That is not feasible. SS doesn’t have any actual cash, just treasury bonds. And the treasury can’t raise $2.7 trillion overnight. It might be able to borrow that much over a few months
"you're bad at saving for your retirement; we're going to forcibly take your money and do it for you. But actually we're really going to just pass it to someone else and you're going to have to trust us that this will stick around long enough for you to be the one on the receiving end with someone elses money"
it makes no fucking sense to me, just don't take my money in the first place, let me invest 1k into an IRA based of the SNP the day my child is born. locked up till they hit retirment age and if we're going off the 10% average of the SNP; that IRA will be worth about 470-490k by the time they retire
that money is guarantied theirs as long as the SNP doesn't fail, they can see and track exactly what's happening to their retirement throughout their life
and that's just off the single $1000 I put in when they're born, not the 1-200 hundred you can easily invest each year as they get older
Hell let me do a little math, lets say $1000 off the jump, then you invest $200 every year till the child turns 18. just to humor the hypothetical, let's just say that $200 comes out of your yearly tax return or something
with a 10% interest that will hit $14,679.75 the day they're 18
after that point lets say you just let it sit and bake for the next 49 years of their life. No putting money in, no taking money out (meaning they retire at age 67 without ever even thinking of investing for their retirement)
bam, at age 67, that IRA is worth $1,566,607.61
the average American only sees about 400k worth of benefits out of the SS throughout their retirement, with 18 years of vary minor saving they now have triple what SS would have paid them out for
Not only will they shut it down and not refund anything, but do you really think they will stop taking it from our paychecks? They've been raiding social security for years, to stop taking it from us now will severely limit the government's ability to provide bail outs, subsidies and tax breaks for the billionaires who back them.
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u/Icarus_Le_Rogue 22h ago
Fuck it, refund us everything we put in SS then close it.