Nicholas_1982
VIP Member
- Jun 20, 2015
- 365
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- #61
Social Security is a safety net/insurance - a valuable lesson learned from the Great Depression. Wall Street would love to get their greedy little hands on it.
yes but it's not that simple. the problem is that the government mandates that they borrow against the yearly surplus. Which is the complete lie as to how clinton balanced the budget in the late 1990's. His budget was only balanced once we consumed the SS surplus.
The reason its a problem is because the trust fund is only worth something if the government remains solvent. Now i am aware that current figures have the fund solvent for at least another decade, some economists put it closer to 2 decades. So we have at max 20 years to wipe out the national debt? Ok then lets do that, lets start cutting spending with small increases in revenue to pay down the debt. if we can get that deficit knocked out and we can get some of the mandatory spending laws reworked instead of trying to ONLY cut discretionary spending every year.
The republican problem is they want a simple solution to a complex problem. We need to cut spending while looking at our revenue stream and cuts to not only discretionary spending
The Social Security Trust Funds are invested in U.S. government securities that pay interest to the funds - just like with China and Japan who like the investment safety of U.S. government securities. Social Security is by far the largest holder of U.S. debt.
BTW, if the U.S. became "insolvent" - what would be worth anything? Dollars? Gold? Guns? Food? Survival?
right the US government borrowed the surplus in the form of treasuries. but you are 68, you know that when SS began the ratio of people paying in to the program versus people drawing benefits was much much higher than now. Now, betting that the government stays solvent and doesnt default on debt is a safe call. That doesnt mean the system is exempt from reform. ultimately the trust fund will be depleted.
I have heard numerous options so I am not going to propose a new idea because frankly I am not qualified to do that. so lets just talk about current options.
1. raise the cap on income from $117k
2. means test benefits
3. raise retirement age
4. cut benefits
5. changes to COLA
6. legalize all immigrants and tax their income
7. abolish SS and stop paying benefits
8. full or partial privatization with a grandfather period
now, none of these alone will get us where we need to be so we would need a combination and any combination will invariably piss off quite a few people. SS really is the 3rd rail of american politics. the minute you mess with it you can kiss your political career goodbye
Don't fuck with Granny.
I agree, we can't abolish the social safety net but if we are serious about the debt and deficits I am willing to put all options on the table. Cuts and revenue increases.
Would you be on board with that
yes but it's not that simple. the problem is that the government mandates that they borrow against the yearly surplus. Which is the complete lie as to how clinton balanced the budget in the late 1990's. His budget was only balanced once we consumed the SS surplus.
The reason its a problem is because the trust fund is only worth something if the government remains solvent. Now i am aware that current figures have the fund solvent for at least another decade, some economists put it closer to 2 decades. So we have at max 20 years to wipe out the national debt? Ok then lets do that, lets start cutting spending with small increases in revenue to pay down the debt. if we can get that deficit knocked out and we can get some of the mandatory spending laws reworked instead of trying to ONLY cut discretionary spending every year.
The republican problem is they want a simple solution to a complex problem. We need to cut spending while looking at our revenue stream and cuts to not only discretionary spending
The Social Security Trust Funds are invested in U.S. government securities that pay interest to the funds - just like with China and Japan who like the investment safety of U.S. government securities. Social Security is by far the largest holder of U.S. debt.
BTW, if the U.S. became "insolvent" - what would be worth anything? Dollars? Gold? Guns? Food? Survival?
right the US government borrowed the surplus in the form of treasuries. but you are 68, you know that when SS began the ratio of people paying in to the program versus people drawing benefits was much much higher than now. Now, betting that the government stays solvent and doesnt default on debt is a safe call. That doesnt mean the system is exempt from reform. ultimately the trust fund will be depleted.
I have heard numerous options so I am not going to propose a new idea because frankly I am not qualified to do that. so lets just talk about current options.
1. raise the cap on income from $117k
2. means test benefits
3. raise retirement age
4. cut benefits
5. changes to COLA
6. legalize all immigrants and tax their income
7. abolish SS and stop paying benefits
8. full or partial privatization with a grandfather period
now, none of these alone will get us where we need to be so we would need a combination and any combination will invariably piss off quite a few people. SS really is the 3rd rail of american politics. the minute you mess with it you can kiss your political career goodbye
Don't fuck with Granny.
I agree, we can't abolish the social safety net but if we are serious about the debt and deficits I am willing to put all options on the table. Cuts and revenue increases.
Would you be on board with that
What the hell is the big deal? SS simply needs some tuning and tweaking just like it always has. It shouldn't be used as a scare tactic. One thing that would help would be if Republicans stopped lying about it and trying to scare the shit out of everyone - especially old people.
ok so suggestions on tweeking?