Understanding how we get screwed up as a country starts with understanding what the people who vote believe; facts are irrelevant; perception is reality.
Here are a few comments from the “Social Security Works” page on Facebook. These comments are related to the call to expand benefits. I urge you to visit the SSW page and view the outright nonsense that all too many people accept as fact. Personally I would like to continue explaining the facts about Social Security on SSW, but they have blocked me from commenting or replying to other comments. That should tell you something about their message.
Hey, don’t get screwed by a 401k plan, just lobby for more Social Security🤑 Republicans and Wall Street; the great slayers of retirement.
I am one of those lucky people with a pension, a pension like all pensions funded by stock investments over many decades. Just like the pensions of millions of other Americans, especially government employees. I also have a 401k plan, a plan that survived the 2008-2009 crash and has thrived the last seven years. Oh it went down in 2008 and 2009, but unlike those who “got screwed,” I didn’t panic and lock in my losses.
The kind of thinking you see below is the way people end up living on Social Security and then complain because it is inadequate or wasn’t increased each year.
Social Security was designed for all Americans and for all Americans to contribute so it was self-funding. Today it is in trouble because the changes related to demographics and the improvements in the program were not addressed to assure adequate funding. In other words, the payroll tax should have been raised gradually starting years ago. Congress controlled by either party failed to do its job and tell Americans the truth. The Democrats are the biggest critics of changes to Social Security yet in the years they controlled Congress nothing was done to address the problems.
The people who “get screwed” are those who fail to understand the power of compounding interest, the power of long-term investing and the essential requirement to diversify.
The S&P 500 in the last ten years:
Categories: Social Security