Response to Social Security’s Go-Broke Date

Truth in Accounting ^ | 20 June 25 | Truth in accounting staff

[delta7]

A talk with my SS regional head revealed some surprises. They know about the underfunding, and think changes will come before Trump’s exit. Plans?

Raising the retirement age, “ grandfathering” 55 and older and/or reducing SS payments to high net worth recipients….question is what will they deem “ high net worth”?

[crusty old prospector]

I am sure that those of us who played by the rules will get screwed.

[DesertRhino]

Ever notice that nothing else in the federal budget has a “go broke” date? Welfare doesn’t, Ukraine doesn’t, NASA doesn’t, etc etc.

[reasonisfaith]

Everything changes after the Fed and the IRS are gone, oil, rare earth metals, tariffs and other revenue, and we have our real US dollar backed by gold, not to mention crypto.

[Right_Wing_Madman]

Ever notice that nothing else in the federal budget has a “go broke” date?

The real "go broke" date is when the US dollar become worthless through hyperinflation and a new monetary system has to be created. The Weimar Republic is good example of that, except the US economy today is much bigger than Old Germany. It'll be quite a mess.

[BipolarBob]

Still housing illegals in hotels. Does that money ever dry up?

[delta7]

I am sure that those of us who played by the rules will get screwed.
————-
Not necessarily. Many factors at play. Age is undeniable, however “ net worth” ( means testing) can be hard to determine especially if assets are held in other forms, LLC, corporations, trusts, etc….Think out of the box, the wealthy do.

[TexasGator]

"Age is undeniable, however “ net worth” ( means testing) can be hard to determine especially if assets are held in other forms, "

I hid my assets in my mother's basement but while in jail some darn maintenance dude found them. Sold $2.5 million in rare coins to a thrift shop for less than $7,000.

[lightman]

Especially those of us born on or after 1/1/1960.

Always has been the line of demarcation, always will be.

[frank ballenger]

In the movie Myra Breckenridge it said a world famine will hit in the year 1974 due to ecological decline. Rex Reed in the movie looked pained and said “How many times have I heard that? I don’t believe a word of it.”

Another thing not to believe: An aged rock star who claims this is his farewell tour and he is retiring from music.

Phil Collins joked about that with his “Finally. The First Farewell Tour.” (2004)

[lightman]

USAID did until our black-robed Judicial Tyrants aka Mullahs deemed otherwise.

[cableguymn]

When it comes to government you know that’s what always happens

[KarlInOhio]

If the government had not instituted a "lockbox" for the excess money collected by the Social Security tax over its payments where it left a bunch if I-Owe-Me bonds in filing cabinets in West Virginia, but instead just spent the money the only difference is that Congress would have had to actively approve the current amount of spending over taxes collected and the real borrowing to pay for it. Now it just happens automatically without Congress having to get their hands dirty.

The 203x date is when that buffer runs out. The real bankruptcy date was 2021 when revenues stopped covering payments and the general revenue had to be tapped.

[tumblindice]

You can be sure the critters’ pensions, gold-plated health care and other benefits have no “go broke” date.

[ChildOfThe60s]

My half wit sister-in-law pawned a $25,000 ring that was left to her by her mother for the grand sum of $500.

[crusty old prospector]

How about most of your assets are locked up in 401k’s that have yet to be taxed?

[crusty old prospector]

We are still Boomers! Let us in the club!

[DesertRhino]

“The real “go broke” date is when the US dollar become worthless through hyperinflation and a new monetary system has to be created”

That’s a mic drop...

[tumblindice]

Walmart needs greeters.

[lightman]

Yea, verily, yea.

Too many repressive acts of legislation have put us just above that magic limbo stick.