I'm not a economics professor, but there has to be some way to phase this out. It might also help if the gov was held to more strict accounting measrues. To paraphrase a quote I once saw from a DoD official: "You could find a few billion dollars under the couch cushions here."

If we really new what happend to all our money, a good solution could be found, I'm sure.

Not to be intentionally mean to seniors, but I have to agree they have made their own bed. They elected all these asshats who promise to reduce taxes and increase benefits without figuring out how to pay for it. I guess Japan is so well off because of their 2:1 youth to elderly ratio. We are stuck here with more elderly than young. So, we either cut benefits now to try to save money or accept that it won't be here forever and let those of us who don't expect to get it quit paying in. Of course, the saddest thing is that Greenspan and others have been warning about this ever since the bubble when all the republicans wanted to start dumping money into the stock market. While this would have raised stock prices for the rest of us evetually all the stocks would be over-valued and a crash would occur.

ESH

I'm not a economics professor, but there has to be some way to phase this out. It might also help if the gov was held to more strict accounting measrues. To paraphrase a quote I once saw from a DoD official: "You could find a few billion dollars under the couch cushions here."

Let's see. Maybe if Uncle Sam put an end to corporate welfare and stopped giving money to foreign dictators, he could afford to keep the Ponzi scheme going without farking me up the arse every other Thursday.

Sounds like we have another position for the Fark party.

It's funny that the same people who have done all these accounting practices that should be illegal are now prosecuting Enron. You'd think they'd be giving them more tax breaks for privatizing it.

beeferoni

So now families with kids have to take on a burden that hasn't been borne by families for 2-3 generations, namely the taking care of their old relatives.

I think that would have the interesting effect of causing a growth in population. People would start having more kids cause they need them to support themselves in old age. Now whether or not this is a good thing depends on whether you think this country is dangerously underpopulated and needs to be more like India or China. But with more young people running around, you could make SS work again. Kind of an ever growing spiral.

You are probably right, Cat.

But with more young people running around, you could make SS work again.

Why would we want to do that? Wouldn't you like to do with your money as you see fit?

U.S. politicians will never touch the third rail. The obvious 'solution' to the collapse of our pyramid scheme retirement fund is to bury more suckers under the pyramid. Welcome to America, Manuel.

meanvegan

A 2:1 ration is horrible. When SS first started, the ratio was something like 16:1, elderly died off early and healthcare costs were down. Now we have rising healthcare costs coupled with the elderly living longer. However, despite all of this, the real problem is that the government turned SS into something it was never meant to be. It was a basic assistance program to keep the elderly from living on the streets. However, thanks to politicians trying to promise more without any real thought going into planning, SS has become a retirement program. We now have a growing number of people who rely on SS. We can't just throw them out in the streets, but at the same time, I don't think they should be allowed to live for however long medical advances allow them to. If your 70+ years old, you don't need millions in healthcare, what you need is nice coffin.

So a yen is worth about a penny?

"I won't pay more than one point eight million pennies for that automobile."

What a pain in the ass that must be.

MrBlue

In the old days, people did have more kids, but then the reason was predominantly free labor. As one can guess, it was a popular option for farmers. However, the idea of using one's kids a revenue source is not new.

Well I just look forward to my next birthday. When I will become 30 and enter Carousel for renewal. Social Security problem solved.

/always get paid under the table
//"taurus 30 1974. carousel begining"

On my schedule I could retire a full ten years earlier if they stopped taking 16% of my income to pay for old people in the system, many of who are receiving widow's benefits until they're 80.

Can't we just Logan's Run the whole bunch of them?

Maybe we can out-source our elderly too countries where they are revered and respected???

JaxGator75

Maybe we can out-source our elderly too countries where they are revered and respected???

They won't be revered and respected for long if we ship elderly Baby Boomers to such countries.

bah

I've got two words for the upcoming Social Security crash: SOYLENT GREEN.

Soylent Green??? I was thinking maybe something a little less personal like a new kind of motor oil or 3rd Generation RAM...

/Grandma Inside!

Didn't Venezuela or some other SA country just overturn their Social Security type program and give the citizens the option/right/ability to do their own investing? How did they handle their elderly support system problems?

Syn'sthe

Didn't Venezuela or some other SA country just overturn their Social Security type program and give the citizens the option/right/ability to do their own investing? How did they handle their elderly support system problems?

Not Venezuela. Hugo Chavez is too much of a commie to allow something like that to happen. I think it was either Chile or Argentina.

A nice little explaination is here.

/packs his bags for Chile

I get amused whenever I read these threads from kids ranting about the "old people". Like it or not, YOU will be old someday,too-if you are lucky. Along the way, you will have to deal with many things that did not fit into your well-made plans,like illness, job loss,divorce, and other assorted tradgedies and disasters. You too will feel that you are entitled to the money that has been steadily deducted from your paychecks over many years.

Sorta off-topic, but I asked around for info regarding moving OUT of the United States and how hard it would be to get citizenship in other countries. Anybody know how hard it is to become a Canadian citizen???

You too will feel that you are entitled to the money that has been steadily deducted from your paychecks over many years

I already feel entitled to it! It's mine! The problem is that I won't get to even sniff it if I ever see 65. I'll have to rely on MYSELF and my FAMILY to provide for ME. forgive me if I don't weep for the millions of strangers who get to avoid MY fate because they were "lucky" enough to be old before the pyramid collapses. I'm glad they aren't homeless, even if it is on my dime, but I doubt anyone will feel as sorry for me when I'm SOL in 35 years...

/unless I plan to take care of myself and not rely on gov't funds

jeep44

You too will feel that you are entitled to the money that has been steadily deducted from your paychecks over many years.

I already think that I am entitled to the money that has been stolen from my paycheck and given to those currently drawing SS "benefits". Why do you think I demand that the system be abolished? I worked for that money; it's mine by right.

We're like Ace and Gary on this issue, ProgrammerCat...

JaxGator75

Sorta off-topic, but I asked around for info regarding moving OUT of the United States and how hard it would be to get citizenship in other countries. Anybody know how hard it is to become a Canadian citizen???

fark citizenship; I'd settle for the ability to find work outside the Socialist Republic of Amerika and take my Aussie fiancee with me.

Man, I've got to get rich, hide the money in Switzerland, and get the fark outta here.

JaxGator75 and ProgrammerCat, consider us a menage a trois as far as this issue is concerned.
Why should I be expected to provide for my neighbor's and neighbor's parents' retirement? I'd rather not participate, since being forced to, then retiring will make me a leech too.
It's amazing the US cannot grasp the concept that the *cough* third-world country *cough* Chile grasped and implemented (successfully I might add) in 1981. (Thanks to the writer of the article for allowing me to borrow the gist in my statement above...)

/Yes, I love "Atlas Shrugged"

Another thought: for you young guys, your Social Security is going to be your Boomer parents. They are probably the last generation in the US that will be able to accumulate significant assets,so you will cash in when they croak.

I think we all know about it, but those that can make changes will not because it would mean the end of their career. Old folks vote, and they don't necessarily vote in the best interests of their country and the next generation... To make up for this, they vote OFTEN.

Sorry, went outside to enjoy the beautiful day.
I am a liberal (believe it or not) and have always been for Social Security. But come on. How can they expect us to pay so much with no hope of ever receiving the same. Maybe if they had done something to fix the healthcare costs instead of build giant houses and such I would feel sorry for them.

you will cash in when they croak

Unless you have siblings with children (known to the money you speak of as "Grandchildren") and parents with expensive tastes (or medical bills or drug problems or bad credit). I think my blood-and-inlaw relatives have just about all of thsoe bases covered.

I would prefer to outlive my parents and never see a penny of their money... As it is, I'm planning on inheriting nothing just to play it safe...

What I meant at the end there was "I would prefer my parents outlive me and I never see a penny of their money"

/d'oh!

jeep44

I think you might be onto something. It wasn't until 30 years ago they lowered the voting age from 21 to 18. Why can't there be a top age? It's just like the drinking age thing. They had all their fun and then decided that we were old enough to die for their ideals but not old enough to handle alcohol.

Syn'sthe

JaxGator75 and ProgrammerCat, consider us a menage a trois as far as this issue is concerned.

Dude, that sounds really kinky, even if I do look like a girl. As for Atlas Shrugged: I'm doing what Hugh Akston is doing: I'm not going to do anything more than earn a living. I've no intention of working any harder than I have to, knowing that my effort enriches the looters.

I'd rather do what Ragnar Danneskjold is doing, though. Ragnar kicks ass.

As long as we are taking advice from fictional characters, I believe it was the great Eli Marrion who said "In America, you have to get rich in the dark."

I stand corrected... It was Albert Gronevelt.

/Fools Die and The Last Don

Gronevelt was right.

Interesting, a TV program covering this issue was broadcast of British TV yesterday, check here.

On a side note, I'm totally in agreement with ProgrammerCat

mtt:

Isn't someone supposed to do fact checking?

380 million Yen hasn't equaled anything near 4.8 million dollars for a long long time.

The first fact they probably checked was that they're Australian (so they use Australian money, surprising as that may be).

Can I opt of our mandatory retirement scheme?

Yes, let the senior starve. As our parents used to love to tell, "you made your bed, now you have to lay in it".

I'll take care of my family and my business.

Wingnut: just the point I was making: "Man makes plans,and God laughs"

ProgrammerCat, great website you got there.

/bookmarked

Syn'sthe

ProgrammerCat, great website you got there.

*blush* Thanks.