Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic

[kyzr]

What are you talking about. They already pay the same percentage up to the maximum. Unless you are talking about raising the maximum benefit per month, they would be paying a lot more. As it stands, those collecting the maximum benefit still don't collect nearly all they contributed. This would exacerbate that problem and they would be further subsidizing others, not just paying their fair share.

OK, so how do you fix SS so we get our promised benefit?
Eliminating the cap is one way, pick a better one.

 

[Adrenochrome Junkie]

Canada has a similar problem but a longer horizon. This is why people like me despise crony capitalism. It's often just theft. Help out small to medium sized innovative companies not massive multi-billion dollar companies.

What happens if this prediction comes to fruition?

Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic | CNN Politics

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

www.cnn.com

Washington (CNN)Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

That's one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.

The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.

But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year's report did not take into account the effects of the pandemic.

The projections for Medicare are roughly on par with last year's report.

The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, will be depleted by 2026, the same year as reported last year. At that point the program would only be able to pay out 91% of promised benefits.

By 2030 “YOU WILL OWN NOTHING AND (not) BE HAPPY” anyways

Social security would already be irrelevant

 

[jbander]

First off the cost for the wall was about what we spend on less than one month on food stamps. Very few businesses get handouts. Taking less money from people who created that money is not a handout. Wars? The protection of this country is outlined as a duty by the federal government in our Constitution.

We don't have government transfer any money to the top. They don't do that--you do; not just you, but every single one of us.

Sometime next week, and likely several times next week, you are going to do just that, transfer your money to the top. You may stop at McDonald's for a fish sandwich combo, pay your cable bill, your cell phone bill, buy gasoline from those evil multi-billion dollar oil companies, go grocery shopping, but one way or another, you are going to willingly transfer your money to the top.

So if you're upset of this transfer to the top, charity starts at home. Quit giving the rich all your money. The Amish and Quakers don't give any of their money to the top!

And if you are not a hypocrite, nice talking to you on this internet since you'll be getting rid of it to stop giving your money to the rich all the time.

Your war in Afghanistan ,Bushes liars war, cost 300 million a day , all belongs to Bush and the hate party that elected and supported him. Every death is on Bush and hate Nazi's like you , you own it totally.Scum bag spent 2 million a mile on wall that is 100% useless and 100% total joke. Your wall is called the wall of idiots around the world.
Transfer of wealth is done with taxes not purchases , I totally support money received for product bought. That is non of the transfer of wealth. it is all done with law and tax law and to prove it , anytime our government wants, it can write laws and tax laws that will transfer every new dime of wealth in this country to everyone else other then the small minute number of people who got every new dime of wealth in this country for the last 40 years. There has never been a stupider group of people in the history of politics in this country then the hate party now ,99% vote totally against their best interest, draged around by the ring in their nose's by the 1% that is left. The right is made up of idiots .

GEE WHAT HAPPENED IN 1981 in the chart , yup Reagan's trickle down lie. TRY ARGUING AGAINST THIS ACE!!!!!!

 

[jbander]

THESE LAME RIGHT WINGERS AND THEIR STUPID OPINIONS DON"T WASH WELL UP AGAINST FACTS>

 

[watchingfromafar]

Social Security won't be able to pay full benefits by 2034​

The Social Security trust fund has trillions$ in its trust fund. It is one of the few administration agencies that has a “trust fund”, cash in the bank.
BTW; Medicare has a trust fund too.
Your social security benefits are guaranteed because the $cash is there. More $$$ has been coming in than going out; since day one and continues today.
Don’t let fox, fox you.
The truth will keep you free
For the past six (6) years I have been getting $2,200+/- deposited in my checking account every month and will continue until the day a die.
Best deal I have ever invested in,
So Help Me God
-

 

[Ray From Cleveland]

Social Security won't be able to pay full benefits by 2034​

The Social Security trust fund has trillions$ in its trust fund. It is one of the few administration agencies that has a “trust fund”, cash in the bank.
BTW; Medicare has a trust fund too.
Your social security benefits are guaranteed because the $cash is there. More $$$ has been coming in than going out; since day one and continues today.
Don’t let fox, fox you.
The truth will keep you free
For the past six (6) years I have been getting $2,200+/- deposited in my checking account every month and will continue until the day a die.
Best deal I have ever invested in,
So Help Me God
-

It sounds like you have no experience in investments then.

 

[AzogtheDefiler]

Canada has a similar problem but a longer horizon. This is why people like me despise crony capitalism. It's often just theft. Help out small to medium sized innovative companies not massive multi-billion dollar companies.

What happens if this prediction comes to fruition?

Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic | CNN Politics

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

www.cnn.com

Washington (CNN)Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

That's one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.

The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.

But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year's report did not take into account the effects of the pandemic.

The projections for Medicare are roughly on par with last year's report.

The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, will be depleted by 2026, the same year as reported last year. At that point the program would only be able to pay out 91% of promised benefits.

We can just print more money

 

[AzogtheDefiler]

..in before "trump tax cuts robbed social security of billions!"

You’re an idiot. The two have nothing to do with one another. Moron.

 

[Ray From Cleveland]

Your war in Afghanistan ,Bushes liars war, cost 300 million a day , all belongs to Bush and the hate party that elected and supported him. Every death is on Bush and hate Nazi's like you , you own it totally.Scum bag spent 2 million a mile on wall that is 100% useless and 100% total joke. Your wall is called the wall of idiots around the world.
Transfer of wealth is done with taxes not purchases , I totally support money received for product bought. That is non of the transfer of wealth. it is all done with law and tax law and to prove it , anytime our government wants, it can write laws and tax laws that will transfer every new dime of wealth in this country to everyone else other then the small minute number of people who got every new dime of wealth in this country for the last 40 years. There has never been a stupider group of people in the history of politics in this country then the hate party now ,99% vote totally against their best interest, draged around by the ring in their nose's by the 1% that is left. The right is made up of idiots .

Is that so? So tell me (and provide links) of one person that became wealthy because of tax breaks or government transferring money to them.

Yes, people become wealthy by creating a product or service others like. The more valuable the product or service is, the more money they accumulate. You (and most Americans) give your money in exchange for their products or services and that's how they become wealthy.

 

[jbander]

Social Security won't be able to pay full benefits by 2034​

The Social Security trust fund has trillions$ in its trust fund. It is one of the few administration agencies that has a “trust fund”, cash in the bank.
BTW; Medicare has a trust fund too.
Your social security benefits are guaranteed because the $cash is there. More $$$ has been coming in than going out; since day one and continues today.
Don’t let fox, fox you.
The truth will keep you free
For the past six (6) years I have been getting $2,200+/- deposited in my checking account every month and will continue until the day a die.
Best deal I have ever invested in,
So Help Me God
-

Actually there is no trust fun really, just a box of money that the government held that was labeled reserve account being renamed trust fund. One of the biggest threat to ss is the fact that it is assumed that money is used for something else other then SS. IT is in fact used because it is part of the general fund.. From the first day of ss all money was put into the general fund and other than playing games with different names it is still their.

Social Security won't be able to pay full benefits by 2034​

The Social Security trust fund has trillions$ in its trust fund. It is one of the few administration agencies that has a “trust fund”, cash in the bank.
BTW; Medicare has a trust fund too.
Your social security benefits are guaranteed because the $cash is there. More $$$ has been coming in than going out; since day one and continues today.
Don’t let fox, fox you.
The truth will keep you free
For the past six (6) years I have been getting $2,200+/- deposited in my checking account every month and will continue until the day a die.
Best deal I have ever invested in,
So Help Me God
-

More money came in then came out until 2021, then more money is going out then coming in. Also all money goes into gov security's and that money is being borrowed by the government to do whatever it has to do. So in effect ss money is used for other government costs but it literally means nothing, all this money is electric transfer funds anyway , it doesn't exist in the form of dollars and cents. There is no pot of money out there that becomes less valuable because it is being robed or used in other way other then ss.

 

[jbander]

Is that so? So tell me (and provide links) of one person that became wealthy because of tax breaks or government transferring money to them.

Yes, people become wealthy by creating a product or service others like. The more valuable the product or service is, the more money they accumulate. You (and most Americans) give your money in exchange for their products or services and that's how they become wealthy.

Don't ask stupid questions. this chart with tax law and laws could be made to distribute everything that was distributed to the golden few that got it, as the chart shows . to everyone one else other then the golden few , it could be made that every dime of new wealth could have all gone to anyone other then the people who got it since 1981 trickle down lie. You can distribute all new wealth to anyone you want with tax law and general laws. You will argue this but all your doing is saying that you have no clue , so jump right in . They made all new wealth going to the golden few by the trickle down lie of 81 , hey by the way can you even read a chart. You are more then welcome to bring in another chart if it says anything different..

 

[jbander]

The right is made up of the brainless the heartless and the ugly.

 

[watchingfromafar]

Actually there is no trust fun really, just a box of money

"box" you say,
lol -

 

[DukeU]

Your war in Afghanistan ,Bushes liars war, cost 300 million a day , all belongs to Bush and the hate party that elected and supported him. Every death is on Bush and hate Nazi's like you , you own it totally.Scum bag spent 2 million a mile on wall that is 100% useless and 100% total joke. Your wall is called the wall of idiots around the world.

Are your walls useless? How about Obama's? Clinton's? Democrat's

Remember When Democrats Built A Wall Around Their Convention?​

Transfer of wealth is done with taxes not purchases , I totally support money received for product bought. That is non of the transfer of wealth. it is all done with law and tax law and to prove it , anytime our government wants, it can write laws and tax laws that will transfer every new dime of wealth in this country to everyone else other then the small minute number of people who got every new dime of wealth in this country for the last 40 years. There has never been a stupider group of people in the history of politics in this country then the hate party now ,99% vote totally against their best interest, draged around by the ring in their nose's by the 1% that is left. The right is made up of idiots .

Why would New York want to do this?

'Tax Free New York' offers 10 years of zero sales ...​

New York Tax-Based Incentives | Empire State Development​

 

[Winco]

The wife and I are going to start collecting SS at 62. in January 2024.
I'm not waiting until 65 or 70.
62 it is.
2 years 4 months left until retirement.
We want our contributions back ASAP.

 

[kyzr]

The wife and I are going to start collecting SS at 62. in January 2024.
I'm not waiting until 65 or 70.
62 it is.
2 years 4 months left until retirement.
We want our contributions back ASAP.

At 62 you will not have Medicare for 3-years, so will need to pay for healthcare insurance.
That will take a big bite out of those SS checks.
Medicare will be bankrupt in 2024 unless its fixed.
SS will be insolvent in 2033 unless it is fixed.
Sorry for the bad news, I'm sure you are looking forward to retirement after working so hard for many years.

 

[Ray From Cleveland]

The wife and I are going to start collecting SS at 62. in January 2024.
I'm not waiting until 65 or 70.
62 it is.
2 years 4 months left until retirement.
We want our contributions back ASAP.

That is the best route to go if you have other income such as an IRA. It's stupid to wait until the age of 67 for 25% more. If you can make it retiring at 62, you can still work and bring in the maximum monthly income (somewhere around $1,300) for as long as you can. Anybody that waits until 67 either enjoys working or don't know how to run a calculator.

 

[Ray From Cleveland]

Don't ask stupid questions. this chart with tax law and laws could be made to distribute everything that was distributed to the golden few that got it, as the chart shows . to everyone one else other then the golden few , it could be made that every dime of new wealth could have all gone to anyone other then the people who got it since 1981 trickle down lie. You can distribute all new wealth to anyone you want with tax law and general laws. You will argue this but all your doing is saying that you have no clue , so jump right in . They made all new wealth going to the golden few by the trickle down lie of 81 , hey by the way can you even read a chart. You are more then welcome to bring in another chart if it says anything different..

Your chart is irrelevant because it has nothing to do with taxation. Furthermore our government doesn't "distribute" wealth. Wealth is created by all of us on different levels. Some create more wealth and some less, but those who create more wealth took risks, opened up their own business, went to college or inherited a business or wealth from their parents.

Different groups of people were never meant to move up at the same time. After all, if we all move ahead the same distance at the same time, then nobody gets ahead.

 

[22lcidw]

Your war in Afghanistan ,Bushes liars war, cost 300 million a day , all belongs to Bush and the hate party that elected and supported him. Every death is on Bush and hate Nazi's like you , you own it totally.Scum bag spent 2 million a mile on wall that is 100% useless and 100% total joke. Your wall is called the wall of idiots around the world.
Transfer of wealth is done with taxes not purchases , I totally support money received for product bought. That is non of the transfer of wealth. it is all done with law and tax law and to prove it , anytime our government wants, it can write laws and tax laws that will transfer every new dime of wealth in this country to everyone else other then the small minute number of people who got every new dime of wealth in this country for the last 40 years. There has never been a stupider group of people in the history of politics in this country then the hate party now ,99% vote totally against their best interest, draged around by the ring in their nose's by the 1% that is left. The right is made up of idiots .

GEE WHAT HAPPENED IN 1981 in the chart , yup Reagan's trickle down lie. TRY ARGUING AGAINST THIS ACE!!!!!!

The social programs expanded massively after the great society legislation when the last thread to the gold standard under Bretton Woods was cut. The Fiat currency which was kept under some control was unleashed then. Debts began to build And Biden was there. Quotas, political correctness and diversity ramped up. Real growth ended then.

 

[Lesh]

Lift the cap and the "problem" is solved