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

[Rigby5]

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

I do not understand why any income was ever exempt from SS pay-ins.
There never should have been a cap.

 

[WEATHER53]

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.

Population decreases after boomers assures depletion will not occur
Bad mouthers of SS are almost entirely non contributory and hope they can frighten others
Fear is a Huge part of failed liberal policy

 

[Rigby5]

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

That is not how you calculate it.
Interest compounds over time, and some of the funds are in there over 50 years.
The interest you earned the first year, starts adding its own interest the second year.
Over 50 years, the amount produced by interest is typically many times more than you put in.
Just double is a very modest amount.

 

[jc456]

That is not how you calculate it.
Interest compounds over time, and some of the funds are in there over 50 years.
The interest you earned the first year, starts adding its own interest the second year.
Over 50 years, the amount produced by interest is typically many times more than you put in.
Just double is a very modest amount.

So what you're attempting to misconstrue here is that an investment into SS doubles your money? hahahahahahahahahahahahahahahahahahahah holy fk are you derainged.

 

[Rigby5]

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.

SS is not a ponzi scheme and will never fail.
The short fall is temporary until the boomers die off, and the short fall does not mean SS is not still highly valuable.
If not for SS paying the interest on the National Debt, our taxes would have to double.
While SS may only directly pay out 2%, SS financing the National Debt saves us another 5%.

 

[Rigby5]

So what you're attempting to misconstrue here is that an investment into SS doubles your money? hahahahahahahahahahahahahahahahahahahah holy fk are you derainged.

It absolutely does.
The money you pay into SS is invested in the National Debt through government bonds, which pay 5%.
When people say SS is only paying 2%, that is the interest rate, not the total result.

Check it out yourself.
Compound Interest Calculator

If one time only, you pay in $1000 at 2% interest, after 50 years the result is:

{...
A = $2,716.02

A = P + I where
P (principal) = $1,000.00
I (interest) = $1,716.02
...}

Compounding interest always pays off many times more than you pay in, over time.

 

[Lesh]

The point of the program is to pay out to those who didn't pay in? not how I understand it.

You mean spouses of workers who have died?

 

[White 6]

Is killing Social Security what he will run on, in his 2026 re-election bid?

I am sure it is a safe move for him in 2026 re-election bid.
More than one in seven Utah residents—447,459 people—receives Social Security benefits.

And who knows. Maybe his polling shows none of the vote.

 

[WEATHER53]

It absolutely does.
The money you pay into SS is invested in the National Debt through government bonds, which pay 5%.
When people say SS is only paying 2%, that is the interest rate, not the total result.

Check it out yourself.
Compound Interest Calculator

If one time only, you pay in $1000 at 2% interest, after 50 years the result is:

{...
A = $2,716.02

A = P + I where
P (principal) = $1,000.00
I (interest) = $1,716.02
...}

Compounding interest always pays off many times more than you pay in, over time.

You are correct that those who put in for 40 yesrs would have doubled. Obviously the last 10 do way less than the prior 30 but racist math for the dutiful provides the conclusion

 

[Rigby5]

No one will ever end Social Security.
Anyone who at all understands it, knows that SS is likely the single best and most important thing government ever did. It saves us all that money we would otherwise have to be paying in taxes, to finance the interest on the national debt.

 

[Foolardi]

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.

That's the first I've heard of it.I know of no one,whether
a barber,plumber or short order cook who thinks that's
the case.It'd be like asking Pre-Kamala devotees in august
what kind of problems could she face.
I tend to deal in the Real World.Like MAGA folk.
Democrats are ALL Current day Folklure run amuck.
It's been proven on November 5th.

 

[Orangecat]

The problem is that all the new money coming in SS gets paid out as benefits.

IOW, it’s a Ponzi scheme backed by government mandated participation. Something should be done.

 

[WEATHER53]

IOW, it’s a Ponzi scheme backed by government mandated participation. Something should be done.

So you didn’t pay in
Figures

 

[whitehall]

It's too late lefties. Y'all already lost the election. Blaming republicans for something that hasn't happened yet is a desperate call for professional help.

 

[Mac-7]

Of course not. All praise the Boomers.

Lets flip that. Eliminate retirement after 70. The money saved from defunding Boomer retirement will take care of the situation.
Harsh? Thats exactly what you just argued for the younger generations.

Ok, you have nothing to offer except bs

 

[boedicca]

It does not matter if the "rate of return doesn't keep up with real inflation".
Social Security still saves us all trillions in the interest the national debt would incur for all of us, if not for being able to borrow the temporary SS surplus each year.
The point is that SS is not a ponzi scheme because it does pay out and is so modest in pay out that it is nothing at all like a ponzi scheme.
The plain facts are that people would not otherwise save for retirement, so then SS is an essential public service.
If not for SS, then we would also have to come up with trillions to support those who failed to invest in retirement on their own.

That's like saying that maxing out more credit cards saves you money.

The facts are that SS (and other taxes) has impoverished seniors by taxing them excessively during their productive years.

 

[jwoodie]

“To appreciate what Social Security provides for older Americans, it’s useful to look back at the ways seniors built a nest egg — or, more accurately, how most of them didn’t — before the program was put in place in 1935 to help the country recover from the Great Depression.

So how did older Americans get by? Website Gobankingrates.com compiled a list of 16 things that served as a safety net for seniors before Social Security, though “safety net” doesn’t really apply to many of the options, which include panhandling, moving into almshouses or poorhouses, or simply dying impoverished, which was the fate that befell 1 in every 2 older Americans in the years after the 1929 stock market crash.”

Sounds grim.

They lived with their families.

 

[Zincwarrior]

Ok, you have nothing to offer except bs

Its not BS. You want to cut out all the generations behind you. They should cut you out.

 

[TimFitz]

It the basis of my retirement and that of many others.

Add a pension or a 401 and you do well.

Without SS I’d be fucked and so would a LOT of people

Which is why this is going nowhere.

Republicans have been trying to kill Social Security since 1935.

But the core of Trump nation is 65 and older. This won’t fly.

 

[Rigby5]

IOW, it’s a Ponzi scheme backed by government mandated participation. Something should be done.

Wrong.
A ponzi scheme pays out more than is reasonable or sustainable, and always has to fail.
Social security invests our pay-in surplus into government bonds, to finance the national debt, and saves us huge amounts of taxes.
There will only be a slight SS deficit for a decade or so, and that is covered by all the interest SS earns over the many decades.
SS will never have to fail and can't be allowed to fail since it is what finances the interest on the national debt.