The Future of Social Security

Lady Narrator: On the next Destination Casa Blanca, a large number of Latinos admit not to know anything about retirement saving plans and most of them expect to retire solely on the Social Security funds. But will this money be enough?

Male Speaker: Social Security from the very beginning was not meant to be your retirement plan.

Steve Guss: Exactly. Social Security was intended to provide sometimes referred to as fore-protection upon which people were expected to be building.

Michael Tanner: Every dollar that the government consumes is a dollar that’s not available in the private sector to increase economic growth, to hire people, to make businesses grow, for people to save and invest on their own. There is a cost to doing that.

Lady Narrator: What’s more? Will it even exist?

Male Speaker 2: There is not a long-term Social Security crisis, but there very much is a long-term healthcare crisis.

Michael Tanner: Cutting Social Security benefits angers seniors who are the most powerful voting block there is. Raising taxes on top of all the tax increases we’ve got coming is not good for the economy.

Lady Narrator: Join us for this new edition of Destination Casa Blanca, Thursday, July 2nd, 9 PM, Eastern Time and 6 PM, Pacific Time with an encore at 12 midnight Eastern Time, Pacific Time. Only on HITN educates and entertain.

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July 13, 2009 | Filed Under Save Social Security 

Comments

One Response to “The Future of Social Security”

  1. D. Vance McClellan on July 21st, 2009 10:56 pm

    Those of you who think you’re going to SS benefits down the road need to stop listening the hipe and review history. When SS was started, the average male died at 57 =/- and the woman at 61 +/- years old. You had to be 65 to draw it … or,to put it another way, you had to out half of population just to start during it! By the time Johnson took office SS was being paid for with the interest from the pool of corrected money. Never would it ever be in trouble because the principle would not need to be touched! Then came the Great Society, etc, paid for out SS funds. Now, every incoming dollar per month that is not spent on benefits that month, goes into the General Fund. There is no locked box for SS where the money could draw interest and build up the necessary funds. The SS box is just full of IOUs from the government.Based on the average age in the ’30’s (59 yo) w/ retirement at 65, today you’d have to be 79 yo to draw SS benefits!

    Of course the government would have to come up with stop measure to take care of the work force nobody would want … those between 55 and 79.

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