Time to reform Social Security

Into the Night said:
This is gambling with someone else's money (the best way!). It also is an undue bias on the stock market, essentially putting the stock market under full government control.
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It doesn't have to be stocks necessarily. Investment could be in bonds, money markets, or any of dozens of other financial options.
 
Into the Night said:
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.
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SS this is another example of sacrificing freedom for security and ending up with neither.
 
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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It's a Ponzi scheme
 
Yakuda said:
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?
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I see you think increasing homelessness and crime isn't your problem.
 
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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You could never collect full SS benefits at 62.
The benefits were always reduced if you took it before 65.

https://money.usnews.com/money/reti.../the-history-of-your-social-security-payments

The original age to claim Social Security payments was 65. A 1961 law allowed workers to begin claiming permanently reduced Social Security payments as early as age 62. "Anytime from 62 on you could claim, but the benefit was reduced proportionally to how much earlier you did start to claim," says John Palmer, a Syracuse University professor emeritus
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Althea said:
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.
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The reduction in benefits is calculated based on life expectancy.
If you expect to live past the expected life expectancy then taking SS is better.
Current life expectancy is about 79.
If your full SS is 2500 per month at 67 and 70% of that at 62 then at age 79 you will have received $360,000 by waiting until 67 and $357,000 by taking it at 62. If you live to 90 you will have received over 100,000 more by waiting until you are 67.

The big question is, how is your health and how long do you expect to live. If you are in good health, have the financial ability, and expect to live to a ripe old age you are better off waiting.
 
Poor Richard Saunders said:
I see you think increasing homelessness and crime isn't your problem.
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What I know is the ponzi scheme known as social security hasnt done a fucking thing to reduce homelessness and crime has been ticking upward for some time now regardless of the ponzi scheme. Not only am I responsible for my own retirement I guess now I'm responsible for yours as well? Not only ,"No" but "Fuck no". I can't wait for you to tell me how "mean" I am.
 
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T. A. Gardner said:
It doesn't have to be stocks necessarily. Investment could be in bonds, money markets, or any of dozens of other financial options.
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OMG. You are a complete idiot.
By law the excess money collected from FICA must be invested in US securities and at the current rate of return for US bonds.

https://www.investopedia.com/ask/answers/110614/how-social-security-trust-fund-invested.aspf

What isn't paid out to current SS recipients is loaned to the US because they don't collect enough income taxes and used to help balance the budget.
Currently the government general fund owes the SS trust fund (OASI) 2.8 trillion dollars that they don't have the means to pay back without raising income taxes.
https://www.ssa.gov/policy/trust-funds-summary.html
 
Yakuda said:
What I know is the ponzi scheme known as social security hasnt done a fucking thing to reduce homeless and crime has been ticking upward for some time now regardless of thr ponzi scheme. Not only am I responsible for my own retirement I guess now I'm responsible for yours as well? Not only ,"No" but "Fuck no". I can't wait for you to tell me how "mean" I am.
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I can't fix your stupid.
How many people do you think would be unable to afford their housing if SS payments ended tomorrow? 1 million or 10 million? Maybe 35 million?
50% of the 70 million people collecting SS rely on SS for 50% or more of their current income.
 
Poor Richard Saunders said:
I can't fix your stupid.
How many people do you think would be unable to afford their housing if SS payments ended tomorrow? 1 million or 10 million? Maybe 35 million?
50% of the 70 million people collecting SS rely on SS for 50% or more of their current income.
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You can't fix shit because you're a fucking idiot.

Citation. It's not that I don't believe you but I don't believe anything a cockroach leftist says. Beyond that tell me why that's why problem. Also if what guy said is true then it only makes my point that the whole fucking ponzi scheme was and is a shitty way to help people retire. What it shows us is, trust the govt and get fucked, just like you are in the head.
 
NiftyNiblick said:
Dumbest fucking post of the day.

It's the underregulated private sector that's fucking up our national standard of living
and the Trump SCOTUS is out to dismantle whatever regulation is left.

When the alleged "centrists" start talking like motherfucking teabaggers,
you know that America's swirl down history's toilet drain has become unstoppable.

The abject stupidity of my countrymen
makes me glad that most of my life is in the rear view mirror.

Privatize social security?
That was Dubya's great idea.

Kudos to the button head cunt Haley?
Fuck you, BE.

__Nifty Niblick
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Nothing quite like spirited discussion about an important topic.

I will no longer read your replies, or respond to them.
 
Yakuda said:
You can't fix shit because you're a fucking idiot.

Citation. It's not that I don't believe you but I don't believe anything a cockroach leftist says. Beyond that tell me why that's why problem. Also if what guy said is true then it only makes my point that the whole fucking ponzi scheme was and is a shitty way to help people retire. What it shows us is, trust the govt and get fucked, just like you are in the head.
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Why is it a problem if 20 million people can't afford to pay their mortgage or their rent or their property taxes?
I can't fix your stupid.

No one should need to rely on SS for the majority of their retirement income but many people do.
And yet, the conservatives whined and moaned when Obama wanted to make 401K plans opt out instead opt in.
 
Poor Richard Saunders said:
OMG. You are a complete idiot.
By law the excess money collected from FICA must be invested in US securities and at the current rate of return for US bonds.

https://www.investopedia.com/ask/answers/110614/how-social-security-trust-fund-invested.aspf

What isn't paid out to current SS recipients is loaned to the US because they don't collect enough income taxes and used to help balance the budget.
Currently the government general fund owes the SS trust fund (OASI) 2.8 trillion dollars that they don't have the means to pay back without raising income taxes.
https://www.ssa.gov/policy/trust-funds-summary.html
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No, you are the idiot. I meant private sector bonds, and that should have been obvious.

Your second statement is correct and that's what makes Social Security a Ponzi scheme. The government is paying out to early investors what the last / latest investors are putting into the scheme. The problem arises when you can't get new investors at a rate greater than the early investors are being paid out.
 
Yakuda said:
You can't fix shit because you're a fucking idiot.

Citation. It's not that I don't believe you but I don't believe anything a cockroach leftist says. Beyond that tell me why that's why problem. Also if what guy said is true then it only makes my point that the whole fucking ponzi scheme was and is a shitty way to help people retire. What it shows us is, trust the govt and get fucked, just like you are in the head.
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SS was and continues to be a very popular, successful program. If SS is a ponzi scheme then literally every tax is a ponzi scheme. Keeping the elderly out of poverty is just as useful to me as having roads to drive to work on.
 
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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You make me El Oh El, Bartender.

You used to be a major, pro-Democrat, liberal on this forum. Right? but now that you can see for yourself the Biden Junta is falling to pieces and melting down due to the fact they were incompetent, political lunatics, you are now starting to make conservative/Trump-like noises. Such as a proposals for reforming the Welfare state through privatisation !. Well, all I can say is that this is what it took - the veritable destruction of America by the deranged Left to FINALLY bring you to your senses.

Now you like the idea of free-market capitalism - you think it can be employed to help deflate the bloated, socialist Welfare balloon ! HA ! The mere suggestion of such a thing is HERESY as far as any solid Dummycrats are concerned. You are girlie version of a Democrat Benedict Arnold who is betraying her liberal brothers and sisters. Shame on you, girlie ! :):)


Next thing, you will be telling us that you are voting for Trump in 2024 !


You are such a silly girl !!


Dachshund - the WONDER HOUND

DLM....Dachshund Lives Matter !!
 
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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Raise the age required for qualification.

Cut off the wealthy.

Allow a person to replace payments into the system if they can document having a set amount in a qualified account that is not accessible until age required for benefits.

Expand medicare to include assisted living when required by medical conditions.
 
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