"In the richest country in the history of the world, a secure and dignified retirement should be available to every American, not just the extremely wealthy."
Social Security has each generation depend on the next generation paying for its retirement.
This is a true statement but misleading.
Social Security deductions from worker’s paychecks just go into the general government coffers, not specific savings for Social Security recipients. The government spends this regularly, and separately takes part of the money out of the general coffers and pays today’s Social Security recipients. For decades the government has spent the Social Security surplus on non-Social Security stuff. If it hadn’t, there would be plenty of money in the Social Security “savings account” without having to reduce benefits to future Social Security recipients.
Al Gore was going to set this up in the year 2000. Instead Florida couldn’t count votes cast properly and we had President George W. Bush.
This is a true statement but misleading.
Social Security deductions from worker’s paychecks just go into the general government coffers, not specific savings for Social Security recipients. The government spends this regularly, and separately takes part of the money out of the general coffers and pays today’s Social Security recipients. For decades the government has spent the Social Security surplus on non-Social Security stuff. If it hadn’t, there would be plenty of money in the Social Security “savings account” without having to reduce benefits to future Social Security recipients.
Al Gore was going to set this up in the year 2000. Instead Florida couldn’t count votes cast properly and we had President George W. Bush.
Properly depending on whose side you were on.
I would say it was properly done for its intended purpose. Unfortunately.