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Started By
Message
Why should current seniors get a $1.00, or 100% of the loaf, and future seniors get zero?
Posted on 5/10/23 at 9:59 pm
Posted on 5/10/23 at 9:59 pm
quote:
Stan Druckenmiller at Sohn 2023:
“I’m sitting here staring in the face of the biggest and probably the broadest asset bubble, forget that I’ve ever seen, but that I’ve ever studied.”
“We are absolutely going to cut entitlements in this country. It is a lie and it’s a fantasy to say we don’t have to cut entitlements. We either cut them now or we’re going to cut them later on. But if we cut them later, it will be much worse.”
“They say how bad it would be for current seniors if we were to do something on entitlements. Well what about future seniors? Why should current seniors get a $1.00, or 100% of the loaf, and future seniors get zero? It makes no sense to me.”
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Posted on 5/10/23 at 10:03 pm to hikingfan
Millennials are ready to get fricked again, no doubt about it.
Posted on 5/10/23 at 10:10 pm to hikingfan
We inflate our way out of debt.
It is the American way.
Nothing to see here.
We got this.
It is the American way.
Nothing to see here.
We got this.
Posted on 5/10/23 at 10:41 pm to hikingfan
quote:
Why should current seniors get a $1.00, or 100% of the loaf, and future seniors get zero?
Because those people paid almost 50 years in order to retire. When the concept does goes belly up, there will be an option for them to convert their funds to an IRA, or possibly allow equitable tax breaks for a corresponding number of years, or a refund schedule over a period of years
Posted on 5/10/23 at 10:53 pm to RobbBobb
quote:
Because those people paid almost 50 years in order to retire.
A very large percentage of them didn’t pay jack shite since spouses are entitled to benefits based on the other spouse’s earnings record.
This post was edited on 5/10/23 at 10:54 pm
Posted on 5/10/23 at 10:55 pm to RobbBobb
Those people paid for other people to retire. It is a PONZI scheme. When it crumbles somebody is getting fricked, the sooner it crumbles the less people get fricked.
Posted on 5/10/23 at 11:17 pm to slackster
quote:
A very large percentage of them didn’t pay jack shite since spouses are entitled to benefits based on the other spouse’s earnings record.
Yeah, my aunt never worked
And when her husband died she got a reduced benefit, until she died at age 99
She was getting $326 a month when she died
Posted on 5/10/23 at 11:24 pm to RobbBobb
quote:
Because those people paid almost 50 years in order to retire. When the concept does goes belly up, there will be an option for them to convert their funds to an IRA, or possibly allow equitable tax breaks for a corresponding number of years, or a refund schedule over a period of years
if it goes belly up... what money is left to be converted into an ira? you realistically would've needed to be starting this decades prior.
federal tax breaks to replace SS... yeah lets fund retirement by giving retirees a break on income tax. or lets fund retirement with a break on estate tax. maybe an old person rebate on excise goods.
a refund schedule. yea, ok. lets replace SS with some type of tax on the working younger gens to fund retirement. you suggest we replace SS with...SS
Posted on 5/11/23 at 4:04 am to hikingfan
quote:
We are absolutely going to cut entitlements
I'm sick of the BS language. You can't call someone's money an entitlement. It's theirs.
quote:
It is a lie and it’s a fantasy to say we don’t have to cut entitlements.
You don't. Stop spending so much damn money on shite overseas.
Posted on 5/11/23 at 5:29 am to hikingfan
Imagine if all that Ukraine money would have been put in these “entitlements”
Posted on 5/11/23 at 5:49 am to hikingfan
Baby Boomers are going to bankrupt Social Security and Medicare and everything else. There will be nothing left.
Posted on 5/11/23 at 6:26 am to RobbBobb
quote:
Yeah, my aunt never worked And when her husband died she got a reduced benefit, until she died at age 99 She was getting $326 a month when she died
When did she die? She should have received your uncle’s benefit until death. $326/mth seems almost impossible without some kind of government pension offset included.
Posted on 5/11/23 at 6:32 am to Stamps74
quote:
Imagine if all that Ukraine money would have been put in these “entitlements”
It wouldn’t cover a single month of total social security benefits.
Posted on 5/11/23 at 6:34 am to slackster
quote:
When did she die? She should have received your uncle’s benefit until death. $326/mth seems almost impossible without some kind of government pension offset included.
The reduced benefit is going from 2 social security incomes down to 1.
As you are aware, SS isn't very much.
When her husband died, she was left with 2/3 of her previous income.
It is one of the few arguments for normal people to have permanent life insurance.
Posted on 5/11/23 at 6:39 am to meansonny
quote:
As you are aware, SS isn't very much. When her husband died, she was left with 2/3 of her previous income.
It hasn’t been $326 per month for the average beneficiary in decades.
ETA- looked it up, last time it was $326 per month for the average beneficiary was 1980. RobbBobb’s aunt was born in 1881. Her husband didn’t even pay into SS until he was in his 50s, and his wife got income for 30-40 years.
This post was edited on 5/11/23 at 6:44 am
Posted on 5/11/23 at 6:49 am to RobbBobb
quote:
Because those people paid almost 50 years in order to retire.
So would the "future seniors" in this scenario.
quote:
When the concept does goes belly up, there will be an option for them to convert their funds to an IRA,
What don't you understand about there isn't enough money to do this? That's the whole point.
Posted on 5/11/23 at 6:49 am to boogiewoogie1978
quote:
I'm sick of the BS language. You can't call someone's money an entitlement. It's theirs.
The money isn’t there. It isn’t taken and put into an account for them. It’s taken from those currently paying into SS. “Their money” was taken and used by the federal govt.
Posted on 5/11/23 at 6:50 am to boogiewoogie1978
quote:
. You can't call someone's money an entitlement. It's theirs.
Well that scenario doesn't apply to SS/Medicare. It was never "their money". They paid taxes that were distributed to others, like all other welfare programs.
quote:
Stop spending so much damn money on shite overseas.
That has nothing to do with SS/Medicare. They're funded by different mechanisms.
Posted on 5/11/23 at 6:52 am to Stamps74
quote:
Imagine if all that Ukraine money would have been put in these “entitlements”
Would be statistically insignificant in the bigger picture. Maybe one month of spending.
Posted on 5/11/23 at 6:53 am to slackster
quote:
ETA- looked it up, last time it was $326 per month for the average beneficiary was 1980. RobbBobb’s aunt was born in 1881. Her husband didn’t even pay into SS until he was in his 50s, and his wife got income for 30-40 years.
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