There Is No Social Security Solvency Crisis. Why Is MSNBC Telling Us Otherwise?

[easyt65]

It’s one thing for Republicans to threaten Social Security. It’s another for our “liberal” media to aid and abet them by pushing the false narrative that Social Security has a “solvency crisis.”

The Myth of Social Security Insolvency

Economist Stephanie Kelton destroys this myth in her book, In The Deficit Myth, recently chosen by BookAuthoirity.org as No. 1 on a list of the Best Economic Theory Books of All Time:


FDR designed Social Security with FICA contributions and trust funds to gain popular support of the programs. People would “see” the funds were there to pay the benefits. But now, people “see” or are being told to “see” the funds are not there.

So what would we do to provide for if and when Social Security benefits exceed the contributions?

What can be done

Congress can pass a law today providing that full Social Security benefits will be paid even if the Trust Fund is exhausted.

Wait! They can do that?

Not only can they, but they already do it for Medicare Parts B and D. Unlike the trust funds for Social Security and Medicare A and C, the Trust Fund for Parts B and D (“SMI”) has the authority to pay full benefits from general federal government funds. So the same Social Security and Medicare Trustees report containing scary predictions for Social Security and Medicare A and C states: “For SMI, the Trustees project that both Part B and Part D will remain adequately financed into the indefinite future because current law provides financing.” As Kelton writes, “That keeps SMI financially secure to infinity and beyond!”

All Congress would have to do is apply the provisions of SMI to the other Social Security and Medicare Trust Funds and every one of MacGuineas statements falls.

• We can afford to pay for all benefits to current and future retirees even if contributions lag benefits.
• There is no reason to cut benefits, now or in the future, or even to raise taxes, now or in the future.
• Not even to raise the cap on contributions (which would violate President Biden’s pledge not to increase taxes on income under $400K).
• There is no reason to pit generations against each other to triage government funds.
• There is no reason to raise the retirement age.

There is no Social Security Solvency Crisis. Why is MSNBC telling us otherwise?

It’s one thing for Republicans to threaten Social Security. It’s another for our “liberal” media to aid and abet them by pushing the false narrative that Social Security has a “solvency crisis.” Last Sunday, Maya MacGuineas of the Committee for a...

www.dailykos.com

Would somebody please think about the bankers.

Crisis?

Just print more money - voila, no crisis.

 

[Dante Reawakened]

It’s one thing for Republicans to threaten Social Security. It’s another for our “liberal” media to aid and abet them by pushing the false narrative that Social Security has a “solvency crisis.”

The Myth of Social Security Insolvency

Economist Stephanie Kelton destroys this myth in her book, In The Deficit Myth, recently chosen by BookAuthoirity.org as No. 1 on a list of the Best Economic Theory Books of All Time:


FDR designed Social Security with FICA contributions and trust funds to gain popular support of the programs. People would “see” the funds were there to pay the benefits. But now, people “see” or are being told to “see” the funds are not there.

So what would we do to provide for if and when Social Security benefits exceed the contributions?

What can be done

Congress can pass a law today providing that full Social Security benefits will be paid even if the Trust Fund is exhausted.

Wait! They can do that?

Not only can they, but they already do it for Medicare Parts B and D. Unlike the trust funds for Social Security and Medicare A and C, the Trust Fund for Parts B and D (“SMI”) has the authority to pay full benefits from general federal government funds. So the same Social Security and Medicare Trustees report containing scary predictions for Social Security and Medicare A and C states: “For SMI, the Trustees project that both Part B and Part D will remain adequately financed into the indefinite future because current law provides financing.” As Kelton writes, “That keeps SMI financially secure to infinity and beyond!”

All Congress would have to do is apply the provisions of SMI to the other Social Security and Medicare Trust Funds and every one of MacGuineas statements falls.

• We can afford to pay for all benefits to current and future retirees even if contributions lag benefits.
• There is no reason to cut benefits, now or in the future, or even to raise taxes, now or in the future.
• Not even to raise the cap on contributions (which would violate President Biden’s pledge not to increase taxes on income under $400K).
• There is no reason to pit generations against each other to triage government funds.
• There is no reason to raise the retirement age.

There is no Social Security Solvency Crisis. Why is MSNBC telling us otherwise?

It’s one thing for Republicans to threaten Social Security. It’s another for our “liberal” media to aid and abet them by pushing the false narrative that Social Security has a “solvency crisis.” Last Sunday, Maya MacGuineas of the Committee for a...

www.dailykos.com

Would somebody please think about the bankers.

Yet another OP misunderstanding the facts. Of course no one is proposing doing nothing. But doing nothing would lead to a solvency crisis. It is the Conservatives in America that fought against having Social Security, and who have continually tried to get the grubby hands of their financiers (donors) on the funds, by privatizing them.

 

[Dante Reawakened]

Daily Kos?

Why not Pravda?

We have PRAVDA in the USA. It's Trump's Truth

 

[Dante Reawakened]

From what I'm hearing the dems want to save Medicaid at the expense of Medicare.....They want retired producers to suffer over the deadbeats.

I say move both Medicaid and SSDI out of SS and it would become solvent overnight.....Put those 87K new IRS agents on SSDI claim investigation. Pay them a bonus for each bogus case they find.

How ignorant. and Medicaid is not in the SS fund. I guess, you must have collected SSI and thought it was part of SS like SSDI is.

SSDI fund seperate than OASI fund

 

[Dante Reawakened]

Moving Medicaid to the states, where each jurisdiction can determine the level of medical care they can afford for the indigent could easily resolve this.

You may want to research what you're opining about

How Medicaid is funded and how it works

 

[Fort Fun Indiana]

It's private healthcare now.

100% correct

 

[Dante Reawakened]

Look up unfunded liabilities for SS and medicare and you will understand the coming disaster. Both programs are the biggest ponzi schemes in history.

Interesting, yet is anybody proposing we do nothing with the liabilities? The 'coming disaster' is not a given.

 

[Dante Reawakened]

It's private healthcare now.

That's a pretty ignorant statement.

 

[Dante Reawakened]

100% correct

Ignorance is contagious.

 

[Grumblenuts]

NOBODY will vote to cut SS in any way, ever. Period. Full stop. Anyone who says or writes otherwise is a liar.

From liberal bastion, Forbes:

Republicans have done this before. In 1982, President Ronald Reagan and Republicans cut Social Security benefits by raising the full retirement age to age 67, which is just a way to say Congress changed the formula so benefits would be 10% to 15% smaller at every claim age. Now, Republicans want to change the formula to make 70 the so-called full retirement age, which will further cut monthly benefits.

How low is still too high for the Republicans? Social Security has been slashed before our eyes for decades and voters have not noticed. They should.

The Social Security system was implemented nearly 87 years ago, in 1936, despite majority Republican opposition to the plan. Social Security was never designed to replace 100 percent of preretirement income, but it replaced a lot. But since Republicans began slicing it in 1982, Social Security replacement rates have fallen dramatically. Mark Miller, in his Retirement Revised blog, describes the Center for Retirement Research’s findings that average earners retiring at age 65 would have received 41 percent of their preretirement earnings from Social Security in 1995, after considering taxes and Medicare Part B premiums, but would replace only 29% of their income in 2035. The Social Security replacement rate will have fallen from 41% to 29% in 30 years. That’s a ton of lost money for seniors in need.

 

[sartre play]

It’s one thing for Republicans to threaten Social Security. It’s another for our “liberal” media to aid and abet them by pushing the false narrative that Social Security has a “solvency crisis.”

The Myth of Social Security Insolvency

Economist Stephanie Kelton destroys this myth in her book, In The Deficit Myth, recently chosen by BookAuthoirity.org as No. 1 on a list of the Best Economic Theory Books of All Time:


FDR designed Social Security with FICA contributions and trust funds to gain popular support of the programs. People would “see” the funds were there to pay the benefits. But now, people “see” or are being told to “see” the funds are not there.

So what would we do to provide for if and when Social Security benefits exceed the contributions?

What can be done

Congress can pass a law today providing that full Social Security benefits will be paid even if the Trust Fund is exhausted.

Wait! They can do that?

Not only can they, but they already do it for Medicare Parts B and D. Unlike the trust funds for Social Security and Medicare A and C, the Trust Fund for Parts B and D (“SMI”) has the authority to pay full benefits from general federal government funds. So the same Social Security and Medicare Trustees report containing scary predictions for Social Security and Medicare A and C states: “For SMI, the Trustees project that both Part B and Part D will remain adequately financed into the indefinite future because current law provides financing.” As Kelton writes, “That keeps SMI financially secure to infinity and beyond!”

All Congress would have to do is apply the provisions of SMI to the other Social Security and Medicare Trust Funds and every one of MacGuineas statements falls.

• We can afford to pay for all benefits to current and future retirees even if contributions lag benefits.
• There is no reason to cut benefits, now or in the future, or even to raise taxes, now or in the future.
• Not even to raise the cap on contributions (which would violate President Biden’s pledge not to increase taxes on income under $400K).
• There is no reason to pit generations against each other to triage government funds.
• There is no reason to raise the retirement age.

There is no Social Security Solvency Crisis. Why is MSNBC telling us otherwise?

It’s one thing for Republicans to threaten Social Security. It’s another for our “liberal” media to aid and abet them by pushing the false narrative that Social Security has a “solvency crisis.” Last Sunday, Maya MacGuineas of the Committee for a...

www.dailykos.com

Would somebody please think about the bankers.

Only because the GOP has said that it had to or wanted too make major changes,
and not many want those changes. And those who do, most will eventually wish they hadn't. Turn off the 24 hr TV news, life is better with out the propaganda.

Unlike many government programs this one has helped millions. PS Turn off the TV, news. life will be more pleasant with out all the 24 hr propaganda.

 

[ThunderKiss1965]

Interesting, yet is anybody proposing we do nothing with the liabilities? The 'coming disaster' is not a given.

Just keep on kicking the can, the US can print money forever.

 

[Fort Fun Indiana]

Ignorance is contagious.

Someone got himself a new bumper sticker at the truck stop. Congrats!

 

[Fort Fun Indiana]

Just keep on kicking the can, the US can print money forever.

There is more than enough wealth in this country to fully fund our budget and these programs.

The only crisis we have is unserious politicians who know fuck all about governing or policy, and a bunch of voters who vote on retarded issues.

 

[kyzr]

Research: The Future Financial Status of the Social Security Program

Social Security Administration Research, Statistics, and Policy Analysis

www.ssa.gov

"The concepts of solvency, sustainability, and budget impact are common in discussions of Social Security, but are not well understood. Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75 percent of scheduled benefits."

After 2035 SS only pays out what it takes in, about 75% of owed benefits. SS needs to be "fixed" ASAP.

 

[Dante Reawakened]

Just keep on kicking the can, the US can print money forever.

I believe we could

 

[ThunderKiss1965]

There is more than enough wealth in this country to fully fund our budget and these programs.

The only crisis we have is unserious politicians who know fuck all about governing or policy, and a bunch of voters who vote on retarded issues.

Wealth confiscation, because the money you earn is not yours.

 

[Fort Fun Indiana]

Wealth confiscation, because the money you earn is not yours.

What a childish outburst. You don't know anything about me. And taxes are not theft. Duh.

Funny how the opposite is true. How are those military bennies I am paying for? You're welcome.

 

[ThunderKiss1965]

I believe we could

Your either a troll or a moron. Eventually you run out of other peoples money or the US will default.

 

[Fort Fun Indiana]

Your either a troll or a moron. Eventually you run out of other peoples money or the US will default.

No you don't. That's the dumbest thing I have ever heard. People won't stop being born and creating wealth.