Posted on 08/25/2023 8:15:34 AM PDT by SeekAndFind
Milton Friedman once observed, “If the government ran the Sahara, in five years there would be a shortage of sand.”
He was right. The government has run Social Security for more than 80 years, and now there is a shortage of security. At this point, the experts believe that someone who is 79 years old today is likely to outlive the system’s ability to pay scheduled benefits.
The solution, according to the White House fact sheet on the 2024 Budget Proposal, is: do nothing, and the Republicans cheered. That leaves a rapidly growing problem to third parties.
Social Security presents a mental challenge to libertarians as a whole. Little on this earth demonstrates more clearly the dangers of big government. Yet, at the same time, the venerated program has set in motion a crisis that likely can only be addressed by a big government.
In theory, Social Security is social insurance where workers pay for benefits that they expect to collect in the future. Since its inception, the program has, for every $1 ever collected, generated $3 of promises for which it doesn’t expect to have money to pay out. In total, the program expects to leave current voters $22 trillion short of a planned retirement.
In other words, while people pay for their benefits, they have not paid enough.
Given that politics is the art of promising more than you can deliver, Social Security is the greatest program in the history of government.
The Libertarian Party’s platform does not abolish Social Security. Rather, it would phase out Social Security. In essence, the government would force future Americans to clean up the mess that they had no role in creating. So, that version of libertarianism isn’t entirely opposed to the use of force by big government.
(Excerpt) Read more at americanthinker.com ...
Social Security wouldn't have a problem if the politicians hadn't decided to dip into the "trust fund" to fund the budget and to provide handouts to those who NEVER paid into it.
“Social Security” is like the old Holy Roman Empire that wasn’t holy, wasn’t Roman and wasn’t an empire.
It was a Ponzi scheme with guns from day one.
The “trust fund” still deludes the gullible:
If we are going to have millions of immigrants, get them working and paying into the system. It is the only way we are going to keep the ratio up. But limit benefits to non citizens.
Reduce/eliminate the taxation on SS benefits. This will “stretch” the existing payments without raising the levels.
Raise the annual ceiling on payments into the system.
Audit the process and people on SSI, there has to be some savings there.
Stop using the SS Trust fund to fund the general fund.
There are lots of things people could do. You simply need to be able to talk about them, and block out the screaming from AARP, and the overly dramatic.
Many changes can be introduced to younger participants without impacting current recipients.
Allowing people to bail out is not an option because its a Ponzi scheme and you need cash coming in.
We should not save Social Security. It’s nothing more than a ponzi scheme.
Oh for God’s sake...
Run the numbers...
Then remove the fat that has been added into it...
Then investigate the fraud...
Then, run the numbers again...
Then, remove the overseer’s and replace them with excellent financial advisors...
Yes, it’s salvageable...
But not in the hands of petty government officials
“It was a Ponzi scheme with guns from day one.”
I agree. But, when my Congressman was asked about that, his response was that Ponzi schemes are illegal. Since this is run by the government...it’s legal.
You simply have to shake your head at that logic. This is why the country is screwed without term limits.
Social Security was a short-sighted failure from its inception. A massive pyramid scheme, benefiting the early beneficiaries the most, the drafters of it knew it was not sustainable as more and more people reached retirement age.
YES, I can Fix Social Security in less than 30 days, Permanently.
Immediately Pass a LAW Abolishing ALL Taxpayer Funded Defined Benefit Pensions and Retirement Plans, FORCE EVERY PUBLIC EMPLOYEE NATIONWIDE into Social Security, including and especially Members of Congress. DENY ALL Federal Funds to any State that doesn’t Comply.
It will be fixed OVERNGHT
“It’s legal”.
Reminds me of one of my favorite Ayn Rand quotes:
“When the law no longer protects you from the corrupt, but protects the corrupt from you – you know your nation is doomed.”
Not only is it savable in the fairly near future it will likely be increased to between $2,500-$5,000 per month.
There’s a reason why Donald Trump is so adamant about keeping social security.
Basically - NO.
Coming Federal deficit is $1.6 Trillion. Chart the deficit over the last 20 years - its going parabolic, and its unsustainable.
Throw in a recession where tax receipts drop by 20% and the political urge is more “stimulus” to keep bloated, democrat, woke government alive.
BRICS have their own problems, but they can stick it to the USA by not buying Fed.gov debt any longer - which is EXACTLY what they are doing. Who can blame them? Its a bad investment.
At some point, TSHTF and we go to Venezuela-style direct debt monetization
It’s a Ponzi scheme with an ulterior purpose: to take money out of the middle class employed.
If this was really about saving seniors from poverty, we already have innumerable welfare programs available to disburse cash to needy seniors.
Social Security exists to pick the pockets of the employed. To keep the middle class poorer.
And, brother, does it excel at that.
Make SS VOLUNTARY.
See how many takers there will be.
Pay out the existing contributors, or negotiate a buyout. I'll take 5 cents on the dollar on all past contributions as long as I never have to pay 6.2% into the failed system ever again.
At the risk of oversimplifying it, someone somewhere needs to set up a spreadsheet. And input data with assumptions about money coming in, and money going out. And then do some “what if” analysis, what if cost of living adjustments are adjusted, what if the retirement age is raised, what if this or that change is made.
And then also, Social Security at one time was completely separate from the rest of the federal budget. Somewhere along the way, it was merged into the rest of the federal budget.
If Social Security were completely separate, much as all of our 401K and pension plans are completely separate from the finances of the companies we work for, we would all have a clearer picture of the situation, and better ideas of what, if anything, should be done to balance the budget of Social Security.
If they can send all that to Ukraine, they better cough a lot more for we the people. French style revolution.
“Pay out the existing contributors, or negotiate a buyout. I’ll take 5 cents on the dollar on all past contributions as long as I never have to pay 6.2% into the failed system ever again.”
F___ that, I want 100% of my contribution with interest. or I can just deduct that amount from my future income taxes.
Same.
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