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”?
I am sure that those of us who played by the rules will get screwed.
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.
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.
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)
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.
44% of the yearly federal budget for SS & Medicare...another yearly 13.2% of the federal budget goes towards interest payments.
reducing SS payments to high net worth recipients reduces SS to means or needs testing...which it kinda does already.
I tried to get GROK to define the differences between means testing and earnings testing...
it and i gave up
https://grok.com/chat/12e7837d-5aad-48f0-bf3e-b18fe8326f6c
Trust funds? What trust funds? It’s paid by the Treasury that prints up however much money it needs to print (or create as 1’s and 0’s).
I try to be an honest man.
Therefore I will give Al Gore this...We need a “lock box” for SS taxes.
Al Gore deserves credit because politicians of both parties ignore the ponzie scheme consequences.
SS will always be paid with a CODA over time. It equals to the deflation of the dollar about as well.
Nobody cares as long as SS recipients get their money at the expense of those younger suckers paying in, like the pyramid scehme is it.
Boomers do not care as long as they got theirs.
It will go broke before I retire. I’ve accepted for quite a while that I’ll work until death.
Remove the scum that shouldn’t be on SSI.
Bkmk
Social security is Government ownership of old people. If they own you, they can do what they want. It must be phased out over time. Freeze current benefits for those on it now. Kick out everyone who was never meant to receive benefits in the first place. Offer buyouts to those 10-20 years away from retirement such that halve of them take it. Those over 20 years away are on their own as far as retirement is concerned but their social security tax burden gradually reduces as recipients die off and in addition, they will own their own retirement. In 30 years, it’s basically gone, never to be instituted again. Everyone sacrifices and in the end, our grandchildren are free.
If they simply raised the cap to 250K, we’d be good another 50 years. It wouldn’t even hurt anyone.
I rather look at this as perhaps the president has some changes in store for S.S. as were presented here. There are some who absolutely are only able to subsist through S.S. There are others who, though they may have paid in a lot, do not depend on them. It may come to reducing payments to some. I think I can safely say that for those who depend almost entirely on S.S. payments that are collecting at nearly the bottom of the scale that there isn’t a lot of choices left that won’t hurt them badly. If you are living only on S.S.payments, & even if you owe nothing other than normal operating expenses, own your house & car completely, you haven’t got much room to spare. Not receing any S.S. payments at that point would put you in an impossible bind.