Sorry, College Grads, You’ll Probably Never Get Your Social Security Money

[JakeStarkey]

It's nonsensical to OP that Sorry, College Grads, You’ll Probably Never Get Your Social Security Money

The system will work fine with minor fixes. After the next Great Depression the wave of repulsion for the oligarchs who caused it will result in a massive majority of congressional reps and senators and a president who will fix SS and muzzle business again.

 

[JakeStarkey]

There never was a Social Security "trust fund". Politicians can't stand to see money lying around so they stole from social security from the beginning. LBJ made it official when he ordered FICA taxes to be placed in the general fund.

Your opinion only and wrong as the law had to be changed under LBJ.

Please, you only embarrass and lower yourself to the level of Lockejaw. You don't want to do that.

 

[OKTexas]

Colleges have been inflating their tuition rates for years and passing it on the students. Why doesnt anyone complain? Why does everyone just accept it?

The government makes sure the money keeps flowing, college cost would be cut in half or more tomorrow if federal student loans weren't available.

 

[bripat9643]

Politicians say SS will keep paying out 15, 20, 30 etc. years. But will it?


You know about the Social Security Trust Fund, right? And how it's empty?

They keep telling us it's got oodles of money in it, and that that money will let SS stay solvent for 15 years, 20 years, 22 years, etc., depending on which politician is talking today. But in fact, it's got nothing but government IOUs in it.

All the money was taken out and spent on other non-SS programs years ago. And since SS expenditures exceeded revenues a year or two back, no more money is flowing into the Trust Fund, except that which is immediately taken out and spent the next day. Part of the National Debt is money the govt has "borrowed" from the SS Trust Fund and other such Funds it maintains.

Debt to the Penny (Daily History Search Application)

Today the National Debt is about $17.5 trillion. Of that, $5 trillion is owed to the SS Trust Fund and other such funds. That's nearly 30% of the National Debt, owed to these Trust Funds.

That means that, in order for the SS Trust Fund and similar funds to actually keep paying what is owed to SS recipients, the money first has to be paid back into the Trust Funds by the government, and then paid out to SS recipients etc.

And if Social Security and the other programs are actually solvent and able to keep paying for the 20 years or whatever the current politicians are promising before it's emptied, that means that ALL the money owed to the trust funds, must be paid off within those 20 years, so it can be paid out to the recipients.

Have you heard of any plans by any of these politicians, to pay off nearly 30% of the National Debt within the next 20 years?

Neither have I.

They'll have to either balance the budget and start running a surplus, to pay off that 30% of the Debt, or they'll have to start borrowing a LOT more money from China or whomever is foolish enough to keep lending to someone who has no intention of ever paying it back. On top of the $trillions they've already borrowed.

Next time you hear some politician talk about how "solvent" Social Security is, ask him where the money is going to come from to pay off the recipients. Retirees who expect to draw out of SS the money they've been forced to pay in most of their lives. Drawing that money out of a Social Security Trust Fund that in fact is empty, except for a lot of government IOUs.

No big deal. Your taxes will be raised to pay back Social Security all the money that was borrowed.

Only a stupid turd like you would think that is no big deal. One thing is certain, it's a raw deal. Why should anyone continue to support this boondoggle?

 

[bripat9643]

Duh, been saying this for years. Bush recognized this and tried to do something, but the left screeched and hollered that the sky would come tumbling down because people would actually have more control over their own retirement and golly gee, we can't have that.

Over the last month, millions of students have been celebrating their college graduation. These students have been saving, studying, and looking forward toward to that moment for years. Now with graduation behind them, their next big investment could be a car, a house, or even open a portfolio for retirement. Unfortunately, a recent Pew poll found that only eight percent of millennials expect to receive full Social Security benefits when they retire. With a bleak postgraduate job climate, the prospects for government-backed retirement insurance may be even worse. The Social Security system in the U.S. is in financial ruin and requires structural changes in the form of private retirement account options to ensure Millennials receive benefits upon retirement.

Read more: Sorry, College Grads, You?ll Probably Never Get Your Social Security Money | The Daily Caller

We fixed SS in 1983 when it was in far worse shape than it is now.

we can do without another "fix" of that sort. Take your tax increases and stick them where the sun don't shine. I've had my fill of pouring good money after bad.

 

[deltex1]

Colleges have been inflating their tuition rates for years and passing it on the students. Why doesnt anyone complain? Why does everyone just accept it?

We don't want to upset the neeeeeeeeeeegro.

 

[bripat9643]

Duh, been saying this for years. Bush recognized this and tried to do something, but the left screeched and hollered that the sky would come tumbling down because people would actually have more control over their own retirement and golly gee, we can't have that.

Over the last month, millions of students have been celebrating their college graduation. These students have been saving, studying, and looking forward toward to that moment for years. Now with graduation behind them, their next big investment could be a car, a house, or even open a portfolio for retirement. Unfortunately, a recent Pew poll found that only eight percent of millennials expect to receive full Social Security benefits when they retire. With a bleak postgraduate job climate, the prospects for government-backed retirement insurance may be even worse. The Social Security system in the U.S. is in financial ruin and requires structural changes in the form of private retirement account options to ensure Millennials receive benefits upon retirement.

Read more: Sorry, College Grads, You?ll Probably Never Get Your Social Security Money | The Daily Caller

Every bit of that insert item is Chicken Little propaganda straight from the playbook of those finance industry entities with determined interest in privatizing Social Security and taking possession of its enormous trust fund.

The truth is Social Security is absolutely stable. It has been fulfilling its obligation flawlessly for the past 78 years and is reliably projected to do so for the next thirty years with no adjustment in eligibility age or a means test -- which, according to the System's trustees, is the worst possible adjustment scenario.

That's just a big fucking lie. Every Ponzi scheme is "stable" until the day it collapses. And S.S. hasn't been "stable," either. It has required numerous tax increases and benefit cuts. That's hardly what any private pension plan would call "stable." In fact, it would be downright illegal.

You're using all the same bogus argument that all the liberal demagogues use. "Spend like there's no tomorrow" is your solution. SS can't even pay its obligations today, let alone 30 years from now when every two millennials will be supporting one S.S. recipient.

 

[bripat9643]

It's nonsensical to OP that Sorry, College Grads, You’ll Probably Never Get Your Social Security Money

The system will work fine with minor fixes. After the next Great Depression the wave of repulsion for the oligarchs who caused it will result in a massive majority of congressional reps and senators and a president who will fix SS and muzzle business again.

Your brain is "nonsensical," fakey. You're blowing hot gas out your ass. There isn't a smidgeon of evidence to support anything you claimed.

 

[bripat9643]

If SS had been in private hands in 2008 we'd all be in trouble. The Right has forecast doom for SS for as long as I can remember. Their problem is that they hate FDR.

Nope. All anyone had to do is wait 6 more years and their account would be overflowing with cash.

 

[francoHFW]

SS being in trouble is AARP's #1 myth. People believe Pub fear mongering and bs way too much. Pubs are a disgrace, but our people's poor education and ignorance, per Jefferson, are calling our democracy into question. Their silly cynicism is pathetic. Pub dupes!

 

[initforme]

SS is one of the most successful programs ever introduced to America. Wall street investors want their hands on that money so they can make a big profit from it. Somehow I see a lot of people without it now if they left it to those people to handle it.

 

[PoliticalTorch]

Duh, been saying this for years. Bush recognized this and tried to do something, but the left screeched and hollered that the sky would come tumbling down because people would actually have more control over their own retirement and golly gee, we can't have that.

The real problem here are the overpayments made by the SS Administration. Do you realize that over 1 BILLION dollars have been in Soc. Sec. overpayments? So, there's more than enough blame to go around here to be fair about this matter. Then we have Congressional pork barrel projects that have been severely siphoning millions from the Social Security Trust Fund and that's why we find this mess that's now going on. It's easy to point the finger on the political party you oppose as being the culprit but you need to put things in their proper perspective and hold those working directly with Social Security *accountable* for the overpayments that contribute so much to this dilemma.

'Critical failures' lead to Social Security overpayments 'Critical failures' lead to Social Security overpayments - Oct. 29, 2013

 

[NYcarbineer]

Politicians say SS will keep paying out 15, 20, 30 etc. years. But will it?


You know about the Social Security Trust Fund, right? And how it's empty?

They keep telling us it's got oodles of money in it, and that that money will let SS stay solvent for 15 years, 20 years, 22 years, etc., depending on which politician is talking today. But in fact, it's got nothing but government IOUs in it.

All the money was taken out and spent on other non-SS programs years ago. And since SS expenditures exceeded revenues a year or two back, no more money is flowing into the Trust Fund, except that which is immediately taken out and spent the next day. Part of the National Debt is money the govt has "borrowed" from the SS Trust Fund and other such Funds it maintains.

Debt to the Penny (Daily History Search Application)

Today the National Debt is about $17.5 trillion. Of that, $5 trillion is owed to the SS Trust Fund and other such funds. That's nearly 30% of the National Debt, owed to these Trust Funds.

That means that, in order for the SS Trust Fund and similar funds to actually keep paying what is owed to SS recipients, the money first has to be paid back into the Trust Funds by the government, and then paid out to SS recipients etc.

And if Social Security and the other programs are actually solvent and able to keep paying for the 20 years or whatever the current politicians are promising before it's emptied, that means that ALL the money owed to the trust funds, must be paid off within those 20 years, so it can be paid out to the recipients.

Have you heard of any plans by any of these politicians, to pay off nearly 30% of the National Debt within the next 20 years?

Neither have I.

They'll have to either balance the budget and start running a surplus, to pay off that 30% of the Debt, or they'll have to start borrowing a LOT more money from China or whomever is foolish enough to keep lending to someone who has no intention of ever paying it back. On top of the $trillions they've already borrowed.

Next time you hear some politician talk about how "solvent" Social Security is, ask him where the money is going to come from to pay off the recipients. Retirees who expect to draw out of SS the money they've been forced to pay in most of their lives. Drawing that money out of a Social Security Trust Fund that in fact is empty, except for a lot of government IOUs.

No big deal. Your taxes will be raised to pay back Social Security all the money that was borrowed.

Only a stupid turd like you would think that is no big deal. One thing is certain, it's a raw deal. Why should anyone continue to support this boondoggle?

The government borrowed the money from SS. It has to pay it back if necessary. Trust me, the People will not let SS go under.

 

[NYcarbineer]

The cost of privatizing Social Security would be in the trillions. To phase out the Trust Fund, you have to pay back the money it's owed.

 

[JFK_USA]

Colleges have been inflating their tuition rates for years and passing it on the students. Why doesnt anyone complain? Why does everyone just accept it?

Oh lots of people have, it's just not going anywhere

But back to the point of SS.

SS is a fundamental part of why we are a First world nation IMO. Yes, it doesn't provide much but it's enough for people to get by. You first saw pensions go by the wayside, then 401Ks come in with their high fees and little return, and then you take away SS? People are going to emigrate away from the US in droves. Especially poorer Americans that can't afford to save money for retirement because they need that money for food and shelter.

It's one of the core principles of the American dream. You're born, you go to school and if you graduate, you learn a trade or go to college. Then you go to work and with hard work, you get rewarded and you're social mobility moves up. Then after decades of hard work, you retire and live out the rest of your years in peace and doing things on your bucket list. And then you die. Well right now the only two things America can promise you is that you'll be born and if you are born, you will die. Everything else is up in the air.

Social Security has to be there, it just has to be. Relying on the stock market to provide for everyone's retirement is putting an arsonist in a room with matches and gasoline and telling them "Don't set it on fire." Sooner or later it will crash and everyone (but the rich bankers (aka arsonists) of course) will suffer the consequences. There must be a safety net or their is no American dream. People will risk too much coming here with little chance of reward. The majority of people living here won't believe that they can make it. Hell, 60% of Americans today already believe the American Dream is unattainable, why add more fuel to the fire?

If we want to survive as a first world nation, we must have safety nets for our citizens. If that means raising the retirement age for SS benefits, so be it. We have to find bipartisan solution to this issue because no one wants to imagine a world without SS now.

 

[Toddsterpatriot]

SS is one of the most successful programs ever introduced to America. Wall street investors want their hands on that money so they can make a big profit from it. Somehow I see a lot of people without it now if they left it to those people to handle it.

My 401K, with smaller contributions than Social Security, will provide multiples of the benefits I'll receive from Social Security. It will also provide a huge chunk of money to leave to my heirs.

Darn those Wall Streeters!
Saving me from those low, government returns.

 

[Toddsterpatriot]

The cost of privatizing Social Security would be in the trillions. To phase out the Trust Fund, you have to pay back the money it's owed.

The benefit from privatizing Social Security would save us trillions more.

 

[Toddsterpatriot]

Bush's "solution" was to privatize Social Security. Let the rubes hand their money over to Wall Street so Wall Street can invest it in those wonderful CDOs and CDSs. BWA-HA-HA-HA!

Moving Social Security from defined benefit to defined contribution is a Wall Street predatory wet dream.


The best and simplest solution is to index the eligibility age to 9 percent of the population. Raise the eligibilty age to 70 now, then index to 9 percent of the population going forward.


When Social Security was enacted, only 5.4% of the American population was over 65. When Medicare was added in 1964, 9 percent of the population was over 65. Today, more than 13 percent of Americans are over 65. A larger and larger portion drawing from the fund with less and less contributing is an unsustainable track.

We are living longer than our ancestors. We should be working longer. Common sense.

Let the rubes hand their money over to Wall Street so Wall Street can invest it in those wonderful CDOs and CDSs.

That would be stupid. Sounds like something the Dems would recommend.

I prefer a diversified mix of stocks and bonds.

 

[Toddsterpatriot]

If SS had been in private hands in 2008 we'd all be in trouble. The Right has forecast doom for SS for as long as I can remember. Their problem is that they hate FDR.

If SS had been in private hands in 2008 we'd all be in trouble.

You're right, because buying stocks when they're on sale is bad.

 

[LordBrownTrout]

Colleges have been inflating their tuition rates for years and passing it on the students. Why doesnt anyone complain? Why does everyone just accept it?

Oh lots of people have, it's just not going anywhere

But back to the point of SS.

SS is a fundamental part of why we are a First world nation IMO. Yes, it doesn't provide much but it's enough for people to get by. You first saw pensions go by the wayside, then 401Ks come in with their high fees and little return, and then you take away SS? People are going to emigrate away from the US in droves. Especially poorer Americans that can't afford to save money for retirement because they need that money for food and shelter.

It's one of the core principles of the American dream. You're born, you go to school and if you graduate, you learn a trade or go to college. Then you go to work and with hard work, you get rewarded and you're social mobility moves up. Then after decades of hard work, you retire and live out the rest of your years in peace and doing things on your bucket list. And then you die. Well right now the only two things America can promise you is that you'll be born and if you are born, you will die. Everything else is up in the air.

Social Security has to be there, it just has to be. Relying on the stock market to provide for everyone's retirement is putting an arsonist in a room with matches and gasoline and telling them "Don't set it on fire." Sooner or later it will crash and everyone (but the rich bankers (aka arsonists) of course) will suffer the consequences. There must be a safety net or their is no American dream. People will risk too much coming here with little chance of reward. The majority of people living here won't believe that they can make it. Hell, 60% of Americans today already believe the American Dream is unattainable, why add more fuel to the fire?

If we want to survive as a first world nation, we must have safety nets for our citizens. If that means raising the retirement age for SS benefits, so be it. We have to find bipartisan solution to this issue because no one wants to imagine a world without SS now.

Should be an opt in or out. You can't even pass SS to anyone other than your spouse.....and it's your money.