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

[Toddsterpatriot]

SS says there is now, but it runs out in 2033

Trustees Report Summary

A SUMMARY OF THE 2024 ANNUAL REPORTS

www.ssa.gov

• The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, unchanged from last year's report. At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 79 percent of scheduled benefits.

There has not been a surplus, more paid in than paid out, since about 2010.

The Trust Fund is not a surplus.

 

[kyzr]

There has not been a surplus, more paid in than paid out, since about 2010.

The Trust Fund is not a surplus.

They think there is a "reserve"
"At that time, 2033, the fund's reserves will become depleted"

 

[Lakhota]

 

[NetJedi]

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

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

Promises, Promises; there's no political will in Washington to even make the necessary reforms in entitlements to make them financially viable for the long term let alone get rid of them.

Heck they can't even do the easy stuff, like lifting income caps on Social Security, means testing it or incrementally increasing payroll taxes.

 

[AZrailwhale]

Over time people should be weaned off SS. By time I mean multiple decades with a staged reduction in scheduled benefits. People should be moved into safe alternatives as the benefits are reduced. This needs to be a long, slow process so no one is harmed. It could start out as voluntary allowing people who doubt the stability of the system to opt out to protect themselves. In 1973 I saw the instability of SS and would have opted out if I had been allowed to and would have multiple millions in a retirement by the time I retired at 66. It would pay more benefits than I receive now and the principal would be left for my daughter and grandkids to inherit.

 

[Toddsterpatriot]

They think there is a "reserve"
"At that time, 2033, the fund's reserves will become depleted"

Yes, there is a reserve, but no extra money coming in to buy new bonds or
invest in something else.

 

[initforme]

It can't be too hard to fix and strengthened. Just don't let Uber wealthy people do it because they don't have a clue.

 

[Lesh]

I thought SSI aka Social Security Insurance was what workers paid into a program that gave them partial security when retired or disabled.
Not for those who never paid into it or stopped working although not disabled,
much less illegals or those who never worked, unless spouse or independents of one who did pay into SSI.
Now anyone can collect SSI work history or not.

At a very low rate. And NOT illegals

 

[ThisIsMe]

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

Yeah, but that 401K that you all want to tax, won't be as good if you get your way

 

[Contumacious]

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

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

The Socialist Demon Rats specialize in fear mongering


"In 1981, Matagorda, Brazoria, and Galveston Counties all opted out of the Social Security program for their employees. Today, their program is very, very well-funded and there is no question about whether it’s going to be funded in" years to come.

Rick Perry says employees in three counties left Social Security for alternate savings plans and are faring very well

Promoting his book, Texas Gov. Rick Perry bemoaned a failure in Washington to confront Social Security's financial shaki

www.politifact.com

 

[Lesh]

Yeah, but that 401K that you all want to tax, won't be as good if you get your way

How so?

 

[ThisIsMe]

How so?

Seriously? Unrealized capital Gaines? Lefties have been wanting that on the table for a long time

 

[WEATHER53]

People that actually work for 40 years put in tens and hundreds of thousands. It’s not Ponzi . It’s real paid into money earning money for many decades.

 

[Lakhota]

I think Social Security has been abused - by Social Security. I've known some people who have received benefits who have never worked or paid into it - including some children.

 

[Lakhota]

 

[Lakhota]

 

[Contumacious]

View attachment 1049859

The Socialist Demon Rats : Medicare for all because your neighbor has the duty to feed you , quench your thirst and keep you healthy

 

[berg80]

No one who has paid a great deal into it will be phased out... and a new plan with a higher return will keep everyone who is... happy...

If it was that easy the system would be reformed already.

 

[Rambunctious]

If it was that easy the system would be reformed already.

Not when its a winning issue for elections...

 

[Lesh]

Seriously? Unrealized capital Gaines? Lefties have been wanting that on the table for a long time

There are a lot of arguments for and against taxing unrealized capital gains but protecting 401s of the average person isn’t one of them.

That’s a potential tax on very wealthy people