Social Security is very different from the state funds. It holds no investments. Current payments to retirees come from money people are now paying into the System. If there is more coming in than going out, the federal government spends it. The people in Washington talk about a “trust fund” and a “lock box” as though that means something. There is no trust fund, and the only thing in the lockbox is a piece of paper that says, “IOU $3 trillion.” Signed ‘The Government.’ Politicians don’t talk about this. They know that if they tell the truth, it will hurt their reelection.
You’ve pretty much nailed it. Whilst I agree that interest rates have to rise, I don’t think this bunch of central bankers have the mettle to raise them enough. They’ve backed themselves into a corner with all the printing.
Hi Gene, You need to address where the funds go from people who contributed to SS while serving in the NC Army National Guard. The government put in the windfall clause against people serving our country for 20 years or more then retiring to work another job as civilians. I lost at least $500/mo from this legislation and feel stabbed in the back by the federal government who I worked all my life for. Not fair at all!
You’ve pretty much nailed it. Whilst I agree that interest rates have to rise, I don’t think this bunch of central bankers have the mettle to raise them enough. They’ve backed themselves into a corner with all the printing.
Hi Gene, You need to address where the funds go from people who contributed to SS while serving in the NC Army National Guard. The government put in the windfall clause against people serving our country for 20 years or more then retiring to work another job as civilians. I lost at least $500/mo from this legislation and feel stabbed in the back by the federal government who I worked all my life for. Not fair at all!