You hear that because someone who has no clue what he's talking about is telling you this. There is a trust fund that will run out of funds if Congress does nothing around 2032 (this depends on how the economy does). Even if that runs out of funds, Social Security would still be funded by between 78 and 83%. This "Social Security is going to go bankrupt" and "Social Security is a Ponzi scheme" alarmism is misinformation at best.
The Ponzi scheme part is actually true. When SS was started, there were more and more people paying into it as time went on. Now there are fewer new workers, so each worker is having to pay for more SS recipients.
I have a record of every penny I paid into the SS system. I drew every bit of that out in less than 3 years of monthly checks, and my check is below average. Even accounting for a tiny bit of interest, I am currently being paid out of current taxes, not some "trust fund" that my contributions went into.
Social Security doesn’t generate kickbacks.
You hear that because someone who has no clue what he's talking about is telling you this. There is a trust fund that will run out of funds if Congress does nothing around 2032 (this depends on how the economy does). Even if that runs out of funds, Social Security would still be funded by between 78 and 83%. This "Social Security is going to go bankrupt" and "Social Security is a Ponzi scheme" alarmism is misinformation at best.
The Ponzi scheme part is actually true. When SS was started, there were more and more people paying into it as time went on. Now there are fewer new workers, so each worker is having to pay for more SS recipients.
I have a record of every penny I paid into the SS system. I drew every bit of that out in less than 3 years of monthly checks, and my check is below average. Even accounting for a tiny bit of interest, I am currently being paid out of current taxes, not some "trust fund" that my contributions went into.
Anons know the answer.