Contrary to popular belief, Social Security is not in danger. The government is going to continue to send out the checks. Our country can be bankrupt ten times over but the Social Security checks will still go out. I seriously doubt that our government will ever be unable to afford the ink and paper required to write Social Security checks.
The real danger is that future Social Security checks will be seriously devalued. Ten years ago a $1600 SS check could buy more than four ounces of gold. Today that same check could not even buy one ounce of gold. The COLA on SS checks does not come close to reflecting this.
The bottom line is that we must protect the value of the dollar in order to protect Social Security. The Federal Reserve is holding interest rates at near zero and further the Fed may even resort to another round of Quantitative easing.
This causes banks to pay pretty close to zilch in interest on savings accounts. This means if you put $100 away in the bank for a rainy day you are going to continually lose the value of your savings. This is because the bank is paying less in interest than the rate of inflation.
Where is this value going? The obvious explanation is that the banks are taking this value and paying themselves big bonuses with it. They are also using this value to paper over TARP and the bailouts and covering their losses for all the lousy worthless investments they made before the housing crash of 2008.
These shenanigans by the Federal Reserve that cheat the people and enrich the banks are destroying the value of the dollar and in turn will destroy the value of future SS payments. The Federal Reserve is also swindling people out of their savings which will make people even more dependent on Social Security.
We must stop the Federal Reserve if we have any hope of saving Social Security.