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re: Would a phase out of social security be viable?
Posted on 7/20/18 at 10:41 am to Boatshoes
Posted on 7/20/18 at 10:41 am to Boatshoes
quote:
As things stand right now, basic math dictates that social security benefits are going to end for a lot of people born long before 2019.
it is on track to be INSOLVENT by 2034
1
Posted on 7/20/18 at 10:44 am to CptRusty
quote:
Ha, I'm 36,
when you hit 40 you will change your mind
Posted on 7/20/18 at 10:48 am to touchdownjeebus
quote:
Or you could just run it effectively. Novel concept, I know.
It would be impossible for the government to run this more effectively than the free market.
quote:
From our numerical analysis, we find that over 99
percent of the U.S. population would have earned
a greater return by investing in the S&P 500, and
over 95 percent would have earned a greater return
by investing in 6-month CDs relative to the current
Social Security system. Although a common criticism of investing future retirement funds in the stock market is the risk of a significant downturn in the market at the time of retirement, our analysis considered the recent market downturn and all other downturns over the past 56 years. Despite these market fluctuations, a long-term investment in the S&P 500 for a 2003 retiree would have yielded a greater monthly income than is provided under the current Social Security system.21
LINK
Don't forget that while privately owned investments and earnings can be passed down through the generations, social security benefits cannot. This is not a good system for Americans in any form.
Posted on 7/20/18 at 10:52 am to Fat Bastard
quote:
full retirement for most now is 67. as stated many are pushing for 72. it is nuts.
A government that is 100 trillion in debt is going to default against someone. That someone is either foreign and domestic holders of it's debt, everyone through massive devaluation of its currency (already done), or an electoral minority of it's citizens.
Guess who gets the short straw?
Posted on 7/20/18 at 11:16 am to Fat Bastard
Like I said, lead balloon.
Posted on 7/20/18 at 12:54 pm to Boatshoes
quote:
A government that is 100 trillion in debt is going to default against someone.
no doubt
something will change.
Posted on 7/20/18 at 12:58 pm to Smalls
Here's a thought , that would be logical, fair, and put untold milions back in the system.
Tell anyone who has made a minimum of $100M in their lifetime, that their accrued social security will be going back into the kitty. No one that has earned $100M needs their social security, and since the system is already socialism , what's a little more socialism?
Seriously though, short of that the system is doomed.
Tell anyone who has made a minimum of $100M in their lifetime, that their accrued social security will be going back into the kitty. No one that has earned $100M needs their social security, and since the system is already socialism , what's a little more socialism?
Seriously though, short of that the system is doomed.
Posted on 7/20/18 at 1:12 pm to Smalls
Venezuela's social security checks are worthless at a 46000% inflation rate
When we get there, no one will care if it gets abolished.
When we get there, no one will care if it gets abolished.
Posted on 7/20/18 at 1:34 pm to Fat Bastard
quote:
it is on track to be INSOLVENT by 2034
The definition you are using for insolvent, and what most people think of insolvent are two different things.
quote:
•Social Security has $2.73 Trillion in trust fund reserves.
•Social Security reserves are still growing and will continue to grow through 2020.
•Beginning in 2021, program costs are projected to exceed income, shrinking the trust funds.
•The trust funds will be exhausted in 2033, the same year projected in the 2012 report.
•After 2033, income will cover 77% of scheduled payments.
The World isn't Ending
Yes we need to do something. And the above quotes do ignore the fact that the SS "Trust Fund" isn't a trust fund in the conventional sense. There is no big pot of money there, it just means there is less debt on the balance sheet than there otherwise would be.
The do nothing case means that for the under 40 crowd, we will have some combination of growth in debt and reduction in benefits. Benefits could be reduced by increasing retirement age, reducing the payout, adjusting cost of living adjustments or taxing those with significant retirement assets.
If we do nothing and make no hard decisions, benefits might get reduced 30%... not the end of the world.
Posted on 7/20/18 at 1:47 pm to Smalls
What they are going to have to do is every few years raise the age you have to reach to collect
Posted on 7/20/18 at 3:02 pm to Smalls
No, since it was a giant ponzie from the Dems and FDR who dreamed up ways to get cash in the government coffers. And a ponzie is based upon fricking new investors to pay one who have been in the system a while. Good news is the fund is not broke on paper. Bad news is the $$ only exists on paper. The government writes I.O.U.'s every so often while blowing the money you pay in on other things.
At some point they shall take all of your savings. Then your property of real value.My brother the radical leftist Dem is big on this idea and he and his friends talk about it all the time. Hey, they say, we can afford anything when I start ripping on them about paying for their Bernie Sanders follies, the total wealth in this country in over 90 trillion! And the answer is simple, the government just needs a way to get it.
But I see SS as one of the last things to go since that is the one thing standing between millions and starvation. If the country survives you shall pay in and you shall get some of it back.
At some point they shall take all of your savings. Then your property of real value.My brother the radical leftist Dem is big on this idea and he and his friends talk about it all the time. Hey, they say, we can afford anything when I start ripping on them about paying for their Bernie Sanders follies, the total wealth in this country in over 90 trillion! And the answer is simple, the government just needs a way to get it.
But I see SS as one of the last things to go since that is the one thing standing between millions and starvation. If the country survives you shall pay in and you shall get some of it back.
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