Are you a Boomer? Congratulations, You Won the Economy!

[Delldude]

That's our government running up the debt by spending on things not associated with paying out benefits from the fund. That they borrowed from the fund means very little unless we default on our debt someday. Someone would have bought the Treasuries if the SS fund didn't. The reason the SS fund has a surplus is because of the years the boomers paid into the fund.

I didn't ask for a sideshow, is what I pointed out correct?

 

[Delldude]

Current SS expendatures are about $1.48 TRILLION (and that will grow over the next decade as more boomers retire) dollars per year which is funded by FICA and the Trust Fund.

They'll pretty much be gone before that.

 

[IDIOCRACY]

Yep... the Boomers drained all the resources so that... shockingly... they are only funded through their lives. Boomers are leaving a turd on the rest of our doorsteps.

Not really.

We take a GIANT turd onto Liberal Democrats cuz your kind have spines of Eggplants, work ethic of Sloths, brains of Box Jellyfish, and mental issues of Liberal Democrats.

 

[Hafar1014]

Sincerely, thank you very much.

Now let's take a look at the plan.

Current SS expendatures are about $1.48 TRILLION (and that will grow over the next decade as more boomers retire) dollars per year which is funded by FICA and the Trust Fund. You are seriously going to end SS FICA deductions and add $15 TRILLION to the budget over 10 years. I'm at the tail end of the Boomers and have another 20 good years in retirement. We are talking DECADES (4-5) of individuals funding their own account, no revenue for SS and it being funded by taxes via the General Fund.

Not a fiscally or politically viable option. IMHO

There is no band aid, or "bumper sticker" solution to the problem. I support moving to individual accounts, the problem will ALWAYS be the funding of the transition. I'm sorry, but your idea (which again is appreciated) adds 10's of TRILLIONS of dollars for each decade to the General Fund budget.

WW

I just picked age 40 as an example. An actuary can make the correct calculation. SS has to end because we cant keep raising the tax and the benefit is too low. Soon we will pay more taxes then we get back

 

[leftwinger]

Baby Boomer refers to a person born between 1946 and 1964


**age: 62 to 80 today.

 

[leftwinger]

Not really.

We take a GIANT turd onto Liberal Democrats cuz your kind have spines of Eggplants, work ethic of Sloths, brains of Box Jellyfish, and mental issues of Liberal Democrats.

Did they void the agreement by not investing the receipts in Bonds or money market funds? Would it have been self sustaining?

 

[WorldWatcher]

I just picked age 40 as an example. An actuary can make the correct calculation. SS has to end because we cant keep raising the tax and the benefit is too low. Soon we will pay more taxes then we get back

And how do you think the "ripping the band aid" off approach is going to go with voters and the elected officials they put in office?

WW

 

[WorldWatcher]

3. No action means retirees get about 80% of promised benefits.
Money out equals money in, a government "default", not recommended.

My wife and I are some of the lucky ones.

We have multiple revenue streams in retirement. A 25% cut in SS translates into a 7% reduction in income.

Some are not so lucky.

WW

 

[leftwinger]

And how do you think the "ripping the band aid" off approach is going to go with voters and the elected officials they put in office?

WW

Guess they have screwed things up so badly they have to means testing it is where everyone is dancing around it? Back door a Wealth TAX. More than $10million net worth you cannot get paid. If you wealth drops? You can then re-apply. Something like that.

Some smart posters kyzr say to "remove the CAP"? That would help but then it is just another tax hike on high income unless highest payout changes also. Could get too messy or costly to give more payout.



Side note: Maybe you are the WATCHER was surprised to see develop minor to medium level TDS? I go in....read post...I go out.

 

[22lcidw]

Mike, I have 3 degrees from 2 of the finest institutions in the country and am a C-suite exec for a multibillion corp. You dragged your knuckles at a blue collar job your whole life and are now a blood sucking SS drain. I welcome your support of the GOP which screws people like yourself and benefits me. I appreciate your service. The fact that the GOP can scare you into doing this is a total miracle for my wealth build. Thanks again.

If you are all that, why be on these forums? The post WW 2 generation is twice as large as their parents and causing the SS system to struggle along with the false promises of economic growth never achieved since the massive raising of taxes in the 1980's. Generation X is half the size of the boomers and will give the system a relief valve for a decade or so as the boomers dies off. Politicians would have a chance to recharge the system if they are smart then as the Millennials are twice the size as Generation X and are more diverse and nastier. So, most likely, slight increases in one or more ways are needed to keep the system going also. I tis just that will they keep using the surpluses in the general budget.

 

[Nostra]

How much? Give is some numbers:

The top 1% should pay _____% of the total income taxes.

The top 10% should pay _____% of the total income taxes.

The top 50 should pay _____% of the total income taxes.

Still nothing from citygator

I guess we can conclude he really doesn’t have a plan to take care of the debt by taxing the rich.

.

 

[BlindBoo]

SS is a ponzi and will always go broke. We have to make pensions 100% private

No it's not.

Social Security is not a Ponzi scheme because it is a transparent, government-mandated social insurance program designed for public welfare, not fraud. Unlike illegal schemes, it is backed by taxing power, operates with public accountability, and has a trust fund, although it functions as a "pay-as-you-go" system that faces long-term demographic challenges. -AI

Most corporation dropped pension plans because the didn't want the continuing obligations to their former employees. Or as yer buddy AI says:

Most corporations ditched traditional defined-benefit pension plans primarily to eliminate unpredictable, long-term financial liabilities and reduce high administrative costs. Starting in the 1980s, companies shifted toward defined-contribution plans (like 401(k)s) to transfer investment risk to employees

 

[BlindBoo]

I didn't ask for a sideshow, is what I pointed out correct?

No, its' not. The SS fund has bought the Feds debt and still holds 2.4 trillion dollars of it.

 

[Delldude]

No, its' not. The SS fund has bought the Feds debt and still holds 2.4 trillion dollars of it.

Sideshow noted.

They borrow from the SS trust fund.

 

[BlindBoo]

Sideshow noted.

Feel free to explain how the SS fund caused any deficit spending or caused any of our Current debt.

 

[Delldude]

Feel free to explain how the SS fund caused any deficit spending or caused any of our Current debt.

I said previously they take money from the fund to run the government which contributes to the debt.

 

[theHawk]

Congrats Boomers! You win. You have accumulated more stuff than anyone AND you have set up more government perks than anyone according to a new Wall Street Journal article.

Today’s Boomers have tilted the economy towards themselves and saddled younger generations with their debt and payouts and the cost is swallowing the budget.

https://www.wsj.com/economy/over-65-congratulations-you-own-the-economy-5acea4c4?mod=hp_lead_pos8

View attachment 1220613
As of the third quarter of last year, people 70 and over controlled roughly 39% of all equities and mutual funds owned by households, compared with 22% in 2007, according to Federal Reserve data. Their share of net worth—assets minus debts—was 32%, up from 20% two decades earlier.

This is good news: there has never been a better time in America to be old. Yet it also exposes our disjointed national priorities. We keep pouring resources into making the elderly comfortable and happy when the economy’s pressure points lie elsewhere.

The elderly are mostly out of the job market and thus need not worry about being replaced by artificial intelligence. The majority own their homes, often debt-free. Everyone worries about health costs, but the elderly have publicly funded Medicare. None of this is true for the younger generations.

The cost is swallowing the budget. Federal spending on elderly programs has risen from 6.9% of gross domestic product in 2007 to 9.4% last year and will reach 11.3% in a decade, the Congressional Budget Office projects.

That is where the real threat to intergenerational harmony lies. Elderly programs, plus interest, are the primary driver of the gaping budget deficit. By 2032, Social Security will no longer be able to pay full benefits. Fixing the deficit and Social Security requires some combination of higher taxes or lower future benefits, both of which will largely spare today’s elderly. If you think the young are anxious now, just wait.

View attachment 1220612View attachment 1220614

What’s worse is their worship of Israel and Jews.

 

[WorldWatcher]

Feel free to explain how the SS fund caused any deficit spending or caused any of our Current debt.

By law excess SS funds in the trust must be sold to the federal government as Special T-Bills and those T-Bills are held earning interest for later cash out.

The revenue from the T-Bills is available for spending. They exist in the Trust as an IOU accumulating interest.

WW

 

[IDIOCRACY]

Ilmao at Citygator has bunches of degrees from the finest he says.

Nothing quite like that validation liberals have destroyed education...******* gator never says anything beyond he's just another rock dumb lib. Democrat bouncing around an echo chamber

 

[BlindBoo]

I said previously they take money from the fund to run the government which contributes to the debt.

They take money for many investors, including foreign nations. US treasuries are still the best investment they can make.

So if China buy our Treasuries notes, does that mean China is contributing to the US debt. Of course they are selling the notes they have now but that doesn't do add to the debt, except for the interest we have to pay....

As I said SS is pay as you go. Even when the excess funds are completely exhausted, it will not increase the yearly deficit or increase the debt, because by law it is not allowed to dip into the general fund to pay benefits. The benefits will be limited to the amount citizen pay into the fund.