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Started By
Message
re: Why should current seniors get a $1.00, or 100% of the loaf, and future seniors get zero?
Posted on 5/11/23 at 7:13 am to SlowFlowPro
Posted on 5/11/23 at 7:13 am to SlowFlowPro
Boomers taking it all to the bitter end. Don't worry the Prez has got the trillion dollar coin out of the box of Lucky Charms.
1
Posted on 5/11/23 at 7:54 am to SlowFlowPro
quote:
What don't you understand about there isn't enough money to do this? That's the whole point.
They've been saying that since the 70s.
It is like the coming ice age, global warming, and running out of fossil fuels. A bunch of chicken Littles.
We inflate our way out of debt. We got this.
Posted on 5/11/23 at 7:57 am to AMS
quote:
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.
W tried that and the Boomers shut it down
Posted on 5/11/23 at 7:59 am to slackster
quote:
It hasn’t been $326 per month for the average beneficiary in decades
It isn't hard to imagine that being the benefit to me.
There are a lot of levers if unpulled would leave a very small benefit.
Not everyone lives in a big city earning 40 hour weeks.
Especially when you look into America's heartland for the 60s, 70s, and 80s.
Posted on 5/11/23 at 8:23 am 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.
This is my mom. She's banking on what dad put in all those years. To my knowledge, she never paid very much in.
I just don't see how this all doesn't coming crashing down at some point.
Posted on 5/11/23 at 8:28 am to hikingfan
It should be on the individual to be fiscally responsible with their money and save for retirement. Let me keep my SS money and invest it how I see fit. There will be nothing left for me anyway and even if there is, I will likely die before I see a penny of it if they keep raising the age of retirement, which they are going to have to keep doing.
Posted on 5/11/23 at 8:52 am to RobbBobb
quote:
Because those people paid almost 50 years in order to retire
So did the future seniors.
quote:
here will be an option for them to convert their funds to an IRA,
With what money?
quote:
or possibly allow equitable tax breaks for a corresponding number of years
Well for people who live on only social security, this is completely useless. Also, this doesn't actually save or fix anything.
If We collect $10 in taxes and pay out $1, we have $9 left.
If we only collect $9 in taxes because we gave out a $1 tax credit, and we pay out nothing, we still have $9 left.
quote:
or a refund schedule over a period of years
Again, with what money?
If the concept you are aiming for is that we should use general fund money to deal with social security benefit shortfalls... we could just cover the payments from the general fund, and not have to come up with any of these options. Of course... that means more debt, but if we do anything other than cut benefits... it's more debt...
Posted on 5/11/23 at 8:55 am to boogiewoogie1978
quote:
I'm sick of the BS language. You can't call someone's money an entitlement. It's theirs.
But it's not. It's not a seperate account. You pay taxes and you get something in return. The only difference between paying taxes for SS, and paying taxes for military and national parks, is that it's collected via a different process.
Some people get benefits far in excess of what they have "earned", some far less.
It's 100 percent, the very definition of an entitlement.
Posted on 5/11/23 at 8:57 am to meansonny
quote:
We inflate our way out of debt. We got this.
Peak American Boomer Mentality... just borrow more money!!! Kick the can even further down the road!
quote:
They've been saying that since the 70s.
It is like the coming ice age, global warming, and running out of fossil fuels. A bunch of chicken Littles.
In the 70s... they were saying it was 60-70 years from collapsing. That timeline hasn't changed too much.
Posted on 5/11/23 at 8:58 am to hikingfan
OP, the answer is because current seniors vote more often, and speak more loudly, than future seniors.
Combine that with a natural desire for our politicians to spend all their time on BS issues while kicking the can down the road on all the important issues.
Combine that with a natural desire for our politicians to spend all their time on BS issues while kicking the can down the road on all the important issues.
Posted on 5/11/23 at 9:01 am to LSUFanHouston
quote:
In the 70s... they were saying it was 60-70 years from collapsing. That timeline hasn't changed too much.
It is almost always under 30 years. Typically in the 20-30 year window.
Back in the 80s and 90s, I remember it being proclaimed about 15 years remaining (which is where we are at today).
This post was edited on 5/11/23 at 9:02 am
Posted on 5/11/23 at 9:04 am to LSUFanHouston
quote:
quote:
We inflate our way out of debt. We got this.
Peak American Boomer Mentality... just borrow more money!!! Kick the can even further down the road!
It isn't my plan.
It is the governments plan to handle long term debt.
My plan is term limits for congress on any politician who fails to balance the budget for 50% of their term.
If they can't be serious about being a politician, they shouldn't be allowed to serve.
Posted on 5/11/23 at 10:35 am to slackster
quote:
When did she die?
Aug 2021
Posted on 5/11/23 at 10:38 am to slackster
quote:
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.
Why are making up shite. She was born in 1921. They were in their 30s when he began paying into SS. If I recall he was a daily laborer in construction. So probably a lot of cash payments involved
Posted on 5/11/23 at 11:16 am to hikingfan
Government has used the SS "Trust Fund" as a bargain basement source of borrowing for decades. The "Trust Fund" has earned around 2% interest for the last 40 years while inflation has averaged 4% (not including Biden inflation). Had it not been just another government skimming operation, and the "Trust Fund" paid competitive rates, there wouldn't be problem.
If DC was a private retirement fund, the managers would be in jail for fraud. It's like organized crime, but they are immune from prosecution.
If DC was a private retirement fund, the managers would be in jail for fraud. It's like organized crime, but they are immune from prosecution.
This post was edited on 5/11/23 at 11:24 am
Posted on 5/11/23 at 11:26 am to RobbBobb
quote:
Why are making up shite. She was born in 1921. They were in their 30s when he began paying into SS. If I recall he was a daily laborer in construction. So probably a lot of cash payments involved
The people in the Chilean privatized mandatory retirement program designed by Milton Friedman who avoided taxes with cash income are the one's who are now bitching and moaning about how the system failed them.
Posted on 5/11/23 at 11:38 am to Auburn1968
quote:
are the one's who are now bitching and moaning about how the system failed them.
I never heard my aunt bitch and moan. I just find it offensive that this couple lived modestly their entire lives are now being called out by pampered infants for getting back what they were forced to pay into
Posted on 5/11/23 at 11:40 am to AMS
quote:
what money is left to be converted into an ira?
The money going to Ukraine?
Posted on 5/11/23 at 11:41 am to LSUFanHouston
quote:
Again, with what money?
When the Ukraine conflict is over, look at all that money that will suddenly be available
Posted on 5/11/23 at 11:49 am to RobbBobb
quote:
Because those people paid almost 50 years in order to retire.
They also spent 50 years voting in the asshats that caused this mess.
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