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Started By
Message
re: Social Security could end in 2035
Posted on 5/7/24 at 8:52 pm to Bass Tiger
Posted on 5/7/24 at 8:52 pm to Bass Tiger
I 
they don’t have “ your” money.
quote:
have the sensible solution.....the federal thieves can cut me and sweetie a check for $1.5-2 million and we're even.
they don’t have “ your” money. 
0
Posted on 5/7/24 at 8:55 pm to Geekboy
The title is click bait. SS won’t end outright in 2935. But, it will have to either cut payouts, or the Government is going to have to find a bunch of money it won’t have to cover expenses. Have a look at what the interest on the federal debt will be in 2035. 
We’re in for some massive “middle class” tax hikes AND. deep spending cuts to everything but SS and debt service.
We’re in for some massive “middle class” tax hikes AND. deep spending cuts to everything but SS and debt service.
This post was edited on 5/7/24 at 8:56 pm
Posted on 5/7/24 at 9:03 pm to Geekboy
It needs to end tomorrow. Anyone that has paid in, whether a dollar or a life’s worth, get their money back.
Scrap it and stop taking it out of paychecks.
Scrap it and stop taking it out of paychecks.
This post was edited on 5/7/24 at 9:04 pm
Posted on 5/7/24 at 9:10 pm to NC_Tigah
quote:
SS includes the TF. It is currently $2T in surplus. If things remain unaddressed, the first SS deficits will occur next decade.
It has $2T in reserves.
"Following the bipartisan Social Security financing deal in 1983, Social Security ran a surplus every year until 2021. Starting in 2021, Social Security’s total cost exceeded its total income. However, the trust funds’ reserves supplement the program’s income —"
Posted on 5/7/24 at 9:15 pm to Geekboy
This country needs all these entitlements to crash. Kill the cancer
Posted on 5/7/24 at 9:23 pm to 97channels
quote:
Don't leave any money on the table
this is my plan. my final "frick you" as if anyone would care
Posted on 5/7/24 at 9:27 pm to Geekboy
quote:
But they can send billions upon billions to Ukraine and Israel.
The amount of all foreign aid the US sends to other countries is less than 1% of the federal budget. With the increased amount we've sent to Ukraine it might be a little over 1% for 2023.
SS/Medicare is 40% of the federal budget. Defense is next with 13% and no other single line item even gets close.
So comparing sending money to Israel and Ukraine in the context of money running out for SS is like paying a mortgage on a 7,000 square foot mansion and car payments on three new Cadillac Escalades and being pissed that your wife bought brand name peanut butter instead of the generic brand at the grocery store.
It's literally a complete non-factor.
Posted on 5/7/24 at 9:27 pm to narddogg81
Yes I’m planning on it. I’m not relying on social security
Posted on 5/7/24 at 9:29 pm to DaBike
Well she’s a fricking moron so makes sense
Posted on 5/7/24 at 9:46 pm to Geekboy
Bruh I been hearing this for 40 years..........
Posted on 5/7/24 at 9:53 pm to frogtown
In 2023, SS costs exceeded SS revenues.
By 2035, projected, the trust fund will run out.
At that point, benefit cuts will happen autoatically down to the level of what revenues can support. Unless another funding source is found.
By the way... that "trust fund' is full of government paper. How in the world do you think the fedgov is going to redeem that paper? Yup... they will have to issue more debt.
I know it's a spoof topic on the O-T, but this entire issue is 100% the fault of boomers.
By 2035, projected, the trust fund will run out.
At that point, benefit cuts will happen autoatically down to the level of what revenues can support. Unless another funding source is found.
By the way... that "trust fund' is full of government paper. How in the world do you think the fedgov is going to redeem that paper? Yup... they will have to issue more debt.
I know it's a spoof topic on the O-T, but this entire issue is 100% the fault of boomers.
Posted on 5/8/24 at 4:30 am to WhiteRussianDude
quote:You disagree because you have no idea what SS is, or who is benefitting from it.
Social Security is never going away.
----
Disagree
SS is not going away.
SS is not going away because it is the least expensive debt vehicle for a government with a massive spending problem. As the SSTF dwindles so does the government's benefit as a borrower. Hence the dog and pony show about rebuilding the trust fund.
SS is your personal loan to Uncle Sam. He badly needs to borrow your money. That is the reason for the emphasis on keeping SS in the black while everything else runs at a 30% deficit.
That is why Washington DC will not eliminate SS, will not privatize SS, will not shrink SS. To the contrary, the effort from DC will be to grow SS, to exact more money from working Americans, likely in exchange for an even more paltry ROI.
The DC crowd intimates that saving SS is about helping retirees. For the most part, folks pushing to "fix" SS do not give a rat's arse about retirees.
They only care about preserving a program which forces Americans to lend the government money over their entire working career. After 40-50 years, the program slowly returns borrowed money back to the worker at a pathetic rate of return set by the government, under the auspices of a "retirement benefit."
Summing it:
Uncle Sam is SS's beneficiary. He forces you to lend him money at terms he sets. Then when/if he pays you back at all, he mislabels you as the beneficiary..
Until you understand that, you're the patsy at the poker table.
Posted on 5/8/24 at 5:36 am to LSUFanHouston
quote:
this entire issue is 100% the fault of boomers
quote:Houston, we have a problem.
LSUFanHouston
Rather than swimming in a pool of stupid, why don't you climb out and dry off.
First, FYI, the combined employer and employee tax went from 2% in 1940 to 12.4% starting in 1990, along with a declining relative value of benefits, and an increase in the retirement age. Quite an escalation.
The problem is the subsequently assigned ROI sucks!
Had SS ROI (which the government sets) simply approximated 30-yr treasury rates, there would be no SS "crisis" at all. Instead IIRC, SS internal rate of return for middle class and higher runs at a little over 1%. In other words, the government's allotted ROI for middle class contributors doesn't even keep up with inflation.
Does that register?
At those rates, contributions are worth less now in real terms than they were when they were first made. You think middle class boomers who lent Uncle Sam 12.4% of their salary over decades should be pleased to get it paid back at 1.2-2% avg rate of return?
Posted on 5/8/24 at 5:43 am to Geekboy
This has been known for 30 years.
Posted on 5/8/24 at 5:44 am to NC_Tigah
Is there any western country that doesn’t have the equivalent of Social Security?
Posted on 5/8/24 at 5:57 am to Geekboy
quote:
Social Security could end in 2035
Meh
Should’ve never been a thing to begin with.
Posted on 5/8/24 at 6:00 am to Y.A. Tittle
quote:
Is there any western country that doesn’t have the equivalent of Social Security?
I'd be quite happy if we scrapped the thing.
But as stated, the Feds aren't giving up a program which forces Americans to lend at whatever rate the Feds want to pay. Instead they're champing at the bit to increase payroll taxes, which of course will further reduce ROI for contributions, while lending the Feds more money to fund the deficit.
Posted on 5/8/24 at 6:08 am to NC_Tigah
quote:
I'd be quite happy if we scrapped the thing.
Same here.
No Western country is getting rid of anything like it, though.
The whole trust fund/surplus deal has never been anything but a shell game regardless. It’s never gonna not be.
Posted on 5/8/24 at 6:27 am to Geekboy
At the rate the country and world are being destroyed you won't have to worry about SS in 2035.
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