... as the bad economy and mounting job losses have pushed both programs years closer to insolvency, according to a new report.The new report NYT is referring to is the 2009 Report of the Trustees of Social Security.
I sent a Twitter alert out about this three days ago:
2009 Report of the Trustees of Social Security will be released late Tues. Not just a report. Could start an end Social Security movement.The ending of the Social Security ponzi scheme is not in itself a bad thing. However, given that the world of finance is run by a crew from Goldman Sachs and their cronies, any replacement will be even worse for the average American. The standard of living for even more will decline, as the coffers of Goldman Sachs increase.
2:11 PM May 9th
Your only hope is to save on your own, and as part of your savings you must hedge to protect yourself against inflation and ultimately stagflation. This NYT story is the opening barrage in a battle for fees and an asset grab of the retirement money of Americans across the country. It has nothing to do with helping you. Unless, of course, you are a Goldman Sachs managing director.
I wish we would stop worrying about this and just tell people:
ReplyDelete"Anyone under the age of 35 will not receive Social Security."
I would be fine with it, but it could cause some animosity between the baby boomers and younger generations.
The lesson here is that it's up to you to make enough money to be very comfortable. If you let government of anybody else determine your financial future than you are at their mercy.
ReplyDeleteSome people feel that it's not fair that you've invested in these program and now you don't reap the returns. We've all made hundreds of bad investments in one way, shape or form but we ultimately move on from them.
If you have a job, don't get another job. Invest. Start a small business. Open up multiple streams of income and acquire your own wealth so that you don't have to rely on government.
Ryan