Please do not get me wrong. I have been against Social Security since I began working in 1972. I have written congress ever since and spoken against it even when I was laughed at. What I present mathematically (interest) shows the system to be broke. People think the system would be fine if it were not robbed or if it received current market rates. What I show is even with current market rates and even if the funds were real, the system is still $10 Trillion underfunded in 1999 and grows by 7% a year.
in other words even with $100 Billion surplus, the unfunded liability grew by over $600 billion!!!! Is this not just plain stupid! Talking about a surplus when even if the money were real is only 16% of what should be saved just to keep up with the income needed to pay future benefits.
Take a look at what happens over the next 40 years. Even though the fund grows theoretically in value, the unfunded liability in real terms is growing even faster. Sure we may feel great about adding $100 billion in worthless notes to the fund. However, what about the $60 Trillion + unfunded liability when the fund is zero? I have always stated the following.
"The government over taxes by FICA inorder to save for my future retirement benefit. In order to borrow the money from OASI, my income taxes are used to finance my money they took in earlier years. When I go to retire, they will again tax me so they can pay back the money borrowed in earlier years." Pretty stupid if you ask me if no one can see this.
