Question

Discussion in 'Politics' started by Avatar4321, May 8, 2010.

  1. Avatar4321
    Offline

    Avatar4321 Diamond Member Gold Supporting Member

    Joined:
    Feb 22, 2004
    Messages:
    70,548
    Thanks Received:
    8,163
    Trophy Points:
    2,070
    Location:
    Minnesota
    Ratings:
    +12,165
    Does anyone honestly expect that:

    Social security
    Our 401Ks
    Our Pensions

    Are going to be around when we retire?
     
  2. amrchaos
    Offline

    amrchaos Pentheus torn apart

    Joined:
    Nov 1, 2008
    Messages:
    9,501
    Thanks Received:
    926
    Trophy Points:
    215
    Location:
    Miami
    Ratings:
    +2,573
    If we can minimalize spending and maximize government revenue, I think it is possible. It just will not do all the things it used to.
     
  3. chanel
    Offline

    chanel Silver Member

    Joined:
    Jun 8, 2009
    Messages:
    12,130
    Thanks Received:
    2,746
    Trophy Points:
    98
    Location:
    People's Republic of NJ
    Ratings:
    +2,749
    I'm scared. The NJ pension system is broke. Our 401Ks are in jeopardy And SS may not be available for anyone who has other income.

    I'm more frightened for my children though. I am advising them to seek careers in govt. Federal employees may be the only ones taken care of when the bottom falls out..
     
  4. SuMar
    Offline

    SuMar VIP Member

    Joined:
    Mar 16, 2010
    Messages:
    1,864
    Thanks Received:
    244
    Trophy Points:
    63
    Ratings:
    +244
    No, I don't expect any of those to be around. I have separate Money Market accounts and investments to fall back on.
     
  5. Flopper
    Online

    Flopper Gold Member

    Joined:
    Mar 23, 2010
    Messages:
    15,228
    Thanks Received:
    2,699
    Trophy Points:
    260
    Location:
    Washington
    Ratings:
    +5,304
    I fully expect they will be around for many many years. If history is any gage, retirement plans are far more likely to expand rather than contract. We started with none. Later businesses offered defined benefit pension plans primarily to white collar workers. Later the plans were extended to blue collar workers and Social Security was added as a safety net. Unfortunately it grew into something a lot more. Then we added tax sheltered plans.

    I'm sure many feel that due to increased government spending, one day we will wake up to find the treasury is out of money and government will be forced to end Social Security and other entitlement programs. This is not realistic. The ratio of national debt to GDP has been falling for 20 years. If this trend reverses we could see government austerity measures that could result in some reductions in all entitlement programs and other government expenses. But if the rest of the world follows the US and adds debt at a rate faster than economic growth, then worldwide inflation seems more likely. Either way, the programs would still be there, they just wouldn't be quite as good.
     
  6. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    Don't have the latter two and haven't counted on Socialist Insecurity being there for me since the late '80s.
     
  7. Rozman
    Offline

    Rozman Gold Member Supporting Member

    Joined:
    Sep 18, 2009
    Messages:
    16,575
    Thanks Received:
    3,060
    Trophy Points:
    290
    Location:
    Brooklyn,NY
    Ratings:
    +6,688

    Social Security....No way,No how!
    401k,Ira's....Yes, but thanks to Obama and company they wont be worth squat.
    Pensions will disappear over the years with employers paying the employees a lump sum then they will be on their own....
     
  8. Flopper
    Online

    Flopper Gold Member

    Joined:
    Mar 23, 2010
    Messages:
    15,228
    Thanks Received:
    2,699
    Trophy Points:
    260
    Location:
    Washington
    Ratings:
    +5,304
    As usually, you extremist go off the deep end. Because Social Security has problems certainly does not mean it's going away. In the coming years we will have more and more people retiring and less and less people working to pay social security taxes. It's that simple and has little or nothing to do with other government spending. The solutions being considered are well documented.

    · Increase Social Security tax as much as 81%, which would raise employee contributions from 6.2 to 11.2%, which would solve the problem.
    · Cutting early retirement benefits would partial solve the problem.
    · Do an across the board cut in benefits by 30% by the year 2042 would also solve the problem.

    The most likely course of action would be a combination of the above. I saw one possible solution, which would raise early retirement to 65 with a slight decrease in payments, increase Social Security tax from 6.2% to 8.5%, and an across the board cut of 5%. This would extend the life of Social Security to the end of this century. Anyway, Social Security can and will be saved. It’s just a matter of biting the bullet and doing it.
     

Share This Page