In the not so distant past, there were signs that said know your enemy. Now as I recall they were a warning of the United States about communist countries. Well I being a Social Security recipient have a warning about Social Security to all my fellow recipients of Social Security.
The Social Security trust fund is running out of money, and because it’s running out of money it has become a pay as you go system. It has never been truly a pay as you go system as payers and there employers put their money in a trust fund that acted like a bank as it lent money out that earned interest. The money that it lent out was to the federal government which borrowed it at lower interest rates then the government would have to pay if it went out and borrowed from the general public.
Unfortunately there are fewer and fewer workers replenishing the trust. This has led to the understanding that in the judgement of of the trustees of the trust fund that this will lead to in the not so distant future the recipients will only get back 79 cents on the dollar that was promised.
There are many people who claimed m that they know how fix this problem., including upping the retirement age, have a cut off of income of who is eligible to receive benefits from Social Security, make those who make over a certain amount pay social security tax on that amount.
There are several groups who mistakenly call Social Security a pyramid scheme. And there are even people who point out ( wrongly) that if you had put this money a money market account you would have a lot more money.
Now why would I say know your enemy to those who depend on Social Security. Who and what is the enemy?
If you don’t know your enemy, the question is how are you going to fight for your rightful Social Security.
The main enemy of Social Security is ignorance. How many people realize that the Social Security trust fund is a bank.
The enemy of Social Security is trying to equate that Social Security is part of a three legged stool, for having never read the original bill and the right of those governments ( city, state and federal ) not to be part of the system if you gave a adequate pension.
An enemy of the Social Security system is those who either want to take retirement money and claim to invest it taking a chunk for themselves.
An enemy the Social Security system is those who hate the government and claim that the government only steals the money from the people and it’s a. Socialist scheme.
An enemy of Social Security are the clams that it’s a pyramid scheme.
An enemy of Social Security is the many fixes that are being proposed because with s many ideas none in all probability will pass.
My personal fix for Social Security is to have no cap on FICA.
Don’t increase the amount given out except for COLA for a least two years until the trust fund is secure after the end of the cap.