Sorry, College Grads, You’ll Probably Never Get Your Social Security Money

[MikeK]

You are obviously too stupid to get it. Government I.O.U.s that it issues to itself are totally worthless to the taxpayers. It's like saying "if we hadn't spent the money, it would be right here."

If the government issued bonds then the SS trusts bought the bonds, it would work the same.

You're wasting your time.

I have that shit-slinging nitwit on Ignore for a reason.

 

[bripat9643]

You are obviously too stupid to get it. Government I.O.U.s that it issues to itself are totally worthless to the taxpayers. It's like saying "if we hadn't spent the money, it would be right here."

If the government issued bonds then the SS trusts bought the bonds, it would work the same.

You're wasting your time.

I have that shit-slinging nitwit on Ignore for a reason.

Yep, because I demonstrate how stupid you are whenever you post.

BTW, Toro was agreeing with me. You would know that if you weren't so damn stupid.

 

[Jarlaxle]

SS should have been made an option for each tax payer.

And then when tens of millions of Americans get old and have squandared every penny they have, or had their retirement funds ripped off by frauds on Wall Street, what then?

Die!

Lack of proper planning on your part does not constitute an emergency on my part.

In other words: personal responsibility!

 

[Luddly Neddite]

 

[Jarlaxle]

The cost of privatizing Social Security would be in the trillions. To phase out the Trust Fund, you have to pay back the money it's owed.

No, that's wrong. Were appropriate legislation to be passed and signed into law, everyone on Social Security could be told "sorry, the money's gone" tomorrow, and it would be entirely legal.

 

[Luddly Neddite]

SS should have been made an option for each tax payer.

And then when tens of millions of Americans get old and have squandared every penny they have, or had their retirement funds ripped off by frauds on Wall Street, what then?

Die!

Lack of proper planning on your part does not constitute an emergency on my part.

In other words: personal responsibility!

That's my line - take responsibility for what you say and do but --

If everyone told the truth, how many here do you think have enough put away to live for, say 10 years?

We ARE human beings. We cannot just stand by while others starve, while children don't have homes, while our vets stand on the street corner.

 

[Jarlaxle]

If SS had been in private hands in 2008 we'd all be in trouble. The Right has forecast doom for SS for as long as I can remember. Their problem is that they hate FDR.

If SS had been in private hands in 2008 we'd all be in trouble.

You're right, because buying stocks when they're on sale is bad.

No kidding. Heck...I made sure I put MORE money into investments in 2008-9!

 

[1776]

If they don't have a job they don't pay the SS tax....wallah Obama fixed their problem.

 

[Jarlaxle]

They will get their social security. It will just look a bit different.

...suspiciously like a wooden nickel.

 

[Jarlaxle]

And then when tens of millions of Americans get old and have squandared every penny they have, or had their retirement funds ripped off by frauds on Wall Street, what then?

Die!

Lack of proper planning on your part does not constitute an emergency on my part.

In other words: personal responsibility!

That's my line - take responsibility for what you say and do but --

If everyone told the truth, how many here do you think have enough put away to live for, say 10 years?

We ARE human beings. We cannot just stand by while others starve, while children don't have homes, while our vets stand on the street corner.

I repeat: Lack of proper planning on your part does not constitute an emergency on my part. Your poor planning is NOT my problem!

 

[Luddly Neddite]

Lack of proper planning on your part does not constitute an emergency on my part.

In other words: personal responsibility!

That's my line - take responsibility for what you say and do but --

If everyone told the truth, how many here do you think have enough put away to live for, say 10 years?

We ARE human beings. We cannot just stand by while others starve, while children don't have homes, while our vets stand on the street corner.

I repeat: Lack of proper planning on your part does not constitute an emergency on my part. Your poor planning is NOT my problem!

But why should children, vets, mentally ill suffer for something they cannot control?

 

[NYcarbineer]

You are obviously too stupid to get it. Government I.O.U.s that it issues to itself are totally worthless to the taxpayers. It's like saying "if we hadn't spent the money, it would be right here."

The Trust Fund is a separate entity inside the government. SS has a set, specific revenue source, the payroll tax. The investment of the trust fund in federal securities is no more the government issuing IOU's to itself than is a soldier buying a savings bond.

Wrong. The soldier owns the savings bond, not the government. The SS Trust Fund is part of the government. What the government did is issue an I.O.U to itself. They are not a source of funds the government can draw on because the government is the entity that has to pay them off.

It takes a special kind of stupid not to understand how worthless the Trust Fund is, especially after having it explained as many times as I've explained it to you.

Here's an exercise in learning by doing. Take a piece of paper and write "I.O.U $2 trillion dollars." Now, stick it in your pocket. Are you any richer than before you wrote the I.O.U.?

The soldier is part of the government too.

Question:

How did Social Security manage to fully pay everyone in the last 2 years, even though annual payroll tax revenues each year were not enough?

How did Social Security obtain the extra money, if the Trust Fund is of no value?

 

[Toddsterpatriot]

And then when tens of millions of Americans get old and have squandared every penny they have, or had their retirement funds ripped off by frauds on Wall Street, what then?

Die!

Lack of proper planning on your part does not constitute an emergency on my part.

In other words: personal responsibility!

That's my line - take responsibility for what you say and do but --

If everyone told the truth, how many here do you think have enough put away to live for, say 10 years?

We ARE human beings. We cannot just stand by while others starve, while children don't have homes, while our vets stand on the street corner.

If everyone told the truth, how many here do you think have enough put away to live for, say 10 years?

If their 12.4% of lifetime income was put into a diversified portfolio, I'd say most of them would have much more than their Social Security benefit, for longer than 10 years.

 

[Toddsterpatriot]

The Trust Fund is a separate entity inside the government. SS has a set, specific revenue source, the payroll tax. The investment of the trust fund in federal securities is no more the government issuing IOU's to itself than is a soldier buying a savings bond.

Wrong. The soldier owns the savings bond, not the government. The SS Trust Fund is part of the government. What the government did is issue an I.O.U to itself. They are not a source of funds the government can draw on because the government is the entity that has to pay them off.

It takes a special kind of stupid not to understand how worthless the Trust Fund is, especially after having it explained as many times as I've explained it to you.

Here's an exercise in learning by doing. Take a piece of paper and write "I.O.U $2 trillion dollars." Now, stick it in your pocket. Are you any richer than before you wrote the I.O.U.?

The soldier is part of the government too.

Question:

How did Social Security manage to fully pay everyone in the last 2 years, even though annual payroll tax revenues each year were not enough?

How did Social Security obtain the extra money, if the Trust Fund is of no value?

How did Social Security manage to fully pay everyone in the last 2 years, even though annual payroll tax revenues each year were not enough?

The shortfall was covered by the General Fund.

How did Social Security obtain the extra money, if the Trust Fund is of no value?

Pretend the Trust Fund did not exist, how would they have obtained the extra money?

 

[bripat9643]

The Trust Fund is a separate entity inside the government. SS has a set, specific revenue source, the payroll tax. The investment of the trust fund in federal securities is no more the government issuing IOU's to itself than is a soldier buying a savings bond.

Wrong. The soldier owns the savings bond, not the government. The SS Trust Fund is part of the government. What the government did is issue an I.O.U to itself. They are not a source of funds the government can draw on because the government is the entity that has to pay them off.

It takes a special kind of stupid not to understand how worthless the Trust Fund is, especially after having it explained as many times as I've explained it to you.

Here's an exercise in learning by doing. Take a piece of paper and write "I.O.U $2 trillion dollars." Now, stick it in your pocket. Are you any richer than before you wrote the I.O.U.?

The soldier is part of the government too.

The soldier is not the government. The soldier did not issue the savings bond.

Question:

How did Social Security manage to fully pay everyone in the last 2 years, even though annual payroll tax revenues each year were not enough?

It came from the general fund.

How did Social Security obtain the extra money, if the Trust Fund is of no value?

It came from the general fund.

 

[bripat9643]

That's my line - take responsibility for what you say and do but --

If everyone told the truth, how many here do you think have enough put away to live for, say 10 years?

We ARE human beings. We cannot just stand by while others starve, while children don't have homes, while our vets stand on the street corner.

I repeat: Lack of proper planning on your part does not constitute an emergency on my part. Your poor planning is NOT my problem!

But why should children, vets, mentally ill suffer for something they cannot control?

What do children, vets and the mentally ill have to do with anything?

 

[asterism]

The cost of privatizing Social Security would be in the trillions. To phase out the Trust Fund, you have to pay back the money it's owed.

The benefit from privatizing Social Security would save us trillions more.

If Social Security had been privatized before the 2008 collapse, where would it be today? I believe "up shit creek" is the short answer.

Do you have any idea the kind of shady manipulating, much of it blatantly criminal, that takes place on Wall Street and in the banking industry? The last thing you want to do is place your retirement security on the roulette table that is Wall Street. If you have some money you can afford to lose, go ahead and play with it on the stock market. But don't gamble with your future.

How would it be up shit creek? The markets have all fully recovered from the crash and conservatively managed funds don't have cash flow needed in the next 10 years in any equities. The losses and subsequent gains would be on paper only, the only realized loss would be inflation.

 

[asterism]

As has been fully explained many times, the Social Security Trust Fund is not a "locked box" full of money. It is a government I.O.U. And if things ever get so bad government cannot satisfy that monthly obligation we'll have a lot more than that to worry about. Such as the second American revolution, which will result in a transition to communism.

You are obviously too stupid to get it. Government I.O.U.s that it issues to itself are totally worthless to the taxpayers. It's like saying "if we hadn't spent the money, it would be right here."

The Trust Fund is a separate entity inside the government. SS has a set, specific revenue source, the payroll tax. The investment of the trust fund in federal securities is no more the government issuing IOU's to itself than is a soldier buying a savings bond.

Except it's the same as borrowing from the grocery budget to have a vacation. When you come back from vacation you don't have any money to eat.

 

[chikenwing]

SS should have been made an option for each tax payer.

And then when tens of millions of Americans get old and have squandared every penny they have, or had their retirement funds ripped off by frauds on Wall Street, what then?

Die!

So you don't have a 401 k do you,and you are against them for just the reasons you posted right?

 

[dnsmith35]

SS should have been made an option for each tax payer.

And then when tens of millions of Americans get old and have squandared every penny they have, or had their retirement funds ripped off by frauds on Wall Street, what then?

Die!

So you don't have a 401 k do you,and you are against them for just the reasons you posted right?

It is my opinion that Social Security funding will improve before the benefits are ever stopped or reduced. Even conservative elderly rely heavily on SS Disability and Pensions.

The easiest (and I believe the best way to protect Social Security is to remove all of the income caps on which FICA is collected. That will solve all the problems very quickly.