Think of this the next time your manager is rewarded for your work.
A few years ago, when some in Congress were advocating privatization of Social Security, I was aghast that they seemed to have forgotten that SS came out of the stock market crash of 1929 and resulting depression (which WWI got us out of, BTW).
The idea is that one's retirement years should be supported by a combination of company retirement, individual savings and investment, family, and because none of those three are under your control and guaranteed to be there when you need them, no matter how diligent and careful you are, at least SS would be safe and sure and keep you fed.
I cannot believe that a certain Texas congressman is still advocating privatization! Where has he been the past two years? (Advocates are giving it a different name, but it's still privatization.)
The problem isn't with the social security system as it was originally set up. The problem started in 1965 when Social Security was changed to pull SS funds out of the independent Trust Fund and put it into the General Fund for additional congressional revenue. (Think about that a minute. Sorta like what NYS did with lottery proceeds, which law was supported only because we were promised it would all go to education, but now it's used for everything but.)
SS is holding congressional IOU's, which Congress doesn't want to repay. They'd rather dump risk on you than pay back what they stole. THAT's the problem!
I don't understand.