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Social Security goes broke and can't be funded 7 years from now.

So you and I are the exact same age and over the years have earned the same exact dollars.....we contributed the same exact amount to Soc Security.

One of us saved well, invested well, lived prudently and is now filthy rich.

The other of us spent it all as it came in and never saved a single penny.

Sorry, there is no reason in hell the rich guy's benefit should be reduced in any way shape or form. Sorry, taxing some people's SS benefit and not others is just not right.....never has been.....never will be.

You could argue that the people spending every cent they make is what keeps the economy going and enabled you to make money off of your investments. If everyone saved most of what they earned, the economy would suffer and no one would make money on their investments.

I just look as social security as a societal safety net and not a retirement investment. It's there when you retire if you need it. If you happen to experience a successful life and receiving or not receiving a SS payment has no impact on your standard of living, then just be happy you're helping your fellow man.
 
It's burning at both ends, because while the baby boomers are adding large numbers to the ranks of the retired, the millennials who everyone is counting on to put money into the system are hit with a sluggish economy and huge college loan debts.


It's not about the money. It is about the productivity of the people that are working. It is about running our economy at near full output.
 
So you and I are the exact same age and over the years have earned the same exact dollars.....we contributed the same exact amount to Soc Security.

One of us saved well, invested well, lived prudently and is now filthy rich.

The other of us spent it all as it came in and never saved a single penny.

Sorry, there is no reason in hell the rich guy's benefit should be reduced in any way shape or form. Sorry, taxing some people's SS benefit and not others is just not right.....never has been.....never will be.


You are exactly right. There is no reason that everyone rich or poor cannot receive their benefits.

Of course of you are rich you meager SS check probably won't mean a whole lot to you.
 
You are exactly right. There is no reason that everyone rich or poor cannot receive their benefits.

Of course of you are rich you meager SS check probably won't mean a whole lot to you.
Why do we even have trustees? Why do we even collect taxes? According to you none of that is necessary.
 
Does anybody else here get statements of expected benefits from Social Security ? I'm 54 now, and I think I started getting them in my early 40's. For a while, it seemed I was getting one every two years or so. I think it's been quite a while since I received my last. I noticed how the disclaimers began showing up about a reduction in expected benefits when the fund itself ran dry. I tossed them in the trash because I considered them about as worthwhile as a weather forecast for the next month.
I'm just curious if these notifications are still being sent to people and how frequently ?
 
Why do we even have trustees? Why do we even collect taxes? According to you none of that is necessary.

Why do we even have trustees? Why do we even collect taxes? According to you none of that is necessary.

Right now taxes paid are used to determine benefits.

If unemployment was near zero and the output gap was at zero(the economy was running at near full output) taxes would be necessary to move some of the output from those working to those collecting Social Security.
 
Does anybody else here get statements of expected benefits from Social Security ? I'm 54 now, and I think I started getting them in my early 40's. For a while, it seemed I was getting one every two years or so. I think it's been quite a while since I received my last. I noticed how the disclaimers began showing up about a reduction in expected benefits when the fund itself ran dry. I tossed them in the trash because I considered them about as worthwhile as a weather forecast for the next month.
I'm just curious if these notifications are still being sent to people and how frequently ?


I'm pretty sure they quit sending those out via mail. You know we have cut costs because we are running out of dollars.....
 
Did you ever stop to think that people will stop being productive if they aren't rewarded for being so?

Is that a current problem for us? Is our economy less productive now than it was 30 years ago?

It looks like productivity is increasing even as people aren't being rewarded as they once were. Well everyone not in the top 1% that is.

Screen%20Shot%202013-03-08%20at%2011.36.19%20AM.png
 
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Does anybody else here get statements of expected benefits from Social Security ? I'm 54 now, and I think I started getting them in my early 40's. For a while, it seemed I was getting one every two years or so. I think it's been quite a while since I received my last. I noticed how the disclaimers began showing up about a reduction in expected benefits when the fund itself ran dry. I tossed them in the trash because I considered them about as worthwhile as a weather forecast for the next month.
I'm just curious if these notifications are still being sent to people and how frequently ?
You can get your info online.
 
Is that a current problem for us? Is our economy less productive now than it was 30 years ago?

It looks like productivity is increasing even as people aren't being rewarded as they once were. Well everyone not in the top 1% that is.

Screen%20Shot%202013-03-08%20at%2011.36.19%20AM.png
People who are not working are not productive.
 
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Is that a current problem for us? Is our economy less productive now than it was 30 years ago?

It looks like productivity is increasing even as people aren't being rewarded as they once were. Well everyone not in the top 1% that is.

Screen%20Shot%202013-03-08%20at%2011.36.19%20AM.png



Well the chart above is/was a major factor in the English vote to leave the EU. Many felt (statistics support) the rich got richer and everyone else got ?????
The OLD FASHIONED idea of tariffs were stripped and have caused the lower and middle classes in every industrialized country to suffer - Global Economy means - "find cheap labor" at ALL costs.
Increased productivity = more money for the wealthy (profit baby !!). Hence you get Bernie Saunders AND Donald Trump (although his followers blame illegal immigrants - exactly who do these immigrants work for ? Odd that they find jobs :)
 
People who are not working are not productive.


Really? So someone that is retired doesn't produce anything. What an insight.

The people working today are not as productive as those who were working 30 years ago?
 
Well the chart above is/was a major factor in the English vote to leave the EU. Many felt (statistics support) the rich got richer and everyone else got ?????
The OLD FASHIONED idea of tariffs were stripped and have caused the lower and middle classes in every industrialized country to suffer - Global Economy means - "find cheap labor" at ALL costs.
Increased productivity = more money for the wealthy (profit baby !!). Hence you get Bernie Saunders AND Donald Trump (although his followers blame illegal immigrants - exactly who do these immigrants work for ? Odd that they find jobs :)


I don't disagree with anything you said.

However productivity of working people has increased so we can certainly "afford" to take better care of our retirees. The distribution of the income earned from all the productivity increases in another problem.
 
It's not about the money. It is about the productivity of the people that are working. It is about running our economy at near full output.

So this would be a problem if college graduates were "underemployed" (working part time instead of full time, or working in jobs not related to their degree and therefore not at optimal wage for them), which I think is an issue currently. I suspect our current economy is not near "full output".
 
So this would be a problem if college graduates were "underemployed" (working part time instead of full time, or working in jobs not related to their degree and therefore not at optimal wage for them), which I think is an issue currently. I suspect our current economy is not near "full output".


It's also millions of people working part time when they want full time work and millions of people that have left the job market because they just gave up looking for work.

The output gap.

chartbook_2.1.1-gdp-gap-opt_1.png
 
The solution is shockingly simple:
  1. Multiple generations living in the same house (typically a small one -- downsize the McMansion)
  2. People work until they can't anymore, even if it's outside of their career (ie: part-time jobs)
  3. Live frugally
In other words, go back to living like they did in the 50s & 60s.
 
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The solution is shockingly simple:
  1. Multiple generations living in the same house (typically a small one -- downsize the McMansion)
  2. People work until they can't anymore, even if it's outside of their career (ie: part-time jobs)
  3. Live frugally
In other words, go back to living like they did in the 50s & 60s.

Is that for everyone or just the peons?
 
Slayer: It's for the people who were counting on SS to fund a good portion of their retirement.

Not everyone is in that boat, obviously.
 
They raised the rates on us Boomers so we could pay for increased benefits back in 1983. That was supposed to be the fix. It lead to higher amounts in the SS trust fund, which they invested in US bonds. Had they not invested those excess funds, the cry would be that they let the money sit without gaining any interest. Seems like a no-win situation.

Next year's average COLA is $2.50/month. That will be offset by a larger increase in Medicare.
And you believed them?
 
As a Penn State employee that is not in the PSERS program, my retirement strategy is to work until I die.
 
Let's be honest here. Republicans don't hate Social Security because it's not a true investment program. They don't hate it because the country can't afford it (the country can EASILY afford it).

They hate Social Security because it exists -- and they always have, for 80 years. SS just offends their sense of morality. They hate it for the some reason they hate Medicare and Obamacare.

Some people just think "freedom" means old people who haven't got enough money saved should just live on the streets and beg for their food just like the good old days before Social Security. Because having gangs of starving old people hanging out outside the grocery store would be such a GREAT moral lesson for our sons and daughters.

Republicans would never say this of course, but their Social Security "reform" always involves a lot of street begging and a lot of old people eating cat food. Just like their idea of Medicare "reform" involves telling old people -- too bad, you used up your $3,000 health care voucher, I guess your time is up!

Just like Paul Ryan's brilliant "replacement" for Obamacare -- which is just to repeal all the taxes, all the mandates, all the subsidies, so that health insurance becomes so expensive that only the top third of Americans can afford it. Let's make a health care system where only the wealthiest can afford hospitals -- that's a Republican dream!

All of this -- old people eating cat food, sick people just dying already instead of health insurance -- all this just gives Republicans a warm fuzzy feeling, especially if it involves tax cuts so the wealthiest Americans can buy more beach houses and yachts and private planes, so they can gold-plate their kitchen tables and their bathroom walls. Heck, so they can gold-plate the gold plate, because you can never have too much of that. Because, again, we want our sons and daughters to grow up in a country where the top 1% poop gold -- because it will motivate our sons and daughters to work really hard so they can poop gold as well. Because money is life, and life is money!

Maybe the poor and the working class just aren't suffering enough these days -- wouldn't it just feel good to turn the screws and make their lives a LOT more miserable? And while we're at it, let's abolish that darned minimum wage because $7.25 an hour is just too damn much money when we could be paying $2 an hour...
 
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IF we LOWER the minimum wage we can "compete" with the illegal aliens :) AND force them out of AMERICA !!!!!!!!

Well, the Republicans did block national health care in 1935 AND they continue to do so. Not that the Democrats are "much" better !! Just a tad ;-)
 
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You could argue that the people spending every cent they make is what keeps the economy going and enabled you to make money off of your investments. If everyone saved most of what they earned, the economy would suffer and no one would make money on their investments.

I just look as social security as a societal safety net and not a retirement investment. It's there when you retire if you need it. If you happen to experience a successful life and receiving or not receiving a SS payment has no impact on your standard of living, then just be happy you're helping your fellow man.


Or, on the other hand, the one who did save their money rather than throwing their money at big screen tvs, new cars every 3 years, etc. did not put their money in a mattress. They invested it which created the opportunities for others. Now it is time for them to live it up a little, enjoy their remaining years.

If you chose to be wasteful with your money, you shouldn't be rewarded over others who took care of themselves as not to be a burden on others.
 
Let's be honest here. Republicans don't hate Social Security because it's not a true investment program. They don't hate it because the country can't afford it (the country can EASILY afford it).

They hate Social Security because it exists -- and they always have, for 80 years. SS just offends their sense of morality. They hate it for the some reason they hate Medicare and Obamacare.

Some people just think "freedom" means old people who haven't got enough money saved should just live on the streets and beg for their food just like the good old days before Social Security. Because having gangs of starving old people hanging out outside the grocery store would be such a GREAT moral lesson for our sons and daughters.

Republicans would never say this of course, but their Social Security "reform" always involves a lot of street begging and a lot of old people eating cat food. Just like their idea of Medicare "reform" involves telling old people -- too bad, you used up your $3,000 health care voucher, I guess your time is up!

Just like Paul Ryan's brilliant "replacement" for Obamacare -- which is just to repeal all the taxes, all the mandates, all the subsidies, so that health insurance becomes so expensive that only the top third of Americans can afford it. Let's make a health care system where only the wealthiest can afford hospitals -- that's a Republican dream!

All of this -- old people eating cat food, sick people just dying already instead of health insurance -- all this just gives Republicans a warm fuzzy feeling, especially if it involves tax cuts so the wealthiest Americans can buy more beach houses and yachts and private planes, so they can gold-plate their kitchen tables and their bathroom walls. Heck, so they can gold-plate the gold plate, because you can never have too much of that. Because, again, we want our sons and daughters to grow up in a country where the top 1% poop gold -- because it will motivate our sons and daughters to work really hard so they can poop gold as well. Because money is life, and life is money!

Maybe the poor and the working class just aren't suffering enough these days -- wouldn't it just feel good to turn the screws and make their lives a LOT more miserable? And while we're at it, let's abolish that darned minimum wage because $7.25 an hour is just too damn much money when we could be paying $2 an hour...

That's a ridiculous post on so many levels. Let's start with the fact that The trustees openly talk about the problem regardless of political party. Obama talked about the problem when he ran in 2008. Bowles-Simpson was a bipartisan commission and both sides recognized the problem. So to simply say that republicans don't want a retirement safety net is is absurd. And FWIW Ryan's plan included some means testing.
 
IF we LOWER the minimum wage we can "compete" with the illegal aliens :) AND force them out of AMERICA !!!!!!!!

Well, the Republicans did block national health care in 1935 AND they continue to do so. Not that the Democrats are "much" better !! Just a tad ;-)

Ugh!

  1. Some oppose increasing the minimum wage but nobody has made a serious argument to eliminate the minimum wage.
  2. Illegal aliens are taking American jobs and driving wages lower. If you support legalization you are making things more difficult for Americans
  3. Republicans had plans to help reduce the cost of healthcare for everybody but democrats wouldn't consider their ideas. Remember, it was democrats that stole $700 billion from Medicare to fund Obamacare. They did this after bribing several in their own party to vote for the program.
 
well it doesn't help that the government has "borrowed" $2.7 trillion from the fund . . .
Huh?? Isn't this just a paper transfer. The going broke in 7 years presumes this money is still in there I think.
 
Let's be honest here. Republicans don't hate Social Security because it's not a true investment program. They don't hate it because the country can't afford it (the country can EASILY afford it).

They hate Social Security because it exists -- and they always have, for 80 years. SS just offends their sense of morality. They hate it for the some reason they hate Medicare and Obamacare.

Some people just think "freedom" means old people who haven't got enough money saved should just live on the streets and beg for their food just like the good old days before Social Security. Because having gangs of starving old people hanging out outside the grocery store would be such a GREAT moral lesson for our sons and daughters.

Republicans would never say this of course, but their Social Security "reform" always involves a lot of street begging and a lot of old people eating cat food. Just like their idea of Medicare "reform" involves telling old people -- too bad, you used up your $3,000 health care voucher, I guess your time is up!

Just like Paul Ryan's brilliant "replacement" for Obamacare -- which is just to repeal all the taxes, all the mandates, all the subsidies, so that health insurance becomes so expensive that only the top third of Americans can afford it. Let's make a health care system where only the wealthiest can afford hospitals -- that's a Republican dream!

All of this -- old people eating cat food, sick people just dying already instead of health insurance -- all this just gives Republicans a warm fuzzy feeling, especially if it involves tax cuts so the wealthiest Americans can buy more beach houses and yachts and private planes, so they can gold-plate their kitchen tables and their bathroom walls. Heck, so they can gold-plate the gold plate, because you can never have too much of that. Because, again, we want our sons and daughters to grow up in a country where the top 1% poop gold -- because it will motivate our sons and daughters to work really hard so they can poop gold as well. Because money is life, and life is money!

Maybe the poor and the working class just aren't suffering enough these days -- wouldn't it just feel good to turn the screws and make their lives a LOT more miserable? And while we're at it, let's abolish that darned minimum wage because $7.25 an hour is just too damn much money when we could be paying $2 an hour...

It's all about the gap.....

Rodger Mitchell -
We evolve by surviving. We evolve to survive — not only in competition with the world, but in competition with our fellow human beings. And that brings us to the Gap.

The ability to survive is power, and in all aspects of human society, there are the few who have the most power and the many who have less power. What separates them is the Gap.

With greater sophistication, the survival urge becomes sublimated into symbols, and so for us humans there are many kinds and levels and symbols of power.

Money is power. Privilege is power. The Law is power. Control, Possessions, Strength, Influence, Glory, Weaponry, Knowledge, Talent – all are power. And despite their vast diversity, they all have one measure: The one measure of power is the Gap between the most and the rest.

Power is not an absolute; it is a comparative. If each person on earth owned one million dollars, no one would be rich. But if one person had just a hundred dollars and everyone else had but one dollar, that one person with the hundred dollars would be rich.

It’s not the absolute amount of money that makes him rich; it’s the Gap.

If everyone had the same privileges, no one would be privileged. But if one person has special privileges, that one person has the power. And the greater his privileges, compared to the privileges of all others, the greater his power. It is the privilege Gap that gives him the feeling of power.

From the perspective of the more powerful, there is little benefit to accumulating more money or possessions or influence if the less powerful accumulate at a faster pace.Because it is the Gap that provides power and the feeling of power, the powerful understand, either intellectually or by intuition, that to maintain or increase their power, the Gap must be maintained or increased.

Owning a gun provides power, unless everyone else owns a bigger gun.

For every level of power, those below wish to narrow the Gap above them, and those above wish to widen the Gap below them. Thus, those below can be persuaded that Gap-widening strategies are beneficial, so long as the perception is that these strategies will be applied below them.

On average, fear is stronger than desire. The fear of narrowing the Gap below is stronger than the desire to narrow the Gap above. The fear of losing relative power is stronger than the desire to gain relative power.

In evolutionary terms, losing power can result in death, while gaining power may have only marginal benefits, if at all.

Being forced financially to move down to a “worse” neighborhood is far more traumatic than is the pleasure of moving to a “better” neighborhood. Being demoted carries deeper, longer-lasting emotions than does being promoted.

That is why the middle-class easily is persuaded by the rich, that social payments (food stamps, unemployment insurance, welfare, etc.) cause sloth, and so should be eliminated. We want to believe those below us are inferior and should be treated as inferiors.

Social payments also benefit the middle, but to the middle, that is less important than widening the Gap with the poor.

People emulate those with more power, emotionally trying to narrow the Gap. We approach the rich and famous; we hope to engage in brief small talk; we ask for autographs, we name-drop, we glow in their recognition, we flaunt diamonds and overly expensive cars. These are Gap narrowing (to those above – widening from those below) acts.

(Some Lamborghini cars cost in the neighborhood of $400 thousand. It is difficult and uncomfortable to drive, with an unlawful top speed of 200+ mph. Why would anyone want to own such a car? The Gap.)

We distance ourselves from those with less power. We don’t want to attend their dinners. We don’t want them to live near us. We want them tucked safely away from us, perhaps into jail. We try to widen that Gap.

The Gap can be widened in two ways: By reducing the power of those below, or by increasing the power of those above. “Broadening the tax base” and “reforming Social Security” are euphemistic examples of how the Gap can be widened by punishing those below..

The populace want both ways to widen the Gap – narrow it above and widen it below..

A few examples of Gap widening:
*Racial, religious and sexual adverse discrimination
*Voting restrictions
*Deficit reduction
*All taxes on salaries and Social Security benefits
*Strict immigration laws
*Forced segregation
*Minimum wage jobs
*Lax or non-existent political contribution limits
*Exclusivity: Country clubs; gated communities
*Laws/judges/politicians favoring higher-power groups or disfavoring lower-power groups.
*Harsh jail terms for crimes typical of the poor; light or no jail terms for crimes typical of the rich.

The universal desire (conscious or subconscious) is to distance oneself from those below and to approach those above. Evolution has taught us this intuition, as the best path to survival.

Sadly, our intuitions inherited from our tribal ancestors, may not serve us well in modern society. The discrimination that built cohesion and strengthened a tribe vs. other tribes, can weaken a nation.

“Fixing” a traffic ticket encourages dangerous driving. Strict immigration laws, while ostensibly to protect jobs, actually reduce the demand for goods and services that creates jobs.

Voting restrictions and lax political contribution limits create dictatorships that diminish the entire nation. Gated communities inevitably yield poorer services to those outside the gates, in turn, creating lawlessness and greater dependency.

Economics is ruled by the psychology of the Gap. Morality tells us to narrow the Gap. Fear tells us to widen the Gap.

Fear is more basic. It overrules logic, which is why people are able to accept the illogical notion that our government of unlimited wealth should take money from the poor.

It’s the Gap, the whole Gap and nothing but the Gap . . . so help me . . . .

Economics is all about the Gap.
 
Huh?? Isn't this just a paper transfer. The going broke in 7 years presumes this money is still in there I think.


There is no paper involved, dollars have no physical existence. The federal government doesn't have a vault full of dollars. It creates dollars when it spends by simply sending increasing reserve balances at banks. This spending is legally authorizes by Congress when it passes spending bills.
 
Well the federal can always pay back any debts owed in dollars. So that is not a problem.

The real problem is why did we collect 2.7 trillion dollars more from workers than was needed to fulfill the needs of retirees? That is just plain stupid, we removed purchasing power from workers for no reason at all.

We need more government............
 
Huh?? Isn't this just a paper transfer. The going broke in 7 years presumes this money is still in there I think.
It's there in the form of an IOU. SS will never go broke because the IOUs and anything else that's needed will come from the general (non SS) funds. No money there either since we have a $19 trillion debt. The current "kick the can down the road" approach is equivalent to running up more and more debt. Some people seem to be OK with that approach.
 
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What would you do? Please don't make this thread political, but it's something for all of us to ponder.

I worked all my life from 17 to 62. I signed up for SS last year and was rewarded with a SS pension of 132$ per month. The reason for this was I was a teacher and receive a pension from teacher retirement, which SS called a "WINDFALL" so I was hit with a huge penalty. Now I understand my teacher retirement is a good bit better than my SS retirement would have been. But all those years, I paid my SS tax like everyone else in the workforce who weren't paying into a retirement fund like I was also doing the entire time. SS has some of the most unsound policies I have ever seen. For example, If I live long enough for my ex to draw her SS, I can draw one half of her amount without a penalty which would increase mine by about 400%. We been divorced over 30 years too. I normally wouldn't do this, but after all those years of paying her insurance, rent in addition to child support, I am going for it and make sure she knows I get a nice increase because of her.
 
To the OP. The govt. simply will not let SS go bankrupt in terms of not making payments, so if that is you r concern relax. They will simply increase the deficit and pay from the general fund.[which in reality is what they have been doing already] hence the "stole 2.7 trillion comments". If you have followed the debate on SS it becomes impossible to raise the retirement age a few years or change the formula for COLA let alone not make payments.

"always a Ponzi scheme" Not sure it was in the beginning when if you lived to be 21 [working age] the average life expectancy was 68, but it sure is now. SS is the classic government program. Started with s good idea "let's help those older folks who have been fortunate enough to outlive life expectancy and are very poor. benefits start at 65 life expectancy equalled 68.So in the 70 years since it's inception measuring the same way life expectancy has gone up 76 or 77 and we have extended the full retirement age by one year. COLA increases annually, the tax rate has increased, the income threshold has increased, disability eligibilty has sky rocketed.[who thinks todays workplace is less safe than 40 years ago?] Everything has had a meaningful increase except the retirement age. Had we simply increased the retirement age by the same amount as life expectancy the SS fund would be solvent for the foreseeable future. But that would require actually having to deliver some bad news which our esteemed leaders would never do. Easier to kick the can down the road with deficit spending.

First rule of democratic government. - no entitlement will ever shrink, and no entitlement will ever be properly funded.
 
Ugh!

  1. Some oppose increasing the minimum wage but nobody has made a serious argument to eliminate the minimum wage.
  2. Illegal aliens are taking American jobs and driving wages lower. If you support legalization you are making things more difficult for Americans
  3. Republicans had plans to help reduce the cost of healthcare for everybody but democrats wouldn't consider their ideas. Remember, it was democrats that stole $700 billion from Medicare to fund Obamacare. They did this after bribing several in their own party to vote for the program.

BD, Not looking for a debate, but the PROBLEMS are from both parties. Neither represent AMERICANS. They are self serving and "bought and paid for".
Overall the only "difference" I can see is that BOTH parties "screw you" but the Dems tell you they are sorry :) A great man once said the two party system is like "putting a bowl of shit in front of a mirror".

As for me I have given up. There is more than enough blame to throw at both parties. Hence, I no longer vote. I value my time way too much :)
 
I worked all my life from 17 to 62. I signed up for SS last year and was rewarded with a SS pension of 132$ per month. The reason for this was I was a teacher and receive a pension from teacher retirement, which SS called a "WINDFALL" so I was hit with a huge penalty. Now I understand my teacher retirement is a good bit better than my SS retirement would have been. But all those years, I paid my SS tax like everyone else in the workforce who weren't paying into a retirement fund like I was also doing the entire time. SS has some of the most unsound policies I have ever seen. For example, If I live long enough for my ex to draw her SS, I can draw one half of her amount without a penalty which would increase mine by about 400%. We been divorced over 30 years too. I normally wouldn't do this, but after all those years of paying her insurance, rent in addition to child support, I am going for it and make sure she knows I get a nice increase because of her.
To the OP. The govt. simply will not let SS go bankrupt in terms of not making payments, so if that is you r concern relax. They will simply increase the deficit and pay from the general fund.[which in reality is what they have been doing already] hence the "stole 2.7 trillion comments". If you have followed the debate on SS it becomes impossible to raise the retirement age a few years or change the formula for COLA let alone not make payments.

"always a Ponzi scheme" Not sure it was in the beginning when if you lived to be 21 [working age] the average life expectancy was 68, but it sure is now. SS is the classic government program. Started with s good idea "let's help those older folks who have been fortunate enough to outlive life expectancy and are very poor. benefits start at 65 life expectancy equalled 68.So in the 70 years since it's inception measuring the same way life expectancy has gone up 76 or 77 and we have extended the full retirement age by one year. COLA increases annually, the tax rate has increased, the income threshold has increased, disability eligibilty has sky rocketed.[who thinks todays workplace is less safe than 40 years ago?] Everything has had a meaningful increase except the retirement age. Had we simply increased the retirement age by the same amount as life expectancy the SS fund would be solvent for the foreseeable future. But that would require actually having to deliver some bad news which our esteemed leaders would never do. Easier to kick the can down the road with deficit spending.

First rule of democratic government. - no entitlement will ever shrink, and no entitlement will ever be properly funded.

SS has been a Ponzi scheme from day one. A private company is required to keep their pensions funded. The government spends the contributions made by individuals and their employers instead of investing it to cover future obligations. They get what they owe you from the next generation. That's pretty much the definition of a Ponzi scheme.

Original recipients collected far more than they contributed. Then they added benefits like disability, benefits for your kids if you die early, benefits for your spouse even it they never worked, etc. All of that is a noble gesture but they raid the money that was intended for your retirement.

A few years ago the government stole $700 billion from Medicare to pay for Obamacare. Earlier this year they borrowed money from regular SS to prop up SS disability (because it was going bankrupt sooner).


The first recipients of Social Security were pretty much near retirement age or were at retirement age when FDR introduced the program. They were the real, true beneficiaries of this program. That's when it took 16 workers to pay the taxes for those people that had not put anything in the system.

"On January 31st, 1940, the first monthly retirement check was issued to Ida May Fuller in Vermont. The first monthly check she got was $22.54. She was a legal secretary. She retired in November of 1939, so basically she got her benefits within 60 days of her retirement. She started collecting benefits in January 1940 at age 65. She lived to be 100 years old, dying in 1975. Ida May Fuller worked for three years under the Social Security program. "The accumulated taxes on her salary during those three years was a total of $24.75. Her initial monthly check was $22.54. During her lifetime, she collected a total of $22,888 in Social Security benefits, paying in $24.75." Now, it was a deal for Ida May Fuller and that's just how Ponzi schemes work! The first participants get huge payout
 
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