I hate Social Security & Medicare
So I got my favorite work of fiction in the mail the other day. No it wasn't a new book from Amazon.com or even one of my myriad of magazines. It was my good old Social Security statement. I can't stand that thing. In it, the government basically lies right to your face and then admits it later on in the FAQ section. Uncle Sam goes on and on about all of the wonderful benefits that I will receive when I retire, but...
A) I'll have to work until I'm freaking 70 years-old to receive my full benefits.
B) Right in the FAQ section it admits that right now the government projects that it won't have enough money to pay me the full sum that it just said it would. Oh no, using its projections (which I suspect are overly optimistic) they now project that I will be able to receive $780 for every $1,000 that I'm owed. Sure.
Looking at all of the money that I've been forced to throw into this ponzi scheme over the years, which is conveniently totaled on the pamphlet, makes me absolutely sick. How is the government able to spend this money now? Who decided that was a good idea? If I'm not mistaken this money is set aside in Canada and it can't be touched by the grubby politicians.
The government should just be honest and admit that this program is nothing more than another tax and that I will likely never most of the money that they are promising me right now again. The same goes for Medicare. How in the heck is the government going to expand its healthcare program when it can't even come close to adequately fund its current one? Don't get me wrong, it makes me absolutely sick that there are poor people out there who can't afford proper medical care. I just don't understand how we are going to pay for expanded coverage.
At least I can take solace in the fact that my parents who have done so much for me over the years are collecting Social Security right now. My Dad always gives me a hard time and says that I have to keep working multiple jobs so that he can collect his government checks.
Enough grumbling, but I just can't see how the lack of retirement savings that most Americans have is won't to serve as a huge drag on economic growth going forward. A record amount of wealth, much of which was retirement savings, has been destroyed. I heard the other day that over 100 of the Fortune 500 companies have eliminated their 401K match programs this year. Many public and private pension funds are a complete mess. Who knows if Social Security will even be there by the time that people in my generation retire. That's a lot of spending that retirees aren't going to be able to do OR a lot of new taxes for the people who are working.
Recession Drains Social Security and Medicare