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Message
re: What's wrong with Social Security
Posted on 3/7/19 at 12:06 pm to LSUFanHouston
Posted on 3/7/19 at 12:06 pm to LSUFanHouston
We need Death Boards to decide if someone is worth keeping alive.
We spend way too much money on keeping people alive that provide no value to society, why?
I am on the religious side, so I believe in something after death. Death is not a bad thing.
The anti-religious crowd love to embrace science, but choose to ignore Darwin.
We spend way too much money on keeping people alive that provide no value to society, why?
I am on the religious side, so I believe in something after death. Death is not a bad thing.
The anti-religious crowd love to embrace science, but choose to ignore Darwin.
2
Posted on 3/7/19 at 12:08 pm to LSUFanHouston
When social security was first passed the life expectancy in the country was 61. Good chunk of the population simply didn't make it to 65 to collect payments, and didn't get paid for very long if they did. If we want Social Security to work we need to raise the minimum withdrawal age to 80, not 70. Not to mention getting rid of disability to stop every 18 year old "on the spectrum" from getting a check for the rest of his life.
I'd much rather just get rid of it all together.
I'd much rather just get rid of it all together.
Posted on 3/7/19 at 12:08 pm to DarthRebel
quote:
We need Death Boards to decide if someone is worth keeping alive.
White males would be extinct within five years
Posted on 3/7/19 at 12:09 pm to CoachMoorGut
quote:
Not to mention getting rid of disability to stop every 18 year old "on the spectrum" from getting a check for the rest of his life.
Good luck.
Posted on 3/7/19 at 12:10 pm to Centinel
quote:
White males would be extinct within five years
Only the disabled and old ones. People providing a living for themselves would not even come up. Only for people sucking the government boob.
Posted on 3/7/19 at 12:12 pm to Dr Hawkenbush
quote:
Pay off those who paid in. Stop collecting from the young.
How are you going to pay off those who paid in, if you stop collecting from the young?
Posted on 3/7/19 at 12:13 pm to Centinel
quote:
And 100% of this country would become disabled on or about age 70. If not earlier.
Then combine it with means testing.
I kinda thought that using private doctors to verify would work but I guess they are corrupt...
Posted on 3/7/19 at 12:13 pm to LSUFanHouston
What’s wrong with SS is that there is no growth in the money you put in.
I did a simple excel spreadsheet on retirement funding. I currently put 10% into my 501k with a 4% match. You and your employer put in another 6% to SS.
Consider 20% contribution of a 50k salary gaining 2% a year for COLA. A sensible growth of 5% a year average. A 30 year contribution nets you $900k for retirement.
If every household could manage this, everyone could be a millionaire by retirement.
I did a simple excel spreadsheet on retirement funding. I currently put 10% into my 501k with a 4% match. You and your employer put in another 6% to SS.
Consider 20% contribution of a 50k salary gaining 2% a year for COLA. A sensible growth of 5% a year average. A 30 year contribution nets you $900k for retirement.
If every household could manage this, everyone could be a millionaire by retirement.
Posted on 3/7/19 at 12:13 pm to DarthRebel
quote:
Only the disabled and old ones.
And every white male would be deemed disabled due to toxic patriarchal masculinity.
TO THE OVENS!
Posted on 3/7/19 at 12:14 pm to CoachMoorGut
quote:
If we want Social Security to work we need to raise the minimum withdrawal age to 80, not 70.
Then most of us would never collect a penny.
quote:
USA Today - That was an increase of 0.1 year from 2011 when it was 78.7 years, according to a new report on mortality in the USA from the Centers for Disease Control and Prevention's National Center for Health Statistics.
The news is a little better for women, a little worse for men. Life expectancy for females is 81.2 years; for males, it's 76.4 years. That difference of 4.8 years is the same as in 2011.
Posted on 3/7/19 at 12:14 pm to ShortyRob
quote:
When it was started, there were 13 people paying in for every 1 receiving benefits.
We are on our way to that being sub 2:1.
All other issues are ancillary to this one.
Right... which is because more people are staying retired, which extending the retirement age will fix this, somewhat.
Posted on 3/7/19 at 12:16 pm to DarthRebel
quote:
I am on the religious side, so I believe in something after death. Death is not a bad thing.
I don't think a lot of religious people agree with you, sadly. Just look at all of the "OMG Obama's death panels are going to kill off granny" that came from the right.
Posted on 3/7/19 at 12:16 pm to LSUFanHouston
One of the biggest problems is over 10,000 Boomers are retiring each day. That is around 4 million a year.
In 2017 there was 2.1 million new jobs. That is a net loss around 1.9 million jobs not paying into SSN.
In 2018 there was 2.6 million new jobs. Net loss around 1.4 million not paying into SSN.
Millennials are a big generation that will be paying in for the next 30 to 50 years. Gen X is a smaller generation compared to Millennials and Boomers this may help stabilize SSN for a few decades.
In 2017 there was 2.1 million new jobs. That is a net loss around 1.9 million jobs not paying into SSN.
In 2018 there was 2.6 million new jobs. Net loss around 1.4 million not paying into SSN.
Millennials are a big generation that will be paying in for the next 30 to 50 years. Gen X is a smaller generation compared to Millennials and Boomers this may help stabilize SSN for a few decades.
This post was edited on 3/7/19 at 12:18 pm
Posted on 3/7/19 at 12:17 pm to LSUFanHouston
quote:
Then combine it with means testing.
You can't means test disability.
quote:
kinda thought that using private doctors to verify would work but I guess they are corrupt...
There are doctors and lawyers that specialize in providing the specific paperwork and diagnoses to make sure you remain disabled.
I've told this story several times, but I interned in the SSA. My job was to help review SSI/SSDI claims (they had to be reviewed every five years I believe). The people knew which doctors to go to to get the proper diagnosis. If we challenged and sent them to a doctor of our choice, they knew the lawyers who would appeal and would tie the process up in such a way the SSA would drop the attempt to cut off benefits.
It costs the government far, FAR more money to try and remove someone from SSI/SSDI than to just let them stay on the rolls.
Posted on 3/7/19 at 12:20 pm to Centinel
quote:
You can't means test disability.
Why not? If you have money to cover your bills, you don't get a check.
Beyond that, I do think disability should be removed from the Social Security system. Whether we want to have a seperate system (and funding stream) for disability coverage , or just drop disability government benefits all together, is something worth discussing.
Posted on 3/7/19 at 12:21 pm to Centinel
The problem with social security is the money has been borrowed to subsidize other federal spending and added to the national debt. That’s why the SS trust fund is the largest holder of US taxpayer debt.
Posted on 3/7/19 at 12:24 pm to Dawgfanman
I really dont feel like people truly grasp the ‘disability’ problem....
Posted on 3/7/19 at 12:26 pm to LSUFanHouston
quote:
Why not?
Discrimination.
Posted on 3/7/19 at 12:29 pm to Dawgfanman
quote:
he problem with social security is the money has been borrowed to subsidize other federal spending and added to the national debt. That’s why the SS trust fund is the largest holder of US taxpayer debt.
I wouldn't say that is a problem, per se. At some point it will be refinanced with other treasury bonds that will be held outside the government.
Unless we can't issue new bonds, in which case, we are totally f'd as a country anyways.
Posted on 3/7/19 at 12:29 pm to ShortyRob
quote:I believe it was 16:1. Let's make the presumption that the original "1" in that 16:1 equation was paid for from other lending instruments. What then would the 16 be doing? They would be lending money to the government, for the rest of their working lives. Then, if they were fortunate enough to live to retirement, the government "generously" returned their own money to them, albeit at a very low ROI.
When it was started, there were 13 people paying in for every 1 receiving benefits.
The money which current recipients have put in to SS will ultimately payout at a rate about 50% of what an identical investment in Treasuries would have over the same timeframe.
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