None of this is the fault of the elderly. But money paid into Social Security is just more money for politicians to play around with. It is used to pay for everything from Congressional junkets and other federal boondoggles to making the national debt look smaller than it is on paper. In other words, when you spend the money as fast as it comes into Washington, you don't build up any wealth for the future. Of course the Social Security system gets government bonds in exchange for the money that is spent, but this is just a paper transaction that represents no actual increase of real wealth.
Government bonds represent nothing more than claims against future taxes.
When those claims start coming due big time, in the decades ahead, there is going to be hell to pay if the system continues as it is. The government can welsh on its promise to the elderly by delaying the age at which it begins to pay off, give them what they are entitled to with one hand and tax part of it back with the other or no doubt do other tricks that will surely occur to the clever folks in Washington. At the same time, they can think up new ways to drain money out of the paychecks of the young. The only way out is to actually create more wealth, by allowing working people to invest their retirement money in something besides politicians' promises. Member Groups 60 Plus Assocation Accuracy in Academia Accuracy in Media Acton Institute Agape Press American Conservative Union Amer.