Most of us that are younger than the Boomers or maybe Gen X don’t want to count on Social Security because we’ve been hearing our whole lives that Social Security is on the chopping block because the government is in so much debt.
Thinking about it, the chance that Social Security money will be stolen and transferred to the 1% is quite high. Not because of the debt but simply to make the rich even richer. They will probably just say that the current system is not sustainable and move all the money into pension funds controlled by private banks which will then gamble with it pocketing the profits and socializing the loses. But 401k is the same so putting money there is not really a solution. The solution is to run away but obviously not everyone is able to.
The money has already been yanked from SS and other programs. It’s included as part of the National Debt figure. They have taken the excess funds for decades and spent it. Having private banks hold and invest these funds instead is highly unlikely.
The government also relies on investment funds to buy treasury bills. Most 401K’s at are set up to give the owner very little control over how they invest their money. All of the offered selections usually include treasury bills. So the government is borrowing money from 401K’s and promising to pay it back as well.
That’s all fine unless something happens to erode the trust and willingness of people around the world to lend money to the U.S. government.
Thinking about it, the chance that Social Security money will be stolen and transferred to the 1% is quite high. Not because of the debt but simply to make the rich even richer. They will probably just say that the current system is not sustainable and move all the money into pension funds controlled by private banks which will then gamble with it pocketing the profits and socializing the loses. But 401k is the same so putting money there is not really a solution. The solution is to run away but obviously not everyone is able to.
The money has already been yanked from SS and other programs. It’s included as part of the National Debt figure. They have taken the excess funds for decades and spent it. Having private banks hold and invest these funds instead is highly unlikely.
The government also relies on investment funds to buy treasury bills. Most 401K’s at are set up to give the owner very little control over how they invest their money. All of the offered selections usually include treasury bills. So the government is borrowing money from 401K’s and promising to pay it back as well.
That’s all fine unless something happens to erode the trust and willingness of people around the world to lend money to the U.S. government.
Like electing a crazy person for president?