Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards at 10%

[Admiral Rockwell Tory]

Why do you feel that?

Because it is true, perhaps!

 

[Admiral Rockwell Tory]

There is no SS Trust Fund.

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

I am glad to see you at least realize that much.

 

[Crepitus]

Why are you paying late?

YOu and I both know sometimes shit happens.

What about those folks who just lost their government jobs? They might be running a bit late on their payments soon.

 

[rightwinger]

YOu and I both know sometimes shit happens.

What about those folks who just lost their government jobs? They might be running a bit late on their payments soon.

Sometimes something comes up..
Medical bills, auto repairs, tuition payments

The point is, you are already paying exorbitant interest.
Why pay a late fee on top of that?
Whatever you didn’t pay means more interest for them

 

[Toddsterpatriot]

Because it is true, perhaps!

There is an account with Treasuries in it.
The interest earned goes to pay SS benefits.
Perhaps his claim isn't true?

 

[Polishprince]

YOu and I both know sometimes shit happens.

What about those folks who just lost their government jobs? They might be running a bit late on their payments soon.

They can get jobs that are opening up picking vegetables to replace the illegals being deported.

 

[Mashmont]

Please stop repeating this lie. There is no account somewhere that excess contributions are stored for a future date. This lie has outlived its purpose and only dumbs down people who often repeat it without knowing the truth.

When Social Security collected more money than it needed to provide benefits, as it did before 2010, the surplus wasn’t saved in a vault or invested. Instead, the government spent it on other expenses, and the Department of the Treasury wrote an IOU note to the Social Security Administration.
https://www.cato.org/policy-analysis/social-security-trust-fund-myth

 

[Mashmont]

Why do you feel that?

Because it's been robbed. SS recipients are paid from today's taxpayers. There is no longer a pile of money if there ever was. SS is a Ponzi scheme.

 

[Toddsterpatriot]

When Social Security collected more money than it needed to provide benefits, as it did before 2010, the surplus wasn’t saved in a vault or invested. Instead, the government spent it on other expenses, and the Department of the Treasury wrote an IOU note to the Social Security Administration.
https://www.cato.org/policy-analysis/social-security-trust-fund-myth

When Social Security collected more money than it needed to provide benefits, as it did before 2010, the surplus wasn’t saved in a vault or invested.

The excess bought treasuries.

the Department of the Treasury wrote an IOU note to the Social Security Administration.

Yes, the IOUs are called treasuries.

 

[Mashmont]

Social Security is functioned as designed. I now have an income in my retirement that I paid into from the age of 17. I also had two 403B retirement accounts. I am comfortable.

If other people want to invest in other more lucrative retirement accounts, that is their choice. I did and do not regret it.

Anything else is a modern legend.

It's a Ponzi Scheme. You talk about choice, but people don't have a choice not to participate in this scam that pays them a pittance instead of what they could make. SS is a scam.

 

[Mashmont]

When Social Security collected more money than it needed to provide benefits, as it did before 2010, the surplus wasn’t saved in a vault or invested.

The excess bought treasuries.

the Department of the Treasury wrote an IOU note to the Social Security Administration.

Yes, the IOUs are called treasuries.

It's a Ponzi scheme. There is no pile of money. SS is a low-paying scam.

 

[Toddsterpatriot]

Because it's been robbed. SS recipients are paid from today's taxpayers. There is no longer a pile of money if there ever was. SS is a Ponzi scheme.

SS recipients are paid from today's taxpayers.

Partially.

There is no longer a pile of money if there ever was.

There is.

 

[Toddsterpatriot]

It's a Ponzi scheme. There is no pile of money.

Except for this pile of about $2.7 trillion.

 

[Mashmont]

SS recipients are paid from today's taxpayers.

Partially.

There is no longer a pile of money if there ever was.

There is.

View attachment 1088935

IOUs aren't the same as a pile of money.

 

[Mashmont]

Then we have leftwinger Bernie Sanders. He has no intention of 'fixing' the problem. His idea is to prolong it by bilking the achievers even further. Real reform would be to cut benefits, aligning them with money brought in. But Sanders is a Marxist. He's not going to do that.

 

[Admiral Rockwell Tory]

There is an account with Treasuries in it.
The interest earned goes to pay SS benefits.
Perhaps his claim isn't true?

Exactly. No real money. It's an IOU at best.

 

[Admiral Rockwell Tory]

Except for this pile of about $2.7 trillion.

View attachment 1088936

That's not money.

 

[DGS49]

Here's the real solution that those two nitwits cannot imagine: Credit Card companies, if interest be capped at 10%, would amend their underwriting criteria to give cards only to credit-worthy applicants.

 

[Mashmont]

Social Security needs to be ended. People should be free to invest as they choose. Start with a lower percentage of benefits and wean people off. They've been lied to already about it being solvent. No point in delaying the lie and its consequences. When will people stop believe Marxist promises like "The income tax is only 1% of your income"? Notice that WITHOUT EXCEPTION, the promises are broken, and they always take more and more. Look at what a monstrosity 0bamacare has become. Yet another Ponzi scheme. 0bama should be imprisoned and Marxist policies illegalized. Any party with a leftist agenda should be illegalized.

 

[Admiral Rockwell Tory]

It's a Ponzi Scheme. You talk about choice, but people don't have a choice not to participate in this scam that pays them a pittance instead of what they could make. SS is a scam.

Works as designed. Don't like it? Come up with a better plan. No one has so far because of "maths".