcome the opportunity to opt out of this financial and moral mess and manage my own future. I have no constitutional right to bankrupt a younger generation to pay for my responsibility to support my parents and grandparents and to plan for my own future.

Social Security spreads the "risk" out over a large number of people. If, due to something unforseen happening in the stock market, my father was no longer able to support himself with the returns on his investments, he would still be able to survive on his Social Security income (although it would not be as comfortable as what he experiences right now). But if that happened and he didn't have Social Security to fall back on, the burden would be on me and my siblings. By spreading the risk, many people are spared the cost of having to support their parents when they are too old to work. A cost that in many cases would be much higher if the risk wasn't spread out over a large number of people. Just like any other kind of insurance.

This is what the AARP site linked to by Don Firth has to say about the Social Security "Trust Funds":

Social Security is in no immediate danger of going "broke." With the retirement of the boomers on the horizon, Social Security began to build a cushion to see us through their retirement years. Because of that planning, the Social Security Trust Funds hold over $1.5 trillion in U.S. Treasury bonds and earn interest every year.