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Subject: Re: Imagine the America you want to live in #8
I have to admit that this is an issue that I haven't thought much about and that I need to study more. I am interested to hear what others have to say about the current Social Security system, proposals that have been made for changing it, and what would be the most effective way to provide pensions for retirees and older workers, especially low-income ones.Subject: Re: Imagine the America you want to live in #8
In the present this wouldn't have any effect--I won't be old enough to retire for several decades.
Long term, this would have a pretty catastrophic effect on the economy. The only way to absolutely guarantee continued social security payments is through hyperinflation--see Germany during the Great Depression for an idea of what impact that would have. I'd probably come out of it fairly well, since I don't have my savings in dollars anyway.
That won't happen soon though--the propaganda letter the Social Security administration sends out every year admits that the system will be unsustainable after 2042, and even if we allow for the government making things look better than they are the Ponzi scheme probably won't collapse for at least 20 years. We'll probably be overtaken by some other economic disaster before then.
Subject: Re: Imagine the America you want to live in #8
With our current foreign and domestic policies, I sometimes fear we'll be overtaken by more than just a financial disaster before 2042.Like you, I'm decades away from retirement so the impact on my life would be minimal; I've got more immediate concerns.