For years, actuaries, financial analysts and policy wonks have warned that Social Security is doomed to crash.
Contrary to rosy predictions a decade ago that this popular government program has a funded lifetime of 33 more years and won’t sink into the red until 2017, Social Security actually went red in 2010 and will go broke in 2024.
...Since its inception, Social Security has promised each succeeding generation that there will be at least a minimum of money for them at retirement. All working people are taxed at the rate of 12.4% of each paycheck, with the promise of a return. (Yes, employers pay half, but they also pay employees less as a result. It still costs “X” to employ a person; whether 6.2% is earmarked for direct Social Security payments matters not.) But that money’s gone in an insolvent system.
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