Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic

[Richard-H]

I'm a rich guy. I made 150 billion last year. Government didn't give me the money, I created it myself like all millionaires and billionaires. Why should I give my money to people like you who never earned it? I earned it, shouldn't I be able to keep it, and if not, why not?

Tax the wealthy, and do you suppose government is going to give you a check every week or month of my money? We have 330 million people in this country, how big of a check do you suppose you'd get when we divide this money between 330 million people? Your check would be about ten bucks and thirty cents.

Judging by the amount of time you spend on this messageboard, it's hard to believe that you've 'earned' anything.

 

[Richard-H]

Nobody is handed the wealth. The wealth isn't governments and they decide how to dole it out. The wealth is created by the wealthy people, and you think it's deplorable that they keep what they created. You think the government should take what they created and give it to other people.

I think we need to extrapolate that. If you have six beautiful bushes in your front yard, that's not fair. The government should come along, take three of your bushes, and give it to the family on the next street that have no bushes at all. You have four big screens in your home? That's not right. Government should come along, take two of your big screens, and give them to households that can't afford any big screen televisions.

Nearly 68% of the world's richest people are 'self-made,' says new report

A new report from Wealth-X says only 8.5% of the world's ultra-high-net-worth population — individuals with $30 million or more in net worth — inherited their money.

www.cnbc.com

The market research firm analyzed the state of the world’s ultra-wealthy population — or those with a net worth of $30 million or more. The report, which is based on 2018 data, “showed muted growth” in the number of ultra-wealthy people that year, “rising by 0.8% to 265,490 individuals,” says Wealth-X.

Of those folks, 67.7% were self-made, while 23.7% had a combination of inherited and self-created wealth. Only 8.5% of global high-net-worth individuals were categorized as having completely inherited their wealth.

So capitalism is dying, huh?

Wealth is horded by wealthy people, not earned!

 

[Ray From Cleveland]

Wealth is horded by wealthy people, not earned!

Do you know what the word hoarded means? It means to accumulate and keep things that you have. You can't hoard something that you didn't create or is yours in the first place.

 

[Ray From Cleveland]

Judging by the amount of time you spend on this messageboard, it's hard to believe that you've 'earned' anything.

Have something against retired people; people who worked all their life so they can relax and spend time the way they wish?

 

[Lesh]

Have something against retired people; people who worked all their life so they can relax and spend time the way they wish?

So you're collecting Social Security and whining about it...and know very little about what it is you're whining about.

Got it

 

[Ray From Cleveland]

So you're collecting Social Security and whining about it...and know very little about what it is you're whining about.

Got it

Why would I be whining about it? I paid into it my entire life and getting some of it back. You leftists with your "whining" bullshit all the time. When Republicans discuss topics, we are whining all the time. But as far as a Democrat is concerned, when they complain, they are being patriotic. What hypocrites.

 

[Lesh]

Why would I be whining about it? I paid into it my entire life and getting some of it back. You leftists with your "whining" bullshit all the time. When Republicans discuss topics, we are whining all the time. But as far as a Democrat is concerned, when they complain, they are being patriotic. What hypocrites.

So you DON'T want to do away with it?

Coulda fooled me

 

[Ray From Cleveland]

So you DON'T want to do away with it?

Coulda fooled me

Can you quote me where I said I did? Of course not.

 

[Richard-H]

Do you know what the word hoarded means? It means to accumulate and keep things that you have. You can't hoard something that you didn't create or is yours in the first place.

You can hoard what you steal.

 

[Richard-H]

Have something against retired people; people who worked all their life so they can relax and spend time the way they wish?

You said that you 'earned' 150 billion last year. If you're retired, you're not earning anything.

 

[Ray From Cleveland]

You said that you 'earned' 150 billion last year. If you're retired, you're not earning anything.

I have to be careful about what I say with you leftists. I was giving an example, as 'what if I made 150 billion?"

 

[Ray From Cleveland]

You can hoard what you steal.

If you steal something you are prosecuted and go to jail. Wealthy people don't steal anything. They don't need to steal anything.

 

[jbander]

If you steal something you are prosecuted and go to jail. Wealthy people don't steal anything. They don't need to steal anything.

Wealthy people who have tax law written so they can have it all are stealing, there isn't one reason in this world that justify the wealth distribution since the tax structure trickle down lie was created. Total theft, con men. money they didn't earn, work for, need or deserve. They are just pigs, thinking that they should get everything, I was going to ask you a question about a chart but I remembered you didn't have a clue how to read a chart.

 

[jbander]

Ray the dancing duck is a guy that thinks that only a few people in this country should reap the awards of the massive increase in wealth over 4 decades. All done by tax law and laws. Laws written for the golden few. One of my favorites is the capital gain tax at 15 %, why because more then half of that benefits goes to 1/10 of 1 % of this country. That's a pig tax law. Dump that in a blink it's nothing but income. It should be taxed as income.

 

[Ray From Cleveland]

Wealthy people who have tax law written so they can have it all are stealing, there isn't one reason in this world that justify the wealth distribution since the tax structure trickle down lie was created. Total theft, con men. money they didn't earn, work for, need or deserve. They are just pigs, thinking that they should get everything, I was going to ask you a question about a chart but I remembered you didn't have a clue how to read a chart.

I'd be glad to comment on anything that's relevant to the discussion, but all you have on your charts is who is rich, who is middle-class and who is poor. That has nothing to do with what I'm talking about.

Wealthy people don't write tax laws--our representatives do. Those representatives are not chosen by rich people, they are chosen by all of us that vote. You leftists think that whatever you wrote in law was written in stone and anybody change what some commie wrote is theft. Sorry, that's not theft. Representatives that carry out our will is the American way.

Also you refuse to learn anything. I explained it several times, there is no "the wealth." There is no pile of money sitting in Washington that gets distributed to various people. People create their own money--they don't get it from the government unless you are retired, disabled, or on one of our many welfare programs. The retired and disabled paid into the programs they use all of their life, and the nearly 100 welfare programs we have are mostly funded by the wealthy.

 

[Ray From Cleveland]

Ray the dancing duck is a guy that thinks that only a few people in this country should reap the awards of the massive increase in wealth over 4 decades. All done by tax law and laws. Laws written for the golden few. One of my favorites is the capital gain tax at 15 %, why because more then half of that benefits goes to 1/10 of 1 % of this country. That's a pig tax law. Dump that in a blink it's nothing but income. It should be taxed as income.

Investment taxes are lower to encourage investments. If you don't make it attractive to invest in the market, you'll invest in something else, perhaps even something overseas.

Tens of millions of us depend on that market to grow our retirement funds. Up the tax from 15% to 23%, and that market will slow to nearly a halt. The big buck people will pull their money out, it would lead to a huge economic slowdown, and the people who need their IRA's for retirement would be totally screwed. Furthermore companies grow because of their investors as they can use that money (just like their own) to expand operations, open new ones, and create a ton of jobs.

So the only result you would have from upping investment taxes is it would make you feel good.

 

[jbander]

Investment taxes are lower to encourage investments. If you don't make it attractive to invest in the market, you'll invest in something else, perhaps even something overseas.

Tens of millions of us depend on that market to grow our retirement funds. Up the tax from 15% to 23%, and that market will slow to nearly a halt. The big buck people will pull their money out, it would lead to a huge economic slowdown, and the people who need their IRA's for retirement would be totally screwed. Furthermore companies grow because of their investors as they can use that money (just like their own) to expand operations, open new ones, and create a ton of jobs.

So the only result you would have from upping investment taxes is it would make you feel good.

Its lower because it is the prime income of the wealthiest of all people here and other countries also.. Your such a clown. Charging the same tax rate as income wouldn't lose hardly a person in investing in this country. That bullshit line has been addressed a hundred times before. It is shit ,nothing more then old fat man party shit , people like you who think that you deserve it all and should get it all. Your trying to tell us that this country is less important then your stingy ass.

1/10 of 1% gain more then half of the benefits of the lower capital gains tax . Nothing can explain that nonsense better then that. There is nothing you can say it's all because you hate our government and this country , your comment have little value to the patriots of this country. There is no group in this country that deserve every new dime of wealth in this country. No matter what you American haters say.

 

[jbander]

I'd be glad to comment on anything that's relevant to the discussion, but all you have on your charts is who is rich, who is middle-class and who is poor. That has nothing to do with what I'm talking about.

Wealthy people don't write tax laws--our representatives do. Those representatives are not chosen by rich people, they are chosen by all of us that vote. You leftists think that whatever you wrote in law was written in stone and anybody change what some commie wrote is theft. Sorry, that's not theft. Representatives that carry out our will is the American way.

Also you refuse to learn anything. I explained it several times, there is no "the wealth." There is no pile of money sitting in Washington that gets distributed to various people. People create their own money--they don't get it from the government unless you are retired, disabled, or on one of our many welfare programs. The retired and disabled paid into the programs they use all of their life, and the nearly 100 welfare programs we have are mostly funded by the wealthy.

I don't give a dam what you are talking about, I'm sticking to my original comment that you stuck your nose in and responded to, that is the conversation. I'm beating you to death with it, so you want to wonder off into another discussion where you think you have a better chance of making sense and getting somewhere with it. That's as old as the existence of forums on all topics. Losing your ass on a conversation so it is "ya but Obama is a Muslim" and "ya but Clinton is a liar" It has nothing at all to do with the subject and it is worthless and bullshit , that defines exactly what you are doing here. It's pitiful.

 

[JustAnotherNut]

I know plenty of people----who have scammed the system and instead of working collect disability...

Yep, there are..........just don't assume everyone is

 

[g5000]

Canada has a similar problem but a longer horizon. This is why people like me despise crony capitalism. It's often just theft. Help out small to medium sized innovative companies not massive multi-billion dollar companies.

What happens if this prediction comes to fruition?

Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic | CNN Politics

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

www.cnn.com

Washington (CNN)Social Security will have to cut benefits by 2034 if Congress does nothing to address the program's long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

That's one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.

The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.

But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year's report did not take into account the effects of the pandemic.

The projections for Medicare are roughly on par with last year's report.

The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, will be depleted by 2026, the same year as reported last year. At that point the program would only be able to pay out 91% of promised benefits.

The solution is as simple as it gets: Raise the Social Security and Medicare eligibility ages to 70, and index to 9 percent of the population going forward.

I did not pull those numbers out of a hat.

When Social Security was enacted, the average life expectancy was 60. Most people weren't expected to live long enough to collect! Only 5.4% of the population was over 65. That weight was easily handled.

In 1965, when Medicare was enacted, life expectancy was higher and so 9 percent of the population was over 65. Not too bad, and this is where I get the 9 percent figure from.

Today, nearly 16 percent of the population is over 65. A near tripling of the debt load since the enactment of Social Security.

A larger and larger percentage of Americans are dipping into the Treasury while a smaller and smaller percentage of the population is supporting them. This trend is simply unsustainable.

No wonder Social Security is going broke!


We are living DECADES longer than our ancestors. It is common damned sense we should be working longer.

In my opinion, anyone opposed to raising the retirement age is an entitlement leech.