Republicans Are, And Have Been, Attacking Social Security

[WorldWatcher]

Early or delayed retirement

www.ssa.gov

Just to point out a math inconsistency which I finally got around to checking.

The statement was that if Full Retirement Age (FRA) is raised from 67 to 70 and if the current maximum benefit at 67 is $3,627 and at age 70 is $4,555. Then when FRA is raised to age 70 then the maximum benefit will still be $4,555. But this is incorrect.

As you can see from the chart above, a person age 67 is FRA at 100% of their benefit. For for each month delay they get a premium multiplier if 8% (0.6667 for each month delayed). That means at age 67 the person draws 100% of the maximum benefit, and at age 70 draws 124% of the maximum benefit.

As we can see from the chart above when the retirement age was raised from 65 to 67 the 100% threshold was ALSO MOVED from 65 to 67. Baby Boomers whose FRA is 67 didn't received a premium, shown in the two red circles I added to the image. $4,555 is based on a 24% premium for delayed retirement. That premium wouldn't apply If the increase in FRA follows the previous model, which is probable given (a) how past changes were applied, and (b) the whole intent is to reduce benefits payout.

NOTE: There will probably be a slight increase in SS benefits for most people if the FRA is changed from 67 to 70 because of continued contributions during the additional mandatory working years (to reach FRA). But history shows the delay will not add the 24% premium. At a new FRA of 70, that becomes the 100% breakpoint and 124% would not be used to calculate benefits.

WW

 

[DBA]

we are easily the richest country in the world and we can afford being fair to our workers for crying out loud, brainwashed functional rich ****....

We are more than fair if you're willing to work for it. Sadly, many aren't and would prefer to go the route of taking money from those that are.

 

[DBA]

Early or delayed retirement

www.ssa.gov

View attachment 762085


Just to point out a math inconsistency which I finally got around to checking.

The statement was that if Full Retirement Age (FRA) is raised from 67 to 70 and if the current maximum benefit at 67 is $3,627 and at age 70 is $4,555. Then when FRA is raised to age 70 then the maximum benefit will still be $4,555. But this is incorrect.

As you can see from the chart above, a person age 67 is FRA at 100% of their benefit. For for each month delay they get a premium multiplier if 8% (0.6667 for each month delayed). That means at age 67 the person draws 100% of the maximum benefit, and at age 70 draws 124% of the maximum benefit.

As we can see from the chart above when the retirement age was raised from 65 to 67 the 100% threshold was ALSO MOVED from 65 to 67. Baby Boomers whose FRA is 67 didn't received a premium, shown in the two red circles I added to the image. $4,555 is based on a 24% premium for delayed retirement. That premium wouldn't apply If the increase in FRA follows the previous model, which is probable given (a) how past changes were applied, and (b) the whole intent is to reduce benefits payout.

NOTE: There will probably be a slight increase in SS benefits for most people if the FRA is changed from 67 to 70 because of continued contributions during the additional mandatory working years (to reach FRA). But history shows the delay will not add the 24% premium. At a new FRA of 70, that becomes the 100% breakpoint and 124% would not be used to calculate benefits.

WW

No time to review it now, but nice, informative chart.

 

[Mikeoxenormous]

YES, it is.

Yes, I do, teabaggers blame the government, when it is corporations that are ripping them off.

November 30 2022
Corporate profits in the nonfinancial sector hit a record high of $2.08 trillion in the third quarter even as 40-year-high inflation continues to squeeze American consumers.

Profits adjusted for inventories and capital consumption rose $6.1 billion from the second to third fiscal quarters, the Commerce Department reported Wednesday.

“Since early 2021, Americans have been suffering from rising prices caused by global supply chain disruptions and changing demand patterns due to the pandemic. Even combined with traditional supply and demand factors, however, these elements are insufficient to totally explain why inflation remains elevated."

Teabaggers defend them.

I dont see the corporations taxing me 40% of my income then spend it on bullshit in Ukraine or Globull warming. That is how fucking stupid you are, dumbass....

 

[WorldWatcher]

Let's address the idea that some propose of raising the Full Retirement Age (FRA) to 70 and it NOT being a cut in benefits because the monthly check isn't reduced. Those supporting that premise are factually incorrect either by mistake or on purpose (and I'm not making a claim either way on that point).

I was thinking about this in the shower this morning and over coffee so decided to show mathematically how that is incorrect.

So let's establish some baseline conditions to make the calculations easier:

• A couple share the exact same birth date.
• A couple starts drawing SS benefits on the same date based on FRA.
• One spouse has the higher income and dies on his birthday at age 77.
• The surviving spouse has either no income or a lower income and dies on her birthday at age 87.
• For purposes of these scenarios cola is ignored because it doesn't change the mathematical principals it just makes thing more complicated as you then have to (a) determine the COLA for each year and then do calculations for each individual year over a 20 year span. Again the principal is unchanged, it just make the math more cumbersome.
• No intent on insulting anyone by sex, feel free to change genders for male/female, male/male, female/female and who is the primary "bring home the bacon" person as you wish. Given the income and age assumptions it doesn't matter. I'm the higher earning in my couple, my boss is the higher earning in her marriage and he's a stay at home Dad. So consider it in the light of whatever floats your boat.

[DISCLAIMER: Ignore the fact that the numbers get pretty big. Remember these are cumulative number supporting 2 people for 10 years and 1 person for an additional 10 years. The numbers therefore are spread over 20 years.]

[DISCLAIMER 2: Of course exact numbers vary based on age, when one or both members of the couple begin drawing social security, when one spouse actually passes and when the other spouse passes.]

SCENARIOS A RESPECTIVELY:
In scenario a the husband brings home the bacon and the wife is a more traditional stay at home none-working spouse. Well traditional for the 50s, 60s, and early 70s. Because the wife didn't work in a SS qualifying job, but instead maintained the house, cleaned the house, cooked the meals, did the laundry, took care of the kids, she has no SS benefits based on work history.

Scenario A (FRA = 67) [Column B] establishes the baseline for "A". The husband is the only one drawing SS benefits and when he passed at 77, the wife is eligible to draw at his rate for the remainder of her life for old age support. Total benefit draw here is over a period of 20 years.

Scenario A (FRA = 70) [Column C] shows the impact of raising FRA to 70 years and establishing that as the new 100% threshold. The husband is the only one drawing SS benefits and when he passed at 77, the wife is eligible to draw at his rate for the remainder of her life for old age support. Total benefit draw here is over a period of 17 years.

SCENARIOS B RESPECTIVELY:
Here we have a more modern reality where both of the couple work. One being a higher wage earner than the other.

Scenario B (FRA = 67) [Column D] establishes the baseline for "B". In this case both the husband and wife work and qualify for benefits in their own right. The husband draws $3,000 per month until his death and the wife draws $2,000 a month until his death. Upon his death the wife is able to draw at his rate for the remainder of her life for old age support. Total benefit draw here is over a period of 20 years.

Scenario B (FRA = 70) [Column E] shows the impact of raising FRA to 70 years and establishing that as the new 100% threshold. In this case both the husband and wife work and qualify for benefits in their own right. The husband draws $3,000 per month until his death and the wife draws $2,000 a month until his death. Upon his death the wife is able to draw at his rate for the remainder of her life for old age support. Total benefit draw here is over a period of 17 years.
.
.
.
.
As can be clearly seen, raising the FRA from 67 to 70 results in a reduction of benefits (Scenario A = $108K and Scenario B = $180K).

The whole purpose of raising FRA from 67 to 70 is to reduce benefit payouts by the system, how is that achieved? By reducing the number of years that individuals are likely to draw benefits from the system since FRA is now higher.

Anyone that can't recognize that as a "cut" in benefits is either (A) mistaken or (B) doesn't understand the math involved. In past discussions the individuals that don't "see" the cut tend to focus solely on the monthly check and ignore the impact over time.

Hope this helps some.

WW

(Now with that said I really hope I got the math right or this could be real embarrassing.)

 

[WorldWatcher]

No time to review it now, but nice, informative chart.

Thank you.

WW

 

[Nuthin' Fancy]

I dont see the corporations taxing me 40% of my income then spend it on bullshit in Ukraine or Globull warming.

Yeah, better spent on presidential golf or a border wall.
You're a fucking communist traitor, just like Tucker.

That is how fucking stupid you are, dumbass....

The corporations are price gouging you, dumbass.
But moron teabaggers, blame the "gubmint".

 

[francoHFW]

We are more than fair if you're willing to work for it. Sadly, many aren't and would prefer to go the route of taking money from those that are.

BS. we are still the only modern country without cheap college and training a living wage paid parental leave daycare I D card to end illegal immigration, great infrastructure and vacations Etcetera Etcetera Etcetera....

 

[sartre play]

I SUPPORT SOCIAL SECURITY.

 

[Mikeoxenormous]

Yeah, better spent on presidential golf or a border wall.
You're a fucking communist traitor, just like Tucker.

The corporations are price gouging you, dumbass.
But moron teabaggers, blame the "gubmint".

What is wrong with a border wall, it seemed to have worked for Barrack Hussain Obama, when he built his wall in DC, to keep the riff raff like you out?

Obama's building a wall! Workers seen at the First Family's new home

Builders are hard at work making sure the Obamas new Washington DC home is up to scratch, just 14 days before the First Family has to vacate the White House.

www.dailymail.co.uk

 

[Mikeoxenormous]

Yeah, better spent on presidential golf or a border wall.
You're a fucking communist traitor, just like Tucker.

The corporations are price gouging you, dumbass.
But moron teabaggers, blame the "gubmint".

Price gouging? How much out of the dollar in profit does Home Depot take home? Do you know? I do. Lets here it straight from a Communist like you...

 

[francoHFW]

We are more than fair if you're willing to work for it. Sadly, many aren't and would prefer to go the route of taking money from those that are.

these crap GOP jobs, people don't feel they are worth doing. This is really pathetic this banana republic the GOP has given us after 40 years of give away to the rich and no money to invest in America. Great job

 

[Nuthin' Fancy]

What is wrong with a border wall, it seemed to have worked for Barrack Hussain Obama, when he built his wall in DC, to keep the riff raff like you out?

Obama's building a wall! Workers seen at the First Family's new home

Builders are hard at work making sure the Obamas new Washington DC home is up to scratch, just 14 days before the First Family has to vacate the White House.

www.dailymail.co.uk

Better than Trumps wall.
His wall didn't keep riff-raff or spies out.

Concerns about security and the level of access to President Donald Trump at his private Florida club Mar-a-Lago have been swirling since he was elected, but scrutiny kicked into high gear after the US Secret Service arrested a Chinese woman, Yujing Zhang, who they say was carrying four cellphones and a malware-infected thumb drive at the resort over the weekend.

According to the Miami Herald, a federal counterintelligence probe into possible Chinese intelligence operations targeting Trump spearheaded by the FBI was already underway, and now, it’s been “turbo-charged.”

A second foreign national is being investigated by US authorities for gaining access to Mar-a-Lago, Donald Trump’s Florida resort which is at the center of an FBI investigation over missing classified documents, heightening fears over security lapses both during and after his presidency.

According to an article from the Organized Crime & Corruption Reporting Project (OCCRP), a Ukrainian woman posing as a member of the Rothschild banking dynasty is under bureau investigation after infiltrating the private members club under a false pretense.

 

[Nuthin' Fancy]

Price gouging? How much out of the dollar in profit does Home Depot take home? Do you know? I do. Lets here it straight from a Communist like you...

Performance Summary

• Home Depot's latest twelve months gross profit margin is 33.5%
• Home Depot's gross profit margin for fiscal years ending February 2019 to 2023 averaged 33.9%.
• Home Depot's operated at median gross profit margin of 34.0% from fiscal years ending February 2019 to 2023.
• Looking back at the last 5 years, Home Depot's gross profit margin peaked in February 2019 at 34.3%.

Home Depot earned $5.17 billion, or $5.05 per share, which also topped per-share projections for $4.95. It was also better than last year’s strong second quarter, when the company posted earnings of $4.81 billion.

Profit and sales levels were unprecedented for Home Depot, according to CEO Ted Decker.

 

[Mikeoxenormous]

Better than Trumps wall.
His wall didn't keep riff-raff or spies out.

Concerns about security and the level of access to President Donald Trump at his private Florida club Mar-a-Lago have been swirling since he was elected, but scrutiny kicked into high gear after the US Secret Service arrested a Chinese woman, Yujing Zhang, who they say was carrying four cellphones and a malware-infected thumb drive at the resort over the weekend.

According to the Miami Herald, a federal counterintelligence probe into possible Chinese intelligence operations targeting Trump spearheaded by the FBI was already underway, and now, it’s been “turbo-charged.”

A second foreign national is being investigated by US authorities for gaining access to Mar-a-Lago, Donald Trump’s Florida resort which is at the center of an FBI investigation over missing classified documents, heightening fears over security lapses both during and after his presidency.

According to an article from the Organized Crime & Corruption Reporting Project (OCCRP), a Ukrainian woman posing as a member of the Rothschild banking dynasty is under bureau investigation after infiltrating the private members club under a false pretense.

The wall was fought by the likes of Nancy Piglosi and Up Chuck Shumer both Marxists to the day, that want people like you replaced with diseased illegals who cant speak the language and left their countries because of Socialism there. You are very stupid to not see this.

 

[Mikeoxenormous]

Performance Summary

• Home Depot's latest twelve months gross profit margin is 33.5%
• Home Depot's gross profit margin for fiscal years ending February 2019 to 2023 averaged 33.9%.
• Home Depot's operated at median gross profit margin of 34.0% from fiscal years ending February 2019 to 2023.
• Looking back at the last 5 years, Home Depot's gross profit margin peaked in February 2019 at 34.3%.

Home Depot earned $5.17 billion, or $5.05 per share, which also topped per-share projections for $4.95. It was also better than last year’s strong second quarter, when the company posted earnings of $4.81 billion.

Profit and sales levels were unprecedented for Home Depot, according to CEO Ted Decker.

You didnt answer my question, how much profit out of the dollar is made at Home Depot? 3 cents out of every dollar is profit. But Home Depot sells a lot of products making lots of 3 cents deals. Why is it okay for the government to steal 40% of the wages of hard earning workers, then give that money to people who sit on their lazy , liberal , asses so they can do drugs, and bitch and moan how unfair Home Depot is providing jobs, and services and products, people are willing to pay for?

Yeah, you really are a stupid son of a bitch.

 

[Nuthin' Fancy]

The wall was fought by the likes of Nancy Piglosi and Up Chuck Shumer

SO, the wall is a stupid idea, it hasn't stopped illegals, at all.
But moron teabaggers, keep using the same tactic, expecting a different result.

Trump convinced his cult, Mexico was paying for the wall, the gullible idiots ate it up.

both Marxists to the day, that want people like you replaced with diseased illegals

It's communist republicans, like DuhSantis and Abbott providing free trips for them.

who cant speak the language and left their countries because of Socialism there. You are very stupid to not see this.

Sure send your $$$ to Bannon.

Steve Bannon’s trial on charges he defrauded donors who gave money to build a wall on the U.S. southern border might not happen until late next year, a judge said Tuesday.

Judge Juan Manuel Merchan said he anticipates Bannon, former President Donald Trump’s longtime ally, will go to trial in November 2023 — about a year before the 2024 presidential election.

Manhattan prosecutors charged Bannon, 68, last month with state-level money laundering, fraud and conspiracy charges related to the “We Build the Wall” campaign. Bannon has pleaded not guilty.

The New York case stems from much of the same alleged conduct as a federal case cut short last year by a Trump presidential pardon.

Prosecutors say that Bannon falsely promised donors that all money would go to constructing a wall at the U.S.-Mexico border.

 

[Nuthin' Fancy]

You didnt answer my question, how much profit out of the dollar is made at Home Depot? 3 cents out of every dollar is profit. But Home Depot sells a lot of products making lots of 3 cents deals. Why is it okay for the government to steal 40% of the wages of hard earning workers, then give that money to people who sit on their lazy , liberal , asses so they can do drugs, and bitch and moan how unfair Home Depot is providing jobs, and services and products, people are willing to pay for?

Yeah, you really are a stupid son of a bitch.

WTF?
You're a fucking MORON.
Just like Trump likes his cult and his "rithmatic" grad students of Trump U.

• Home Depot's latest twelve months gross profit margin is 33.5%...........33 cents.
• Home Depot's gross profit margin for fiscal years ending February 2019 to 2023 averaged 33.9%.......34 cents.
• Home Depot's operated at median gross profit margin of 34.0% from fiscal years ending February 2019 to 2023.........34 cents.
• Looking back at the last 5 years, Home Depot's gross profit margin peaked in February 2019 at 34.3%........34 cents.

You must have "gradiated" with honors.

 

[Blues Man]

Yeah, better spent on presidential golf or a border wall.
You're a fucking communist traitor, just like Tucker.

The corporations are price gouging you, dumbass.
But moron teabaggers, blame the "gubmint".

No corporation has ever forced me to give them money under threat of violence but the fucking government does.

 

[Nuthin' Fancy]

No corporation has ever forced me to give them money under threat of violence but the fucking government does.

Sure.........they did.
They just want the $$$ YOU owed, or they take your stuff back.
Miss a car payment or a house payment........the same for anything financed.

Some even contemplated, leaving people with no transport, with no messy repos.

March 3 2023
Ford has some interesting ideas on what self-driving cars might soon be able to do. Besides freeing us from the tedium of commuting, the company envisions cars that could repossess themselves.

According to a document recently published on the United States Patent and Trademark Office website, Ford said it is considering a system that would allow a car to, on its own, leave you if you stop making your monthly auto payments.

Ford's 14-page application, filled with ideas for getting people to pay up, may be more patentable than others.

Before getting to the point where the car would simply drive itself away, delinquent payers would be subject to a litany of annoyances. First, badgering messages on owners' smartphones and even on the screens inside the car. These messages would demand at least an acknowledgment or, better yet, on-the-spot payment.

If the owner persists in ignoring these messages, the vehicle would, in the words of Ford's patent application, "initiate execution of a multi-step repossession procedure."