Time to reform Social Security

B

BartenderElite

Verified User
People are so afraid to talk about it - it's the "third rail." But the hard reality is that benefits will have to be cut in the next 10-20 years unless SS is changed.

It's a good program. We need it. But it will continue to both eat up the national budget and provide diminishing returns as time goes by.

I favor at least partial privatization, or some investment in the market. It makes no sense to have 1-2% returns when you can get a much greater yield. But there are other proposals out there, and we need to let our representatives know that they NEED to talk about this, and address it. They're avoiding it now because they're afraid of voters, but it's just postponing the inevitable.

Kudos to Nikki Haley for having some courage & actually talking about reform in her campaign.
 
BartenderElite said:
People are so afraid to talk about it - it's the "third rail." But the hard reality is that benefits will have to be cut in the next 10-20 years unless SS is changed.

It's a good program. We need it. But it will continue to both eat up the national budget and provide diminishing returns as time goes by.

I favor at least partial privatization, or some investment in the market. It makes no sense to have 1-2% returns when you can get a much greater yield. But there are other proposals out there, and we need to let our representatives know that they NEED to talk about this, and address it. They're avoiding it now because they're afraid of voters, but it's just postponing the inevitable.

Kudos to Nikki Haley for having some courage & actually talking about reform in her campaign.
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We all know capitalism does not take care of people. Very bad idea.
 
BartenderElite said:
People are so afraid to talk about it - it's the "third rail." But the hard reality is that benefits will have to be cut in the next 10-20 years unless SS is changed.

It's a good program. We need it. But it will continue to both eat up the national budget and provide diminishing returns as time goes by.

I favor at least partial privatization, or some investment in the market. It makes no sense to have 1-2% returns when you can get a much greater yield. But there are other proposals out there, and we need to let our representatives know that they NEED to talk about this, and address it. They're avoiding it now because they're afraid of voters, but it's just postponing the inevitable.

Kudos to Nikki Haley for having some courage & actually talking about reform in her campaign.
Click to expand...

It's a ponzi scheme. It was never a good long term plan. A lot of people get more out than they put in. That's a huge problem. Why couldn't we have left it for people to decide for themselves how to prepare for retirement?
 
Yakuda said:
It's a ponzi scheme. It was never a good long term plan. A lot of people get more out than they put in. That's a huge problem. Why couldn't we have left it for people to decide for themselves how to prepare for retirement?
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Because let's face it most people are short sighted. And in a society where you need money to do everything, it becomes a societal imperative to reduce poverty. You reduce poverty you reduce the suffering and desperation that can bleed over into your -supposedly- self reliant world.

https://www.cbpp.org/research/socia...benefits, 37.7,benefits, only 10.3 percent do.
 
Mr.Badguy said:
Because let's face it most people are short sighted. And in a society where you need money to do everything, it becomes a societal imperative to reduce poverty. You reduce poverty you reduce the suffering and desperation that can bleed over into your -supposedly- self reliant world.

https://www.cbpp.org/research/socia...benefits, 37.7,benefits, only 10.3 percent do.
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Their short sightedness shouldnt be everyone elses problem. Let's assume for a moment however that I agree with your bullshit, tell me why a ponzi scheme is a sensible solution to a problem we shouldn't have to fix but have unfortunately taken on?
 
Here is a marvelous idea for those who are so hell-bent to end Social Security.

We can grind up all the old retired people living on SS, into Soylent Green, and feed it to all the ANTI-TRUMPER people, Trump intends to put into the INTERNMENT CAMPS!

I'm really trying my best to start thinking like TRUMP AND HIS TRUMPTARDS!

Next!
 
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BartenderElite said:
People are so afraid to talk about it - it's the "third rail." But the hard reality is that benefits will have to be cut in the next 10-20 years unless SS is changed.

It's a good program. We need it. But it will continue to both eat up the national budget and provide diminishing returns as time goes by.

I favor at least partial privatization, or some investment in the market. It makes no sense to have 1-2% returns when you can get a much greater yield. But there are other proposals out there, and we need to let our representatives know that they NEED to talk about this, and address it. They're avoiding it now because they're afraid of voters, but it's just postponing the inevitable.

Kudos to Nikki Haley for having some courage & actually talking about reform in her campaign.
Click to expand...
As I'm sure you know, any FICA payments above what SSI pays out go to treasuries by law.

Right now earning about 5%.

Covid probably saved SS millions over time. They certainly have room to move the top FICA liability to $200,000/year.
Maybe a 2% FICA tax on cap gains over $500,000/year would help?

Or means testing for wealthy people who were subject to FICA?
 
Mr.Badguy said:
Because let's face it most people are short sighted. And in a society where you need money to do everything, it becomes a societal imperative to reduce poverty. You reduce poverty you reduce the suffering and desperation that can bleed over into your -supposedly- self reliant world.

https://www.cbpp.org/research/socia...benefits, 37.7,benefits, only 10.3 percent do.
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And when the billionaires bankrupt the system the way they did in '08, people will be homeless without some safety net.
 
BartenderElite said:
People are so afraid to talk about it - it's the "third rail." But the hard reality is that benefits will have to be cut in the next 10-20 years unless SS is changed.

It's a good program. We need it. But it will continue to both eat up the national budget and provide diminishing returns as time goes by.

I favor at least partial privatization, or some investment in the market. It makes no sense to have 1-2% returns when you can get a much greater yield. But there are other proposals out there, and we need to let our representatives know that they NEED to talk about this, and address it. They're avoiding it now because they're afraid of voters, but it's just postponing the inevitable.

Kudos to Nikki Haley for having some courage & actually talking about reform in her campaign.
Click to expand...

Republicans have been wanting to do just that for decades now. How very republican of you.
 
Yakuda said:
It's a ponzi scheme. It was never a good long term plan. A lot of people get more out than they put in. That's a huge problem. Why couldn't we have left it for people to decide for themselves how to prepare for retirement?
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Well, here's the deal:

A lot of people DIDN'T plan for retirement. That said, you are correct in pointing out that Social Security is a ponzi scheme and that communism (which Social Security IS) doesn't work.

When China dissolved it's 'Iron Rice Bowl' program completely (equivalent to social welfare for 'retirement'), the result was that workers suddenly started saving like crazy for their retirement. Money velocity is almost nil in China right now because of it. There goes THAT economy! Worse, their government is STILL trying to 'build' it's way to prosperity by constructing whole cities that no one lives in, building facilities that less and less workers are using, and trying anything and everything to get people to spend money they don't want to spend because they are saving for their retirement.

China is in a real mess right now.

If Social Security were to be dissolved suddenly and completely, the same thing would happen here. We are ALREADY in an economic depression right now (started by DEMOCRATS in 2019), and killing money velocity like this would be devastating. Worse, it would probably result in a general revolt.

So...the 'federal' government is stuck. They can't afford it, yet they can't kill it either. Unfortunately, the only way for Social Security to end if an uncontrolled contraction of government, soon to occur since they are flat broke already. EVERYTHING the government does is now running on tick, either borrowing or printing the money out of nothing to do it.

...and the crows are coming home to roost... Dollars are returning to the States from abroad. Nations are dumping dollars and conducting international trade with less and less of them.
 
Stone said:
Republicans have been wanting to do just that for decades now. How very republican of you.
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Republicans? Do they still exist?

I kid, I kid. This has been one of my more "conservative" positions - though, I actually think it's a progressive ideal. Because improving returns for SS recipients would be progress, after all.
 
Althea said:
As I'm sure you know, any FICA payments above what SSI pays out go to treasuries by law.

Right now earning about 5%.

Covid probably saved SS millions over time. They certainly have room to move the top FICA liability to $200,000/year.
Maybe a 2% FICA tax on cap gains over $500,000/year would help?

Or means testing for wealthy people who were subject to FICA?
Click to expand...

Truthfully, I don't know a ton of specifics or have detailed ideas on what the best solutions are. I just want politicians to start talking about it more - most of them are currently too terrified to even mention it.
 
As far as Im concerned the Fed Gov screwed me/us over. When I was a young man first working the deal was that I could collect full SS benefits at 62. Now they tell me.....Oh,..sorry,...we fucked up. Now if you want to draw it at 62 we will only give you 70% of your benefit. WTF! ,,... we cant do that to THEM and we are their BOSSES! We cant just say...Oh, Sorry,...we fucked up,...we can only pay you 70% of our income taxes,..too bad for you! But THAT is exactly what was done to us. Its bullshit,...plain and simple. And its dead wrong!
 
BartenderElite said:
Truthfully, I don't know a ton of specifics or have detailed ideas on what the best solutions are. I just want politicians to start talking about it more - most of them are currently too terrified to even mention it.
Click to expand...

The Republicans have tried, MANY times. And every time they even tried to at least talk about it the Democrats just used it as a scare tactic saying that the evil Republicans want to starve off Grandma when the TRUTH was it wouldnt have effected anyone currently collecting SS!
 
Stone said:
As far as Im concerned the Fed Gov screwed me/us over. When I was a young man first working the deal was that I could collect full SS benefits at 62. Now they tell me.....Oh,..sorry,...we fucked up. Now if you want to draw it at 62 we will only give you 70% of your benefit. WTF! ,,... we cant do that to THEM and we are their BOSSES! We cant just say...Oh, Sorry,...we fucked up,...we can only pay you 70% of our income taxes,..too bad for you! But THAT is exactly what was done to us. Its bullshit,...plain and simple. And its dead wrong!
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Because you are too ignorant to fully comprehend the intricacies of SSI, doesn't mean it's a scam. You've been getting periodic mailings from SS for years that detail your approximate monthly payout based on your FICA input.

You can collect at 62. Depending upon when you were born. Retirement age isn't 62. If you are still working full time, then collecting at 62 might not make sense. If you don't earn much money right now, then collecting at 62 is a no brainer. If you were an employee for most of your life then waiting for full payment at 66 1/2 will leave tens of thousands of dollars on the table.

If you are an employee, SS is the best investment you ever made.
 
Stone said:
The Republicans have tried, MANY times. And every time they even tried to at least talk about it the Democrats just used it as a scare tactic saying that the evil Republicans want to starve off Grandma when the TRUTH was it wouldnt have effected anyone currently collecting SS!
Click to expand...
Bush tried to have it all go to the Market. When he crashed the economy, millions of seniors would have been living in the street.
 
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