Bill Quick's SS breakdown...
... a Ponzi scheme in which money from the most recent participants goes to fund the payoffs of the first participants, a scam that can continue only as long as a sufficient number of new suckers signs on. We’re running out of suckers, and the Ponzi scheme is collapsing. That is not, nor should it be, a question. The question is what to do about replacing the unsustainable scheme with something workable. Assuming, of course, that the whole structure doesn’t simply collapse before we can get anything done.
But if we are to put off the collapse of Social Security, what politically is referred to as "save Social Security", then either
- the productive will be asked to pay more to support the retired,
- the retired will asked to do with diminished benefits,
- or both groups will be asked to sacrifice.
Enter this tidbit from the LA Times...
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive.
In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs.
As I have noted previously this is the last chance the Boomer Generation will have to do what every generation is required to do for a nation to be successful ... sacrifice. Theirs is a generation that has not only not known sacrifice, but has refused sacrifice and if the above statistic is any indication, theirs is a generation of Americans that will never know sacrifice.
Theirs is a generation that eats its young.