3 Statistics About Social Security That Are Frightening

[beagle9]

Raise the retirement ages to 63 & 67 and remove the cap, SS problem solved.

MediCare is a tougher entitlement program to fix

Someone hasn't been paying attention.

I am 57 years old. My full retirement age is 67 and a half! It's been that way for years!

. Not for years, but rather for anyone born after specific dates. The whole thing is being adjusted using data from past economic disasters in which affect the whole thing right ? So in the bottleneck we have right now, where as the boomers are stuck working to a ridiculous age, and the millennials are stuck sitting in their mom's basements getting some form of government assistance, and staying on their parents insurance or going to college, and ending up in some dam protest instead of learning a skill blah, blah, blah, blah, blah, that it's a miracle the whole thing hasn't completely melted down already. Where is the justice in it all ?

 

[Markle]

Make SS an off budget item like it was originally intended and stop the pilfering...

There is no pilfering. Social Security is now paying out more than the revenues so those loans to the government are now having to be paid back.

Our unfunded liabilities for Social Security and Medicare are massive.

As of today, (1/1/2018) this is our unfunded liability. Revenues in Green, Liabilities in Red.

 

[beagle9]

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

Just stop spending (really wasting) TRILLIONS on the war machine and empire building.

Problem fixed.

Thanks for your thoughts, but you can cut the government's spending to zero and Social Security is unaffected. It still goes bust at the same time.

Wrong. Just stop war spending and transfer those trillions to SS.

. Why we are still in Afghanistan just boggles the mind really.

OK, let's leave right now and Al Qaeda/Taliban/ISIS will take over the country in a matter of weeks. Is that what you really want?

. Not buying it.. We have been there long enough, and no war fought to win should last this long.. it's all bullcrap or we aren't in it to win or we don't know how to win.

 

[Admiral Rockwell Tory]

Just stop spending (really wasting) TRILLIONS on the war machine and empire building.

Problem fixed.

Thanks for your thoughts, but you can cut the government's spending to zero and Social Security is unaffected. It still goes bust at the same time.

Wrong. Just stop war spending and transfer those trillions to SS.

. Why we are still in Afghanistan just boggles the mind really.

OK, let's leave right now and Al Qaeda/Taliban/ISIS will take over the country in a matter of weeks. Is that what you really want?

. Not buying it.. We have been there long enough, and no war fought to win should last this long.. it's all bullcrap or we aren't in it to win or we don't know how to win.

I guess were weren't in it to beat ISIS either.

 

[initforme]

Perhaps if millenials could make a survivable wage they wouldn't have to live in their parents basements. So they don't get married..win for them....no kids....win for them and the nation.

 

[beagle9]

Make SS an off budget item like it was originally intended and stop the pilfering...

There is no pilfering. Social Security is now paying out more than the revenues so those loans to the government are now having to be paid back.

Our unfunded liabilities for Social Security and Medicare are massive.

As of today, (1/1/2018) this is our unfunded liability. Revenues in Green, Liabilities in Red.

. All numbers that are created out of mismanagement over the years right ?

 

[beagle9]

Thanks for your thoughts, but you can cut the government's spending to zero and Social Security is unaffected. It still goes bust at the same time.

Wrong. Just stop war spending and transfer those trillions to SS.

. Why we are still in Afghanistan just boggles the mind really.

OK, let's leave right now and Al Qaeda/Taliban/ISIS will take over the country in a matter of weeks. Is that what you really want?

. Not buying it.. We have been there long enough, and no war fought to win should last this long.. it's all bullcrap or we aren't in it to win or we don't know how to win.

I guess were weren't in it to beat ISIS either.

. Haven't beaten them yet, but it's looking good lately. Afghans are a different tribe, and ISIS don't stand a chance occupying that place. We need to finish that place up, and get the Hell out of there.

 

[initforme]

Millenials are the smartest most productive least complaining generation out there.

 

[beagle9]

Perhaps if millenials could make a survivable wage they wouldn't have to live in their parents basements. So they don't get married..win for them....no kids....win for them and the nation.

. Is it that or are the boomers in their way ? How many boomers are working today ?

 

[beagle9]

Millenials are the smartest most productive least complaining generation out there.

What few their are ? LOL

 

[Admiral Rockwell Tory]

Wrong. Just stop war spending and transfer those trillions to SS.

. Why we are still in Afghanistan just boggles the mind really.

OK, let's leave right now and Al Qaeda/Taliban/ISIS will take over the country in a matter of weeks. Is that what you really want?

. Not buying it.. We have been there long enough, and no war fought to win should last this long.. it's all bullcrap or we aren't in it to win or we don't know how to win.

I guess were weren't in it to beat ISIS either.

. Haven't beaten them yet, but it's looking good lately. Afghans are a different tribe, and ISIS don't stand a chance occupying that place. We need to finish that place up, and get the Hell out of there.

Haven't beaten ISIS? Everyone else seems to think so. Why don't you?

I don't think you are quite up to speed on the situation in Afghanistan, but then again most of your Americans are not..

 

[Toddsterpatriot]

Make SS an off budget item like it was originally intended and stop the pilfering...

There is no pilfering. Social Security is now paying out more than the revenues so those loans to the government are now having to be paid back.

Our unfunded liabilities for Social Security and Medicare are massive.

As of today, (1/1/2018) this is our unfunded liability. Revenues in Green, Liabilities in Red.

Green is assets, not revenues.

 

[Admiral Rockwell Tory]

Millenials are the smartest most productive least complaining generation out there.

So is that why they are still on their parent's health insurance, car insurance, cell phone plan and still living in the basement?

 

[initforme]

If they were paid a survivable wage they wouldn't have to live in a basement. You want them to find their own place on dirt poor wages? If they are on their parents insurance at least they aren't freeloading like those that choose no insurance.

 

[Norman]

If they were paid a survivable wage they wouldn't have to live in a basement. You want them to find their own place on dirt poor wages? If they are on their parents insurance at least they aren't freeloading like those that choose no insurance.

Maybe if they didn't have tons of debt and a gender studies/social science degree (less valuable than no degree at all).

Who can we blame that for?

 

[Admiral Rockwell Tory]

If they were paid a survivable wage they wouldn't have to live in a basement. You want them to find their own place on dirt poor wages? If they are on their parents insurance at least they aren't freeloading like those that choose no insurance.

Survivable wage? What is that? How much?

 

[initforme]

They like the rest of people are concerned about surviving not helping the fortunes of the country. Who wakes up and busts it so the country can do great?

 

[initforme]

50 grand might...might make it feasible to stay single and squeak by....I wouldn't marry or have kids making that pittance though.

 

[depotoo]

Yep, I read that coming in currently only covers 77% of that going out.

So should the people be able to sue the government for stealing their money for decades now ? The fund should have been solvent, and it should have been paid out to it's rightful participant's, and what about those who passed and never drawed a dime of it or never drawed over two years before death (where'd that money go) ?

I am curious. On what basis do you believe that the program "should have been solvent".

I can explain the latter question, but it pretty much deals with the fact that the program has never been actuarially sound. That isn't my opinion. It is straight from the Congressional testimony of A.J. Altmeyer, who was the first person to run what we call the Social Security administration.

OK Joe, you are the economist, and have all the facts and figures, and I am not being sarcastic, I am actually trying to get an answer for these people, up to, and including myself.

Let us all forget the IOU's, and everything else for a second, and ask pertinent, economic questions about a few things, including how much, and where, the blame lies; specifically in percentages, so we can come to a conclusion on how much we should help fund, and how much we demand our politicians come up with an answer by defunding other programs to transfer to SS, and Medicare!

QUESTIONS, and COMMENTS------------->

1. S.S. and Medicare, are 2 separate entities. While they are BOTH important to all of us, we need to separate the discussion on them.

2. We know, that S.S. is a pay as you go system. In essence, we pay in today for those that are collecting today, and expect those of tomorrow, pay in for us to collect.

3. Now the hard questions------> Was there EVER a time that S.S. took in more revenue then its outlays?

a. If so, how many years did that surplus last?
b. If those years of surplus were put into even government bonds at that time, how much would the fund have grown; in essence meaning........how far in arrears would the fund be today as opposed to its current situation?

I would like to explain something to people reading my post, and in no way am I trying to detract from the factual points that economist Joe is trying to make.

Did you ever wonder why when an income tax cut comes up, the 1st thing you hear about is either S.S. or Medicare, and NOT welfare, foreign aid, billions being lost through fraud, or most any other federal program? (full disclosure--------->entitlements are much larger % today of the federal budget, than any of these others, although together, they do make a significant outlay in the budget)

ANSWER---------> (using SS) Because it affects EVERYONE, thus it SCARES everyone! It will allow them to manipulate you to vote against your best interests, because you are afraid of the fall out to you personally!

Now what if I told you that-----> foreign aid was causing a 30 billion dollar deficit per year? (just creating numbers, not actual) What if I said------>if we cut taxes, the deficit for that program would rise, become insolvent, and we might have to shrink funding? What would you say? How about if it was welfare programs that incessantly over lap?

See my point, lol. Now you know why they point directly at what affects you, although the federal governments payments actually derive from the general fund, where ALL these programs reside.

Doubt me?

Then consider this--------------> What was our deficit last year, and our projected deficit this year? Pick either one! Now I am guessing, so maybe Joe will prove me wrong, but-------> what was the deficit last year for the S.S. fund? What is the projected deficit next year, for the S.S. fund?

So now, if the Federal governments deficit was HIGHER than the deficit for the S.S. fund, then why are the non-tax cut people just focused on that particular program? Shouldn't we be focused on ALL programs causing deficit? I mean, these other programs are NOT ENTITLEMENTS, so we could just lop them off, yes!

So while I agree Joe is accurate, we are addressing this particular issue because Washington feels by shaking you up, you will be more inclined to allow a RAISE to fund them in taxes, and stop concentrating on cutting their PET programs that are NOT entitlements; transferring the money to these entitlements, to help save them. In essence, it is the 3 card Monty trick. Where is the penny under the shell, and you never find it!

Now then, in fairness, I agree with Joe, something has to be done. But, don't allow them to raise your taxes to fund them, WITHOUT cutting programs to help pay for them. Say that, and watch Washington scream, and the whole narrative change. Always remember------->it is EASY PEEZY for someone to go to Washington and create give aways to people, or entities. A real legislature, has to sometimes decide what to cut! I am not sure we have any of those today in Washington, and if we don't, it is up to you in 2018 to make it happen!

You aren't detracting at all. Your questions are sound, and ones that we all should be asking. It will take me some time, but I will get back to you.

 

[initforme]

50 grand today won't get one far...or ahead. But one might be able to feed themselves and pay rent. Staying single would be a must though.