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re: Will there be social unrest when monthly social security checks are cut by 22% in 2032?
Posted on 6/10/26 at 5:00 pm to HailHailtoMichigan!
Posted on 6/10/26 at 5:00 pm to HailHailtoMichigan!
quote:
The lengths you people go to blame “fraud” and “foreigners” for social security mess lol
There is absolutely nothing that can’t be blamed on brown people. Scott Bessent was on Fox News blaming illegal immigrants for smuggling diseased cows across the borders under Biden’s watch.
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Posted on 6/10/26 at 5:04 pm to HailHailtoMichigan!
quote:
Will there be social unrest when monthly social security checks are cut by 22% in 2032?
No, there will be a government bailout
Posted on 6/10/26 at 5:08 pm to Y.A. Tittle
quote:
quote:
the trust fund
This has been largely a mythical accounting trick since basically forever, you realize?
That and a government slush fund providing interest payments often below the rate of inflation.
Posted on 6/10/26 at 5:11 pm to HailHailtoMichigan!
They'll jack up the payroll tax right before it happens. If most of the boomers haven't died yet of heart disease and lead exposure, it would be political suicide to cut their checks.
Posted on 6/10/26 at 5:27 pm to clamdip
quote:
raise the minimum age to draw, raise the SS payroll tax cap.
Which means younger Gen X and Millennials are going get fricked with this deal. .
quote:
It is becoming conventional wisdom that the social security system, as currently constructed, will not be fully viable after the so-called baby boom generation starts to retire in about fifteen years. The most recent report by the social security trustees projected that the trust funds of the system will grow over approximately the next fifteen years. However, beginning in the year 2012, the annual expected costs of social security are projected to exceed annual earmarked tax receipts, and the consequent deficits are projected to deplete the trust funds by the year 2029.
Greenspan said it was going to happen, noted the boomers had a great deal and now it was time to slightly increase revenue, that was in 1996
quote:
A primary cause of social security's funding imbalance stems from the fact that, until very recently, the payments into the social security trust accounts by the average employee, plus employer contributions and interest earned, were inadequate, at retirement, to fund the total of retirement benefits. This has started to change. Under the most recent revisions to the law, and presumably conservative economic and demographic assumptions, today's younger workers will be paying social security taxes over their working years that appear sufficient to fund their benefits during retirement. However, the huge unfunded liability for current retirees, as well as for much of the work force closer to retirement, leaves the system, as a whole, badly underfunded.
Posted on 6/10/26 at 5:55 pm to TigerintheNO
quote:
Which means younger Gen X and Millennials are going get fricked with this deal. .
Posted on 6/10/26 at 5:59 pm to HailHailtoMichigan!
quote:
Will there be social unrest when monthly social security checks are cut by 22% in 2032?
If you're relying on social security, you've already made a shite-ton of bad decisions in your life. One more doesn't hurt.
Posted on 6/10/26 at 6:07 pm to HailHailtoMichigan!
The boomers chose to raid social security to fund other things rather than stabilizing their nest egg.
I have zero sympathy for the boomers who rely on that as their primary source of income. Should have planned better or taken better care of it when electing folks to set that policy.
I am fully aware that my stance is draconian, but frick them. They are mortgaging our future for their benefit. This society needs to learn to live within its means and not subsidize it off of cheap(ish) debt.
I have zero sympathy for the boomers who rely on that as their primary source of income. Should have planned better or taken better care of it when electing folks to set that policy.
I am fully aware that my stance is draconian, but frick them. They are mortgaging our future for their benefit. This society needs to learn to live within its means and not subsidize it off of cheap(ish) debt.
Posted on 6/10/26 at 6:17 pm to clamdip
quote:
If I take out at earliest age of 62, and invest all of it until 67, I'll come out ahead as long as I get at least 7.00% annual return.
This is my plan.
Posted on 6/10/26 at 6:23 pm to Ingeniero
quote:
Boomers will just have to cut back on their avocado toast and daily coffee. Tough it out.
You donkeys keep paying into SS so the mrs and I can keep using those checks to pay for our gambling trips.
Posted on 6/10/26 at 8:11 pm to Byron Bojangles III
At least you had enough testosterone to retort.
There's hope for you yet.
The other guys dont allow their husbands to comment.
Posted on 6/10/26 at 8:13 pm to SloaneRanger
You should only get it if you paid into it. With a few exceptions for severely disabled kids/adults. The rest can kick rocks.
Posted on 6/10/26 at 9:03 pm to SloaneRanger
quote:
And the problem is that this includes people here under TPS, people paroled into the country and so on and so on. You need to understand that there are millions of foreigners getting paid.
I'll assure I know more about it than you. Not only does one have to have legal residency in the country, the person also has to have work authorization (this depends on visa status) and must work enough to be insured for SS benefits, or be the spouse or child of someone receiving SS benefits.
Posted on 6/10/26 at 9:08 pm to FLObserver
If you have your own business or are a sole proprietor, look into organizing yourself as an LLC with S-Corp taxation. You want to take as much of your money as you can as a corporate distribution to reduce the amount you pay into SS. I pay them as little as I possibly can.
Posted on 6/10/26 at 9:11 pm to FLObserver
shite, Id be happy to just get the principal, forget the TVM.
Democrats gonna spend it all before I see a dime.
But halfwits will keep voting Democrat.
Democrats gonna spend it all before I see a dime.
But halfwits will keep voting Democrat.
Posted on 6/10/26 at 9:15 pm to SloaneRanger
quote:
Maybe someone should look into how many foreigners are getting SS payments. Many without having paid the first cent in.
They actually have, and found that immigrants using fraudulent or borrowed social security numbers pay in upwards of $20 billion per year in payroll taxes.
Posted on 6/10/26 at 9:22 pm to SallysHuman
quote:
Why are we never in danger of running out of welfare money?
Same thing. SS is just welfare with good PR.
They should do an opt out system and phase it out.
Posted on 6/10/26 at 10:04 pm to HailHailtoMichigan!
We could easily make up the difference if we were to get serious about fraud and abuse in government. Alas, we are not, or won’t be when political power changes hands.
Posted on 6/10/26 at 10:19 pm to SM6
quote:
The boomers chose to raid social security to fund other things rather than stabilizing their nest egg.
I have zero sympathy for the boomers who rely on that as their primary source of income. Should have planned better or taken better care of it when electing folks to set that policy.
I am fully aware that my stance is draconian, but frick them. They are mortgaging our future for their benefit. This society needs to learn to live within its means and not subsidize it off of cheap(ish) debt.
They need to pull themeselves by the bootstraps and get 2 or 3 extra jobs like we had to do. Quit taking vacations, cruises, buying Fox Nation subscriptions, buying enough fast food to give them heart disease.
This post was edited on 6/10/26 at 10:22 pm
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