Social Security Expected to Dip Into Its Reserves This Year

nope. my guess is you make crap money and didn't count the employer contribution. if your self employed, you pay 12.4%. if employed, you pay 6.2 and so does your employer.

 

Ok, Ill bite. How did you arrive at that figure?

 

That doesn't affect the answer to the question.

 

See my post #32 in this thread.

 

IF this is a ponzi scheme then every private sector insurance policy is also a ponzi scheme.

Social security can be fixed by taking the caps off. In the short term. But with a hollowed out service sector economy, this will indeed threaten the liquidity of social security going forward. A hollowed out, service sector based economy is not the kind of economy that can finance social safety nets very well.

Of course borrowing money from the social security fund requires either income tax dollars or more borrowing in order to pay it back to that fund. Wonder how much the feds own social security?

 

Unless the next financial driven crash hits you and then your dreams will go up in smoke, unless you can wait for stocks and investments to recoup money lost.

Social security is an insurance, not an investment. We should treat it like a pure insurance and have a means test in order to draw it upon retirement. It would never go under if we did this.

Even a person rich today who would not need SS to live in old age, might lose this shirt and need it when he got old. So, an insurance against starvation and suffering.

 

And that should change. The Federal government should not force people to participate in a failed broken pay-as-you-go ponzi scheme.

 

I've been investing into my 401K since the early 90's and I haven't lost anything. I've only gained over that time period and I've gained way more than stupid SS has gained.

 

No, it can't be fixed. Abolish SS now and let people take care of their own retirement the way they want to.

 

You are just ignoring that it can be fixed by removing the caps and treating it like an insurance, with means tests.

 

Lets say you have been in it for longer and it was time for you to retire in 08 and you had to have access to a large part of those investments during the period that the crash sucked out what you had gained, or a decent part of it. Like happened to my brother. All of his plans involved retiring, and getting his money back from his at work investements. He depended upon them! And he lost a significant part of his investments due to the crash. What then?

We could have a crash that leaves you the way it left investors in 1929. Only then would you see the importance of SS. Whether you could or would admit that or not. ha ha

 

deleted.

 

I did not accuse you; I quoted you.

 

And how were you able to figure out how long you are going to live?

 

<Rule 2/3>

I don't want to pay the 75% of our military budget that is waste, fraud, and military adventurism that protects private companies (most are multinational) that are looting resources and exploiting virtual slave labor to then screw regular US citizens, either!

But my wish would net you and Americans more than your wish would. Do mine first.

 

Oh man, Its so sad about all these SS securities being worthless!

Tell you what, I am setting up a storage house where I can put these worthless SS securities to make where I will keep them for our grandkids to help them know how badly we did these things! And I will pay you 2 cents on the dollar! What a deal!

I will make sure you never see these worthless securities again! Lol I promise!

 

Big surprise, eh? The news on Medicare's impending insolvency is hardly any better.

The "progressive" response?

"Let's create even more multi-trillion dollar government boondoggles we can't afford!"

I'm all for that. I can manage my retirement money a lot better than the self-serving vultures in Washington who are using it as a slush fund.

 

And up their benefits accordingly if they contribute more like in any retirement system. And BTW if they don't pay into it they get collect out of it so what is your gripe?

And why would you want to tax investments at higher rates and lower economic activity and collect less revenue as history proves? And if it applies to investment gains does that mean you get a credit for investment losses?

 

No I'm quite interested in how they do it especially if it is something Democrats could support it. And then it can be discussed by all. It's his assertion he should give some facts and editorial comment.

 

Dividends are not paid out on the fruits, the income, of the workers. That gets paid first, then company expenses. Then anything left over may go to shareholders in the form of dividends.

 

The trust fund has no money in it. Just promises of a government to pay in the future. The government needs to pay it's bills so it goes to a "fund" filled with promises to pay itself back in the future. Brilliant

 

If you could buy them for 2 cents they would be worth something.

 

If only we could pay our taxes with an IOU.

 

We do technically, they're called FRNs.
Wouldn't it be cool if we could borrow to pay our bills, then borrow to pay the bills that we borrowed to pay our bills,...........ad infinitum

 

Like Joe Friday always requested. Just the facts. And here they are. The key sentence in the article I have linked to is this: In short, the Social Security trust fund is really only an accounting mechanism.

https://www.heritage.org/social-sec...w-the-social-security-trust-fund-really-works

P.T. Barnum was right with his quote about suckers.