“It will be my objective to phase out Social Security." - Sen. Mike Lee says the quiet part out loud.

[Zincwarrior]

SS was sold as retirement for life back in the early years, and as inflation took over, the % of income from SS dropped as you stated. It's why it's outlasted it's usefulness.

Its usefulness is needed now more than ever.

 

[jc456]

Nominally. But does anyone really believe that it's not just another wealth sharing scheme?

We know the swamp creatures stole money from SS and never repaid it. However, you pay in, you get back, you don't pay in, you get zip. It isn't that difficult. the other issue is the younger idiots don't get jobs that are supplying the stockpile with enough funds. At some point, the system will fall which is the way of every ponzi scheme. Eventually the out money exceeds the in money. Everyone is harmed. If you call people who work wealthy, well, that's incredible.

 

[jc456]

I think what he means is that if there is a temporary reduction in payments into SS, like from a depression, and those who already retired still have to get their pay outs from SS, then that deficit is made up from the general fund of the federal government.
That is because the SS surplus over the years is invested in the national debt, by buying gov bonds.
So it is the government that owes SS back for the surplus they have been borrowing.
There is no more stable investment than US bonds.

no, she was quite clear that people who don't pay in should receive the funds us who did pay in receive. Nope

 

[jc456]

Wrong.
Companies go under all the time, like Texaco and Hertz, and you never get any of that investment back.
The fact other people will sometimes make huge profits, does NOT at all "average" out to any value to those who lost everything.

The stock market is the worst possible investment in the world since it produces absolutely nothing, and any money you make comes from someone else losing money in the stock market.
It is insane and should not even be legal.
It there is anything that is a ponzi scheme, it is the stock market.

In contrast, Social Security saves us all trillions by paying off the interest on the national debt, which otherwise would greatly increase taxes if not for SS surplus investing in the national debt.

401ks drop bad business and move in other company portfolio's. Pay attention to your fking account and make adjustments if you don't use an auto tool to do that for you.

 

[Foolardi]

I doubt Social Security can be revamped without
major reconstruction and clear-headed measure
by an active and well-intentioned Ruling Party.
Like what Trump is only demanding.Trump is a major league
fixer.If any one President can help shore-up within reason
the dilemma of Social Security it's Trump and team.
No mere Beer Talk is gonna help solve anything.
And like snotrag MSNBC busybody out to
destroy Republicans { Lawrence O'Donnell } started his
10 PM show last night conceded.There's only one thing
in life he shares with Trump.That both men never got drunk.
Lawrence O'Donnell Lives to get drunk on Democrat
Talking points.Who the frick does he think he is.
Some new fangled Political Attila the Hun.
Dressed up like a mortuary attendant.Same basic friggin'
outfit each weeknight.Same cocksure snarky grin.

 

[dblack]

We know the swamp creatures stole money from SS and never repaid it. However, you pay in, you get back, you don't pay in, you get zip. It isn't that difficult. the other issue is the younger idiots don't get jobs that are supplying the stockpile with enough funds. At some point, the system will fall which is the way of every ponzi scheme. Eventually the out money exceeds the in money. Everyone is harmed. If you call people who work wealthy, well, that's incredible.

I'm not calling anyone anything. I'm just pointing out that SS isn't a retirement account. It's a state sponsored safety net.

 

[Rigby5]

You are mixing apples and oranges. SS is NOT on funded by the Federal Income Tax, the SS deficit can be, but SS currently is a standalone program. Unless SS is fixed we will only receive 70% of promised benefits after 2033. There are only a few ways to fix SS, one is raising the cap, another is means testing, and a 3rd is having the Federal Budget cover the shortfall.
If as you say above Elon and Vivek can cut a $trillion or $2trillion from the Budget then the SS shortfall can be covered by cutting spending. SS is NOT a Ponzi scheme, it works, there is no other program to give seniors a pension, we paid into SS all our working lives, there is NFW you can stop it, its the "3rd rail" of politics.

You can't do "means testing" for SS since it is your own money paid in that you are getting payed back with.

Besides cutting spending, a better alternative is to allow in more immigrants who will be paying into SS.

 

[Contumacious]

You are mixing apples and oranges. SS is NOT on funded by the Federal Income Tax, the SS deficit can be, but SS currently is a standalone program. Unless SS is fixed we will only receive 70% of promised benefits after 2033. There are only a few ways to fix SS, one is raising the cap, another is means testing, and a 3rd is having the Federal Budget cover the shortfall.
If as you say above Elon and Vivek can cut a $trillion or $2trillion from the Budget then the SS shortfall can be covered by cutting spending. SS is NOT a Ponzi scheme, it works, there is no other program to give seniors a pension, we paid into SS all our working lives, there is NFW you can stop it, its the "3rd rail" of politics.

The Social Security trust fund is often misunderstood. Many believe it to be a genuine financial asset ensuring future benefits. This paper challenges that misconception, showing that the trust fund is more of a political construct than a true repository of savings or investments. The trust fund essentially consists of IOUs or promissory notes that represent claims on future tax revenues

https://www.cato.org/policy-analysis/social-security-trust-fund-myth

 

[jc456]

I'm not calling anyone anything. I'm just pointing out that SS isn't a retirement account. It's a state sponsored safety net.

It was in its original template. Again, inflation killed it.

 

[Foolardi]

Wrong.
The Social Security surplus is invested in the national debt, which IS essentially a "lockbox".
There is no way to not repay the national debt.
It is required by law, and there is no way to lose unless the entire country is destroyed and defaults.

And global warming has been absolutely proven beyond any possible doubt.
For over 50,000 years there was no Northwest Passage, and then suddenly in 1997, the Arctic ice melted and created a Northwest Passage.
All the glaciers we used to see on mountain tops for tens of thousands of years, are almost all gone now.

Tell it To The Judge - { famous - *Laugh-In - } refrain.
Very popular albeit Invasion of Mod dress and lingo
late 1960's TV hit.

 

[Rigby5]

The point is to provide a safety net for those lacking the wherewithal to fund their own retirement.

They fund ADC and disability now with the SS surplus, but it is not really a "safety net" since it is still your own money they pay you back with.
The real point of SS is not the safety net, but a means of forcing everyone to fund the national debt, since SS essentially forces us all to buy US bonds.

 

[jc456]

You can't do "means testing" for SS since it is your own money paid in that you are getting payed back with.

no, one gets much more than what they paid in if they live long enough. One's input doesn't cover forever life, If one put into the fund 10,000 they could receive out 20,000 by the time they die. It no longer is a valid scheme.

Besides cutting spending, a better alternative is to allow in more immigrants who will be paying into SS.

disagree, we need to bring jobs back that offer opportunity to citizens, and Trump with his tariffs will begin that process.

 

[Rigby5]

I doubt Social Security can be revamped without
major reconstruction and clear-headed measure
by an active and well-intentioned Ruling Party.
Like what Trump is only demanding.Trump is a major league
fixer.If any one President can help shore-up within reason
the dilemma of Social Security it's Trump and team.
No mere Beer Talk is gonna help solve anything.
And like snotrag MSNBC busybody out to
destroy Republicans { Lawrence O'Donnell } started his
10 PM show last night conceded.There's only one thing
in life he shares with Trump.That both men never got drunk.
Lawrence O'Donnell Lives to get drunk on Democrat
Talking points.Who the frick does he think he is.
Some new fangled Political Attila the Hun.
Dressed up like a mortuary attendant.Same basic friggin'
outfit each weeknight.Same cocksure snarky grin.

There is nothing wrong with Social Security.
The shortfall will be short and temporary, and is from the big population surge of the boomers.
In 20 years it will be done, as we boomers will have died off.

The best solution would be just more immigration in order to increase pay-ins.

 

[Rigby5]

It was in its original template. Again, inflation killed it.

No, inflation does not hurt SS since our pay-ins inflate along with everything else.
What is harming, (not killing) SS is the temporary boomer population bubble and the low worker number now.
We just need to increase the number of workers paying in.

 

[Rigby5]

Tell it To The Judge - { famous - *Laugh-In - } refrain.
Very popular albeit Invasion of Mod dress and lingo
late 1960's TV hit.

I used to watch Rowan and Martin all the time.

 

[Aldo Raine]

Lee better not touch SS except to "fix" it by raising the cap.

Exactly, the easiest fix is to raise the cap or even eliminate it!
MAGA

 

[Rigby5]

no, one gets much more than what they paid in if they live long enough. One's input doesn't cover forever life, If one put into the fund 10,000 they could receive out 20,000 by the time they die. It no longer is a valid scheme.

disagree, we need to bring jobs back that offer opportunity to citizens, and Trump with his tariffs will begin that process.

Yes it is, since when you pay in, the money is essentially invested in gov bonds, to cover the National Debt interest.
So it is earning 2% interest, so than over a lifetime, can easily pay out $20k even though you only payed in $10k.
That $20k is still really your money and can't be means tested.
It is a valid scheme.
The only problem is a short bubble from the boomers.
When we die off, things will be in the black again.
And it is well worth it, since SS surplus being invested in the National Debt saves us all trillions in taxes.

 

[jc456]

No, inflation does not hurt SS since our pay-ins inflate along with everything else.
What is harming, (not killing) SS is the temporary boomer population bubble and the low worker number now.
We just need to increase the number of workers paying in.

wages have never kept up with inflation. NEVER

 

[Aldo Raine]

I have met Mike and know him slightly. He means get rid of it, period, and nothing to replace it.

Those are the words coming right out of his mouth!
MAGA

 

[jc456]

Yes it is, since when you pay in, the money is essentially invested in gov bonds, to cover the National Debt interest.
So it is earning 2% interest, so than over a lifetime, can easily pay out $20k even though you only payed in $10k.
That $20k is still really your money and can't be means tested.
It is a valid scheme.
The only problem is a short bubble from the boomers.
When we die off, things will be in the black again.
And it is well worth it, since SS surplus being invested in the National Debt saves us all trillions in taxes.

Do you do math? 2% of 10,000 is what?