Social Security: Whistling Past The $96 Trillion Graveyard

Zubu Brothers ^ | 6-10-2022 | Lance Roberts via RealInvestmentAdvice.com

[Tell It Right]

Imagine if the past 60+ million workers hadn’t been aborted.

[PGR88]

What will Fed.gov do? More of the same.

Ever higher taxes, more debt, more money printing, more central control, more political division, propaganda and demonization to fight against an increasingly obvious problem.

Until it all collapses.

[JonPreston]

I love it when conservatives float stupid ideas, usually around election time, on how to “save” social security by increasing the minimum age or reducing COLA, etc. As if any other program in DeeCee is solvent and needs to be saved by the working class? How about not giving Medicaid to illegals??

[SaveFerris]

(For now, we continue to “Whistle past the $96 Trillion graveyards.”)

Unfunded liabilities with Social Security and Medicare now over 169 trillion dollars

[john drake]

Nice to know that after paying in for over fifty years, and about to turn 66, that the government is using those dollars to subsidize people and programs some of whom it appears to have not put a penny in the system, and when this thing goes bust, my benefits, once applied for, may or will be reduced significantly. And of course with inflation roaring back, they can pay whatever residual is left in dollars that will dwindle in value to, well, maybe nothing. Hmmmmmm...I wonder what happens then......

[cgbg]

Social Security was always a Ponzi scheme.

The “Trust Fund” is just a bunch of paper in a filing cabinet in West Virginia:

https://moneymorning.com/2017/03/31/the-social-security-trust-fund-is-just-a-stack-of-ious-in-a-west-virginia-filing-cabinet/

It is supported by the “full faith and credit” of a gang of power-mad sociopaths in DC.

It is a “long con”...for now....

[cranked]

To add, government black projects have siphoned upwards of 21-25 trillion...

[OrangeHoof]

Both parties are just wishing and hoping the other party is in power when the plug gets pulled.

I’ll admit, I did not provide a replacement as I’ve been a childless lifelong bachelor. However, my Mormon sister makes up for it with four children, 16 grandchildren and, eventually, a boatload of great-grandchildren.

Further down the line, I think most of our country’s young will be Hispanics and Mormons. Not blacks because they kill each other too often and not non-Mormon whites because they’ve practically given up on large families.

[A Navy Vet]

All this is why I recommend those who reach 62, apply early for SS, which they paid into and is NOT a welfare program that many say. You get less than if waiting until 65, but in my case, I've made up that difference many times by receiving it early.

Folks, if you've been paying into that forced socialist program during your hard working years, THAT MONEY IS YOURS. Get it while it still exists! Sorry for our kids, but Congress long ago transferred the so-called "untouchable" SS funds into the General fund. Of course, that is spent on countless welfare programs for the gemmedats.

[xp38]

I wouldn’t worry. The world is gonna end before all this happens according to AOC.

[beaversmom]

“The question is whether elected leaders will make needed changes now...”

Lol. Some people believe that “leaders” will actually try to tackle this? They are too fixated on LGBTQ+ and abortion, etc.
Most of us here have known for a long time none of this is gonna end pleasantly.

[BitWielder1]

At the same time, welfare never runs out of money. Why is that?

[Theoria]

Another Ponzi scheme. Gen x,y,z etc are the biggest bag holders in the history of the world. All this debt they get to inherit, with a world designed to destroy them via trade, immigration, and foreign affairs. etc.

[FLT-bird]

I suggested raising the retirement age a few years last week and a poster here hated that idea. Well? What can be done then? It won’t be possible to raise taxes sky high. People won’t accept that politically and will vote out of office any politicians that try it. So the only other option is slashing benefits.

[adorno]

Well, if the government has the money to pay off student debt, certainly they have the money to balance Social Security. Problem is that SS recipients are already decided on how they will vote, but the younger-people/students, can still be bought off.

[HombreSecreto]

And they never say that welfare and food stamp programs will run out of money.

[goodnesswins]

And, they probably voted for dems, too

[Sgt_Schultze]

Yup. FedGov took the money, spent the money, and replaced it with a “bond” they created and is NOT marketable. The only way to redeem that “bond” is to raise taxes or run a surplus (same thing). For too long they have been spending SS dollars twice.

Fear not. They WILL use the current financial problem they have created to stave off the inevitable. Watch for a move to confiscate private retirement accounts. 10% to start, shortly 25%, then the rest will be mandated to be “invested” in government securities for “safety” from stock market volatility.

[Alas Babylon!]

However, at that time, life expectancy was roughly 60-years of age. Therefore, expectations were that participants would not be drawing on social security for very long from an actuarial basis. Furthermore, roughly 16-workers paid into social security for each welfare participant.

I've never understood the life expectancy figures to be ONLY about when a person would die.

Figures used to be lower because so many children died in their first 5 years due to starvation, illness and accidents.

Once most people start living beyond five years old, life expectancy goes up.

Also, since children can be expensive in higher income countries, the trend is always women/couples having fewer children than more agrarian and poorer countries with high childhood death rates.