Men and women work all their lives, buy government bonds, pay into Social Security, make good investments, and feel secure.
They then hire a financial adviser, who makes some poor investments. On their own
they buy things they really don't need, invest in housing and watch the stock market go bad.
Then when they're finally ready to retire, they find that they are not as secure as they hoped.
To make matters worse, somewhere along the way Congress became their financial adviser. Congress invested in overpriced warplanes, bridges to nowhere, raises in pay for themselves and their staffs, wars, shoring up the banks etc., and then informs them that Social Security is going broke.
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According to skilled and famous economist, Robert Reich, there is no problem with Social Security Here is what he wrote...
Now that Social Security has started to pay out more than it takes in, Social Security can simply collect what the rest of the government owes it. This will keep it fully solvent for the next 26 years.
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