Social Security Will Be Insolvent in 10 Years

[sealybobo]

Got to be careful. If it results in higher payouts to higher income contributors...it does not work. And if you don't pay them more for putting in more....it is nothing but a TAX. It will probably come to that eventually.

65 Percent of Federal Tax Cuts Since 2000 Have Gone to Richest 20 Percent​

Since 2000, Congress has passed several rounds of tax cuts that have increased the federal deficit by nearly $6 trillion and disproportionately benefited the top 20 percent of households, which received nearly two-thirds (65 percent) of the value of all tax changes, a new report from the Institute on Taxation and Economic Policy finds.

The analysis, Federal Tax Changes in the Bush, Obama and Trump Years, estimates the tax cuts cost $5.1 trillion and, including interest payments on the national debt, had a total impact of about $5.9 trillion. To determine the cumulative effect of tax cuts under the last three presidential administrations, the analysis compares federal taxes paid by American households every year from 2001 to 2018 to what they would have paid if the 2000 tax law remained in effect. Every income group pays a lower percentage of their income in taxes today, but the highest-earning 20 percent of households are the biggest beneficiaries by far, with the top 5 percent receiving about 38 percent of the cumulative total of tax cuts.

The disproportionate flow of tax cuts to the nation’s most affluent households is a sobering reminder of how tax policy contributes to widening income inequality. Low- and moderate-income households’ incomes have remained relatively flat over the last two decades, while rich households have seen their incomes increase. Tax cuts that mostly flow to the wealthy are in effect transferring even more wealth to those who are already have the most.

The richest fifth of Americans had the biggest after-tax income boost from tax cuts during the George W. Bush years. Tax changes under the Obama Administration reversed some of the Bush tax cuts, which reduced tax cuts going to the rich, though dollar-for-dollar they continued to benefit most. But now, due to the recently enacted Tax Cuts and Jobs Act, the richest fifth again receive the biggest after-tax income boost.

If current tax policies remain in effect, the cumulative cost of the tax cuts will add up to $10.6 trillion ($13.6 trillion including interest payments) to the national debt by 2025.

“These policies have transferred trillions in wealth to those who were already rich,”

 

[Toddsterpatriot]

The blue states (libs) feed the red states. You knew that, right?

AP FACT CHECK: Blue high-tax states fund red low-tax states

WASHINGTON (AP) — Republican leaders have spent months promoting the myth that red low-tax states are subsidizing blue high-tax states because of the deduction for state and local taxes.

apnews.com

Cut government spending 30%, stick it to those nasty red states.

 

[sealybobo]

But it's bullshit you know that right?

Why is it bullshit? The "Trust Fund" will be empty and the money coming in will only cover 70% of the benefits owed.

And you don't mind them fucking you this way?

What I mind has nothing to do with more people living longer and fewer workers per retiree.

They could roll back some or all of the tax breaks Bush/Reagan and Trump gave corporations and rich people.

Those cuts didn't reduce SS receipts. Rolling them back wouldn't increase SS receipts.
You know that, right?

We didn't have the money for the Iraq war, did we? In fact right before the Iraq war Bush passed tax breaks for corporations and the rich.

Show me his corporate tax cuts.

Corporate tax rates were cut so severely that they went from representing over 33% of total federal tax receipts in 1951 to less than 9% in 1983.

What were corporate tax receipts under Carter?
What were the receipts from the rich in 1951? What are they now?

You know that person who won the billion and a half lotto? The lump sum is 750 million. Where does the other 750 million go? Schools? LOL.

Compounding. Duh

And as we see with Trump's tax breaks, if you let people invest it themselves, they won't.

If I could have invested my 12.4% in 70% S&P 500 and 30% US Treasuries, I'd get something like triple my expected monthly check and a huge lump-sum for my heirs when I die.

If current tax policies remain in effect, the cumulative cost of the tax cuts will add up to $10.6 trillion ($13.6 trillion including interest payments) to the national debt by 2025.

We need to undo the Reagan, Bush and Trump tax breaks. Then things will be right again. MAGA

No shit we're broke.

 

[Toddsterpatriot]

65 Percent of Federal Tax Cuts Since 2000 Have Gone to Richest 20 Percent​

Since 2000, Congress has passed several rounds of tax cuts that have increased the federal deficit by nearly $6 trillion and disproportionately benefited the top 20 percent of households, which received nearly two-thirds (65 percent) of the value of all tax changes, a new report from the Institute on Taxation and Economic Policy finds.

The analysis, Federal Tax Changes in the Bush, Obama and Trump Years, estimates the tax cuts cost $5.1 trillion and, including interest payments on the national debt, had a total impact of about $5.9 trillion. To determine the cumulative effect of tax cuts under the last three presidential administrations, the analysis compares federal taxes paid by American households every year from 2001 to 2018 to what they would have paid if the 2000 tax law remained in effect. Every income group pays a lower percentage of their income in taxes today, but the highest-earning 20 percent of households are the biggest beneficiaries by far, with the top 5 percent receiving about 38 percent of the cumulative total of tax cuts.

The disproportionate flow of tax cuts to the nation’s most affluent households is a sobering reminder of how tax policy contributes to widening income inequality. Low- and moderate-income households’ incomes have remained relatively flat over the last two decades, while rich households have seen their incomes increase. Tax cuts that mostly flow to the wealthy are in effect transferring even more wealth to those who are already have the most.

The richest fifth of Americans had the biggest after-tax income boost from tax cuts during the George W. Bush years. Tax changes under the Obama Administration reversed some of the Bush tax cuts, which reduced tax cuts going to the rich, though dollar-for-dollar they continued to benefit most. But now, due to the recently enacted Tax Cuts and Jobs Act, the richest fifth again receive the biggest after-tax income boost.

If current tax policies remain in effect, the cumulative cost of the tax cuts will add up to $10.6 trillion ($13.6 trillion including interest payments) to the national debt by 2025.

“These policies have transferred trillions in wealth to those who were already rich,”

 

[Toddsterpatriot]

If current tax policies remain in effect, the cumulative cost of the tax cuts will add up to $10.6 trillion ($13.6 trillion including interest payments) to the national debt by 2025.

We need to undo the Reagan, Bush and Trump tax breaks. Then things will be right again. MAGA

No shit we're broke.

If we cut spending to 2019 levels, we'll save $2 trillion a year. Knock out that $13.6 trillion by 2030.

 

[DudleySmith]

I`m sure you have proof of this.

I'm sure I don't give a shit what a groomer punk like you thinks about anything.

 

[DudleySmith]

View attachment 816369

They have 95% of all income, so thanks for proving they don't pay their fair share. And, don't forget to to bring up all the fine deductions they get the average smoe will never qualify for on top of a lower average tax rate.

 

[leftwinger]

Then let’s focus on moving the retirement age up by one year - early SS at 63 and full SS at 68.

When SS was instituted in 1935, few people lived more than a few years past 65. The lucky ones made it to their early 70s. This was never intended to pay out for 30 years.

NY and MI probably killed off enough Nursing home residents using Covid Ventilators during 2020 (all were on SS) to hold off the collapse.\\

 

[Admiral Rockwell Tory]

Cut defense spending.

I think we should cut your welfare check!

 

[Lisa558]

NY and MI probably killed off enough Nursing homes with Covid Ventilators during 2020 (all were on SS) to hold off the collapse.\\

So true. And in Cuomo’s case, he preferred to kill thousands of elderly rather than take advantage of the medical Navy ship that Trump had sent up there.

Talk about evil.

 

[Admiral Rockwell Tory]

That's right and the compromise will be that you and I need to take a 20-30% cut to our social security. And we will have to pay higher premiums for medicare. And we will have to work 3 years more before we can collect.

I just pray to god that they don't fuck over people as old as I am. I'm 52. In 10 years I'll be 62. Hopefully they only fuck over Americans who are 60 and under.

How about they stop giving seniors today COLA raises? Just freeze them at where they are at now. Doesn't matter how much inflation goes up. If you get $1200 a month now, you will get $1200 a month 10 years from now. I would accept that over a 20% cut. Plus if we start doing this now, perhaps the program won't run out of money in 10 years. Maybe it will be in 11 years.

All I know is as soon as I turn 62 I'm asking for mine. Fuck waiting.

P.S. Remember when Reagan passed his tax cuts to the rich and corporations I told you that it was shifting the tax burden more onto us. Maybe not right away but eventually. Then the Bush tax breaks. Then the Trump tax breaks. So now we are broke and we can't even suggest rolling back those tax breaks. So what are we going to do? "COMPROMISE". In other words, you're going to bend over and take it in the asshole.

Democrats like that sort of thing.

 

[Admiral Rockwell Tory]

renig

renege

 

[sealybobo]

View attachment 816369

I love it when Stupid dopes like you post this. We would glady pay a larger portion of that if you would just pay us more. Did you see the numbers I showed the other day? That since 1978 CEO pay has gone up 1322% and our pay only went up 18% in that same time? How about give us half that 1322$ and we will gladly pay the taxes on the money.

You fucking rich persons boot licker.

 

[CrusaderFrank]

Social Security is running out of money

hotair.com

It is striking to me how many human beings will accept lie after lie from Democrats. The dark vision of elder financial doom has been prophesized for decades. It is simply a matter of math, and math cannot be refuted. Oh, it can be manipulated (e.g., electoral politics; climate "science"; etc...). But calculations and their results cannot be refuted. I raised this issue here on this board months ago and was refuted by virtually all the leftist yo-yos and ding-dongs that this is simply just not true. "You have no evidence of that!", "You are being lied to by the Republicans!", and "It is really you on the right who are trying to destroy Social Security!", are just some of the tripe I heard in response. Well, I am back again to point this out to you. Massive cuts to your entitlements will begin in 2033. "Oh, Long Rod, you are just so naive! Our generous government overseers will not let this happen to us! They will tend to us and our needs by making the wealthy pay their fair share!", will come the retort. I say, hogwash!

One author bravely asked the question I have been asking for months in response to Dem stupidity, to wit: "Is it Necessary to Prove What is Self-Evident?" (in relation to Covid fraud). Is it necessary to prove what's 'self-evident'?

Gaslighting is merely a nice way of saying "lying". Prominent in leftist propaganda today is the trick of simply denying things ("That was debunked!!"; "You are gaslighting"; "Show me the evidence!!", etc...). In doing so they are lying to the American people. When, for example, a leftist kunt asks you for "evidence" that Biden was engaged in a pay-to-play, influence peddling scheme when he was occupying the position of VP under the deplorable and dark (possibly Satanic) rein of the Ayatollah Barry Hussein Hamas Obama, then you give it to him (citing tons upon tons of circumstantial evidence, and substantial direct evidence), they wildly respond to you by falsely claiming there is no evidence. What the fuck, right? People who act like this are not people we need in our body politic. They are wet, smelly turds and they are making everybody else look and smell like shit. They must be flushed down the toilet and into the sewage system, where they belong.

Let us look at the Social Security issue as if we have fucking brains that function at higher than a pre-school level AND belong to virtuous and honorable people (which pretty much excludes Democrats, to be clear). Omit the emotional responses, the blue collar morality, lies, the politics, propaganda, etc... Social Security is not going to be able to cover its current obligations in 10 years (or some similar short time period, depending on who you listen to). This will necessitate cuts. This is the undisputed consequence if we continue forward with this program unchanged.

We can certainly get into a debate (have a conversation, as the black Dems are fond of saying) of how we can prevent the program from becoming insolvent (which, for you Democrats, means its obligations exceeds its funding; i.e., ya'll ain't payin' yer bills!), and whether we even should preserve it. Maybe we ought to dismantle the system altogether. For all you folks who "paid into SS for years" expecting to get a pittance of it returned to you upon retirement (i.e., however much the federal government says you can have), you should remember that this is not the first time the government has fucked you. Why you expect the federal government not to fuck you is what I find surprising.

SS "investment" (LOL!!) is similar to tax refunds. The only way some people can save is to allow the government to over-deduct for income tax withholdings, then use your money interest-free for a year before they return it to you. You are duped into thinking this is a windfall. I do not know about where everybody else is from, but where I am from this is considered a great big old fucking put on you by the feds. Similarly, with SS you give the fed a percentage of your gross earnings, allow the government to hold it, interest free and derived from your labor, and spend it, purportedly in exchange for them letting you have a little bit of it back when you reach a certain age. Why? Because they think you are too fucking stupid to save and invest your own money. Contrary to what some say, the money they take from you to fund SS is not going into a little lock box to be safely held for your golden years. It is going to pay people who are currently drawing SS benefits.

When I hear somebody say "Dad-gummit!! I dun paid into the Social Security fer decades and I expect ta git sumthang out of it. They owes me!!", I cannot help but to sadly shake my head. And these are usually good people, many conservatives. But you got to get it through your heads, brothers: You have been fucked. You have been played, and there is nothing you can do about it. Your money was taken from you by force of law and payed to other people who are on the public dole. You will get some of it back (maybe), but you will take a huge cut relative to what is being paid out today to others (with YOUR money).

The Trust Fund needs to be invested in US Equities!

 

[sealybobo]

Democrats like that sort of thing.

Democrats like Social Security.
Republicans don't like Social Security
I like Social Security
Therefore I'm a Democrat

 

[Admiral Rockwell Tory]

That's what they'll say. And that's what they'll do. But it's bullshit you know that right? And you don't mind them fucking you this way?

Consider this. They could roll back some or all of the tax breaks Bush/Reagan and Trump gave corporations and rich people. Why is that off the table? It's not. This will also be part of the solution.

And consider this. We didn't have the money for the Iraq war, did we? In fact right before the Iraq war Bush passed tax breaks for corporations and the rich. He used Clinton's surplus as justification. So 1. He shouldn't have passed that tax break and 2. How did he come up with the money to fight the iraq war after he passed those tax breaks? Do that to fill up the social security bucket. I don't care if you have to put it on the debt.

3. But the rich fought back with Reagan. Corporate tax rates were cut so severely that they went from representing over 33% of total federal tax receipts in 1951 to less than 9% in 1983.

33-9 = 24% I bet that 24% would fund the program

4. How many people died of covid? No one talks about how much the program saved with all those deaths.

5. You know that person who won the billion and a half lotto? The lump sum is 750 million. Where does the other 750 million go? Schools? LOL. Start putting it in to ss.

6. We all agree on this because we all expect to be able to retire at some point. And as we see with Trump's tax breaks, if you let people invest it themselves, they won't. They'll just spend it. Inflation will just eat it up. Corporations want that money. It's why they hate these very popular socialist programs. You must be rich. One things for sure. You're patriotic to take the hit.

Corporations should pay zero tax because all they do is pass taxes along to consumers, so even if they are taxed, they pay it with YOUR money!

 

[Admiral Rockwell Tory]

The Trust Fund needs to be invested in US Equities!

Their is no such thing as a Trust Fund in reality.

 

[Blaster]

I think we should cut your welfare check!

I never received welfare Nancy.

 

[leftwinger]

I love it when Stupid dopes like you post this. We would glady pay a larger portion of that if you would just pay us more. Did you see the numbers I showed the other day? That since 1978 CEO pay has gone up 1322% and our pay only went up 18% in that same time? How about give us half that 1322$ and we will gladly pay the taxes on the money.

You fucking rich persons boot licker.

If you hate the Rich so much....go back to Africa. There are very few RICH over there.

 

[Admiral Rockwell Tory]

Democrats like Social Security.
Republicans don't like Social Security
I like Social Security
Therefore I'm a Democrat

I like Social Security. Therefore I am a Republican who does not like Democrats like you.