Reply #56: I have never heard that. Are you SURE Social Sec tax was decreased for businesses? [View All]

[Honeycombe8]

I hadn't heard that.

Anyway, there's going to be a shortage in Social Security because it's simple math:

The baby boomers is a huge # of people, all doing certain things during certain decades. This has been great for business...they increased car sales during certain decades, they increased home sales during certain decades, and now that tsunami of people are retiring.

Now, the people who get Social Security don't get what THEY paid in to Soc Sec. They get what CURRENT workers are paying in. The current retirees' taxes went to pay the SS benefits of the prior generation.

There are fewer workers each decade after the baby boomers retire. Also consider outsourcing of jobs. Fewer workers = less taxes paid into Social Security. Just at the time of the heaviest burden on SS benefits, there will be a shrinking number of people to pay those benefits.

Add the bad economy. Less interest for the Social Security fund to get, while building to pay benefits.

Plus....Bush "borrowed" the Social Security Fund. The fed govt is paying it back, if it hasn't already, but that didn't help.

That's my understanding.