Home > Uncategorized > One Good One Bad: 4K on the Erg; Nothing Left in Social Security?

One Good One Bad: 4K on the Erg; Nothing Left in Social Security?

October 16, 2011

One Good:  A leisurely 4k on the erg this morning at the University of San Francisco Koret Center gym.  It felt pretty good considering my exercising is not regular.  Definitely need to make the effort to get regular exercise.

One Bad:  A new article about social security.  Currently funds will be exhausted by 2037 (but I have read other places that they will be exhausted much sooner).  I don’t know if these facts are correct, but, workers retiring this year will receive typically 30 to 45% of their working wage–workers who earned more receive a lower percentage.  The average monthly benefit is $1,180 or about 28% of median US monthly household income.  No, I am not out protesting these days.  But, really, the social security system is a boondoggle (to my knowledge “boondoggle” is not a legal term).  In my many years of working, considering my contributions to the system, my employers’ matching contributions, and typical safe prudent investing, even in government bonds, it is clear that there should be $500,000 to $1,000,000 or more in the “fund” due to my working.  Didn’t we hear something about a lockbox?  And, yes, I know the system doesn’t work like that.  And I also know that the problem gets worse with every passing day.  There is no easy resolution.  Why doesn’t everyone call for everyone who has had oversight responsibility, President’s and Congress, to be fired, and for them to lose their pensions?  Sort of like a SOX 304 clawback.  People who run pensions are held to a high fiduciary legally duty.  I have been lied to and robbed, and it will continue tomorrow, and the next day, and the next day . . . .  Worse still, younger people who are paying into the system have no hope.  If I am wrong, great, fantastic.  But, let’s have someone who is now responsible give us the plan, no, not for bankruptcy in the next 15-25 years–a real plan where the funds are not exhausted–what would it take to get us to that point?  You can tell me.  I can take it.  Because right now I would rather not give another dime to this “fund,” which truthfully isn’t that at all.  Who in their right mind would continue to give to a fund that they already know is projected to not be there?  Only if compelled to do so by force of law, which is what we have now.

Video of a big protected bird at Ocean Beach, San Francisco, this morning (just for fun)  Click Here.