Disir
Platinum Member
- Sep 30, 2011
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Until the group of concerned people identify themselves on your site, they will be suspect.
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3 Statistics About Social Security That Are Frightening
- Thread starter JoeTheEconomist
- Start date
JoeTheEconomist
VIP Member
- Sep 4, 2015
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- Thread starter
- #342
I'd have triple what Social Security will give me, plus a huge chunk of money to leave to my kids.
You're 100% correct. That has been proven in Galveston Texas and two or three surrounding counties. They opted out of SS decades ago and their benefits are now at least double SS plus there are death benefits.
Again, Galveston Texas works only because they walked away from the obligations that were baked into SS.
All socialist programs end like this. Abused, bankrupt and a bottomless hole demanding ever more money. And in the process they feed a huge parasitical bureaucracy and they create an underclass of dependents who can then be bought by politicians for a mere subsistence living.
Not to mention the expansion of government surveillance and intrusion necessary for such a program and the moral hazard of convincing people to casually live off money stolen from other people.
As Daniel Hastings warned when he opposed the original SS bill in 1935 the effect on Americans will be to "bring its people to the level of the average European". Can anyone argue with this as you watch millennials embrace full socialism now?
And note...all Marxist programs like this are so damn attractive that you have to threaten your citizens with prison for not participating. It is the only way it can work...according to the site linked to by Joe above Social Security costs the average American $600,000 over a lifetime. It has cost me well over a million dollars. Social Security Solutions, Social Security Crisis, Fix Social Security
A hell of a government deal. "We will impoverish you over your entire working life and then point out how much you need government to live when you are old."
I would understand the source of the $600,000. It is a conservative estimate of what my personal savings would be assuming (I think) a 6% real return. That is about the average 45 year return of the stock market. There is another figure $800,000 (I think) which was my contributions put into the S&P. All of these accounts were at the age of 50. I wasn't an average worker though. If you want to know the number, let me know and I will re-run the figures.
they walked away from the obligations that were baked into SS.
Walked away from the benefits that were baked into SS.
I still don't think you understand the mechanics. In 1982 when Galveston left, SS was within months of insolvency. At the time, it carried promises to about 40 years of workers many of which were already retired. Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits. Galveston walked away from the unfunded liabilities, its pensioners kept their benefits.
JoeTheEconomist
VIP Member
- Sep 4, 2015
- 531
- 62
- 80
- Thread starter
- #343
Until the group of concerned people identify themselves on your site, they will be suspect.
This is just my experience with the issue. If you introduce personalities, your opponents will divert the discussion to personality rather than fact. Look at Pete Peterson or the Koch brothers. Personalities do not help.
I will say that you are correct. People want to know where the money is coming from, and that is why we elected to not accept 3rd party funding. Absent the funding, we couldn't get the exposure. As a result, we pursued the path not taken. No matter how much money we raised, we would not be able to compete with billionaires with bad ideas. Instead of giving answers, we tried to get people to ask questions.
That largely failed because even those we don't take money, people still asked about the money. People wanted a reason to distance themselves from facts. We have been called left-wing, and right-wing. People have claimed that we do get money from Pete Peterson - and we don't.
At this point, I need to figure out what damage someone in Kiev can do to people who randomly find their way to the site. Thanks again.
I'd have triple what Social Security will give me, plus a huge chunk of money to leave to my kids.
You're 100% correct. That has been proven in Galveston Texas and two or three surrounding counties. They opted out of SS decades ago and their benefits are now at least double SS plus there are death benefits.
Again, Galveston Texas works only because they walked away from the obligations that were baked into SS.
All socialist programs end like this. Abused, bankrupt and a bottomless hole demanding ever more money. And in the process they feed a huge parasitical bureaucracy and they create an underclass of dependents who can then be bought by politicians for a mere subsistence living.
Not to mention the expansion of government surveillance and intrusion necessary for such a program and the moral hazard of convincing people to casually live off money stolen from other people.
As Daniel Hastings warned when he opposed the original SS bill in 1935 the effect on Americans will be to "bring its people to the level of the average European". Can anyone argue with this as you watch millennials embrace full socialism now?
And note...all Marxist programs like this are so damn attractive that you have to threaten your citizens with prison for not participating. It is the only way it can work...according to the site linked to by Joe above Social Security costs the average American $600,000 over a lifetime. It has cost me well over a million dollars. Social Security Solutions, Social Security Crisis, Fix Social Security
A hell of a government deal. "We will impoverish you over your entire working life and then point out how much you need government to live when you are old."
I would understand the source of the $600,000. It is a conservative estimate of what my personal savings would be assuming (I think) a 6% real return. That is about the average 45 year return of the stock market. There is another figure $800,000 (I think) which was my contributions put into the S&P. All of these accounts were at the age of 50. I wasn't an average worker though. If you want to know the number, let me know and I will re-run the figures.
they walked away from the obligations that were baked into SS.
Walked away from the benefits that were baked into SS.
I still don't think you understand the mechanics. In 1982 when Galveston left, SS was within months of insolvency. At the time, it carried promises to about 40 years of workers many of which were already retired. Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits. Galveston walked away from the unfunded liabilities, its pensioners kept their benefits.
At the time, it carried promises to about 40 years of workers many of which were already retired.
People who were already retired didn't contribute to the new plan. Did they get benefits from the new plan?
Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits.
Based on the 10 years they already contributed.
Galveston walked away from the unfunded liabilities,
I thought it was pay as you go?
JoeTheEconomist
VIP Member
- Sep 4, 2015
- 531
- 62
- 80
- Thread starter
- #345
I'd have triple what Social Security will give me, plus a huge chunk of money to leave to my kids.
You're 100% correct. That has been proven in Galveston Texas and two or three surrounding counties. They opted out of SS decades ago and their benefits are now at least double SS plus there are death benefits.
Again, Galveston Texas works only because they walked away from the obligations that were baked into SS.
All socialist programs end like this. Abused, bankrupt and a bottomless hole demanding ever more money. And in the process they feed a huge parasitical bureaucracy and they create an underclass of dependents who can then be bought by politicians for a mere subsistence living.
Not to mention the expansion of government surveillance and intrusion necessary for such a program and the moral hazard of convincing people to casually live off money stolen from other people.
As Daniel Hastings warned when he opposed the original SS bill in 1935 the effect on Americans will be to "bring its people to the level of the average European". Can anyone argue with this as you watch millennials embrace full socialism now?
And note...all Marxist programs like this are so damn attractive that you have to threaten your citizens with prison for not participating. It is the only way it can work...according to the site linked to by Joe above Social Security costs the average American $600,000 over a lifetime. It has cost me well over a million dollars. Social Security Solutions, Social Security Crisis, Fix Social Security
A hell of a government deal. "We will impoverish you over your entire working life and then point out how much you need government to live when you are old."
I would understand the source of the $600,000. It is a conservative estimate of what my personal savings would be assuming (I think) a 6% real return. That is about the average 45 year return of the stock market. There is another figure $800,000 (I think) which was my contributions put into the S&P. All of these accounts were at the age of 50. I wasn't an average worker though. If you want to know the number, let me know and I will re-run the figures.
they walked away from the obligations that were baked into SS.
Walked away from the benefits that were baked into SS.
I still don't think you understand the mechanics. In 1982 when Galveston left, SS was within months of insolvency. At the time, it carried promises to about 40 years of workers many of which were already retired. Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits. Galveston walked away from the unfunded liabilities, its pensioners kept their benefits.
At the time, it carried promises to about 40 years of workers many of which were already retired.
People who were already retired didn't contribute to the new plan. Did they get benefits from the new plan?
Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits.
Based on the 10 years they already contributed.
Galveston walked away from the unfunded liabilities,
I thought it was pay as you go?
The retiree of Galveston County in 1980 did very well. He basically had bought a dollar benefits for around $0.33 cents. He didn't get benefits from the new plan, but that plan did not begin to provide the benefits that the 1980 retiree had.
The $0.66 cents was shifted to future workers, of which Galveston no longer participated. It absolved itself of any payment related to the $0.66 for every retiree from that year, and any previous. This was basically walking away from trillions of dollars of problems. Instead of paying into a broken plan, these workers were allowed to pay into a separate plan one that had no unfunded liability.
When a worker contributes a dollar, he gets promise of benefits on some date in the future. That worker expects to collect more than a dollar for the dollar contributed. If we used the dollar of the worker to pay for the worker's whole benefit there would be no unfunded liability. The problem is that we use that dollar today. So we have a dollar of unfunded liability + whatever return that is tacked on. When you do that for 80 years, the figures grow rapidly.
You're 100% correct. That has been proven in Galveston Texas and two or three surrounding counties. They opted out of SS decades ago and their benefits are now at least double SS plus there are death benefits.
Again, Galveston Texas works only because they walked away from the obligations that were baked into SS.
All socialist programs end like this. Abused, bankrupt and a bottomless hole demanding ever more money. And in the process they feed a huge parasitical bureaucracy and they create an underclass of dependents who can then be bought by politicians for a mere subsistence living.
Not to mention the expansion of government surveillance and intrusion necessary for such a program and the moral hazard of convincing people to casually live off money stolen from other people.
As Daniel Hastings warned when he opposed the original SS bill in 1935 the effect on Americans will be to "bring its people to the level of the average European". Can anyone argue with this as you watch millennials embrace full socialism now?
And note...all Marxist programs like this are so damn attractive that you have to threaten your citizens with prison for not participating. It is the only way it can work...according to the site linked to by Joe above Social Security costs the average American $600,000 over a lifetime. It has cost me well over a million dollars. Social Security Solutions, Social Security Crisis, Fix Social Security
A hell of a government deal. "We will impoverish you over your entire working life and then point out how much you need government to live when you are old."
I would understand the source of the $600,000. It is a conservative estimate of what my personal savings would be assuming (I think) a 6% real return. That is about the average 45 year return of the stock market. There is another figure $800,000 (I think) which was my contributions put into the S&P. All of these accounts were at the age of 50. I wasn't an average worker though. If you want to know the number, let me know and I will re-run the figures.
they walked away from the obligations that were baked into SS.
Walked away from the benefits that were baked into SS.
I still don't think you understand the mechanics. In 1982 when Galveston left, SS was within months of insolvency. At the time, it carried promises to about 40 years of workers many of which were already retired. Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits. Galveston walked away from the unfunded liabilities, its pensioners kept their benefits.
At the time, it carried promises to about 40 years of workers many of which were already retired.
People who were already retired didn't contribute to the new plan. Did they get benefits from the new plan?
Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits.
Based on the 10 years they already contributed.
Galveston walked away from the unfunded liabilities,
I thought it was pay as you go?
The retiree of Galveston County in 1980 did very well. He basically had bought a dollar benefits for around $0.33 cents. He didn't get benefits from the new plan, but that plan did not begin to provide the benefits that the 1980 retiree had.
The $0.66 cents was shifted to future workers, of which Galveston no longer participated. It absolved itself of any payment related to the $0.66 for every retiree from that year, and any previous. This was basically walking away from trillions of dollars of problems. Instead of paying into a broken plan, these workers were allowed to pay into a separate plan one that had no unfunded liability.
When a worker contributes a dollar, he gets promise of benefits on some date in the future. That worker expects to collect more than a dollar for the dollar contributed. If we used the dollar of the worker to pay for the worker's whole benefit there would be no unfunded liability. The problem is that we use that dollar today. So we have a dollar of unfunded liability + whatever return that is tacked on. When you do that for 80 years, the figures grow rapidly.
The retiree of Galveston County in 1980 did very well. He basically had bought a dollar benefits for around $0.33 cents.
How does that compare to the retiree of anywhere besides Galveston County in 1980?
The $0.66 cents was shifted to future workers, of which Galveston no longer participated. It absolved itself of any payment related to the $0.66 for every retiree from that year, and any previous.
And it removed future Galveston retirees from the responsibility of not-Galveston.
How does the 2015 Galveston retiree expect to do compared to the 2015 non-Galveston retiree?
- Nov 28, 2011
- 42,749
- 15,959
- 2,250
. Who do you blame ?? Sounds like you keep trying to blame the people/workers. The people only have power through the government, and if the government for whom you also blame is a bunch of either idiots or just plain crooked, then how can the people battle against the no transparent BULLCRAP going on within each administration ?. You can put the blame on the voters all you want, but what we have here is a government fraud that has been played out on us because we couldn't freely choose not to pay into the bullcrap that had become the SS scam of the century if not fixed. The government can fix this immediately, but as long as people sit back and take it like you say they did during the housing bubble where they lost their homes etc then nothing changes does it ? Happened again in the case of billions being lost in the failed reactor project down there in South Carolina, and again you had bonuses being paid out to the idiots who were part of that failure according to the news blogs in that state. The poor utility customers who got hit hard in the bullcrap won't see a return of their money for 20 years out.If the government forced me to pay into a program over 40 years now, and I was supposed to be able to supplement my retirement with the program benefits that were promised me as a result of my loyalty to the program or idea, then yes indeed it's robbery if they tell me now that I've been screwed. I don't care what the excuse is they screwed me and many more the same.
This is the tough love answer. It is easier to complain about robberies that haven't taken place than make this issue a priority in our lives. It is easier to believe than the obvious. We made poor voting choices over our lifetime.
This note isn't just about you, but you are slinging a slogan that I hear a lot. "It is robbery" to describe our own poor choices. As it is, we (and I am a boomer) voted for people who agreed that we would pay more in payroll taxes in hopes that a future generation would pay even more than we did. I have described that as making an agreement with ourselves that our kids would pay the taxes that we wouldn't. Now that our kids have the choice, we want to call that choice a robbery rather than poor voting choices when we were younger. Worse, we boomers have either led or significantly participated in the 3rd rail politics that have stalled any form of reform, largely because we thought that we would be dead before the crisis hit. In this thread you are hearing that the crisis is closer and larger than you expected, and yes you will likely be around for the wreck. That isn't robbery. That is a public foolishly betting against the odds of its own longevity.
I will put the question to you differently. What have you done to stop the "robbery?" Did you make Social Security a top issue in your voting? Typically I hear that people have written their Congressman. That letter is read by a teenager who likely has briefly met the Congressman once in their life. So that is writing a stranger who doesn't care about the problem. This situation isn't something that someone did to you.
What have you done today to limit the coming crisis? This issue is out of the public eye. The last trustees report showed liability growth of more than 10%. What little media that covered the issue, said that the numbers showed little change. Did you write the head of CNN or FOXNews and ask them why no one covers this issue? Did you talk to your family and friends with facts not hyperbole about robberies that haven't taken place. Until we as voters take the issue seriously, why do you think that Congress will?
This is why I say it is easier to call it robbery than to try to prevent it. Well at this point, from growing into a crisis.
Now I know good and well that we are a wealthy enough nation to adjust in order to fix the problem, but those who see this as a joke or bump in the road instead of a fraud, undoubtedly don't understand that the people who have been had ain't gonna sit around quite about it. It's time the workers have somebody truly represent their interest in government. It would have been best if private long-standing insurance companies would have been handling this outside of government for the workers of America, and then just like the banks they have the government FDIC garantee on the accounts in case something happened.
People are quiet now, and they quietly absorbed the financial crisis which cost many their homes. The people who drove that crisis either got promotions or kept their jobs.
You can blame the government all you want. We are responsible for who we elect.
I am not sure how you think that the government can fix "this immediately". The only way to fix our poor voting judgement is to take money from younger workers on even less favorable terms. You keep referring to it as fraud. The government told you that you were putting in money and maybe future generations would as well. Now you want to change the terms of the program. There is a difference. What you voted for was foolish promises. What you want is theft from a generation that has no responsibility for the people that were voted into office 3 decades ago. Tell younger workers here is the deal we took, and offer it to them. Maybe they will take it but if they don't it isn't theft.
This nation if can't honor it's promises needs to close up shop, and quit acting like there isn't any problems when going about trying to solve everybody else's problems in the world except for our own.
- Nov 28, 2011
- 42,749
- 15,959
- 2,250
. Why does that dollar not gain in value over time instead of loses value over time ? Is the money leaving so fast that no interest or anything can be applied to it ? Does our dollar in this country ever gain in value anymore or are we gonna be told forever that we're doomed ?You're 100% correct. That has been proven in Galveston Texas and two or three surrounding counties. They opted out of SS decades ago and their benefits are now at least double SS plus there are death benefits.
Again, Galveston Texas works only because they walked away from the obligations that were baked into SS.
All socialist programs end like this. Abused, bankrupt and a bottomless hole demanding ever more money. And in the process they feed a huge parasitical bureaucracy and they create an underclass of dependents who can then be bought by politicians for a mere subsistence living.
Not to mention the expansion of government surveillance and intrusion necessary for such a program and the moral hazard of convincing people to casually live off money stolen from other people.
As Daniel Hastings warned when he opposed the original SS bill in 1935 the effect on Americans will be to "bring its people to the level of the average European". Can anyone argue with this as you watch millennials embrace full socialism now?
And note...all Marxist programs like this are so damn attractive that you have to threaten your citizens with prison for not participating. It is the only way it can work...according to the site linked to by Joe above Social Security costs the average American $600,000 over a lifetime. It has cost me well over a million dollars. Social Security Solutions, Social Security Crisis, Fix Social Security
A hell of a government deal. "We will impoverish you over your entire working life and then point out how much you need government to live when you are old."
I would understand the source of the $600,000. It is a conservative estimate of what my personal savings would be assuming (I think) a 6% real return. That is about the average 45 year return of the stock market. There is another figure $800,000 (I think) which was my contributions put into the S&P. All of these accounts were at the age of 50. I wasn't an average worker though. If you want to know the number, let me know and I will re-run the figures.
they walked away from the obligations that were baked into SS.
Walked away from the benefits that were baked into SS.
I still don't think you understand the mechanics. In 1982 when Galveston left, SS was within months of insolvency. At the time, it carried promises to about 40 years of workers many of which were already retired. Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits. Galveston walked away from the unfunded liabilities, its pensioners kept their benefits.
At the time, it carried promises to about 40 years of workers many of which were already retired.
People who were already retired didn't contribute to the new plan. Did they get benefits from the new plan?
Mind the people who had worked for Galveston for 10 years, were still eligible for SS benefits.
Based on the 10 years they already contributed.
Galveston walked away from the unfunded liabilities,
I thought it was pay as you go?
The retiree of Galveston County in 1980 did very well. He basically had bought a dollar benefits for around $0.33 cents. He didn't get benefits from the new plan, but that plan did not begin to provide the benefits that the 1980 retiree had.
The $0.66 cents was shifted to future workers, of which Galveston no longer participated. It absolved itself of any payment related to the $0.66 for every retiree from that year, and any previous. This was basically walking away from trillions of dollars of problems. Instead of paying into a broken plan, these workers were allowed to pay into a separate plan one that had no unfunded liability.
When a worker contributes a dollar, he gets promise of benefits on some date in the future. That worker expects to collect more than a dollar for the dollar contributed. If we used the dollar of the worker to pay for the worker's whole benefit there would be no unfunded liability. The problem is that we use that dollar today. So we have a dollar of unfunded liability + whatever return that is tacked on. When you do that for 80 years, the figures grow rapidly.
Disir
Platinum Member
- Sep 30, 2011
- 28,003
- 9,607
- 910
Who do you blame ?? Sounds like you keep trying to blame the people/workers.
It's the old we have to go to war in Iraq because you drive a minivan routine.
DOTR
Gold Member
- Oct 24, 2016
- 14,270
- 3,522
- 290
Is the money leaving so fast that no interest or anything can be applied to it ? Does our dollar in this country ever gain in value anymore or are we gonna be told forever that we're doomed ?
The stated goal of the Federal reserve is to ensure that your dollar loses 2% of its value every year.
The Fed - FAQs
Doesn't sound like much but it is insidious and compounded. At 2% inflation a dollar loses 70% of its value over a twenty year period.
Is the money leaving so fast that no interest or anything can be applied to it ? Does our dollar in this country ever gain in value anymore or are we gonna be told forever that we're doomed ?
The stated goal of the Federal reserve is to ensure that your dollar loses 2% of its value every year.
The Fed - FAQs
Doesn't sound like much but it is insidious and compounded. At 2% inflation a dollar loses 70% of its value over a twenty year period.
At 2% inflation a dollar loses 70% of its value over a twenty year period.
Ummm....loses 33%.
/——/ Social Security is a ponzi scheme.Typically, we hear a lot of drama and get a lot of hand-wringing over the possibility of benefit cuts 16 years in the future. Comically enough most of the articles are talking about a fairly benign impact.
Here are three stats to worry about :
The Social Security Shortfall Is Growing Three Times Faster Than the US Economy.
In other words, the hole in the program’s finances is growing at three times the rate of our ability to fill it.
People Turning 70 Today expect to Be Alive When Benefits are Reduced
The problem of Social Security hasn't been about those 40 and younger in decades. Here is the SSA's life expectancy calcuator : Calculators: Life Expectancy
In 2016, The Program Lost More Money Than It Collected
We could have reduced benefits to zero for the entire year of 2016, and the program would have finished the year in worse shape than it started. "Loss" here is looking at the $ value of promises that we believe will go unfulfilled.
If you want the details, here is my article, but the stats are pretty simple.
No Way Around Sorry Shape Social Security Is In
- Nov 28, 2011
- 42,749
- 15,959
- 2,250
. Did'nt alot of people go to jail in the past for running Ponzi schemes ??/——/ Social Security is a ponzi scheme.Typically, we hear a lot of drama and get a lot of hand-wringing over the possibility of benefit cuts 16 years in the future. Comically enough most of the articles are talking about a fairly benign impact.
Here are three stats to worry about :
The Social Security Shortfall Is Growing Three Times Faster Than the US Economy.
In other words, the hole in the program’s finances is growing at three times the rate of our ability to fill it.
People Turning 70 Today expect to Be Alive When Benefits are Reduced
The problem of Social Security hasn't been about those 40 and younger in decades. Here is the SSA's life expectancy calcuator : Calculators: Life Expectancy
In 2016, The Program Lost More Money Than It Collected
We could have reduced benefits to zero for the entire year of 2016, and the program would have finished the year in worse shape than it started. "Loss" here is looking at the $ value of promises that we believe will go unfulfilled.
If you want the details, here is my article, but the stats are pretty simple.
No Way Around Sorry Shape Social Security Is In
Norman
Diamond Member
- Sep 24, 2010
- 31,254
- 15,176
- 1,590
. Did'nt alot of people go to jail in the past for running Ponzi schemes ??/——/ Social Security is a ponzi scheme.Typically, we hear a lot of drama and get a lot of hand-wringing over the possibility of benefit cuts 16 years in the future. Comically enough most of the articles are talking about a fairly benign impact.
Here are three stats to worry about :
The Social Security Shortfall Is Growing Three Times Faster Than the US Economy.
In other words, the hole in the program’s finances is growing at three times the rate of our ability to fill it.
People Turning 70 Today expect to Be Alive When Benefits are Reduced
The problem of Social Security hasn't been about those 40 and younger in decades. Here is the SSA's life expectancy calcuator : Calculators: Life Expectancy
In 2016, The Program Lost More Money Than It Collected
We could have reduced benefits to zero for the entire year of 2016, and the program would have finished the year in worse shape than it started. "Loss" here is looking at the $ value of promises that we believe will go unfulfilled.
If you want the details, here is my article, but the stats are pretty simple.
No Way Around Sorry Shape Social Security Is In
Law is for regular people, only.
JoeTheEconomist
VIP Member
- Sep 4, 2015
- 531
- 62
- 80
- Thread starter
- #356
The retiree of Galveston County in 1980 did very well. He basically had bought a dollar benefits for around $0.33 cents.
How does that compare to the retiree of anywhere besides Galveston County in 1980?
Risk Adjusted? Hmmmm... Please tell me you are kidding.
The $0.66 cents was shifted to future workers, of which Galveston no longer participated. It absolved itself of any payment related to the $0.66 for every retiree from that year, and any previous.
And it removed future Galveston retirees from the responsibility of not-Galveston.
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. The Galveston accruals didn't go away. The workers of Galveston County simply stopped paying toward maintaining them.
How does the 2015 Galveston retiree expect to do compared to the 2015 non-Galveston retiree?
Galveston is a savings plan. Social Security is an insurance product. This is like comparing runners and swimmers. It is like saying that Michael Phelps sucks as a swimmer because he swims slower than Uriah Bolt runs. It is a pointless discussion.
Even if they were similar, the situation for the broader U.S. is not the same as it was for Galveston County. Those people walked away from the unfunded liabilities. The workers in the U.S. can't, unless you are suggesting that we tell existing retirees to pound sand.
- Nov 28, 2011
- 42,749
- 15,959
- 2,250
. Sad but true in this world it seems.. Did'nt alot of people go to jail in the past for running Ponzi schemes ??/——/ Social Security is a ponzi scheme.Typically, we hear a lot of drama and get a lot of hand-wringing over the possibility of benefit cuts 16 years in the future. Comically enough most of the articles are talking about a fairly benign impact.
Here are three stats to worry about :
The Social Security Shortfall Is Growing Three Times Faster Than the US Economy.
In other words, the hole in the program’s finances is growing at three times the rate of our ability to fill it.
People Turning 70 Today expect to Be Alive When Benefits are Reduced
The problem of Social Security hasn't been about those 40 and younger in decades. Here is the SSA's life expectancy calcuator : Calculators: Life Expectancy
In 2016, The Program Lost More Money Than It Collected
We could have reduced benefits to zero for the entire year of 2016, and the program would have finished the year in worse shape than it started. "Loss" here is looking at the $ value of promises that we believe will go unfulfilled.
If you want the details, here is my article, but the stats are pretty simple.
No Way Around Sorry Shape Social Security Is In
Law is for regular people, only.
JoeTheEconomist
VIP Member
- Sep 4, 2015
- 531
- 62
- 80
- Thread starter
- #358
Who do you blame ?? Sounds like you keep trying to blame the people/workers. The people only have power through the government, and if the government for whom you also blame is a bunch of either idiots or just plain crooked, then how can the people battle against the no transparent BULLCRAP going on within each administration ?
This nation if can't honor it's promises needs to close up shop, and quit acting like there isn't any problems when going about trying to solve everybody else's problems in the world except for our own.
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 willfully took advantage of the voter's gullibility. I blame anyone who says that younger workers should back fill my mistakes as a voter. I blame the people who say I am just 1 person, I can't do anything. I blame the people who saw that the program was fouled up and voted for stalemate because they thought that they would be dead before the consequences arrived.
The laws are clear. This isn't the nation's promise. That isn't my opinion. It is the opinion of the Supreme Court since 1960. These promises come from Social Security. If you don't like that, talk to your friends and family, and tell them to make it a priority. A handful of protesters can reduced a billion dollar dam project to rubble. More than 80 percent of the voting public expects to be alive when the crisis hits.
The retiree of Galveston County in 1980 did very well. He basically had bought a dollar benefits for around $0.33 cents.
How does that compare to the retiree of anywhere besides Galveston County in 1980?
Risk Adjusted? Hmmmm... Please tell me you are kidding.
The $0.66 cents was shifted to future workers, of which Galveston no longer participated. It absolved itself of any payment related to the $0.66 for every retiree from that year, and any previous.
And it removed future Galveston retirees from the responsibility of not-Galveston.
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. The Galveston accruals didn't go away. The workers of Galveston County simply stopped paying toward maintaining them.
How does the 2015 Galveston retiree expect to do compared to the 2015 non-Galveston retiree?
Galveston is a savings plan. Social Security is an insurance product. This is like comparing runners and swimmers. It is like saying that Michael Phelps sucks as a swimmer because he swims slower than Uriah Bolt runs. It is a pointless discussion.
Even if they were similar, the situation for the broader U.S. is not the same as it was for Galveston County. Those people walked away from the unfunded liabilities. The workers in the U.S. can't, unless you are suggesting that we tell existing retirees to pound sand.
Risk Adjusted?
Social Security....
Anyone who worked for 10 years for Galveston County, say someone who was 30 could draw Social Security for the next 25 years.
Based on how many years of Social Security contributions?
Galveston is a savings plan. Social Security is an insurance product.
And the savings plan gives a much better payout. Right?
/-----/ Dig up FDR and LOCK HIM UP. Did'nt alot of people go to jail in the past for running Ponzi schemes ??/——/ Social Security is a ponzi scheme.Typically, we hear a lot of drama and get a lot of hand-wringing over the possibility of benefit cuts 16 years in the future. Comically enough most of the articles are talking about a fairly benign impact.
Here are three stats to worry about :
The Social Security Shortfall Is Growing Three Times Faster Than the US Economy.
In other words, the hole in the program’s finances is growing at three times the rate of our ability to fill it.
People Turning 70 Today expect to Be Alive When Benefits are Reduced
The problem of Social Security hasn't been about those 40 and younger in decades. Here is the SSA's life expectancy calcuator : Calculators: Life Expectancy
In 2016, The Program Lost More Money Than It Collected
We could have reduced benefits to zero for the entire year of 2016, and the program would have finished the year in worse shape than it started. "Loss" here is looking at the $ value of promises that we believe will go unfulfilled.
If you want the details, here is my article, but the stats are pretty simple.
No Way Around Sorry Shape Social Security Is In
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