Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic

[kyzr]

Yes, we did pay for it and not enough, that's why it's going broke. Since we use it or are going to use it, the solution is to pay enough so it won't go broke.

Wrong. (You related to dragon-lady?)
We paid more than enough.
But the Federal government "borrowed" from the SS trust fund and now needs to pay the fuck up. If you're happy with them just printing money, fine, just say so. But that will bite everyone in the ass eventually. I prefer to remove the cap, I hope congress agrees too.

Has Any President "Borrowed" Money from the Social Security Trust Fund - The Seniors Center

It’s funny, people blame Presidents Reagan and Obama the most. A lot of people like to blame LBJ, and quite a few blame the second President Bush. The truth is that they’re all to blame. As long as the Social Security Trust Fund has existed, Congress hasn’t been able to keep its hands off of…

theseniors.center

The Surprising Amount of Money Congress Has Stolen From Social Security | The Motley Fool

Where do Social Security's asset reserves really go?

www.fool.com

Pay Back the Money Borrowed From Social Security

A tax on financial transactions and a tax on Wall Street bonuses, with revenues dedicated to Social Security, would pay back to Social Security and its contributors what has been taken from them.

www.huffpost.com

 

[Concerned American]

The government does produce. It builds infrastructure and provides valuable service like security.

See how much the government produces if the populace quits working and paying taxes, moron. The government does nothing.

 

[Concerned American]

life expectancy climbs to 100

Life expectancy has gone down since covid. Democrat globalists accomplished this simply by releasing a bat virus on the most vulnerable populations.

 

[Concerned American]

But feel free to print your own notes...and see how that goes for ya!

Ever hear of bit coin?

 

[Ray From Cleveland]

Wrong. (You related to dragon-lady?)
We paid more than enough.
But the Federal government "borrowed" from the SS trust fund and now needs to pay the fuck up. If you're happy with them just printing money, fine, just say so. But that will bite everyone in the ass eventually. I prefer to remove the cap, I hope congress agrees too.

Money has been borrowed from SS since nearly it's creation and has always been paid back without a problem. It shouldn't be a problem now either since it's a revolving door. How do you figure we paid more than enough when if you live the average lifespan in the US, on average you will get back more SS than you ever paid in? You will also get hundred times more back on what you paid into Medicare. Think you could run a bank the same way?

 

[Ray From Cleveland]

When Social Security was enacted, blue collar workers had a hard time living to 65. Even moreso than now.

The average blue collar worker is in far better health than they were a hundred years ago. And they don't have to dig ditches by hand.

As for truck drivers, there are 80 year olds who are doing that job. My son is a truck driver.

On the flip side, I also believe a 30 hour work week is inevitable.

I never said you couldn't drive a truck at an older age, but there is no way your reflexes are the same as when you were younger. I was finding that out before I retired. You are not nearly as safe on the road as you were 20 or more years earlier, especially in emergency situations. Driving is in the top 10 deadliest jobs in America, even more dangerous than being a police officer or fire fighter.

As a person from a construction family, I can tell you it doesn't matter how good of shape you're in or our advancements in medical care. When your body is shot, your body is shot. It's dangerous to do that work giving half the time it involves height.

My father loved his job. We used to joke that if Dad hit the lottery tonight, he'd be laying brick tomorrow. When he hit 62, he could no longer take it. In spite of his passion for his trade, he also realized that working longer would only damage his body even faster, and of course he wanted to enjoy some of life, not go from working to a wheelchair.

Extending the age to collect SS is no solution for a lot of people. Most would eventually end up on disability anyway and we'd be right back to where we started.

 

[Ray From Cleveland]

What, you think when life expectancy climbs to 100, we should spend a third of our lives on Social Security??!?

And do you think if we lived to 100, the garbage man should still be lifting 70 lbs garbage cans into the hopper at the age of 80?

 

[Lesh]

Raise the cap and the problem is solved

 

[Ray From Cleveland]

Raise the cap and the problem is solved

Yep. When you rob Peter to pay Paul, the Paul's of your society will generally have no objection.

 

[jbander]

You are lazy. We are living longer, we should be working longer.

What, you think when life expectancy climbs to 100, we should spend a third of our lives on Social Security??!?

and you are a q=anon bongo. I'd rather be lazy then that.

 

[g5000]

and you are a q=anon bongo. I'd rather be lazy then that.

I am a "q=anon bongo" (whatever the hell that is) because I say we need to raise the retirement age?

 

[jbander]

Raise the cap and the problem is solved

every dollar made should pay ss tax on it. Why stop at 137,000.00 when people make millions. Every dollar earned should have a tax amount for SS and medicare , That will resolve the problem without anyone getting hurt . and no someone making above 137,000.00 is not being hurt by paying another 6%.

 

[jbander]

I am a "q=anon bongo" (whatever the hell that is) because I say we need to raise the retirement age?

We should be working less not longer, increase income level subject to ss tax. It stops at 137,000.00 now, every dollar earned no matter how much should be taxed for ss. fixed!

 

[Concerned American]

and you are a q=anon bongo. I'd rather be lazy then that.

Stupid too.

 

[kyzr]

Money has been borrowed from SS since nearly it's creation and has always been paid back without a problem. It shouldn't be a problem now either since it's a revolving door. How do you figure we paid more than enough when if you live the average lifespan in the US, on average you will get back more SS than you ever paid in? You will also get hundred times more back on what you paid into Medicare. Think you could run a bank the same way?

Link please showing SS borrowing has been paid back. I call bullshit, to the tune of $2.5T stolen.
Also, not everyone gets what they paid into SS.

Social Security: Many pay more in taxes than they'll get in benefits

Many Americans retiring now will have paid more in Social Security taxes than they'll get in benefits. But that's not true of Medicare.

money.cnn.com

Up until now, Social Security has been a windfall for many retirees: They collected far more in benefits than they shelled out in taxes. That's changing. Many of those retiring will have paid more into the coveted entitlement program than they will get back.​

Medicare is a different program, and it will be bankrupt in 2024.

 

[kyzr]

I am a "q=anon bongo" (whatever the hell that is) because I say we need to raise the retirement age?

Raising the 62 early retirement age to 63 or 64 makes some sense because you need to pay for healthcare from 62/63 until you hit 65 and are covered by Medicare. That insurance is very expensive.

 

[initforme]

It's a shame that our most productive years are wasted toiling away working meaningless jobs so that the nation ensures they use our bodies up. It's the way it has to be I guess, to the unfortunate fact that it is.

 

[Ray From Cleveland]

Link please showing SS borrowing has been paid back. I call bullshit, to the tune of $2.5T stolen.
Also, not everyone gets what they paid into SS.

Did I say everyone? I said IF you live to the age of our average lifespan in the US.

"Next time a Republican tells you that ‘Social Security is broke,’ remind them that Pres. Bush ‘borrowed’ $1.37 trillion of Social Security surplus revenue to pay for his tax cuts for the rich and his war in Iraq and never paid it back," reads one version of the meme, which appeared on the Facebook pages of Occupy Democrats and Americans Against the Republican Party.

A number of readers asked us to check out the claim, so we decided to take a look. The meme seems to extrapolate a point made in a 2009 newsletter post by Allen W. Smith, a professor of economics emeritus from Eastern Illinois University.

Third, if we characterize the entire trust fund system as the government borrowing from Social Security, Bush is by no means the only debtor.

"That’s how the Social Security trust fund has worked ever since the program started, so there’s no point in focusing on Bush," said Andrew Biggs, an economist at the conservative American Enterprise Institute. "You could focus on pretty much any president."

Our ruling

A Facebook posts says, "Bush ‘borrowed’ $1.37 trillion of Social Security surplus revenue to pay for his tax cuts for the rich and his war in Iraq and never paid it back."

By law, the Social Security surplus is converted into bonds, and the cash is used by the Treasury to pay for government expenses. If we agree that this is "borrowing," every president since 1935 has done it, to fund all sorts of things. Even if Bush "borrowed" from the surplus, the amount is more like $708 billion, and the borrowing wasn’t earmarked for a special purposes.

As for not "paying back," the bonds won’t need to be repaid until 2020.

Overall, the claim is misleading and confuses many points. So we rate it Mostly False.

Did George W. Bush 'borrow' from Social Security to fund the war in Iraq and tax cuts?

Evoke George W. Bush, his income tax cuts and the war in Iraq, and you’re sure to arouse some liberal ire. Suggest that

www.politifact.com

 

[Lesh]

The government always “borrows” from the Trust Fund. And then pays It back.

That IS what the Trust Fund IS.

That payback is what runs out in “X” years.

Raise the cap and the problem goes away

 

[jbander]

It's a shame that our most productive years are wasted toiling away working meaningless jobs so that the nation ensures they use our bodies up. It's the way it has to be I guess, to the unfortunate fact that it is.

The only things that counts in this country are the people. You have programs that are a safety net to protect everyone so they aren't destroyed by God given threats. How many of you have watched these haters ,who hate these programs use them to their fullest when they are needed. I'm not suggesting they should not use them , they are for everyone but it shows their ignorance and hate driven thinking.

These people are thinking what they are told to think by the people who's bottom line is tarnished by programs that help people , it's not needed by them because they have the money to take care of it but how small of a mind is needed to decide against their better interest or vote against their better interest.

The government always “borrows” from the Trust Fund. And then pays It back.

That IS what the Trust Fund IS.

That payback is what runs out in “X” years.

Raise the cap and the problem goes away

Yup-Every dollar of income, no matter what, should be paying for SS and Medicare. Problem solved. With that ,ss amounts could probably be raised also.