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Started By
Message
Social Security won’t be able to pay full benefits by 2034. Now there’s renewed pressure
Posted on 9/5/21 at 2:38 pm
Posted on 9/5/21 at 2:38 pm
The ironic part of this is that SS's "Trust Fund" has paid 2% interest forever while the rate of inflation has averaged 4% making its real return on investment -2%. At that rate, $1000 taken in taxes 40 years ago is repaid with dollars worth 2/5ths of their original value.
It's quite a DC Swamp racket.
In the meantime, the stock market has averaged a yearly 9% increase over the same time span.
Social Security won’t be able to pay full benefits by 2034. Now there’s renewed pressure on Congress to come up with a fix
LINK CNBC
It's quite a DC Swamp racket.
In the meantime, the stock market has averaged a yearly 9% increase over the same time span.
Social Security won’t be able to pay full benefits by 2034. Now there’s renewed pressure on Congress to come up with a fix
LINK CNBC
18
Posted on 9/5/21 at 2:40 pm to Auburn1968
Seize 401ks and put them into the SS fund.
This will be one proposed "solution"
This will be one proposed "solution"
Posted on 9/5/21 at 2:43 pm to Auburn1968
quote:
Social Security won’t be able to pay full benefits by 2034. Now there’s renewed pressure on Congress to come up with a fix
It’s almost as if they planned the sequence of all these problems that can only be solved with more taxes.
First: COVID stimulus, PPP, reverse REPO…we need it NOW
Second: Infrastructure…we need it NOW!
Third: Social Security…we need it NOW!
We never hear. “Well, we blew our wad on saving social security. Infrastructure will have to wait”.
Posted on 9/5/21 at 2:45 pm to udtiger
quote:Well, everyone’s 401K shot to the moon throughout the past year. It’s only fair.
Seize 401ks and put them into the SS fund.
This will be one proposed "solution"
Posted on 9/5/21 at 2:45 pm to Auburn1968
So let us immediately stop paying into it .
Such garbage and all those pussy politicians don’t want to reform it at all
Such garbage and all those pussy politicians don’t want to reform it at all
Posted on 9/5/21 at 2:48 pm to Auburn1968
Same people saying we need a fix are also the ones who shitcanned W’s proposed fix nearly 20 years ago.
Posted on 9/5/21 at 2:50 pm to Auburn1968
It could happen, maybe. But this is just like the climate scare, they’ve been making this prediction literally MY ENTIRE LIFE, and it hasn’t happened yet. If need be, they’ll just borrow and print more money.
Posted on 9/5/21 at 2:58 pm to teke184
quote:
Same people saying we need a fix are also the ones who shitcanned W’s proposed fix nearly 20 years ago.
If it had a regulated privatization option, rate of return would have been in the 9% per year and those who took the private option would be sitting on several times the funding. Of course, the DC Swamp can't give up their effectively negative interest rate payroll slush fund.
Imagine where the returns would be today had the regulated private option had taken place in 2009 and 2010 when much of the market was in the pits. There would be no problem now in that case. Of course, knowing the stupidity of too many in Congress they would probably buy high and sell low.
Posted on 9/5/21 at 3:03 pm to Auburn1968
Pepperidge Farms remembers when the insolvency date for SS was 2042.
Posted on 9/5/21 at 3:03 pm to Auburn1968
fricking clowns
2 trillion left in social security
That’s less than the 3 trillion so called infrastructure plan that they’re proposing
2 trillion left in social security
That’s less than the 3 trillion so called infrastructure plan that they’re proposing
Posted on 9/5/21 at 3:05 pm to Auburn1968
"Pressure on Congress"? Congress has its own retirement system, no pressure for the Federal bureaucrats.
Posted on 9/5/21 at 3:07 pm to udtiger
quote:
Seize 401ks and put them into the SS fund.
This will be one proposed "solution"
This is how you get a 7mm to the grape.
Posted on 9/5/21 at 3:15 pm to teke184
quote:
Same people saying we need a fix are also the ones who shitcanned W’s proposed fix nearly 20 years ago.
I remember. The Dems said he wanted to kill old people.
Posted on 9/5/21 at 3:16 pm to udtiger
This post was edited on 9/9/21 at 8:29 pm
Posted on 9/5/21 at 3:20 pm to Auburn1968
quote:
Now there’s renewed pressure on Congress to come up with a fix
lol
Posted on 9/5/21 at 3:25 pm to udtiger
quote:
Seize 401ks and put them into the SS fund.
This might not be what they're ultimately able to do, but you can damn well bet they're going to raise the tax rates on people withdrawing from their traditional 401k/IRAs.
That's why I've started diverting some towards a Roth, but hell, I guess the promise of "pay your taxes now and we won't tax your withdrawals" is probably out the door.
Posted on 9/5/21 at 3:34 pm to Auburn1968
One leg of scheme to raise taxes
Posted on 9/5/21 at 4:08 pm to Auburn1968
Great. About the time I’ll be eligible to get my money back. So I fricking pay in for 45 years and get squat.
frick this gay corrupt country.
frick this gay corrupt country.
Posted on 9/5/21 at 4:16 pm to HonoraryCoonass
quote:
If need be, they’ll just borrow and print more money.
What will you buy with 800 dollars a month? That is really worth 200 dollars a month?
Or for the Lucky that have 2mil in the bank, thats only woth 200 thousand?
Not everyone is investment savvy. Even if they have saved all their life.
....and their nice home is surrounded by new sec.8 apartments.
Posted on 9/5/21 at 4:27 pm to 1loyalbamafan
Balkanization of the U.S. is the only answer, but I fear that might be too late.
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