Posted on 03/09/2020 9:49:19 AM PDT by where's_the_Outrage?
As you may have heard, our nation's most successful social program is in a bit of a bind.
Every year since 1982, the Social Security program has generated a net cash surplus. By bringing in more revenue than is paid out in benefits each year, the program has been able to build up a $2.9 trillion reserve. However, according to the 2019 report from the Social Security Board of Trustees, the program is about to hit an unwanted inflection point.
You see, more than a half-dozen ongoing demographic changes are expected to result in Social Security expending more than it collects in 2020. While this initial net cash outflow will be relatively small, the amount flowing out of the program will increase exponentially in subsequent years. By 2035, Social Security's asset reserves of $2.9 trillion are forecast to be completely exhausted.....
The problem is that Social Security finds itself in a Catch-22. The "Catch-22" phrase describes a dilemma that offers no escape because of mutually conflicting or dependent conditions. In Social Security's case, no matter what unilateral proposal is made to resolve the program's cash shortfall over the long term (defined as the next 75 years), benefit cuts for retired workers seem to be a given.
(Excerpt) Read more at msn.com ...
Years ago, the state of NC tried to take away a retirement promise they made to employees. What I remember was that a retired state Judge sued the state: the retirees won!
My point is that if the gov’t makes a promise, the gov’t has to keep it.
LOL! You’re right on those ages.
Although the USSC says Social security payments are not a right, doing this would suicidal, in more ways than one, for the politicians.
Yup, and the longer they remember that, the longer they will live.
See post 65 above FYI.
Ditto.
Banking on SS, as your only income to live on in retirement, is NOT a retirement plan.
“In Social Security’s case, no matter what unilateral proposal is made to resolve the program’s cash shortfall over the long term (defined as the next 75 years), benefit cuts for retired workers seem to be a given.”
There are several fixes to the Social Security program that would ensure solvency for at least the next 80 years. Here is a discussion of some of them:
https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html
I know all about the SC decision that SS is not a promise.
BUT if an annuity company said the things that government has said about SS and then tried to reneg on the deal their officers would be in prison.
You mean hit harder. They already pay taxes on the “benefit” and pay much higher medicare premiums.
They will be hit harder because they are a small voting group and just don’t matter politically. Same as always, fix the target and destroy it.
We never do what is rational. Never.
Again.
The best thing to do would be to phase it out completely. Pay those who paid in fully fully, pay those who paid in half half and so forth but end it. Won’t do that. odorko turned it into another welfare program with disability payments.
We’re fukt’d.
Politicians do not care about debt. Someone else will have to deal with it.
Your confusing Social Security Disability Insurance with Supplemental Security Income. They are two different programs but both managed by the Social Security Administration.
Social Security Disability Insurance(SSDI) is paid from the social security tax and the only way a child can draw from it is if they were disabled before age 18 and they have a parent who is currently disabled or deceased and paid enough into the system.
Supplemental Security Income(SSI) is paid from the general fund and is for adults who are disabled and haven’t paid enough into Social Security to be eligible for benefits or a disabled child who’s parent(s) fall below certain income and resource guidelines. It is a much smaller amount than the average Social Security Disability payment.
Great plan.
Where does all the money come from?
It’s not like it exists in some actual form today.
I’ve got a better plan. Get rid of the social security tax income cap(currently set at $132,900) and add a maximum benefit amount. This would get social security over the baby boomer hump and keep it solvent for future generations.
There is a ceiling on "contributions" because there is a ceiling on benefits. After that is purely wealth redistribution.
SS is NOT about retirement income!
It is about CONTROL!
Can’t have you deplorables out there making your own investment/savings/retirement plans, can we now?
If we play our cards right, there will never be another Democrat President!
Actually the supreme court has ruled that it is a tax under the 16th amendment and therefore constitutional.
The government taxes for all types of programs. Hell, the military protects everyone, even Americans who have never paid a dime in taxes. At least with Social Security you, or your spouse or parent, has to pay into the system.
I use to be a get rid of Social Security person too. After much research (prompted by a buddy that’s also an Army Retiree and got hired by Social Security) I’ve come to the realization that Social Security has kept many millions of American out of poverty.
Here’s the reality. Now that we have switched from an agrarian to an industrial to service economy there are three options for society when dealing with out retirees and disabled.
1)Let them eat cake-you didn’t prepare for retirement or plan for the possibility of a disability then too bad so sad. Problem with this is that the American people will never go for it. You put a grandma on the tv that’s living in a cardboard box and a huge majority of Americans are going to demand something be done.
2)A welfare program for those who didn’t plan for retirement or become disabled. With this there is a final safety net but we are still paying for it and the government is going to be more involved because they want to make sure this people are truly needy.
3)A program where we pay in together and we can then get some income from when needed. This allows Americans independence(unlike a welfare program there is no constant checking on if your eligible) and we all have skin in the game because you have to contribute to be able to draw.
I see it as any other service that government provides, like the military, fire, or police.
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