LAUGHatLEFTISTS
Diamond Member
- Jan 22, 2020
- 20,105
- 18,411
- 2,290
Some would say being 36 trillion in debt is not awash in wealth.
The collapse of Social Security; read the last sentence of the article.
- Thread starter Astrostar
- Start date
Some would say being 36 trillion in debt is not awash in wealth.
WorldWatcher
Platinum Member
The same problem exists now as it did then.
How do you allow individuals to direct their social security taxes to private account while still meeting abominations to those already in retirement and those in their 40’s/50’s?
I fully support individual accounts, now how do they get funded and meet current commitments?
WW
buckeye
Diamond Member
- Sep 9, 2014
- 5,710
- 19,014
- 2,430
They would have to invent a new entity similar to a 401K that allows tax deductible contributions with a portion of your SS tax and is run by the owner and not the govt. This explains it pretty well.
whitehall
Diamond Member
What article? You mean an op-ed by MSNBC that hasn't been right on any issue since they lied about Biden's mental health?
BackAgain
Neutronium Member & truth speaker #StopBrandon
You cite an opinion from the kook left MSLSDNC.
Social Security’s crisis is a year closer — and Trump’s approach will make it worse
The president and his allies claim they want to target “waste, fraud and abuse.” Such targets either don’t add up or don’t exist at all.www.msnbc.com
As usual, Democrat Presidents have to clean up the messes left by their Republican predecessors. Bill Clinton had to do it, as well as Presidents Obama and Biden. Obama and Biden had especially tough tasks as their aggressively unqualified predecessors left messes beyond the pale.
And the new Democrat president in 2029 will have a gargantuan task cleaning up after Trump. It could well take him/her two terms to repair his disasters! Trump especially likes to talk about "fraud and waste." The only problem with that is There Ain't None! And, as usual, Trump presents no Evidence to back up his many claims! Bigly!!!
If the debt was going to affect us it would have many years ago.
Wage increases do not cause inflation.
WorldWatcher
Platinum Member
I read the article, seemed pretty good.
"that allows tax deductible contributions with a portion of your SS tax and is run by the owner and not the govt."
What the article did not do was address " additional changes were necessary to fill the remaining funding shortfall.” Logically speaking if younger people do divert a portion of the FICA to personal accounts, that money is not going to the SSA which uses current revenue to pay current benefits with the Trust Fund (which is due to run out in 2034) acting to make up the shortfall.
#1 It does not address the impact of reduced funding of SSA which in fact benefit payouts are increasing. Logically speaking if you are cutting revenues (because of diversion), then MORE money will have to come out of the Trust Fund which accelerates the time when it gets exhausted.
#2 It also does not address mid career people in their 30's, 40's, and 50's who are are far from retirement but may have been paying into SS for decades.
The mantra of "personal accounts" to replace SS is a pipe dream until a funding plan is in place for the decades long conversion process. Now that time could be shortended by refunding SS taxes (plus a reasonable rate of return) so that people can fund "personal accounts", but where is that money to come from?
WW
WorldWatcher
Platinum Member
Well that's not true. It increases costs to the business which then has to increase costs. The the materials they buy are more expensive since it takes labor to manufacture the materials, then process, market and ship. So a stores costs go up because the goods they sell are more expensive, then their is the added cost of increased labor costs for the store itself.
WW
They don't have to cut it. Inflation will do that.
Leo123
Diamond Member
- Aug 26, 2017
- 38,882
- 31,978
- 2,915
Stop reading MSNBC, your IQ is low.Social Security’s crisis is a year closer — and Trump’s approach will make it worse
The president and his allies claim they want to target “waste, fraud and abuse.” Such targets either don’t add up or don’t exist at all.
As usual, Democrat Presidents have to clean up the messes left by their Republican predecessors. Bill Clinton had to do it, as well as Presidents Obama and Biden. Obama and Biden had especially tough tasks as their aggressively unqualified predecessors left messes beyond the pale.
And the new Democrat president in 2029 will have a gargantuan task cleaning up after Trump. It could well take him/her two terms to repair his disasters! Trump especially likes to talk about "fraud and waste." The only problem with that is There Ain't None! And, as usual, Trump presents no Evidence to back up his many claims! Bigly!!!
Doc7505
Diamond Member
- Feb 16, 2016
- 23,576
- 41,952
- 2,430
Social Security’s crisis is a year closer — and Trump’s approach will make it worse
The president and his allies claim they want to target “waste, fraud and abuse.” Such targets either don’t add up or don’t exist at all.
As usual, Democrat Presidents have to clean up the messes left by their Republican predecessors. Bill Clinton had to do it, as well as Presidents Obama and Biden. Obama and Biden had especially tough tasks as their aggressively unqualified predecessors left messes beyond the pale.
And the new Democrat president in 2029 will have a gargantuan task cleaning up after Trump. It could well take him/her two terms to repair his disasters! Trump especially likes to talk about "fraud and waste." The only problem with that is There Ain't None! And, as usual, Trump presents no Evidence to back up his many claims! Bigly!!!
~~~~~~
Indeed, LBJ cooked the cooks, by transferring Social Security Trust Fund assets and individual payments to the General fund.
In essence LBJ destroyed the Trust Fund that was built on a daily and weekly basis.
A.I.says: Lyndon B. Johnson did change the accounting practices for the Social Security Trust Fund, moving its finances into the overall federal budget, but he did not actually take money from the Trust Fund itself. This bookkeeping change has led to misconceptions about his role in the current issues facing Social Security, but the funds were not directly misappropriated.
MSNBC 
WorldWatcher
Platinum Member
#1 Your own quoted AI says: "This bookkeeping change has led to misconceptions about his role in the current issues facing Social Security, but the funds were not directly misappropriated."
#2 Your own link says:
Q. Did LBJ take Social Security from the independent trust fund and put it into the general fund so that Congress could spend it?
A: There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. This question comes from a confusion about the way the Social Security Trust Fund is treated in federal budget accounting. Starting in 1969 (due to action by the Johnson Administration in 1968) the transactions to the Trust Fund were included in what is known as the "unified budget." This is sometimes described by saying that the Social Security Trust Funds are "on-budget." This budget treatment of the Social Security Trust Fund continued until 1990 when the Trust Funds were again taken "off-budget." But whether the Trust Funds are "on-budget" or "off-budget" is primarily a question of accounting practices--it has no effect on the actual operations of the Trust Fund itself.
WW
Similar threads
