Republicans want Musk to shut up about Social Security

[iamwhatiseem]

It's insurance.

Why bother with healthcare insurance? You might never get out of it what you put in.

Seeing how you have to pay 15% for insurance companies, and another 20% for corruption and whatever, literally less than 50% of what you spend actually goes on health insurance.

So, you're liable to be paying double what you should.

So let's not bother, just die before it becomes and issue...

To a degree it is, but it is an enormously inefficient way of doing it.
If you took all the money you paid in, and just earning 5% - you would have nearly $4 million at age 65.

 

[WorldWatcher]

To a degree it is, but it is an enormously inefficient way of doing it.
If you took all the money you paid in, and just earning 5% - you would have nearly $4 million at age 65.

In 20/20 hindsight? Sure.

Notwhave 183 MILLION people (the number of those paying into FICA in 2024) dumping a mandatory contribution into private accounts and project what that return on investments will be in 50 years.

First of all what will happen to the value of the Stock Market with such a huge infusion of cash? (I doubt it would be good.)

Once, years down the road once the market stabilizes, what what will it look like then?

What will happen to investments currently in the market as it restablizes years down the road?

What will that infusion of cash into the market do to the buying power of the dollar?

WW

 

[frigidweirdo]

To a degree it is, but it is an enormously inefficient way of doing it.
If you took all the money you paid in, and just earning 5% - you would have nearly $4 million at age 65.

Yes, but the average Joe will more than likely lose money on the stock market.

Essentially unless you're well informed, you're just gambling. Back in the day there was a stock market game, and they did have real cash prizes for those who did well. Some people did. I always lost. Literally every time I put my fake game money into a company, it tanked and never went up again. It was almost predictable.

Senators on the other hand, make a killing.

 

[j-mac]

The fact of the matter is that SS is going broke. And these "Senators" that are sounding the 'doom dog whistle' like the fake Republican Murkowski, are probably in on the scam...

I have said for years that the fraud, and waste in the system would come to a head at some point...The time is here, and we may not get another chance to right the ship...

Why would anyone approaching retirement NOT want to root out the corruption, waste and fraud to make sure that their benefits are protected going forward? Those who are in on the graft, that's who...

 

[kyzr]

312-226...looks like a high point for Republicans along with some of your ilk that voted for them.

Republicans have a much higher approval than democrats.
But don't let facts interfere with your talking points.

 

[kyzr]

The fact of the matter is that SS is going broke. And these "Senators" that are sounding the 'doom dog whistle' like the fake Republican Murkowski, are probably in on the scam...

Actually SS can never go "broke" since money is always coming in. The "boomers" had a surplus, but the DC coxuckers spent it and left IOUs. So after 2035 people only get 70% of promised SS benefits unless SS is "fixed" by raising the cap or pruning all the fraudsters off the list.

I have said for years that the fraud, and waste in the system would come to a head at some point...The time is here, and we may not get another chance to right the ship...

Actually 2035, but acting sooner is better than acting later to fix SS.

Why would anyone approaching retirement NOT want to root out the corruption, waste and fraud to make sure that their benefits are protected going forward? Those who are in on the graft, that's who...

The 1% always oppose any fix to SS that costs them a dollar. They own the pols they donate to.

 

[j-mac]

Actually SS can never go "broke" since money is always coming in. The "boomers" had a surplus, but the DC coxuckers spent it and left IOUs. So after 2035 people only get 70% of promised SS benefits unless SS is "fixed" by raising the cap or pruning all the fraudsters off the list.

The reason that SS is the "third rail" is because so many people rely on SS pretty heavily for their retirement incomes...Not to get off topic, but the push in the 80s to do away with business pension systems all but ensured that SS would never keep up...Before we know it, our kids will have to work til age 75 to retire, if they live that long...

Actually 2035, but acting sooner is better than acting later to fix SS.

If we are to keep it, we are going to need Congress to buy in....These reforms are happening. It can happen in a less intrusive way, or it can be invasive and violent...Which will they choose...?

The 1% always oppose any fix to SS that costs them a dollar. They own the pols they donate to.

You don't get into the 1% by being foolish with money. But remember, donations come with expectations. They have to figure out a way to "keep the natives calm".... They may have the money, but money doesn't buy your way out of trouble when the masses have had enough...

 

[iamwhatiseem]

Yes, but the average Joe will more than likely lose money on the stock market.

Essentially unless you're well informed, you're just gambling. Back in the day there was a stock market game, and they did have real cash prizes for those who did well. Some people did. I always lost. Literally every time I put my fake game money into a company, it tanked and never went up again. It was almost predictable.

Senators on the other hand, make a killing.

Doesn't have to be stock market.
Take even CDs - the past 40 years the average is about 7%, with madness in the 80s.
You would have well over $4 million, and the economy would have access to that money, rather than buried in a "lock box" that only Congress can blow.

SS is a super inefficient social system much like all "socialist" programs.
But, the problem is - it is what we got. The best thing would have been to end SS, but they can't because it depends on current revenues, not past revenues because they blew it all.

 

[kyzr]

The reason that SS is the "third rail" is because so many people rely on SS pretty heavily for their retirement incomes...Not to get off topic, but the push in the 80s to do away with business pension systems all but ensured that SS would never keep up...Before we know it, our kids will have to work til age 75 to retire, if they live that long...

The SS surplus was building until the pols made their "Unified Budget" and spent it, but that put SS on the Federal Budget so they need to "fix" SS or there will be heads on pikes in DC.

If we are to keep it, we are going to need Congress to buy in....These reforms are happening. It can happen in a less intrusive way, or it can be invasive and violent...Which will they choose...?

There is no "if we keep it" and Congress knows that SS is the "3rd rail". They have to fix it or else.

You don't get into the 1% by being foolish with money. But remember, donations come with expectations. They have to figure out a way to "keep the natives calm".... They may have the money, but money doesn't buy your way out of trouble when the masses have had enough...

Neither Republicans nor Democrats are proposing fixes for SS. Raising the cap would do, or if DOGE finds lots of fraud to cut, that would help. Raising the retirement ages is a bad idea. Maybe raising the early age from 63 to 64 or 65 would work?

 

[frigidweirdo]

Doesn't have to be stock market.
Take even CDs - the past 40 years the average is about 7%, with madness in the 80s.
You would have well over $4 million, and the economy would have access to that money, rather than buried in a "lock box" that only Congress can blow.

SS is a super inefficient social system much like all "socialist" programs.
But, the problem is - it is what we got. The best thing would have been to end SS, but they can't because it depends on current revenues, not past revenues because they blew it all.

Anyway, I think you math is way out.

Most people will never put anywhere near that much money in social security. Also it doesn't take into account other problems like inflation and recessions.

 

[whitehall]

You can count on it. When the race card no longer works, desperate domestic terrorist lefties play the elderly card. How many times do you have to hear the President say that Social security won't be impacted by the DOGE investigations?

 

[j-mac]

The SS surplus was building until the pols made their "Unified Budget" and spent it, but that put SS on the Federal Budget so they need to "fix" SS or there will be heads on pikes in DC.

We could go on for days and give the posters in here a real education of the history of SS all day long...The bottom line is that because of spending like drunks, Democrats, AND Republicans have put our country at an inflection point. We DON'T have the money.

There is no "if we keep it" and Congress knows that SS is the "3rd rail". They have to fix it or else.

Well, that's the problem with 'entitlements' now isn't it? Are you saying that Elon shouldn't be looking into Waste, Fraud, and Abuse? SS or not?

Neither Republicans nor Democrats are proposing fixes for SS. Raising the cap would do, or if DOGE finds lots of fraud to cut, that would help. Raising the retirement ages is a bad idea. Maybe raising the early age from 63 to 64 or 65 would work?

One thing I do know, is that, if we keep arguing back and forth and doing essentially nothing to fix it, then it will be out of our hands.

 

[initforme]

Common stupidity.
To think that a 68 year old can do the same production as a 28 year old, is...well... retarded.
Yes, we can perform other roles that do not require as much production, but no company has a need for 10% or more of it's employees are this old.
Then you consider the many, many people who work in physical labor. By age 60, a person loses about 30% of their core strength. And then they also lose significant balance. Not only making it impossible to perform at levels they once did, but dangerous also.
Today the last "ism" that truly exist is ageism. Who in the hell is going to hire a 65 year old when behind them is 6 30 year olds? - No one.
On paper - it is the perfect solution.
After applying even marginal critical thinking, it is the worst solution.

So as a nation we need to use people to produce longer and then they'll collect SS for a shorter time. Yep, use people for the corporate heads.

 

[kyzr]

We could go on for days and give the posters in here a real education of the history of SS all day long...The bottom line is that because of spending like drunks, Democrats, AND Republicans have put our country at an inflection point. We DON'T have the money.

True. The "inflection point" is that the $37T Debt and the $1T interest payment on that debt is the biggest threat to National Security according to the Joint Chiefs. Trump and Musk need to cut spending, including Defense. Sending DOE to the states doesn't save big bucks. Sending Welfare to the states would save big bucks. If DOGE can find $1T in "waste, fraud, and theft" that would fix the budget. Podesta got $375b, EPA slush fund was $20b, Stacy Abrams got $2b, so that is $400b of "low hanging fruit" for DOGE. Trump's budgets were $4T, Biden's budgets were $7T, go back to Trump's budget.

Well, that's the problem with 'entitlements' now isn't it? Are you saying that Elon shouldn't be looking into Waste, Fraud, and Abuse? SS or not?

Yes Elon needs to look at ALL spending to cut "waste, fraud, and theft". Ineligible payments need to be stopped.

One thing I do know, is that, if we keep arguing back and forth and doing essentially nothing to fix it, then it will be out of our hands.

True again. If not fixed SS would only pay 70% of promised benefits after 2025, money-in = money-out. Raising the cap and the early retirement age from 63 to 64 or 65 solves it.

 

[Orangecat]

Yes, I worked 33 years for DoD

The fact that you were employed by the government for 33 years only proves the depth of waste and incompetence rampant in the bureaucracy. Go DOGE!

 

[mudwhistle]

‘Senate Republicans want Elon Musk to stop talking about Social Security, and the Department of Government Efficiency to leave it alone. Musk’s statement that Social Security is a “Ponzi scheme,” and his plans to cut up to 12 percent of the Social Security Administration’s workforce, are giving GOP lawmakers heartburn.’

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thehill.com

Republicans have only themselves to blame.

What did they think would happen by putting a reckless, irresponsible ignoramus like Musk in the WH, someone who knows nothing about sound governance and responsible public policy.

Republicans have clearly brought America to its lowest point.