CBS News: "Social Security: Trust fund in the red by 2033."
Not to worry folks. Senator Tom Harkin is here to set the record straight:
Social Security is financed by its own revenue stream, the payroll tax and, by law, it cannot add to the deficit. Since the payroll tax will still be collected, even after 2033, Social Security will be able to pay 75 percent of scheduled benefits going forward, assuming that Congress would take no action to address this problem.Yeah, I think that last part is a pretty fair bet. Harkin wants you to know that all that money you paid into that FICA box on your paycheck - well - you'll get a portion back if you live to 65 or, in my case, 67. The rate of return would be far, far below what you'd have if you just put that money into a 401(k) or savings account but you'll get it back because the government said so. Why would you ever want to opt out of a such a great program?
Because you can't.
Related - From Hot Air.
And this - LA Times: "Social Security is slipping closer to insolvency."