I just got my yearly Social Security statement. Enclosed was a short leaflet with an article titled "Will Social Security still be around when I retire?" The article states that the funds for Social Security will be depleted by 2037 under the current law. But what really angered me was this statement:
However, this does not mean that Social Security benefit payments would disappear. Even if modifications to the program are not made, there would still be funds in 2037 from taxes paid by workers to pay about $760 for every $1,000 in benefits scheduled.
So basically, the government will withhold $240 for every $1000 I should receive. Would you ever own an investment portfolio that had a 24% management fee and offered a near 0% interest rate? I can't believe I am forced into a system that takes more money away from me (percentage wise) than what I lost in the financial meltdown of the last two years. And yet, this inefficient, near-criminal behavior is just seen as "business as usual" for the U.S. government.
I could have put this money into a savings account. That would at least earn a little interest and not put my capital at risk. I could go to Las Vegas and gamble with it. If I lost 24% at the blackjack table I would be doing as well as placing that money with the government. At least in a casino there is a small chance of making a profit. Heck, I would have come out in better shape just putting the money under my mattress! When we are done taking on the government over cap-n-trade, socialized medicine, and out of control spending we need to launch a revolution on Social "Screwturity."