Let me see if Iâve got this right.
In 1982 President Reagan told us we needed to nearly double our (and our employerâs) Social Security contributions to maintain the systemâs solvency. We needed to pay for our parentâs retirement in the present, and to put away money to fund our own retirement in the future.
Now, the system is solvent. We have banked $2.7 trillion. However, we are being told, because of Congressional bargaining, we need to receive lower future benefit payments because 25 years from now there might not be enough left to fund our childrenâs full retirement.
The system will be solvent for 25 years. Social Security has never taken a dime from the general fund. Yet we have to receive ever diminishing payments.
This canât be right. I must be looking at it the wrong way.
-- Clifford Lanxner, Applegate