Social Security

I could talk about how Social Security was always just a huge pyramid scheme. I could talk about how many of the “Greatest” generation contributed a few hundred dollars and will receive hundreds of thousands in benefit. I can talk about how the generation following the “Greatest” generation… the Baby Boomers, was so humongous that it was able to absorb the cost of floating the “Greatest” generation.

I could talk about how the Boomers will pay in hundreds of thousands, and will receive the same amount back from the government, only it won’t be worth as much because of inflation. I could talk about how the Boomers had less kids than their parents, and how they aborted as many as 20 Million potential Generation X’ers that would have helped fund Social Security for them.

I could talk about how the Generation X’ers are now contributing not only to the Boomer’s Social Security, but to the still living “Greatest” generation, and how they are so vastly outnumbered that when the Boomers finish retiring, they will have to pay out a huge percentage of their earnings to float their parents and grandparents, even though their grandparents paid virtually nothing into the system, and their parents aborted a huge percentage of kids that would have been their peers.

I could talk about how if Generation X will pay in hundreds of thousands of dollars, but very likely won’t receive more than a tiny portion of what they put in, in inflation adjusted dollars, assuming they’re lucky enough to get anything at all.

I could talk about the fact that Generation X already assumes that they will get nothing, but still have to pay in money each month. I could talk about the fact that Generation X is in the ugly position of having to put money into a pyramid scheme, and then still figure out how to save money for their retirement in addition, because Social Security won’t actually be any security for them.

I could talk about how even though Gen X is having more children than the Boomers did, there will still be so many Boomers alive when the Gen X’ers retire, that Gen X’s kids will surely have to drive a stake into the heart of Social Security, assuming Gen X doesn’t do it first.

I could talk about how the entire scheme only benefited those that thought it up, and that the “Greatest” generation shamelessly plundered the future generations of America, when in reality, most people are smart enough to save for their old age, and those that aren’t deserve to be poor.

I could talk about all that, but I won’t. Instead, I’ll give you this picture, because a picture is worth 1000 words.

Incredipete

  23 comments for “Social Security

  1. August 23, 2005 at 2:12 pm

    I agree.

  2. August 23, 2005 at 2:14 pm

    You’re very attractive when you get like this… rarr!

  3. August 23, 2005 at 2:16 pm

    It’s easy to rant about old people’s stupid and immoral ideas.

  4. August 23, 2005 at 2:44 pm

    Having a little taxed-out anxiety, are we?

  5. August 23, 2005 at 2:54 pm

    Good God smart men get me wet. It’s frightening how much I agree with you on things; I just didn’t realize I was considered part of Generation X (I thought I was too old).

    “…most people are smart enough to save for their old age, and those that aren’t deserve to be poor.” I want that engraved on a plaque and mounted above my fireplace.

    Huh, huh-huh I said ‘mounted’…

  6. August 23, 2005 at 3:03 pm

    *snicker*

  7. Rik
    August 23, 2005 at 3:32 pm

    I have mixed feelings about this. What if we just but all the old people on rafts and float them off into the sea like the Eskimo do? We’ll give them a fruit basket, a bottle of suntan lotion, and a copy of FHM (or a bible if they choose). Our motto should be: “Keep working or die, old man!” Oh wait, that’s our motto now. Let’s make it: “Get to work, woman!”

  8. Rik
    August 23, 2005 at 3:33 pm

    *put*

  9. August 23, 2005 at 3:33 pm

    Wait…I thought you weren’t going to talk about anything? I like how they tout the syetem by trotting out Mildred: “Mildred, SSN #4, put in $5.97 into her account and has been able to retire and live in Boca, drawing a monthly stipend since 1968. Isn’t America awesome?” Fuck you Mildred.

  10. August 23, 2005 at 3:35 pm

    LOL

    Here, here!

  11. August 23, 2005 at 3:44 pm

    I’m not of the chronological age group of the Xers but I am in the Exact.Same.Position. as regards paying into the scheme for the past 20+ years and looking forward to getting *nothing* out of it. While I agree wholeheartedly that smart people save for their retirement, some of us have gone through so many financial setbacks over so many years that we simply haven’t had the chance to save anything at all.

  12. August 23, 2005 at 3:48 pm

    See, I consider paying 300$ a month into Social Security a “financial setback.”

  13. August 23, 2005 at 5:33 pm

    Thank god for my 401(k). And a dollar-for-dollar match from my employer.

    Social Security won’t be there when I retire. Glad I’m contributing to something worthwhile.

  14. August 23, 2005 at 7:12 pm

    But what about all the good things the government does? like welfare, and tax breaks for the wealthy? or open borders. those thigs are way better then SS.

  15. August 23, 2005 at 7:48 pm

    I’m all for tax breaks for the wealthy, since I plan to be one of them some day soon… but as for those other things you listed… *Incredipete-flips-the-bird*

  16. August 24, 2005 at 10:53 am

    Now now, Incredipete, don’t be mean to the bird!

  17. August 24, 2005 at 11:02 am

    Well written. I actually did a paper on this about 2 months ago for my macroeconomics course. Social Security will actually be there for us poor Gen X-ers, just not in the form it is now. And, as Incredipete correctly stated, we will have the honor of paying a much greater percentage of our paychecks to support the Boomers, who have more assets than they will know what to do with when they retire. Social Security was actually started as a way of providing a minimal amount of income to keep the elderly out of poverty while recovering from the Great Depression. It was never meant to be someone’s entire retirement income. I could go on for far far too long about this topic. Stupid research papers….

  18. syn_ack89
    August 24, 2005 at 12:54 pm

    Incredipete, you need to write a new entry because every time I read this it makes my blood pressure go up. Though I guess that is good – basically I die young and don’t have to support all the Boomers!

  19. August 24, 2005 at 12:56 pm

    A good way to save for one’s retirement is to move to Raleigh. Who wants 1400 square feet and 3 BR for $80000? We could be neighbors…

  20. August 24, 2005 at 2:53 pm

    NGD I got you beat!! I know where you can get a 2K sq foot home for 75K!!

    Ok it used to be a elementary school, but it has a little theater, a gym, with a stage! and a full blown cafeteria, sitting on 3 acres, and 35 parking spots!! If I didn’t NEED to live in the KC metro area I’d snap it up in a heartbeat!

  21. August 24, 2005 at 3:32 pm

    Hi, this is relativity speaking… How much can you earn in these areas? Cuz I have a feeling I wouldn’t be in the same situation I am here, even paying as much as I do.

    p.s. Does your elementary school come complete with asbestos?

  22. August 25, 2005 at 8:37 am

    Nightmare, do you have to pay extra for the chipping lead paint? Everyone move to RTP; we can have a party!

  23. August 25, 2005 at 10:00 am

    I’ll bring the party ball.

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