Social Security system could use bailout money
Way back in 1967, my mother urged me to acquire a Social Security card, and that year I paid my first taxes into the Social Security system.
I contributed to Social Security for 42 consecutive years. The government made this easy by taking the money from every paycheck.
I am retired, and I look forward to receiving the monthly payments I earned. I know many of you feel the same way. Are you with me, baby boomers?
While Congress was busy in 2008 bailing out everybody and everything that had a voice in Washington, the Social Security system was left by the roadside to die.
Thankfully, the head of the Government Accountability Office in Washington went on “60 Minutes” within the last year to inform the public about the health of the Social Security system.
He told us that when the baby boomers begin receiving payments, this will create a financial tsunami that will bankrupt the government.
He also said Social Security will not be able to make payments unless something is done soon to repair the system. It’s time to bail out our Social Security.
Tim Nelson
Summerfield
Comments (5)
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Amen, Tim.
Posted on January 9, 2009 8:44 AM
Amen, Tim.
Posted on January 9, 2009 8:48 AM
it'd be great if we really had any of the money we were using to bailout anything.
Posted on January 9, 2009 9:03 AM
You are correct rahrah, it's kinda like using one credit card to pay off another and the Bank of China is the card issuer for both.
Posted on January 9, 2009 9:27 AM
Raising the retirement age seems the most logical solution to me, given today's longer life expectancies. Any viable and effective solution will entail sacrifice. I hope our new president is gutsy and persuasive enough to sell Congress on a responsible solution and convince citizens to accept it.
Posted on January 9, 2009 3:34 PM