Recent content by JoeTheEconomist

  1. J

    3 Statistics About Social Security That Are Frightening

    I happen to be writing on this question at the moment, and I suspect that you will be surprised.
  2. J

    3 Statistics About Social Security That Are Frightening

    We have a very similar approach to life, but you still have auto insurance not a personal auto wreck account. Who pays for the medical costs of an accident? This is where the big money is not in comp and collision. You are absorbing the cost of risk yourself. You are not 'saving' money by...
  3. J

    3 Statistics About Social Security That Are Frightening

    Mike this is a myth. We think that the Trust Fund is large. Most of the money in the Trust Fund is interest and interest on interest. $1.9 trillion. That is an expense to the government, not money that it can borrow. The $1.9 trillion is money that SS collected as a credit. We can't borrow...
  4. J

    3 Statistics About Social Security That Are Frightening

    Who is " paying for someone else's benefit"? I am going to pass on this at this point. I don't sense you have a strong background on the mechanics of the system. If wages are flat for three decades, so are contributions. The SSA says that they aren't. Here are average wages : National...
  5. J

    3 Statistics About Social Security That Are Frightening

    We both do that. But you are limiting your fire risk, not your accident risk. I happen to be writing a piece on the returns of someone who started work in 1972. It is surprising to me anyway. The math here is not hard to understand. Every dollar of tax that you divert to a personal...
  6. J

    3 Statistics About Social Security That Are Frightening

    I write on the issue to bring facts to readers in terms that lay people understand. In all honesty your entire post is simply a reflection of ignorance of the system's finances, history, and mechanics. It must be progressive as wages cover a wide range. Benefits are tied to contributions as...
  7. J

    3 Statistics About Social Security That Are Frightening

    Social Security is highly progressive. It has reached a point where a good portion of the public loses money on the trade of payroll taxes for future benefits. This is the exact opposite of what FDR wanted. I do not care whether you want to turn Social Security into a welfare program. A...
  8. J

    3 Statistics About Social Security That Are Frightening

    I know I will regret asking. The Heritage Foundation has fallen in recent times. It now proposes making SS just another welfare program. They want to continue to pay those at the front end of the program, by giving those coming up a crappy deal. If you are going to end it, just end it. If...
  9. J

    3 Statistics About Social Security That Are Frightening

    Not that it will change your mind, but I happened to publish a column this AM on the question of whether Social Security is a Ponzi scheme. If Social Security Is A Ponzi Scheme, Where Is The Money?
  10. J

    3 Statistics About Social Security That Are Frightening

    It starts with you. You have to make it important enough to you that you tell family, friends, neighbors that it is important. As a side note, I have two articles that demonstrate the problem. About 2 weeks ago I published a column in MarketWatch on the impact of tax reform on SS. The...
  11. J

    3 Statistics About Social Security That Are Frightening

    Sounds good. You swim, I'll save Let's see how savings working in a flood.
  12. J

    3 Statistics About Social Security That Are Frightening

    You seem to conflate today and yesterday. The retiree of 1980 made a killing in Galveston and elsewhere on Social Security. Today the program has an absurd unfunded liability that is projected to fall somewhere in the next decade or 2. All told, the workers of the 1950s, ie the retirees of the...
  13. J

    3 Statistics About Social Security That Are Frightening

    Not that you want to invest 10 minutes of time in your opinion. Here is a piece on FDR and Social Security. He specifically opposed the current structure because what we have today is unavoidable. There are a lot of politicians that are responsible for where we are. FDR isn't one of them...
  14. J

    3 Statistics About Social Security That Are Frightening

    I blame the people who complain without doing anything about it. I blame the media which does not follow the issue much less inform the public. I blame the voters who demonstrated a breathe-taking gullibility in believing that you can sell dollars for dimes forever. I blame the politicians who...
  15. J

    3 Statistics About Social Security That Are Frightening

    Risk Adjusted? Hmmmm... Please tell me you are kidding. No. Anyone who worked for 10 years for Galveston County, say someone who was 30 could draw Social Security for the next 25 years. Then assuming that he married a younger wife who could when she turned 60 collect for another 30 years...

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