Friday, February 19, 2010

Social Security - Is the System Broken?

Many Americans are concerned about the future of Social Security and how long the money will last. Are you concerned about a deficit?


  1. Of course a lot of people are concerned about a deficit. A lot of Americans who lost their jobs collected the benefits they deserve while the recent recession limited the institution's revenues. A $60 billion drop in collections is a big deal! If this trend continues, how long will we have to wait until SS collapses? It's a really scary thought.

  2. Am bothered by how apocalyptic the article was written. Sure, it highlights the drop of $60 billion in collections, but it never says how big the fund is. As it is a $60 billion drop still amounted to a positive $3 billion in the end. The trust fund alone is more than $3 trillion. Further it has a lot of speculations like a "looming" baby boomer retirement in a few years, but didn't take into account how many of these expected retirees cashed in their claims this and last year. Am not saying that the SSA will have enough money forever, or even in the near future. Am just cautioning that the slant for the article cries out doom for everyone and that should be taken into consideration

  3. To be honest, after the bankruptcy of a lot of banks, MAJOR banks at that, I no longer know what to think anymore. It used to be that I believed that some companies are just too big to fail, how much more the SSA, but now I really don't know if it is immune to a bad economy.