Some Inconvenient Facts About Social Security

[rightwinger]

I don’t think anyone is necessarily saying that, Vladimir.

well?

Go on then

 

[Bezukhov]

YOU don’t pay it though, do you? The cost is spread among the larger group (I.e., consumers). Or, you know, the business cannot afford it, then they shut down and you lose your job.

You mean I'm not a consumer? That's news to me

 

[White 6]

I got news for you, White man. You will not get that free money in a few years. Sorry.

Want to bet, there won't be 15 Republicans left in the Senates or over 50 Republicans left in the House, if there is an attempt to defund it? If you push it before the 2024 Presidential, the Republicans themselves may send a hit man to your door. They haven't gotten over the damage done by winning on abortion yet, before the last election. I'm pretty sure, they really don't want any more right now. Suit yourself.

 

[Admiral Rockwell Tory]

I got news for you, White man. You will not get that free money in a few years. Sorry.

Why not? Are you going to overthrow the government?

 

[80zephyr]

Why are you insulting me? Of course I do, and those unfunded liabilities are funds that paid each budget year.

Do you often cry over spilled milk?

$96 Trillion in Unfunded U.S. Medicare and Social Security Benefits​

$96 Trillion in Unfunded U.S. Medicare and Social Security Benefits

Politicians promised you benefits, but never funded them. That’s according to truthinaccounting.org, which noted that there’s $96.3 trillion owed in promised but unfunded Medicare and Soci

www.realclearpolicy.com

 

[Admiral Rockwell Tory]

$96 Trillion in Unfunded U.S. Medicare and Social Security Benefits​

$96 Trillion in Unfunded U.S. Medicare and Social Security Benefits

Politicians promised you benefits, but never funded them. That’s according to truthinaccounting.org, which noted that there’s $96.3 trillion owed in promised but unfunded Medicare and Soci

www.realclearpolicy.com

You seem to not understand the issue. Paid every year as needed. An unfunded mandate is lie a car payment. Do you not make payments on your car loan?

Have a nice day!

 

[Grumblenuts]

From my link:
The Court’s decision was not surprising. In an earlier case, Helvering v. Davis (1937), the Court had ruled that Social Security was not a contributory insurance program, saying, “The proceeds of both the employee and employer taxes are to be paid into the Treasury like any other internal revenue generally, and are not earmarked in any way.”

Bear in mind that you're quoting from some well paid liar in the Cato Institute. A "think tank." Not a legal authority.
True: S.S. was never intended to be a "contributory insurance program" where anyone was guaranteed to get back what the put in. However, both S.S. and D.I. have remained separate, "earmarked" accounts held by The Treasury along with the separate "General Fund" from the start. In fact, the General Fund now regularly borrows from the S.S. trust funds and pays the balance back with interest.

 

[RetiredGySgt]

The fact that the US Government stands behind it prevents SS from being a Ponzi Scheme

LOL the Government will stop standing behind it when they cant pay anymore.

 

[Frankenstein]

Why not raise retirement to 85 so we don't have to worry about this anymore? If we continue to shrink the pool of who will get SS, I am sure we can make it work.

Does anyone get grandfathered in, who gets to not work to 85 where does the grandfathering start?? I have been paying into it for 40 yrs!

 

[rightwinger]

LOL the Government will stop standing behind it when they cant pay anymore.

Hasn’t happened in 80 years has it?

 

[rightwinger]

$96 Trillion in Unfunded U.S. Medicare and Social Security Benefits​

$96 Trillion in Unfunded U.S. Medicare and Social Security Benefits

Politicians promised you benefits, but never funded them. That’s according to truthinaccounting.org, which noted that there’s $96.3 trillion owed in promised but unfunded Medicare and Soci

www.realclearpolicy.com

It is funded by over 150 million people

 

[Mr Natural]

Eliminate the earnings cap. Problem solved.

 

[Grumblenuts]

It is funded by over 150 million people

Many 65 and over.

 

[Grumblenuts]

Eliminate the earnings cap. Problem solved.

Most likely.. until the next birthing boom anyway..

 

[rightwinger]

Many 65 and over.

If they are still working

 

[hadit]

Doesn’t work unless you have full participation
SS has been working for over 80 years

That doesn't mean that it will continue to work forever. The burden of supporting 1 retiree is now borne by 3 workers, soon to be 2. That's not sustainable without changes.

 

[BlindBoo]

What it boils down to is the excess the baby boomers paid in is now being paid out and when the SS bonds run dry, if corrections are not made, those baby boomers who helped ease the retirement of our WWI and WWII generations by paying in all our lives, will only receive about 70% of the expected benefits.

 

[rightwinger]

That doesn't mean that it will continue to work forever. The burden of supporting 1 retiree is now borne by 3 workers, soon to be 2. That's not sustainable without changes.

It is sustainable if you gradually increase the age to 70 and require payments up to $250,000 income

 

[WorldWatcher]

That doesn't mean that it will continue to work forever. The burden of supporting 1 retiree is now borne by 3 workers, soon to be 2. That's not sustainable without changes.

The Baby Boomer Bulge is a real thing. But think of it like a pigeon passing through the gullet of a snake. There is a bulge, but it will pass.

Not saying making the system work while the bulge passes won't be difficult but the ratio's will change in the future as more boomers die off.

WW

 

[WorldWatcher]

It is sustainable if you gradually increase the age to 70 and require payments up to $250,000 income

Cutting benefits by raising the age will not be something that is agreeable to those who have the largest voter participation percentage of any demographic.

Those being those 50 and older.

Do make it politically doable you would have to grandfather those 50 and older. But that will not help with the SS Trust Fund depletion that is expected in 2035. By grandfathering 50 and above the earliest that it could have an impact in cutting benefits is is 2043. (Age 70-50 = 20, Year 2023+20 = 2043.)

WW