Quote:
Originally Posted by jswirs
Please don't include social security as contributing to our grandchildren's debt. Many, many folks have paid into that system for many , many decades, and don't forget to include the funds donated to that system by our employers. I did the math, I would have to live into my mid 90's before I exhausted all of the contributions both I and my employer have made.
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But, unless there are major changes made to Social Security, it will definitely contribute to our granchildren's debt. The math may seem to work for people who worked for a long time and were in the middle and upper income brackets. But, those contributions are paying the benefits for lower income people, people who didn't work for a full career, and those who receive a generous spouse benefit, some of whom didn't work at all. Also, the number of people collecting Social Security disability payments has been greatly increasing. The system will probably go broke in about 15 years, unless Congress makes major financial changes, which is very unlikely.