we need to privatize Social Security, my friends

[boedicca]

we can shore up the program and end the raid on the trust fund. we can create an ownership society and individuals can own a piece of the action!

Or we could pass a law that it can not be raided for other purposes.

Too late. The SS "Trust" Fund has already been raided and stuffed with IOUs to be covered by future taxpayers.

It has always been that way

Only way to start paying in the 1940 s

No, originally, there were nearly 160 taxpayers per beneficiary, resulting in a surplus. Once the ratio fell below 4, the Ponzi Scheme started to unravel - and it was further exacerbated by Congress spending the money on non-SS programs and stuffing the "trust fund" with IOUs.

Social Security History

It is not a Ponzi scheme and it is solvent

Won’t be if current taxpayers stop paying in

So riddle me this: interest payments on the debt are swelling. Do we stop paying for that, cut SS, or raise taxes on young people who can't afford to pay back their student loans?

Or...do we spur hyper inflation to deflate the debt and SS liability?

Or...do we allow unfettered immigration in the futile hope that people being paid under the table will voluntarily report and pay their SS taxes?

Take your pick. These are the only choices.

 

[Lesh]

No, it doesn't work. We already have plenty of evidence that it is cratering.

Your lack of understanding of basic math hampers you, bub.

Dude...you've already shown your ignorance of the subject.

Raise the payroll cap (currently SS payroll taxes are not taken out on any money made above$110K) and it's solvent as far as the eye can see...as long as Republicans keep their grubby hands off it

 

[boedicca]

No, it doesn't work. We already have plenty of evidence that it is cratering.

Your lack of understanding of basic math hampers you, bub.

Dude...you've already shown your ignorance of the subject.

Raise the payroll cap (currently SS payroll taxes are not taken out on any money made above$110K) and it's solvent as far as the eye can see...as long as Republicans keep their grubby hands off it

You're perception is as bad as your math. I'm a gal.

Sure, get rid of the cap...what you'll see is less income.

Hardly a surprise that your solution is to mug some taxpayers for the benefit of those who feed off of others.

Iowahawk nails why your scheme is doomed.

Feed Your Family on $10 Billion a Day

 

[Flash]

We don't need to privatize Social Security, we need to do away with the filthy program.

Who in the hell (except a stupid Moon Bat) would want to participate in a program where the fucking government controls their retirement? My god that is dumb!

That is as idiotic as putting your health care in the control of the government, isn't it?

 

[boedicca]

From the Trustees of SS:

Social Security Combined Trust Fund Reserves Depletion Year Remains 2034 Says Board of Trustees

The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year, with 79 percent of benefits payable at that time.

The OASI Trust Fund is projected to become depleted in late 2034, as compared to last year’s estimate of early 2035, with 77 percent of benefits payable at that time. The DI Trust Fund will become depleted in 2032, extended from last year’s estimate of 2028, with 96 percent of benefits still payable.

In the 2018 Annual Report to Congress, the Trustees announced:

• The asset reserves of the combined OASDI Trust Funds increased by $44 billion in 2017 to a total of $2.89 trillion.
• The total annual cost of the program is projected to exceed total annual income in 2018 for the first time since 1982, and remain higher throughout the 75-year projection period. As a result, asset reserves are expected to decline during 2018. Social Security’s cost has exceeded its non-interest income since 2010.
• The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034 – the same as projected last year. At that time, there will be sufficient income coming in to pay 79 percent of scheduled benefits.

“The Trustees’ projected depletion date of the combined Social Security Trust Funds has not changed, and slightly more than three-fourths of benefits would still be payable after depletion,” said Nancy A. Berryhill, Acting Commissioner of Social Security. “But the fact remains that Congress can keep Social Security strong by taking action to ensure the future of the program.”

Other highlights of the Trustees Report include:

• Total income, including interest, to the combined OASDI Trust Funds amounted to $997 billion in 2017. ($874 billion from net payroll tax contributions, $38 billion from taxation of benefits, and $85 billion in interest)
• Total expenditures from the combined OASDI Trust Funds amounted to more than $952 billion in 2017.
• Social Security paid benefits of more than $941 billion in calendar year 2017. There were about 62 million beneficiaries at the end of the calendar year.
• The projected actuarial deficit over the 75-year long-range period is 2.84 percent of taxable payroll – slightly larger than the 2.83 percent projected in last year’s report.
• During 2017, an estimated 174 million people had earnings covered by Social Security and paid payroll taxes.
• The cost of $6.5 billion to administer the Social Security program in 2017 was a very low 0.7 percent of total expenditures.
• The combined Trust Fund asset reserves earned interest at an effective annual rate of 3.0 percent in 2017.

2018 Press Releases | Press Office | Social Security Administration

 

[Lesh]

Sure, get rid of the cap...what you'll see is less income.

What you'll see is a lot of rich Republicans whining (after getting a massive tax cut)

And I frankly don't care if you have a pickle or a clam hanging between your veiny thighs

 

[Lesh]

Raise the cap as noted above and SS is funded pretty much into infinity

 

[rightwinger]

Or we could pass a law that it can not be raided for other purposes.

Too late. The SS "Trust" Fund has already been raided and stuffed with IOUs to be covered by future taxpayers.

It has always been that way

Only way to start paying in the 1940 s

No, originally, there were nearly 160 taxpayers per beneficiary, resulting in a surplus. Once the ratio fell below 4, the Ponzi Scheme started to unravel - and it was further exacerbated by Congress spending the money on non-SS programs and stuffing the "trust fund" with IOUs.

Social Security History

It is not a Ponzi scheme and it is solvent

Won’t be if current taxpayers stop paying in

So riddle me this: interest payments on the debt are swelling. Do we stop paying for that, cut SS, or raise taxes on young people who can't afford to pay back their student loans?

Or...do we spur hyper inflation to deflate the debt and SS liability?

Or...do we allow unfettered immigration in the futile hope that people being paid under the table will voluntarily report and pay their SS taxes?

Take your pick. These are the only choices.

Neither

Raise retirement age to 70 for those under 30
End the annual SS contribution limit

 

[sartre play]

We pay 6.2 %..on all our income,. explain why we have a 110,100 cap?.... is there a reason those who are richer don't have to pay 6.2% on all there income?

 

[rightwinger]

We don't need to privatize Social Security, we need to do away with the filthy program.

Who in the hell (except a stupid Moon Bat) would want to participate in a program where the fucking government controls their retirement? My god that is dumb!

That is as idiotic as putting your health care in the control of the government, isn't it?

Hundreds of millions of Americans disagree

 

[bendog]

Too late. The SS "Trust" Fund has already been raided and stuffed with IOUs to be covered by future taxpayers.

It has always been that way

Only way to start paying in the 1940 s

No, originally, there were nearly 160 taxpayers per beneficiary, resulting in a surplus. Once the ratio fell below 4, the Ponzi Scheme started to unravel - and it was further exacerbated by Congress spending the money on non-SS programs and stuffing the "trust fund" with IOUs.

Social Security History

It is not a Ponzi scheme and it is solvent

Won’t be if current taxpayers stop paying in

So riddle me this: interest payments on the debt are swelling. Do we stop paying for that, cut SS, or raise taxes on young people who can't afford to pay back their student loans?

Or...do we spur hyper inflation to deflate the debt and SS liability?

Or...do we allow unfettered immigration in the futile hope that people being paid under the table will voluntarily report and pay their SS taxes?

Take your pick. These are the only choices.

Neither

Raise retirement age to 70 for those under 30
End the annual SS contribution limit

I'm not under 30, but wouldn't mind trading youth for benefits, but I'd be good with that ... assuming people could still take reduced benefits at age 62. Some just can't work past that.

A really good Caine/Keitel movie - youth.

 

[Flash]

We don't need to privatize Social Security, we need to do away with the filthy program.

Who in the hell (except a stupid Moon Bat) would want to participate in a program where the fucking government controls their retirement? My god that is dumb!

That is as idiotic as putting your health care in the control of the government, isn't it?

Hundreds of millions of Americans disagree

Only a stupid Moon Bat like you would want a dumbass bureaucrat, that doesn't give a shit about you, whose boss is a corrupt politician, to take care of your retirement and health care. Fucking moron!

 

[Lesh]

Raise retirement age to 70 for those under 30
End the annual SS contribution limit

Let's not screw our kids mmmmmkay??



The latter is all that needs to be done

 

[g5000]

we can shore up the program and end the raid on the trust fund. we can create an ownership society and individuals can own a piece of the action!

Stop investing in the Social Security. It's a total. Disaster. It is! Obama ruined it, didn't he? He did! He ruined it! TOTALLY ruined it, folks.

I have some gold-plated Donald Trump commemorative coins to sell you. They could TRIPLE in value in less than two years bleev me. Bleev me. Bleev me, folks.

This is yuge. These are the best coins, handpicked by me. Only the finest quality. People are saying these might sell for as much as five times the current price six months from now. I don't know. Could be even more! Who's to say?

People say I'm crazy, but I will sell you as many as you want.

Call me by midnight tonight before this terrific offer expires.

 

[basquebromance]

we can shore up the program and end the raid on the trust fund. we can create an ownership society and individuals can own a piece of the action!

I have some gold-plated Donald Trump commemorative coins to sell you. They will TRIPLE in value in less than two years bleev me. Bleev me. Bleev me, folks.

Call me by midnight tonight before this terrific offer expires.

Trump's presidency is golden entertainment!

 

[rightwinger]

We don't need to privatize Social Security, we need to do away with the filthy program.

Who in the hell (except a stupid Moon Bat) would want to participate in a program where the fucking government controls their retirement? My god that is dumb!

That is as idiotic as putting your health care in the control of the government, isn't it?

Hundreds of millions of Americans disagree

Only a stupid Moon Bat like you would want a dumbass bureaucrat, that doesn't give a shit about you, whose boss is a corrupt politician, to take care of your retirement and health care. Fucking moron!

I saw what happened beforeSS

People either worked till they died or lived with one of their children

There was no retirement

Thank god for SS and Medicare

 

[rightwinger]

Raise retirement age to 70 for those under 30
End the annual SS contribution limit

Let's not screw our kids mmmmmkay??



The latter is all that needs to be done

Two years
No big deal 40 years from now

 

[sparky]

How would that work exactly? I'm all for eliminating the massive fraud and abuse of the Social Security System.

How?

well, see....the plan is to take our hard earned SS funds out of the hands of inept crooked governance , and place it in the hands of wall street banksters

i know, it all gives me the warm fuzzies too

~S~

 

[sparky]

we can shore up the program and end the raid on the trust fund. we can create an ownership society and individuals can own a piece of the action!

Stop investing in the Social Security. It's a total. Disaster. It is! Obama ruined it, didn't he? He did! He ruined it! TOTALLY ruined it, folks.

I have some gold-plated Donald Trump commemorative coins to sell you. They could TRIPLE in value in less than two years bleev me. Bleev me. Bleev me, folks.

This is yuge. These are the best coins, handpicked by me. Only the finest quality. People are saying these might sell for as much as five times the current price six months from now. I don't know. Could be even more! Who's to say?

People say I'm crazy, but I will sell you as many as you want.

Call me by midnight tonight before this terrific offer expires.

 

[boedicca]

Sure, get rid of the cap...what you'll see is less income.

What you'll see is a lot of rich Republicans whining (after getting a massive tax cut)

And I frankly don't care if you have a pickle or a clam hanging between your veiny thighs

^^^ Diagnosis: underachieving loser who expects other people to pick up his tab ^^^