Social Security is not going broke .. because it can't
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signalmankenneth
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Republican Budget Creates a Fast Track to Cut Social Security and Ends Medicare as
http://www.strengthensocialsecurity...cial-security-and-ends-medicare-as-we-know-it
http://www.strengthensocialsecurity...cial-security-and-ends-medicare-as-we-know-it
some more on the ss front, even if a bit late
this is a late addition to this thread, but still relevant
this is a late addition to this thread, but still relevant
Actually, the Urban Institute does include what is, basically, an interest assumption in the underlying numbers, though there are interesting arguments as to whether that's reasonable, I'll post more on this later.
On Tue, Feb 19, 2013 at 1:13 PM, Patricia wrote:
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Ezra Klein
The Washington Post/Bloomberg/MSNBC
1150 15th St. NW
Washington, DC 20071
W: (202) 334 6744
Blog: http://www.washingtonpost.com/ezraklein/
Twitter: http://www.twitter.com/ezraklein
On Tue, Feb 19, 2013 at 1:13 PM, Patricia wrote:
Note--the Federal government has had the use all that money, the money seniors paid into the government, for quite a while. In most circumstances, that money would earn interest--something your articles, and the articles of others, sees fit to ignore. Why is this a special circumstance, one in which interest doesn't count? If interest doesn't count, how can I get a loan like that myself?
I am NOT saying that we should privatize anything. Yeah, I could have done a better job with that money. But most people couldn't, nor should that money-making skill set be required so you don't starve to death at eighty, or seventy or sixty-seven.
Still, what has happened to that interest? Why has it disappeared from your calculations?
Is it because the Federal Government hasn't been a good steward? Perhaps it hasn't. Even if that money is now gone, do not blame seniors for that. Remember, Social Security comes from a different fund. The money trail should be easier to follow. Just remove the top from Social Security--everybody, even the very well paid, still puts in their money. That would change the demographics. That would preserve the education, infrastructure and social safety net.
I am NOT saying that we should privatize anything. Yeah, I could have done a better job with that money. But most people couldn't, nor should that money-making skill set be required so you don't starve to death at eighty, or seventy or sixty-seven.
Still, what has happened to that interest? Why has it disappeared from your calculations?
Is it because the Federal Government hasn't been a good steward? Perhaps it hasn't. Even if that money is now gone, do not blame seniors for that. Remember, Social Security comes from a different fund. The money trail should be easier to follow. Just remove the top from Social Security--everybody, even the very well paid, still puts in their money. That would change the demographics. That would preserve the education, infrastructure and social safety net.
--
Ezra Klein
The Washington Post/Bloomberg/MSNBC
1150 15th St. NW
Washington, DC 20071
W: (202) 334 6744
Blog: http://www.washingtonpost.com/ezraklein/
Twitter: http://www.twitter.com/ezraklein
cancel2 2022
Canceled
Can somebody tell me whether Social Security is hypothecated? Because if it isn't then surely it can go broke?
since it is an insurance program promised to retirees and paid for by workers, if it goes broke there will the devil to pay by the congress critters
there will be too many seniors that vote to let it go broke
and yes ss is hypothecated...at least that is the theory
rana
thank my wife patricia for this article, she researched it, i just posted it
dq aka rev rich
DamnYankee
Loyal to the end
It won't be able to pay its debts in full. That's called bankruptcy.
Bullshit. You can see 20 years into the future? You have evidence of your claim whatsoever.
i rather doubt it, those congress critters better get their act together or there will be a mess and a loss of many seats for both parties
I hate to disagree, Don, but is your understanding of the make-up of our congress really that flawed or shallow?
Let's look at this honestly. In 2037 I will be 87 or will more probably have been dead for some time. The first of the baby boomers will be 92 or more probably have been dead for some time. The numbers being forecast are junk science at best and more probably just more fear mongering from you know who. Radically longer lives? Bullshit!!!!!!!!!!!!!!
I don't believe raising the cap will be necessary at all unless there are also plans to raise the benefits in standard SS equations. Palatability has to be considered here. It's all bullshit in feeble attempts to completely eliminate SS as has been the objectives of the wealthier classes ever since the program began. I wonder why?
i suspect that voters (both repugs and dims) are getting tired of the constant manufactured crises and will have a tendency to want congress critters that will compromise and put the needs of the nation ahead of their own
but i doubt it
there is another midterm election coming and contrary to the usual loss of seats for the party that won the presidency, the dims may actually pick up more seats, especially in the senate
thanks to the repugs gerrymandering, the house will likely stay repug controlled, but the repugs will likely lose more seats
the tea party types may turn out to be the biggest losers, especially if the latest crises kills as many jobs across the nation as forecast
as for your comment about my thoughts about congress being 'shallow', think about how many congress critters are serving their first terms
it takes a while to learn how congress works
now for the senate, the dims have more senate seats than the repugs, but not enough to prevent the repugs from filibustering any proposed legislation that they do not like
the repugs control the house, but even some of the repugs are starting to get the picture that the nation cannot stand another 4 years of obstructionism and congressional inaction
the repugs can only obstruct now since they do not have enough votes to override a veto by obama or get something through the senate
please note how many congress critters have decided not to run for reelection because of the strife between the ruling parties and the futility of trying to get any meaningful legislation passed
however, the repugs have realized that the gop is losing more and more of its base and the dims are increasing their base
this resulted in the passage of the dims version of the violence against women act
obama care is kicking in and the repugs cannot do anything about it, in fact some repug governors are embracing the medicaid portion of the aca
the repugs are finally waking up (some of them anyway) to the fact that they lost the last election despite all of the money spent and voting restrictions put in place
if the sequester is not overridden or modified there will be a massive loss of jobs and the repugs are setup to take the fall for that...and some of those jobs are in repug strongholds
then there is ss and medicare, both the third rail of politics
also, obama's agenda is more popular with the voters than the repugs agenda
if the congress critters do not wake up there will be hell to pay and no matter how much they try to spread it around the swing voters will take notice and vote
do you think that the political pendulum is swinging towards the repugs or the dims and will the non-die hard congress critters change their votes to match what voters want
we live in interesting times
oh well
I completely agree that SS will not be eliminated in my lifetime but the smear machine against it gets bigger, stronger and better financed as time goes on. My very own son, now 41 years old, has been victimized by the constant Ayn Rand-ish anti-SS rhetoric. After many long, heated and involved conversations with me I think he finally realizes that his best bet for retirement security in the basics is exactly SS and NOTHING ELSE can take it's place.
yes, the repugs have been trying to privatize or eliminate ss since it was first enacted, but getting rid of it is not bloody likely
my wife and i collect ss and invested in 2 houses for rental income and so far so good even with recession
canceled.2021.1
#AMERICAISDEAD
It is like someone saying "I can't be out of money. I still have checks"
canceled.2021.1
#AMERICAISDEAD
I hope you are only charging your renters exactly the cost of your mortgage and nothing more. Because, well to do otherwise would be downright capitalistic and fucking wrong. Please don't tell me you are a greedy bastard looking to profit off of someone needing shelter
Nobody should ever make profit off of sheltering another human being. Nobody.