Someone explain social security to me

[EXTRAVABONSOR]

i'll admit my ignorance on this issue. i have no idea why social security exists or why it's attached to the goverment. i have no idea how it works, thus i have no idea whats going wrong with it.

[jczeroman]

http://www.socialsecurity.org


here comes hell and high water....

[Nimrod's Son]

Originally posted by EXTRAVA******
i'll admit my ignorance on this issue. i have no idea why social security exists or why it's attached to the goverment. i have no idea how it works, thus i have no idea whats going wrong with it.

Long story short:

One of our two major socialist Presidents, FDR, decided to force workers to give up a portion of their checks to be put in a "retirement" account that could then be drawn from upon retirement.

The government took that money and didn't put it in retirement accounts but rather spent it willy nilly.

The baby boomers (the largest generation) are getting read to retire.

Their money isn't there, so they have to take money from you and I to pay them their checks.

People now are living longer, so they are drawing upon social security for a longer period.

That's a generalization, but there you are.

[TIMb]

Originally posted by Nimrod's Son
Long story short:

nice and concise.

[EXTRAVABONSOR]

Originally posted by Nimrod's Son
The government took that money and didn't put it in retirement accounts but rather spent it willy nilly.

isn't this what enron did?