Millennials paid into the system and get nothing
LETTERS LETTERS@USATODAY.COM
The Congressional Budget Office released
its annual federal long-term budget outlook Tuesday, noting Social Security will only be able to cover 71% of its promised payouts as soon as 2029. By contrast, some politicians and groups insist the program should be expanded.
It’s hard to expand a program which is already bankrupt. On top of that, interest payments on debts in the Social Security Trust Fund alone will add $16 billion to the deficit, according to the Social Security Administration’s own numbers.
Millennials know the program is a mess, which is why a majority of us don’t expect to ever receive our Social Security benefits. Despite that, we pay nearly one-eighth of our wages into the program.
For a generation that rates financial independence as our top goal, Social Security is hopelessly outdated. We already save larger portions of our income than previous generations, and start building a savings 13 years earlier. Expanding Social Security just means more money out of the pockets of working young people. That’s less money to start our own businesses, invest in start-ups or save — as we’ve already been doing. Letting Washington make more decisions about our retirement and spend more of our money is the last thing we need. Albert Downs Generation Opportunity Arlington, Va.
TWITTER @USATOPINION
We asked our followers their thoughts on the best way to ensure Social Security's future.
Prevent Congress from touching Social Security funds, and use them strictly for Social Security benefits payment. @jamesrcain956
Let people voluntarily settle their claims on Social Security for 77 cents on the dollar. @RSI
Sadly, more taxes. As always, the middle-class has to pay for the government's inefficiency. It is what it is. @KathiaYari_PUR
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The government lied to voters from the beginning. They were supposed to invest the money contributed into the system and pay benefits from fund growth over the years. Instead, they blew much of the money and the return on Social Security contributions is a pittance. Too many people who never paid into the system are being given benefits when they should be enrolled in welfare programs instead. Dwane Koppler
The earnings cap on paying Social Security taxes needs to be eliminated and age eligibility needs to be raised until this program is fiscally sound. Wayne Leslie
How can people claim that Social Security does not add to our federal debt? Any time that Social Security is short of funds to make benefits payments, it borrows the money to make them. If you raise Social Security benefits, it will be forced to borrow more, or tax more, or both. Social Security benefits are not free. Sal Maggiore