Trump to Social Security: Drop Dead

[Chuz Life]

Read the "fixes" to see how to extend SS well into the future. Its a matter of "how" to save SS, not "if" it can be saved.

The Social Security Reformer - Interactive Tool

What will it take to save Social Security for future generations? Try the Social Security Reformer, an interactive tool from the Committee for a Responsible Federal Budget. Make the choices and share with your friends. See how your choices stack up!

www.crfb.org

The best way to fix Social Security

Policymakers need to target benefits based on lifetime labor earnings.

thehill.com

How Warren Buffett Thinks We Should Fix Social Security | The Motley Fool

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

I'm not at all interested in ideas about how to "fix" something that should never have been established in the first place.

 

[kyzr]

Yes..."Fixable" by minimizing the possibilities of ever having to pay out to all of your "investors", just like every other Ponzi scheme has worked.

SS has been projecting deficits since 1073, then its "fixed" for a few more years. It can be kept solvent with a few easy tweaks, see post #37.

 

[Oddball]

SS has been projecting deficits since 1073, then its "fixed" for a few more years. It can be kept solvent with a few easy tweaks, see post #37.
View attachment 364513

And you believe the bureaucrats.....Fuck my life.

 

[kyzr]

I'm not at all interested in ideas about how to "fix" something that should never have been established in the first place.

After we all paid into SS our entire life is not the time to say stupid shit, like "it never should have been..."
We earned the pension, and the government had better make good, or there will be heads on pikes all around DC.

 

[Daryl Hunt]

Read the "fixes" to see how to extend SS well into the future. Its a matter of "how" to save SS, not "if" it can be saved.

The Social Security Reformer - Interactive Tool

What will it take to save Social Security for future generations? Try the Social Security Reformer, an interactive tool from the Committee for a Responsible Federal Budget. Make the choices and share with your friends. See how your choices stack up!

www.crfb.org

The best way to fix Social Security

Policymakers need to target benefits based on lifetime labor earnings.

thehill.com

How Warren Buffett Thinks We Should Fix Social Security | The Motley Fool

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

I read all that. It looks like the program that Biden and Company wants may be the answer in some modified form. Like it said, increasing the Tax on the Rich would keep it afloat. To continue stripping it like Rump wants will cause it fail right on schedule.

 

[Oddball]

After we all paid into SS our entire life is not the time to say stupid shit, like "it never should have been..."
We earned the pension, and the government had better make good, or there will be heads on pikes all around DC.

You fucked up, you trusted them.

 

[Daryl Hunt]

You seem to have a basic comprehension problem. Disagreeing with ONE of the hundreds of Donald Trump's policies does not mean I think he is insane. I think he is a great President who has been under full attack since the first day he took office from wingers like you who just personally hate him.

He's a danger to everyone around him and the United States. Not just one policy.

 

[Chuz Life]

After we all paid into SS our entire life is not the time to say stupid shit, like "it never should have been..."
We earned the pension, and the government had better make good, or there will be heads on pikes all around DC.

Do this.

Estimate how much money you will need coming in, when (and if) you live long enough to retire.

Then.

Do a quick check and see how little you have actually paid in to SSA.

(ponzi scheme)

 

[kyzr]

I read all that. It looks like the program that Biden and Company wants may be the answer in some modified form. Like it said, increasing the Tax on the Rich would keep it afloat. To continue stripping it like Rump wants will cause it fail right on schedule.

If Trump loses seniors over SS & Medicare he's in deep shit.
Raising the retirement ages a year or two and increasing the SS tax slightly would be a good start.

 

[kyzr]

Do this.

Estimate how much money you will need coming in, when (and if) you live long enough to retire.

Then.

Do a quick check and see how little you have actually paid in to SSA.

(ponzi scheme)

I paid about $400,000 into SS and my employers paid at least that much.
That was over a working life of about 45 years, so considering the time value of money (rule of 70) that money should have doubled about 3x in that 45 years. Then consider inflation and the value of a dollar from 1970 to 2020, and $1 in 1970 is worth $7 today, so SS gained 7x from when I paid in to today when I'm getting paid. So in round numbers if the SS Trust Fund money was in an "Al Gore Lock-Box" SS should be making (3x) x (7x) on SS contributions, or 21x compared to the money they are paying me out of the fund.

$1 in 1860 → 2022 | Inflation Calculator

The 2.23% inflation rate means $1 in 1860 is equivalent to $35.68 today. This inflation calculator uses the official US consumer price index published by the Department of Labor.

www.in2013dollars.com

 

[elektra]

No amount of money is enough for the Democrats.

12.4% social security tax
25.0% federal income tax
2.9% medicare tax
6.0% state tax
7.0% property tax

54% total of every dollar. That gives me 0.46 cents? To buy a loaf of bread I need to make $6 to have the $3, after tax!

 

[Pete7469]

What's funny to me is that this thread was started by a guy who fancies himself as if he was mentored or influenced by Thomas Paine.

I can think of few things that would insult Thomas Paine more than government dependency for the retired, or the theft of so much money out of the GDP to pay for such programs.

Now if SS was actually a trust fund, and the money was actually in an account that drew interest that would be one thing.


.

 

[Chuz Life]

I paid about $400,000 into SS and my employers paid at least that much.
That was over a working life of about 45 years, so considering the time value of money (rule of 70) that money should have doubled about 3x in that 45 years. Then consider inflation and the value of a dollar from 1970 to 2020, and $1 in 1970 is worth $7 today, so SS gained 7x from when I paid in to today when I'm getting paid. So in round numbers if the SS Trust Fund money was in an "Al Gore Lock-Box" SS should be making (3x) x (7x) on SS contributions, or 21x compared to the money they are paying me out of the fund.

$1 in 1860 → 2022 | Inflation Calculator

The 2.23% inflation rate means $1 in 1860 is equivalent to $35.68 today. This inflation calculator uses the official US consumer price index published by the Department of Labor.

www.in2013dollars.com

View attachment 364521

Your case (if true) is hardly an example of the average.

"Based on 2016 data provided by the SSA (when the maximum taxable earnings figure was $118,500), the average American wound up paying $2,463 into the OASI, and $582 into DI. Combined, we're talking about $3,045 paid into Social Security via payroll taxes each year for the average American. Another $712 was paid, on average, into the Hospital Insurance Trust for Medicare Part A."

The Average American Pays This Much in Social Security Payroll Tax | The Motley Fool

How much are you contributing to Social Security?

www.fool.com

 

[Norman]

Hundred years of straight tax increases and growth of anti-American big government.

I think we can take a tax cut.

 

[Dick Foster]

The government took part of our paychecks when we were working to pay retirement for the elderly. When we got to retirement age, they told US most of that money that we are made to contribute will not be available so they granted US a tax deferred way to save which is the 401K. Why don't they let US roll our payroll tax into such an account and forget about government distribution of SSI payments?

Because they've stolen that money to buy votes with and they intend to keep right on stealing it.

 

[kyzr]

Your case (if true) is hardly an example of the average.

"Based on 2016 data provided by the SSA (when the maximum taxable earnings figure was $118,500), the average American wound up paying $2,463 into the OASI, and $582 into DI. Combined, we're talking about $3,045 paid into Social Security via payroll taxes each year for the average American. Another $712 was paid, on average, into the Hospital Insurance Trust for Medicare Part A."

In addition to the 6.2% personal contributions, the employers also paid 6.2% into SS, so that's 12.4% of each employee's salary every year, off the top, in lieu of salary.
.062 x $118,500 = $7,350 max as compared to the $2,463 "average" personal contribution. Point being that serious contributions were paid into SS and Medicare by workers over their working lives, especially considering the time value of money and inflation.

The DC coxuckers had better not tap dance their way into default or they will be in deep shit.

 

[elektra]

What's funny to me is that this thread was started by a guy who fancies himself as if he was mentored or influenced by Thomas Paine.

I can think of few things that would insult Thomas Paine more than government dependency for the retired, or the theft of so much money out of the GDP to pay for such programs.

Now if SS was actually a trust fund, and the money was actually in an account that drew interest that would be one thing.


.

He dont fancy himself as, and I am not sure this is actually a man so you should state, he/she. He/she simply chooses a name to antagonize.

 

[Chuz Life]

In addition to the 6.2% personal contributions, the employers also paid 6.2% into SS, so that's 12.4% of each employee's salary every year, off the top, in lieu of salary.
.062 x $118,500 = $7,350 max as compared to the $2,463 "average" personal contribution. Point being that serious contributions were paid into SS and Medicare by workers over their working lives, especially considering the time value of money and inflation.

The DC coxuckers had better not tap dance their way into default or they will be in deep shit.

The nation is already 25 TRILLION dollars in debt.

I don't think anyone cares in any significant way.

 

[kyzr]

The nation is already 25 TRILLION dollars in debt.

I don't think anyone cares in any significant way.

You couldn't be more wrong, if you mean no one cares about SS & Medicare staying solvent?
I'm not sure if you're a "trust fund baby" or otherwise independently wealthy, but most of us working folks at retirement need income and healthcare. SS and Medicare have sufficed nicely for almost 100-years and can be made good for another 100 with adequate financial management.
Without SS & Medicare what do think seniors would live on or pay for healthcare with?

p.s. the $25T can be dealt with by adding a Federal Sales tax and/or a tax on all financial transactions and/or some other new income stream

 

[Chuz Life]

You couldn't be more wrong, if you mean no one cares about SS & Medicare staying solvent?
I'm not sure if you're a "trust fund baby" or otherwise independently wealthy, but most of us working folks at retirement need income and healthcare. SS and Medicare have sufficed nicely for almost 100-years and can be made good for another 100 with adequate financial management.
Without SS & Medicare what do think seniors would live on or pay for healthcare with?

The more you post, the more I think you make my point.

Can you show me where it is in the Constitution, that the government has the right, power or authority to create the type dependency that you just described?