The End of Social Security?

[DEEKAYPEE8569]

http://thesovereigninvestor.com/exc...vidence-stumps-obama-stuns-retirees/?z=503067

“We could see the end of Social Security as soon as 2017, and there is nothing President Obama, Congress or any other government agency can do to stop it.”

Is this just a case of Chicken Little-itis? "THE SKY IS FALLING!" "THE SKY IS FALLING!"

 

[GURPS]

Until the Federal Gov. collapses under the weight of interest on the ever growing national debt they will never technically run out of money ....


they will just print more ..... what will happen in the near term is your $ 1 will buy less and less as inflation increases

 

[MADPEBS1]

$ 75,000,000,000 / month they are putting out to 60,000,000 thats a LOT of money!!! ~ 1200/month entitlement.

 

[GURPS]

 

[tommyjo]

http://thesovereigninvestor.com/exc...vidence-stumps-obama-stuns-retirees/?z=503067

“We could see the end of Social Security as soon as 2017, and there is nothing President Obama, Congress or any other government agency can do to stop it.”

Is this just a case of Chicken Little-itis? "THE SKY IS FALLING!" "THE SKY IS FALLING!"

Articles like this are written for people with very limited intellectual capacity. Only folks like Gurps, Hiinx, Littlelady will believe this crap.

No Social Security won't collapse in 2017. No Social Security is not a Ponzi scheme. No Social Security isn't going to collapse at all.

If you would stop trolling doom and gloom internet sites and read the reports from Social Security itself and any of the multitudes of studies/papers completed by reputable and intelligent organizations you would quickly understand how Social Security works, what the problems are and the possible solutions.

Social Security is a Pay as You Go system. Current taxes support current retirees (just like every other pension system that has ever existed). When we had more workers than retirees, excess money was set aside for future use (the Trust Fund). That excess money was required to be invested in Federal Govt Bonds...which, by the way are considered the safest investment on the planet (no gold is not a safe investment...ask anyone who bought in the last 5 years!)

The Baby Boomers are not retiring. The succeeding generations are smaller. Taxes coming in are not enough to pay full benefits...so the Trust fund is being tapped. This occurred sooner than expected due to the Great Recession. The Trust Fund is expected to be exhausted sometime in the mid 2030s.

No, when the Trust Fund is exhausted Social Security is not bankrupt.

When the Trust Fund is exhausted current Social Security tax revenues will only support about 75% of promised benefits.

To fix this issue there are a number of possible solution...of which some combination likely makes the most sense...every year we sit on our asses doing nothing (or reading sh!t like you posted that get morons like GURPS all jacked up) the solution gets more difficult. Here are the options:

1. Increase the Social Security tax on wages.
2. Increase the amount of earned income that Social Security tax is applied. Currently it is around $130,000(might be off a little there)
3. Stop paying Social Security retirement benefits to individuals who have sufficient retirement income (Understand that Social Security is a government welfare program...it is meant as a safety net...Donald Trump, Bill Gates and those who have been successful do not need Social Security retirement benefits any more than they need Food Stamps)
4. Increase the Social Security claiming ages.

So there ya go...

 

[LC_Sulla]

Articles like this are written for people with very limited intellectual capacity. Only folks like Gurps, Hiinx, Littlelady will believe this crap.

No Social Security won't collapse in 2017. No Social Security is not a Ponzi scheme. No Social Security isn't going to collapse at all.

If you would stop trolling doom and gloom internet sites and read the reports from Social Security itself and any of the multitudes of studies/papers completed by reputable and intelligent organizations you would quickly understand how Social Security works, what the problems are and the possible solutions.

Social Security is a Pay as You Go system. Current taxes support current retirees (just like every other pension system that has ever existed). When we had more workers than retirees, excess money was set aside for future use (the Trust Fund). That excess money was required to be invested in Federal Govt Bonds...which, by the way are considered the safest investment on the planet (no gold is not a safe investment...ask anyone who bought in the last 5 years!)

The Baby Boomers are not retiring. The succeeding generations are smaller. Taxes coming in are not enough to pay full benefits...so the Trust fund is being tapped. This occurred sooner than expected due to the Great Recession. The Trust Fund is expected to be exhausted sometime in the mid 2030s.

No, when the Trust Fund is exhausted Social Security is not bankrupt.

When the Trust Fund is exhausted current Social Security tax revenues will only support about 75% of promised benefits.

To fix this issue there are a number of possible solution...of which some combination likely makes the most sense...every year we sit on our asses doing nothing (or reading sh!t like you posted that get morons like GURPS all jacked up) the solution gets more difficult. Here are the options:

1. Increase the Social Security tax on wages.
2. Increase the amount of earned income that Social Security tax is applied. Currently it is around $130,000(might be off a little there)
3. Stop paying Social Security retirement benefits to individuals who have sufficient retirement income (Understand that Social Security is a government welfare program...it is meant as a safety net...Donald Trump, Bill Gates and those who have been successful do not need Social Security retirement benefits any more than they need Food Stamps)
4. Increase the Social Security claiming ages.

So there ya go...

Nice!

 

[Gilligan]

The Baby Boomers are not retiring..

Why do you think that is?

 

[Clem72]

1. Increase the Social Security tax on wages.
2. Increase the amount of earned income that Social Security tax is applied. Currently it is around $130,000(might be off a little there)
3. Stop paying Social Security retirement benefits to individuals who have sufficient retirement income (Understand that Social Security is a government welfare program...it is meant as a safety net...Donald Trump, Bill Gates and those who have been successful do not need Social Security retirement benefits any more than they need Food Stamps)
4. Increase the Social Security claiming ages.

So there ya go...

You forgot:
5) Don't let people who never paid into the system claim benefits (SSDI)
6) Don't allow children to claim dead parents benefits. If they have no wards, then they should become wards of the state. If they do, then those people can take care of the children.


And of course number three is already applied to government workers. Oh, you retired under CSRS after having worked enough in commercial industry to earn social security benefits. Thank you for your service but #### you.

 

[GURPS]

Articles like this are written for people with very limited intellectual capacity. Only folks like Gurps, Hiinx, Littlelady will believe this crap.

hey dip#### did you see what I posted you useless quim

 

[mAlice]

Why would they get rid of SS when they want to use that for a gun grab? No, I don't think it's going anywhere.
They may reduce the amount of money old folks get back from what they paid in, but they won't get rid of it.

 

[Restitution]

3. Stop paying Social Security retirement benefits to individuals who have sufficient retirement income (Understand that Social Security is a government welfare program...it is meant as a safety net...Donald Trump, Bill Gates and those who have been successful do not need Social Security retirement benefits any more than they need Food Stamps)

I like how you lumped SS in the same boat as Food Stamps.

You are familiar with the fact that people actually PAY INTO the SS system... right?

 

[SamSpade]

To fix this issue there are a number of possible solution...of which some combination likely makes the most sense...

ALL of which past Democratic leaders have absolutely declared they would *never* do (well, except #3 but I'll get to that)

Here are the options:

1. Increase the Social Security tax on wages.

Which the Democrats will NEVER agree to, since it is the only tax most of the poor ever pay.

2. Increase the amount of earned income that Social Security tax is applied. Currently it is around $130,000(might be off a little there)

Which is often proposed - but again, the Democrats have insisted will not be necessary. I think they're lying through their teeth, but there it is..
The current issue is to erase the cap altogether.

3. Stop paying Social Security retirement benefits to individuals who have sufficient retirement income (Understand that Social Security is a government welfare program...it is meant as a safety net...Donald Trump, Bill Gates and those who have been successful do not need Social Security retirement benefits any more than they need Food Stamps)

And here's the problem - how do you govern such a system, and dear God, just how much do you think you can squeeze out of these people?
How many people START out rich? Or end up poor? How do you monitor that? Do benefits adjust each year based on income?
You can't necessarily govern such a system, because you don't know from day to day or year to year just who will or won't be qualified.
Sure, you can determine who is on the far edge of being qualified, but if you're going to decide a cut-off, then you're going to be fighting a battle continuously over who qualifies ONE year, but doesn't qualify the next year, but again qualifies the following year - at least among the very many who WILL BE ALONG your cutoff.

It's EASY to see that Bill Gates doesn't need it, but what about the guy retiring at an income of 200k? 100k? Maybe he PLANNED his retirement for 50 years without sufficient funding because he banked on the government keeping its promise. You can't break your promise - well, unless you do anyway.

4. Increase the Social Security claiming ages.

The easiest change to make - but still controversial and the Democrats have gone on record as not wanting it to change *much*. Because people live longer, but the poor don't live a LOT longer. So you're screwing THEM to keep it up for everyone else.

And it is STILL just a band-aid. Sooner or later, the problem must be dealt with.

Here's another - decrease benefits - something Democratic leadership has absolutely said they won't do - until they're grilled on it later when they suggest they might do it anyway.

 

[PsyOps]

Articles like this are written for people with very limited intellectual capacity.

Your "I'm so much smarter than everyone" schpeel is getting really old.

 

[Larry Gude]

And it is STILL just a band-aid. Sooner or later, the problem must be dealt with.

Based on what??? TARP proved we can just make it up whenever we like. With fiat money, Dodd/Frank, TARP under our belts, QE, what makes you think it will ever need to be 'dealt' with?

 

[Gilligan]

Your "I'm so much smarter than everyone" schpeel is getting really old.

Nah. It's amusing, actually, because she always prefaces her inaccurate and/or stunningly stupid posts with that ironic claim.

 

[DEEKAYPEE8569]

Articles like this are written for people with very limited intellectual capacity. Only folks like Gurps, Hiinx, Littlelady will believe this crap.

No Social Security won't collapse in 2017. No Social Security is not a Ponzi scheme. No Social Security isn't going to collapse at all.

If you would stop trolling doom and gloom internet sites and read the reports from Social Security itself and any of the multitudes of studies/papers completed by reputable and intelligent organizations you would quickly understand how Social Security works, what the problems are and the possible solutions.

Social Security is a Pay as You Go system. Current taxes support current retirees (just like every other pension system that has ever existed). When we had more workers than retirees, excess money was set aside for future use (the Trust Fund). That excess money was required to be invested in Federal Govt Bonds...which, by the way are considered the safest investment on the planet (no gold is not a safe investment...ask anyone who bought in the last 5 years!)

The Baby Boomers are not retiring. The succeeding generations are smaller. Taxes coming in are not enough to pay full benefits...so the Trust fund is being tapped. This occurred sooner than expected due to the Great Recession. The Trust Fund is expected to be exhausted sometime in the mid 2030s.

No, when the Trust Fund is exhausted Social Security is not bankrupt.

When the Trust Fund is exhausted current Social Security tax revenues will only support about 75% of promised benefits.

To fix this issue there are a number of possible solution...of which some combination likely makes the most sense...every year we sit on our asses doing nothing (or reading sh!t like you posted that get morons like GURPS all jacked up) the solution gets more difficult. Here are the options:

1. Increase the Social Security tax on wages.
2. Increase the amount of earned income that Social Security tax is applied. Currently it is around $130,000(might be off a little there)
3. Stop paying Social Security retirement benefits to individuals who have sufficient retirement income (Understand that Social Security is a government welfare program...it is meant as a safety net...Donald Trump, Bill Gates and those who have been successful do not need Social Security retirement benefits any more than they need Food Stamps)
4. Increase the Social Security claiming ages.

So there ya go...

Guess that's the problem.....BUT I never said I actually believed any of 'em either.
I find things like this; I put 'em here; mostly just to see who says what and for how long; and if somebody truthfully calls total , and I can't verify something on snopes.com then, I'm good. I'll accept the Forumite concensus.

 

[GWguy]

Quote Originally Posted by tommyjo:
The Baby Boomers are not retiring..

Wait. So.... I'm not retired? Damn.

 

[Clem72]

Originally Posted by tommyjo:
The Baby Boomers are not retiring..

Wait. So.... I'm not retired? Damn.

Well not at the age that was anticipated. Remember when you used to get that gold watch at 55? Then it was 59. Now we have a large percentage that didn't plan adequately for their own retirement and the earliest age for SS is 62, with most that I know are holding out for full retirement at ~66, because they can't afford to retire now.

 

[GURPS]

Here's another - decrease benefits - something Democratic leadership has absolutely said they won't do - until they're grilled on it later when they suggest they might do it anyway.

base line budgeting ... the payouts go up year after year AUTOMATICALLY - congress no longer has to have a public fight over it

 

[SamSpade]

Based on what??? TARP proved we can just make it up whenever we like. With fiat money, Dodd/Frank, TARP under our belts, QE, what makes you think it will ever need to be 'dealt' with?

Yeah, but for how long? Isn't that just a bigger Band-Aid?
Social Security is intended to last forever - it's been with us 80 years.
You can't print money for eighty MORE years without consequences. And you sure can't bank on doing it forever.