Social Security In 2033

[regent]

Privatization is what America had before SS and the Great Depression.
Privatization is great, but what happens if one invests and the companies don't pay off, go broke or investments tank, would the government make up the losses?
If so I'm all for it. When we had privatization before and people lost their investments, the government didn't make up the losses and we had to have all kinds of emergency government welfare programs, and the end result was Social Security.

 

[Mr.Nick]

I figured there would be at least four or five threads on this already.

Did I miss something ?

http://abcnews.go.com/blogs/politic...-medicare-could-run-out-sooner-than-expected/

Social Security’s retirement and disability programs have enough funds to cover the next 20 years, but that could change come 2033.

Every year the Social Security Board of Trustees releases its report outlining the stability and financial security of the two biggest federal programs in the United States, Social Security and Medicare.

This year’s report says that because of an increase in pressure on these programs — Americans are living longer and the baby boomers are beginning to collect — funds could run out sooner than expected. In addition, the slow-rebound of the economy and high energy prices are leading to a quicker deterioration of the trusts that fund Social Security.

*****************************

So there is always reading between the lines.

I'll wait to hear what was left out of the report before making any further comments.

There won't be SS in 2030.

 

[Mr.Nick]

Presently there is no SS account....

The state and federal governments "borrowed" your money and left you high and dry... Now democrats want to "borrow" more using those entitled as "human shields" after they already bled the program dry..

In short congress stole your money and now want more while using you as goats....

The government is evil...

 

[auditor0007]

Social Security is broke today

It has to borrow to pay current obligations.

There are no real assets in the "Trust Fund", there's only paper that can only be sold to the US Government and the only way it can pay for that paper...is with more borrowing.

At some point, they will be forced to raise taxes. We can blame everyone for allowing them to not put the excess aside and instead spend it on the general fund. The bottom line is that they will never cut benefits by reducing yearly payouts, but they will eventually find it absolutely necessary to raise the retirement age for most people. They will also almost certainly cut benefits for the very wealthy as SS will become more need based. Of course, the sooner we elect representatives who will actually address these issues in a realistic manner without trying to completely dismantle programs like SS and Medicare, the better off we will be.

 

[CrusaderFrank]

What do people mean by privatization ?

Initially, the right of people to direct their funds to investments as they see fit. Eventually, the exit of the government from the process completely.

In other words, "privatization" is a nice euphemism for "end it and replace it with nothing."

Only if you're an idiot

 

[Ed Spacer]

See.my thread on SS entitlement elimination.

 

[Ed Spacer]

There is an answer to this,and its getting rid of the old FDR redistribution system and agency.

 

[francoHFW]

So you tinker with it duh.

 

[ThinkCritically]

I wish it would collapse tomorrow. It looks like i'm going to get to pay my whole life and then get screwed right as its my turn to collect. F the government! They are so fricken incompetent.

 

[CrusaderFrank]

Privatization is what America had before SS and the Great Depression.
Privatization is great, but what happens if one invests and the companies don't pay off, go broke or investments tank, would the government make up the losses?
If so I'm all for it. When we had privatization before and people lost their investments, the government didn't make up the losses and we had to have all kinds of emergency government welfare programs, and the end result was Social Security.

Now we have Fannie and Freddie that eat up hundreds of billion in taxpayer funds.

Thats a good deal

 

[francoHFW]

F+F cost about 1/5 what private lenders cost us, dumbaz, VERY conservatively speaking. Banks suq. F+F are back to doing most mortgage lending, THANK GOD. Feq greedy Pubs and their silly dupes...

 

[NYcarbineer]

I asked the question on another thread.

is retirment a right ?

What do people mean by privatization ?

Initially, the right of people to direct their funds to investments as they see fit. Eventually, the exit of the government from the process completely.

In other words, "privatization" is a nice euphemism for "end it and replace it with nothing."

Right.

An IRA or 401K with the same funds will provide a dozen times better return and serve the worker better.

And yet nothing is stopping anyone from starting an IRA right now, is there?

Hey didn't everyone put their payroll tax cut into an IRA?

 

[francoHFW]

I wish it would collapse tomorrow. It looks like i'm going to get to pay my whole life and then get screwed right as its my turn to collect. F the government! They are so fricken incompetent.

Don't be a silly dupe, schmuck. AARP says that's the #1 myth in America. Feq GD Pubs and their ignorant dupes...

 

[NYcarbineer]

So? Is the US government going to default on its debt obligations any time soon?

Yes.

Don't you pay attention?

Want to bet? Got a thousand dollars you don't have any use for? I'll be glad to take it on a bet.

 

[NYcarbineer]

Republicans are always trying to gin up a phoney crisis for Social Security, mostly because they want to help their benefactors on Wall Street get their hands on your money.

 

[francoHFW]

Fact.

 

[ThinkCritically]

I wish it would collapse tomorrow. It looks like i'm going to get to pay my whole life and then get screwed right as its my turn to collect. F the government! They are so fricken incompetent.

Don't be a silly dupe, schmuck. AARP says that's the #1 myth in America. Feq GD Pubs and their ignorant dupes...

Oh AARP says so....OK....I guess all the other experts Liberal and conservative alike are all full of shit and AARP has seen the light.....OMG....You are dumb...

Oh one more thing....AARP just finally admitted that cuts must be made to SS in the future.....dohhh.....I guess they are eating crow pie.

 

[M14 Shooter]

As for the SS trust fund, that is the federal government's obligation to pay; SS is a creditor, not a debtor.

This is funny.
The Federal government owes -itself- the money it re-allocated from the SSTF.
It has no obligation to pay itself back.

 

[M14 Shooter]

Privatization is what America had before SS and the Great Depression.
Privatization is great, but what happens if one invests and the companies don't pay off, go broke or investments tank...

You are responsible for your own poor decisions. No one else.

 

[M14 Shooter]

Social Security is broke today

It has to borrow to pay current obligations.

There are no real assets in the "Trust Fund", there's only paper that can only be sold to the US Government and the only way it can pay for that paper...is with more borrowing.

At some point, they will be forced to raise taxes.

Untrue. Benefits can be cut.