thegock
Well-Known Member
I listen to a podcast called Freakonmics, according to Jessica Riedl, it's not true. She explains that SS is now simply outspending it's yearly income by a great deal. The idea was current payrolls would fund payments today and sometime in the future. Apparently that was true when it started, because nobody was getting the payments yet.
Her suggestion is some overhaul of the system, ie. payments later in age, but also, no payments to people over a certain income. According to her, it was a plan for the poor, not the wealthy. It was America's safety net for the older population. She argues, that anybody making a million a year doesn't need SS. I find it hard to disagree. However, you know that will rub a lot of people the wrong way. Interestingly, she also states that the middle class should pay more taxes. She says the rich pay more than their fair share. She works for a right of center think tank out of D.C. I think she had some very valid points.
I listened to this episode three times. Really good information that would have precluded about 48 posts in this thread alone.