1935 Social Security Act due in part to the Great Depression. President Franklin D. Roosevelt wanted the Federal Government to assist the elderly during their retirement years and establish aid for the disabled and survivors benefits for spouses and children of deceased workers.
So I guess my question is.
If we have had this money taking out of our paychecks, every time we are paid. Why is it that they say we will not have that money there when we retire? I thought that,that is what it was constructed for. What are they spending it on? If they are not spending it on what it was constructed for, isn't that fraud? Aren't they stealing?
(They Meaning---The Goernment)
The idea behind social security is this: working people pay the costs to support people who are retired. Your payroll taxes support people who are now retired. When you retire, there will be a younger generation paying into the program to allow you to receive benefits.
The problem is that in the coming years, there will not be enough working people to pay for the benefits of older generations.