RE: Change of mind or perspective?

[Michael Jones <powderfinger99@yahoo.com>]

As a result of these forums, I have not changed my mind about
how/whether reform is needed.

I have become more pessimistic about the problems of this system
being solvable, both politically and economically. By "solvable"
I mean a solution which provides solvency as well as fairness
between generations.

Folks, it doesn't look good. It is not to far in the future when
this program will be going into deficit. It will require another
6 percent of payroll to fund just the benefits promised (which for
most people is still a negative return). For a system which is
based upon primarily wage taxes (and in the future income taxes),
the deficit will likely need to be filled with higher taxes (assuming
that all other government spending is needed). Even now though,
this option is politically unattractive.  ( It may become attractive
when the "bill" comes due).

Where is the money going to come from? As a younger worker, it
appears that I am already doomed to fail with this system. I can
be thankful that I understand the problem at my age and have the
means to prepare for my own retirement. For those who are not
prepared and have less means, they are really doomed.

Michael