Social Security is a very, very small part of it. The largest part is medical care. Here is a bite sized 30 min version of a movie called IOUSA that outlines the major problems that are ahead: http://www.youtube.com/watch?v=O_TjBNjc9Bo
There will not be enough money. Period.
The US cannot unlimitedly tax young workers for the rich. They cannot go into unlimited debt. They cannot inflate the currency without major negative repercussions on their currency.
Actuarially speaking, the US cannot afford to pay for 25 to 30 years of both retirement income and medical costs. There is a saying in Canada that probably exists in the States: "If you get to 60, you are more likely to live to 90 than not." Those are a ton of years to pay for. Social security. Medicare. All the other "normal" portions of the US budget, like defense, intelligence, and infastructure.
When you say "6.2% of our GDP" it doesn't sound like a lot, but it is. 4.06% of the current GDP of the United States is spent on their military. That is a TON of planes, missiles, and carriers that are being kept afloat right now and you want Social Security to receive 50% more than that?
Also, The federal budget is not the be all and end all. State budgets, municipal budgets, family budgets all need portions of the 100% of the GDP. The United States has over consumed for far too long and major contractions will take place before normalcy will return.
There will not be enough money. Period.
The US cannot unlimitedly tax young workers for the rich. They cannot go into unlimited debt. They cannot inflate the currency without major negative repercussions on their currency.
Actuarially speaking, the US cannot afford to pay for 25 to 30 years of both retirement income and medical costs. There is a saying in Canada that probably exists in the States: "If you get to 60, you are more likely to live to 90 than not." Those are a ton of years to pay for. Social security. Medicare. All the other "normal" portions of the US budget, like defense, intelligence, and infastructure.
When you say "6.2% of our GDP" it doesn't sound like a lot, but it is. 4.06% of the current GDP of the United States is spent on their military. That is a TON of planes, missiles, and carriers that are being kept afloat right now and you want Social Security to receive 50% more than that?
Also, The federal budget is not the be all and end all. State budgets, municipal budgets, family budgets all need portions of the 100% of the GDP. The United States has over consumed for far too long and major contractions will take place before normalcy will return.