re: In just a few years, the average retiree will be receiving 37% more in SS than he paid in

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But IRA's could have constraining policies requiring some or all the investment be in US Dept securities.

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When Bush announced this in his SOTU in the early 2000's, what was the new product that just hit the market? It was Equity Indexed Annuities. These sound like variable investments but they're actually fixed (non-variable). You indirectly participate in an index bucket (equities, bonds etc.) not directly like mutual funds, variable annuities etc. You don't get the full run up of the underlying investment, but if they go south then you have principal guarantee. Then every 5 yrs you can lock in a new high water mark. SFP is about as useful as a poster as tits on a boar. There's no way he could understand this simple concept of what Bush was trying to implement that got immediately shut down in the House. I like these threads where he shows his arse and just how wet behind the ears he really is.

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Will make the George Floyd riots look like the cartoon scene from Mary Poppins

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The OP is a half truth re the National Budget, for what purpose I don't. The whole truth is that "Congress" is spending money and devaluing the USD at a rate that defies any economic principle of innate value or sustainability. It's not just the traditional SS *lockbox* that Americans have paid into that is being undermined via Inflation, but more so the 'social security' that tens of millions of immigrants now receive but who have in the past or neither now contribute ZERO to the National Treasury. And the Private 'Assets' that will be lumped into the collective value kitty as well. This policy is essentially economically suicidal, but not ill conceived by the Marxist Dems toward their goal of Obama's "fundamental transformation".

It's the Cloward-Piven strategy of "engineered collapse, designed to collapse the USD and National Sovereignty/God-given Rights, and lump all Rights and Private Assets into a DEI-based Global ("Great Reset") economic model. "You will own nothing and be happy" is their goal. And this Forum knows it.

And the Trillions the Congress is now YEARLY spending/underwriting, means that the 'collapse' won't be in the "2030s, it will happen a lot sooner. And the structural collapse of the goods and services system will make the 'George Floyd' riots look like child's play. Only difference being that local folk will meet in their Churches and organize their resources and shoot back without abandon to protect their beloved.

I have no idea how that all shakes out, and it's highly likely that I won't be around long so as to have any need to understand and act.

It's coming. Lord have mercy on them who love.

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The average retiree would have spent, not saved, all of that money.

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Had the retiree had a government program that allowed the money held from their pay and the contribution from the employer to stay in place and grow just as simple compounded interest, the average retiree would have a monthly income far exceeding the current payout. You do admit this, correct?

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So they are getting a huge benefit.

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This benefit is far less than it could be if the government had invested the funds and grown it in accordance with the market. You admit this, correct?

The 25% cut is already cooked in the books by law and will happen if something isn’t done to make SS more solvent.

I don’t want to increase retirement age. I want payroll taxes increased and the income limit increased to increase revenue for the system. I want SS to remain the same for current and near to retirement recipients. I want to see 50/50 private/public split at some age (50-55) to get SS on a solid foundation.

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I don’t want to increase retirement age.

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Gross. Why?

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I want payroll taxes increased and the income limit increased to increase revenue for the system.

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Super gross.

Didn’t gov employees prior to 1984 not pay into SS?

If that’s accurate, I wonder how the math would have been different if at all.

As I said in my previous post, you can’t expect hardworking blue collar workers to work into their late 60s as if those jobs are the same as a white collar workers sitting in an office.

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Theoretically possible, but not politically palatable

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Absolutely not politically palatable... 100% because the political Robin Hoods wouldn't have been able to raid social security, and rob those who contributed to SS, to fund the giveaway social programs for the lazy who don't contribute at all...
It's a ponzy scheme allowing for the funding of welfare bribes for DEM votes..

The idea of cutting earned benefits to elderly people who have contributed for 50 years and are being paid in dollars that are worth 30 or 40 cents on the dollar what they were worth when contributed, and at a rate of return far inferior to any available private investment ... and then flippantly calling it welfare is fricking inflammatory.

Then to claim that all the other spending... the trillion in wars and federal bureaucracy are irrelevant to the discussion is even more inflammatory.

Then to suggest that the people who's retirement you advocate stealing are actually losing nothing because they would have "spent" the money had it not been confiscated by force... this tells me you are a psychopath.

There is no distinction between what you are advocating and those who advocate seizing all or part of 401k accounts... which some do.

Some of the comments on this board are predatorial. And it is this scorched earth attitude will get you more than you bargain for. If accounts receivable are now "welfare", and thus, negotiable in your eyes, then so be it. Let everything be negotiable including your assets, your business, even the roof over your head.

Pay your fricking student loans, demand that we stop with all the wars and corporate bailouts, stop hiring illegals to prop up your businesses. Stop taking you PPP loans. fricking hack.

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The idea of cutting earned benefits to elderly people who have contributed for 50 years and are being paid in dollars that are worth 30 or 40 cents on the dollar what they were worth when contributed, and at a rate of return far inferior to any available private investment ... and then flippantly calling it welfare is fricking inflammatory.

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Social security is a Ponzi scheme and a massive scam. It needs to be MASSIVELY cut. I won’t see a cent of the 7% I pay into it every pay check, so, politely, frick YOU.

Thief.
LINK

Here is a link with some nice pictures for your old arse to look at and understand

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Lower- and middle-income Americans who work every year from ages 22 to 65 will pay between $171,000 and $608,000 in payroll taxes for Medicare and Social Security, depending on their income bracket. And though they will receive more in Medicare and Social Security benefits than they paid for, Social Security is a bad deal for workers and their families because they could receive two- to three-times as much, on average, from saving and investing their own money, without adding to the debt burden for younger generations.

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