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

[sparky]

So do you folks want to be burdened by us old farts?

~S~

 

[Coyote]

How Older Americans Got By Before Social Security

Pensions, annuities, savings accounts and mattresses were among options of what to do with your money before the existence of social security.

www.aarp.org

“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.

 

[kyzr]

Phase out Mike Lee

Invest the Social Security Trust Fund in to US Equities. That will provide capital to grow the economy and put Social Security on a solid financial footing

The money paid into SS gets paid out as benefits, it can't be invested.
The SS "surplus" was spent by the "unified budget" as revenue, now that IOU is due

 

[Carl in Michigan]

Try living off your savings after you retire. Let me know how long you last.

You're a little short sighted.
Did you ignore the part about investing just $5 a day?

Your government confiscates a large percentage of your income and throws you a few crumbs every month. You've been trained to believe this is a good thing

 

[Coyote]

The masses were dying in the streets -- tens of millions every year

So without this “government scheme” life sucked for many of the elderly and disabled.

 

[kyzr]

You're a little short sighted. Did you ignore the part about investing just $5 a day?
Your government confiscates a large percentage of your income and throws you a few crumbs every month. You've been trained to believe this is a good thing

You missed the point. Social Security is the only option for most Americans.
Currently 70.6 million receive SS benefits.
There is no SS money to invest.
The money paid into SS gets paid out as benefits.
You can invest your own money in a 401k

 

[CrusaderFrank]

The money paid into SS gets paid out as benefits, it can't be invested.
The SS "surplus" was spent by the "unified budget" as revenue, now that IOU is due

Sure it can be invested.

The Trust Fund is as real as any other imaginary instrument issued the the Federal government. All that needs to be done is to liquidate 80% of the Funds and invest the new Trust Fund proceeds 50% in DJ30, 40% in S&P500 and10% in NASDAQ.

The Fund will be solid and growing and compounding forever

 

[boedicca]

You can do that with your 401k account.
The way SS works is that current workers pay for retirees benefits.

Which is why so many people can't afford retirement. They pay for it twice. SS is a Ponzi scheme that is going to implode as the ratio of workers to SS beneficiary continues to drop.

 

[Mac-7]

What are Dems and Republicans going to say when the Trust Fund runs out
and benefits are cut by 30%?

I agree that SS needs to be reformed

I know mike lee is not planning to end government benefits for seniors drawing retirement today

But many old folks will never hear that in the mainstream media

And what they do hear will scare them shitless

Repubs have to be more careful about explaining their position

 

[boedicca]

You missed the point. Social Security is the only option for most Americans.
Currently 70.6 million receive SS benefits.
There is no SS money to invest.
The money paid into SS gets paid out as benefits.
You can invest your own money in a 401k

The reason SS is the only option for many Americans is because their income was taxed away during their working years.

 

[Rambunctious]

View attachment 1049810

Those days are among us today... you just have to take notice... now its time to fix the economy and reduce the national debt so the retirement system can survive... or better yet a better new system can be started for younger tax payers...

 

[Rawley]

"to pull it up by the roots and get rid of it".

Well, that's plain enough for me! What do you think?

What was his proposal for it's replacement?

 

[Dont Taz Me Bro]

The stock market only still exists because of constant bail outs. Bail out that create inflation.

What Bush proposed is roughly the same system Sweden has had since the 90s

 

[Mac-7]

What was his proposal for it's replacement?

Lakhota does not know or care to know

 

[pknopp]

What Bush proposed is roughly the same system Sweden has had since the 90s

Pink marshmallows.

 

[John Edgar Slow Horses]

Why not address what I actually said? (No need to answer as it's a rhetorical question). If confused get someone to explain that to you.

You think the stock market anywhere? You cray cray, bro.

 

[pknopp]

You think the stock market anywhere? You cray cray, bro.

Stock market anywhere?

Do you recall the seniors that had to go back to work after the last crash? People rightly do not trust the markets.

 

[John Edgar Slow Horses]

Link? Quote? What do you think "phase out" means?

Have you talked to him? Phase out means go away.

 

[Toddsterpatriot]

Well no....there is a maximum payout regardless of pay in.

Currently there is a maximum pay in.
If we double the pay in, the payout will remain the same?

 

[SmokeALib]

"to pull it up by the roots and get rid of it".

Well, that's plain enough for me! What do you think?

So one senator says he wants to phase out SS. President Trump says he will save and protect it. I think I'll go with Trump.