I Hate You FICA

Since I was a kid spinning pizzas, I knew that the money the government was swiping from me for social security and medicare was tantamount to theft. I knew I would never see that money again. When President Bush began to push for privatizing social security, his plan was only for the young to be able to opt out. Again I knew that I would forever be forced to give up my taxes for what would probably be zero return in the future. But at least the new kids coming along could manage their own money. Then the democrats demagogued the whole thing and the plan collapsed. And I remain pessimistic about the future.

Turns out I’m not alone. From Reuters here:

Generation X is even more pessimistic about achieving a comfortable retirement.

More than two-thirds of Americans aged 27 to 42 don’t think they will ever be able to stop working.

This concern is largely the result of a barrage of negative media coverage about the entitlement system as a demographic time-bomb that will become more difficult to fund as older folks begin to outnumber the young.

There is vast disagreement even among economists on just how solvent Social Security will remain, and until when. Those who favor privatization-type reforms argue that an entitlement crisis is imminent. Others champion the system, saying funding troubles will not arise until at least 35 years from now.

Whatever the case Generation X doesn’t appear to be counting on the money. “It’s a black hole to them,” said Moloney.

You other GenXers out there feel the same way? Think we’ll ever see a dollar of the social security we’ve been paying?