‘No one in the US should be retiring at 65’: Ben Shapiro said Social Security was not designed to provide retirement benefits for 20+ years

[Couchpotato]

“old people” paid in a lot. Say $350K over 40 years. The GOVT was supposed to collect, save and invest. The messed up, not people. They stole it. At 7% annual interest compounded its a non issue to get back $360K every ten years. Probably not many live 20 yrs getting paid. It was designed self sufficient based on interest growth in bonds or whatever.

no they weren’t. It is and always has been just a tax. The government started paying out SS right after Congress passed the bill. It’s just old people welfare. When you loo on your W2. Does it say SS tax or SS investment?

 

[Concerned American]

“old people” paid in a lot. Say $350K over 40 years. The GOVT was supposed to collect, save and invest. The messed up, not people. They stole it. At 7% annual interest compounded its a non issue to get back $360K every ten years. Probably not many live 20 yrs getting paid. It was designed self sufficient based on interest growth in bonds or whatever.

The SS fund was not always part of the general fund. That changed during the 1960s when the politicians discovered "all that cash" just lying there waiting to be spent. Then they replaced the fund with the "full faith and credit" of the US government.

 

[leftwinger]

$120K GOVT never ending pensions are 2X worse as Couch funds those. Don't let him find out. They only need 20 yrs service.

john boner gets $86K worked 26 ys.

 

[leftwinger]

no they weren’t. It is and always has been just a tax. The government started paying out SS right after Congress passed the bill. It’s just old people welfare. When you loo on your W2. Does it say SS tax or SS investment?

Not until they raided it. It was 7:1 pay in to pay out in the start. Easily self sustainable. And it is our savings. Not theirs. Every dime was put in by employee labor. Not Tax dollars.

 

[Lisa558]

$120K GOVT never ending pensions are 2X worse as Couch funds those. Don't let him find out. They only need 20 yrs service.

john boner gets $86K worked 26 ys.

Not only do they get $120k government pensions, but they’re tied to inflation as well. They are protected from the consequences of their vote.

AND they then contract back to do the job they retired from, at $300/hr. I know several former government employees who are getting $500k a year from taxpayers, doing just this. They also take their laptops with them on their 45-day cruises or ski vacations to Aspen and continue to bill.

Highway robbery.

 

[Dante]

Rodd Perot was not against Social Security.
He was the only one who told the truth back in 1992.
Bush Sr. said there was a surplus (there was) that would carry SS well into the future.
Perot said that is true, but the government is not keeping the surplus, or investing it. They are spending it like it is candy. And that is exactly what happened. And, almost exactly like he stated in 1992 - SS will be insolvent by 2036. That is what he projected 32 years ago, and he was precisely right.

Your reply is to a post stating "conspiracy theory alert!' and you respond to an imaginary argument?

Not sure who Rodd Perot is, but let's assume you mean Ross Perot. He was seriously invested in conspiracy theories.
Like Trump claims to be the only one speaking truth.

SS is still here.

Try delving into a few facts before your next post.

Social Security History

www.ssa.gov

 

[WorldWatcher]

Many state and municipal employees are exempted from paying into social security.

State and Local Government Workers Without Social Security Coverage

Review our coverage and resources on the largest increase to Social Security benefits in four decades that could be arriving in 2023.

www.ncsl.org

While technically true, those state an municipal employees to be exempt from SS have to be part of a plan the provides essentially the same minimum benefits.

WW

 

[Couchpotato]

The SS fund was not always part of the general fund. That changed during the 1960s when the politicians discovered "all that cash" just lying there waiting to be spent. Then they replaced the fund with the "full faith and credit" of the US government.

The original SS bill required all excess funds to be placed in treasury bonds. In other words given to the Government which spent that money. SS is a tax. Always has been always will be.

Did Congress Steal Trillions From Social Security? The Answer Might Surprise You | The Motley Fool

Did lawmakers really steal your hard-earned income?

www.fool.com

"When Social Security was signed into law in the mid-1930s, it required that the program's asset reserves be invested in special-issue bonds and certificates of indebtedness. In other words, all excess revenue that isn't being disbursed to eligible beneficiaries is invested in super safe government bonds that bear an interest rate that generates the program interest income.


Does the government use the money it receives from these bonds for various line items, including spending on defense, education, healthcare, and so on? Absolutely."

 

[Godboy]

Ben is not right and he needs to be put in his place -- again.



The disingenuous little prick knew what he was doing, and tried to hide and cry foul.

Youre an idiot if you think the trans guy won that. Trans guy lost the argument and then got physical, as men often do, and instantly lost the debate. Ben crushed it!

 

[Couchpotato]

Not until they raided it. It was 7:1 pay in to pay out in the start. Easily self sustainable. And it is our savings. Not theirs. Every dime was put in by employee labor. Not Tax dollars.

It wasn't "raided" The government got all the excess money paid into SS via treasury bonds in the original bill.

SS is a tax. The benefits are a Ponzi scheme that only survives because it has the power of the Government to keep it afloat.

The reason the ratio was 7:1 when SS started was because the life expectancy in 1935 was 58 for men and 62 for women. Most people died before they collected and even if they did collect it wasn't for long. In other words, the Government always collected far more than it ever had to pay out. The retirement age in the original SS bill was 3 years past when people were expected to live. SS would never have a problem if we tied the retirement age to 3 years older than the life expectancy.

It's amazing to me everyone on here arguing about the subject without doing a simple google search.

 

[Harpy Eagle]

SS would never have a problem if we tied the retirement age to 3 years older than the life expectancy.

try that now and you will have a full fledged revolt on your hands

 

[Lisa558]

Youre an idiot if you think the trans guy won that. Trans guy lost the argument and then got physical, as men often do, and instantly lost the debate. Ben crushed it!

What woman would ever threaten a man by saying she would put him in the hospital? That’s a male way of thinking.

 

[Couchpotato]

try that now and you will have a full fledged revolt on your hands

I have no doubt there would be much wailing and gnashing of teeth if you took away everyone's old people welfare. Im not even advocating that we would should but we should at least be honest about what it is and treat it accordingly.

 

[DGS49]

If one wants to complain about excessively long retirements, paid for by YOU, look at the public sector.

Our elected representatives in the States and local governments have sought over the years to purchase the votes of government employees and their families with massive benefits, mainly health insurance and pensions. Compensation not as much because those numbers can get out, but taxpayers don't really look at the cost of pensions, which are incredibly large.

Most government employees can retire after thirty years service, which given average health and life expectancy, means that they will be retired for thirty years or more, the first 12-14 of which also include "Cadillac" health coverage. But that's not all...

Most union contracts calculate pensions based on the average earnings for the top three years, and they typically load up with extraordinary numbers of overtime hours, resulting in lifetime pensions that are 25-50% higher than they would be if based on base compensation.

But you are paying for it, so not to worry.

 

[Lisa558]

I have no doubt there would be much wailing and gnashing of teeth if you took away everyone's old people welfare. Im not even advocating that we would should but we should at least be honest about what it is and treat it accordingly.

Stop trying to equate SS payments that hard-working Americans contributed to their entire lives to TRUE welfare handed out to young people in their 20s and 30s who refuse to get a job. The former group has contributed to society for 40 years, when the latter are takers.

 

[Concerned American]

When you loo on your W2.

Mine always said FICA (Federal Insurance Contribution Act) Are you saying that you shouldn't collect from the insurance company that you've been paying premiums to when you suffer the loss or meet the requirements? I am sure the insurance industry and and annuity companies will be happy to know that.

 

[WinterBorn]

56 for me, but I had employer covered healthcare and a nice 401K. I did half, my employer covered the other half of the two obstacles to early retirement (money and healthcare)

I have the VA to cover me between employer healthcare and Medicare. My 401k was in good shape when I pulled the triger.

 

[KissMy]

Since Trump gave away $14.3 Trillion to Wallstreet in 1 year, I would never accept any fiscal advice from the right.

 

[leftwinger]

It wasn't "raided" The government got all the excess money paid into SS via treasury bonds in the original bill.

SS is a tax. The benefits are a Ponzi scheme that only survives because it has the power of the Government to keep it afloat.

The reason the ratio was 7:1 when SS started was because the life expectancy in 1935 was 58 for men and 62 for women. Most people died before they collected and even if they did collect it wasn't for long. In other words, the Government always collected far more than it ever had to pay out. The retirement age in the original SS bill was 3 years past when people were expected to live. SS would never have a problem if we tied the retirement age to 3 years older than the life expectancy.

It's amazing to me everyone on here arguing about the subject without doing a simple google search.

so you want a truck driver or Plumber working to age 79? Huh? A trucker who cant climb into the cab?

 

[Concerned American]

$120K GOVT never ending pensions are 2X worse as Couch funds those. Don't let him find out. They only need 20 yrs service.

john boner gets $86K worked 26 ys.

Are you sure? I understood that anyone who served even one term in congress could collect a congressional pension on retirement. Maybe I was misinformed.