beagle9
Diamond Member
- Nov 28, 2011
- 44,091
- 16,439
. Listen, how about where this nation is withdrawing from different programs in the world that was costing us billions, and the economy is getting on track now ?? It's crazy to say that we can't fix this thing, and restore the age scales to their proper scales at 62 minimum and 65 max. How can this nation forsake it's working retirement class when it comes their time after paying into a program over 40 years ? It's just downright robbery is what it is.Typically, we hear a lot of drama and get a lot of hand-wringing over the possibility of benefit cuts 16 years in the future. Comically enough most of the articles are talking about a fairly benign impact.
Here are three stats to worry about :
The Social Security Shortfall Is Growing Three Times Faster Than the US Economy.
In other words, the hole in the program’s finances is growing at three times the rate of our ability to fill it.
People Turning 70 Today expect to Be Alive When Benefits are Reduced
The problem of Social Security hasn't been about those 40 and younger in decades. Here is the SSA's life expectancy calcuator : Calculators: Life Expectancy
In 2016, The Program Lost More Money Than It Collected
We could have reduced benefits to zero for the entire year of 2016, and the program would have finished the year in worse shape than it started. "Loss" here is looking at the $ value of promises that we believe will go unfulfilled.
If you want the details, here is my article, but the stats are pretty simple.
No Way Around Sorry Shape Social Security Is In
How much will it cost to privatize it? And then how much will it cost per month to maintain it after privatization?
According to the SSA, up to $30 trillion(2015$s) depending upon whether you are going to provide benefits to existing retirees and those that have accrued benefits.
Is that the cost to change over?
That is just the cost of legacy benefits. That is the payment that goes to existing retirees, and those who have accrued benefits from past payments. Basically it is a phase-out where future retirees get less and less.