Will Republicans end social security?

[M14 Shooter]

I was under the impression they invested our SS money?

Ha!
The money you pay into SS goes directly to those collecting SS.
The "investment" consists of IOUs written by congress, who took the surplus SS money - money not used to pay benefits - and spent it otherwise. That money will never be paid back, if for no other reason that Congress will never choose to pay it back.

 

[M14 Shooter]

I disagree. Too many, Too fking many stupid people exist, and we fall back into the ass crack of having to support old stupid fkers.

No, I mean it doesn't have to be that we take care of those who make poor choices.

 

[jc456]

No, I mean it doesn't have to be that we take care of those who make poor choices.

we do it today to 50% of the population.

 

[M14 Shooter]

we do it today to 50% of the population.

And it doesn't have to be that way.

 

[WorldWatcher]

I was under the impression they invested our SS money? if that isn't so, then all bets are off I supposed. We're all fked by demofks who can't keep their hands out of the kitty.

Then you should read up on the SS Trust Fund.

Current revenues pay current benefits. When there are excess revenues those revenues are in vested in T-Bills which earn interest. It's been since the 1940's.

The problem is the Baby Boomer Bump means that current revenues do not cover current benefits. There for benefits are being paid by current revenues and interest on the investments. However soon the benefits will need to draw from principal to cover benefits with the SS Trust Fund being depleted - a projection - by 2034. The result is that benefits will still be paid out of current revenues in 2035, but they will only be able to pay 70%-80% not full benefit levels.

WW

 

[WorldWatcher]

Politicians have been taking money out of the Social Security trust fund for many years.

No they haven't.

Excess revenues that have been collected by social security taxes BY LAW cannot be spent as part of the General Fund. The SS Trust Fund exists because they are required by law, to invest in Treasury Bills. Those bills earn interest instead of the money sitting there with no interest increase.

WW

 

[skews13]

It wasn't discussed during the elections but does any one doubt SS is going to be put on the chopping block?

No way one usmb Republican will say they like and want to keep SS.

And if they want to at least tell us in 2019 so we can vote on it.

No. Only people stupid enough to vote Republican will end it.

Saving Social Security, and living up to the ideals and values of America isn’t that hard.

Never vote for a Republican.

 

[jc456]

No they haven't.

Excess revenues that have been collected by social security taxes BY LAW cannot be spent as part of the General Fund. The SS Trust Fund exists because they are required by law, to invest in Treasury Bills. Those bills earn interest instead of the money sitting there with no interest increase.

WW

we know they used the money. It's what the two party system tells us.

 

[jc456]

No they haven't.

Excess revenues that have been collected by social security taxes BY LAW cannot be spent as part of the General Fund. The SS Trust Fund exists because they are required by law, to invest in Treasury Bills. Those bills earn interest instead of the money sitting there with no interest increase.

WW

so you admit it's a ponzi scheme right?

 

[Ray From Cleveland]

Ha!
The money you pay into SS goes directly to those collecting SS.
The "investment" consists of IOUs written by congress, who took the surplus SS money - money not used to pay benefits - and spent it otherwise. That money will never be paid back, if for no other reason that Congress will never choose to pay it back.

I have a fact check link about GW borrowing money for the Iraq war. According to the fact check, all money has to be paid back by law. It's always been paid back since the time they started borrowing from the fund. Every President has done so.

 

[Ray From Cleveland]

Will Social Security still be available when young folks like me retire?

That's questionable. That's why Republicans are trying to address that issue now. The problem is any mention of it and the Democrats lie stating Republicans want to end your SS.

 

[WorldWatcher]

so you admit it's a ponzi scheme right?

Ponzi Scheme | Investor.gov

A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk. But in many Ponzi schemes, the fraudsters do not invest the money. Instead...

www.investor.gov

I mean it's obvious that you like to throw out the emotionally charged phrase "Ponzi Scheme" as an way to scare people.

If you use and uninformed definition of "Ponzi Scheme" where current revenues fund benefits, then yes in it could be viewed as a Ponzi Scheme.

An important part that you omit though is "keep a part for themselves". The government does not "keep a part for themselves" all revenues (tax collections and interest on the SS Trust Fund) are used to pay benefits with a low overhead for employees that administer the program.

Under you attempt to use the words, every "insurance" business model including car, home, health, etc. - is a Ponzi Scheme because the insurance companies are paying current benefits from current revenues and keeping part (profit) for themselves.

WW

 

[Ray From Cleveland]

Yeah.... no.
You're responsible for you, and your choices.
Better to move it to a private plan like what you described, and even better to make it a choice.

Years ago my employer decided to give us the benefit of an IRA. He contributed 10% of our pay to it and we were allowed to contribute whatever we wanted within the limitations of the laws.

He had the rep of the investment company come down to explain what it was all about. At the end of the seminar, he asked if anybody had questions and of course there were quite a few. When everybody was done asking questions, my coworker Don asked the rep if he could ask a few questions. We knew how Don was, and we just smiled and a few chuckled and rolled their eyes.

He asked the rep when he could take the money out my employer contributed? The rep told him when he turns 59 1/2. He asked if he could take it out earlier? And again, the rep went through the taxes and penalties of early withdrawal, and the security it would take away from him come retirement time. Don said "That's all I want to know!"

Don was the only income worker in his home. He never had a pot to piss in or a window to throw it out of. But a few months after the program started, he was telling us how he bought his wife an expensive ring, bracelet and things like that. We knew where he was getting the money from.

Don was a good person, but dumb as a rock. He always referred to his wife as "mama" and she wore the pants in the house.

Every company has a Don or two, and these people simply don't have the intelligence to plan ahead of time. So if we started converting over to a private retirement plan, it would have to be mandatory for the Don's of our country.

 

[Orangecat]

Will Republicans end social security?​

No, poor fiscal policy will eventually crash the dollar and end SS.

 

[jc456]

Ponzi Scheme | Investor.gov

A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk. But in many Ponzi schemes, the fraudsters do not invest the money. Instead...

www.investor.gov

View attachment 757801

I mean it's obvious that you like to throw out the emotionally charged phrase "Ponzi Scheme" as an way to scare people.

If you use and uninformed definition of "Ponzi Scheme" where current revenues fund benefits, then yes in it could be viewed as a Ponzi Scheme.

An important part that you omit though is "keep a part for themselves". The government does not "keep a part for themselves" all revenues (tax collections and interest on the SS Trust Fund) are used to pay benefits with a low overhead for employees that administer the program.

Under you attempt to use the words, every "insurance" business model including car, home, health, etc. - is a Ponzi Scheme because the insurance companies are paying current benefits from current revenues and keeping part (profit) for themselves.

WW

how is that not a definition of SS? I'll wait.

 

[Jarlaxle]

I disagree. Too many, Too fking many stupid people exist, and we fall back into the ass crack of having to support old stupid fkers.

Not my problem. Your poor life choices are your problem.

Ponzi Scheme | Investor.gov

A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk. But in many Ponzi schemes, the fraudsters do not invest the money. Instead...

www.investor.gov

View attachment 757801

I mean it's obvious that you like to throw out the emotionally charged phrase "Ponzi Scheme" as an way to scare people.

If you use and uninformed definition of "Ponzi Scheme" where current revenues fund benefits, then yes in it could be viewed as a Ponzi Scheme.

An important part that you omit though is "keep a part for themselves". The government does not "keep a part for themselves" all revenues (tax collections and interest on the SS Trust Fund) are used to pay benefits with a low overhead for employees that administer the program.

Under you attempt to use the words, every "insurance" business model including car, home, health, etc. - is a Ponzi Scheme because the insurance companies are paying current benefits from current revenues and keeping part (profit) for themselves.

WW

Translation: "Of course it's a Ponzi scheme."

Years ago my employer decided to give us the benefit of an IRA. He contributed 10% of our pay to it and we were allowed to contribute whatever we wanted within the limitations of the laws.

He had the rep of the investment company come down to explain what it was all about. At the end of the seminar, he asked if anybody had questions and of course there were quite a few. When everybody was done asking questions, my coworker Don asked the rep if he could ask a few questions. We knew how Don was, and we just smiled and a few chuckled and rolled their eyes.

He asked the rep when he could take the money out my employer contributed? The rep told him when he turns 59 1/2. He asked if he could take it out earlier? And again, the rep went through the taxes and penalties of early withdrawal, and the security it would take away from him come retirement time. Don said "That's all I want to know!"

Don was the only income worker in his home. He never had a pot to piss in or a window to throw it out of. But a few months after the program started, he was telling us how he bought his wife an expensive ring, bracelet and things like that. We knew where he was getting the money from.

Don was a good person, but dumb as a rock. He always referred to his wife as "mama" and she wore the pants in the house.

Every company has a Don or two, and these people simply don't have the intelligence to plan ahead of time. So if we started converting over to a private retirement plan, it would have to be mandatory for the Don's of our country.

Not my problem.

 

[WorldWatcher]

how is that not a definition of SS? I'll wait.

How is it not the definition of:

• Car Insurance
• Health Insurance
• Life Insurance
• Disability Insurance
• Identify Theft Insurance
• Homeowers Insurance
• Mortgage Insurance
• Long Term Care Insurance
• Pet Insurance
• Travel Insurance
• Renters Insurance
• Don't even get me started on "extended warranty" insurance, I'll run out of space to list them.

I'll wait.

WW

 

[jc456]

Translation: "Of course it's a Ponzi scheme."

it's hilarious what he posted. It is exactly how SS works. I'm still laughing. Some people are truly that stupid.

 

[jc456]

How is it not the definition of:

• Car Insurance
• Health Insurance
• Life Insurance
• Disability Insurance
• Identify Theft Insurance
• Homeowers Insurance
• Mortgage Insurance
• Long Term Care Insurance
• Pet Insurance
• Travel Insurance
• Renters Insurance
• Don't even get me started on "extended warranty" insurance, I'll run out of space to list them.

I'll wait.

WW

if you work for money you are a slave to the business!!

tell me it's not.

Insurance doesn't imply you will take it out, it is different than expecting a paycheck monthly. Also, those all are written to say what your payout will be ahead of time. They also must follow restrictive elements. Not SS, you turn 70 you must take it.

 

[M14 Shooter]

if you work for money you are a slave to the business!!
tell me it's not.

Never mind the fact your employment there is by choice.