Posted on 03/01/2023 4:17:05 PM PST by artichokegrower
A group of bipartisan senators is quietly meeting to retool Social Security before funds run out in 2032.
On the table, according to Semafor, is gradually raising the retirement age to 70 and creating a $1.5 trillion sovereign wealth fund, which would invest in stocks.
(Excerpt) Read more at dailymail.co.uk ...
Like Biden’s blind trust. There is no such thing as a truly blind trust.
Most likely won’t affect anyone over 50 right now. Didn’t Reagan increase the FRA from 65 to 67 in 1983 for those younger than 22 at the time?
So you pay what would have been lifetime savings for at retirement of about 15 years and now they’ll cut that to about 10.
We are totally SCREWED. It’s pure theft. I will pay a lot more than I get back, and in devalued dollars.
BOTH parties did this to us.
How about closing our border so we aren’t paying a gazillion $$$ to take care of illegal immigrants.
Needs more detail.
Are they talking about raising the first year of eligibility (currently 62) to 70? Or are they talking about raising the “full retirement age” (currently 66) to 70? I suspect it’s the latter.
Could bail out SS with the money sent to Ukraine and everywhere else. We are all gonna be working will we die in order to fund everyone else. Making everyone work till 70 is not the way to right the ship.
Why don’t they just deny taking out if you didn’t contribute to begin with?
I won’t be surprised if the GOP screws us all on this
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The Same Senators that say the financial aid to Ukraine is endless and support Joe fully paying Pensions in Ukraine
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Not to mention they already have your money.
This is criminal
And they openly flaunt endless money spigot to Ukraine, and vote against Audit and oversight of that money.
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False premise. ( LIE) It can't run out of funds. It will be funded with the funds raised from all forms of federal taxation. What it should say is creating money is inflationary, whether it is for SS or any other unfunded federal program.
A 10% import tariff to fund only SS would correct the problem for perpetuity.
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The Média is Corrupt and Unaccountable.
The Congress is beyond Corrupt and they are untethered from the people they supposedly represent. They are all multi-millionaires working on that second and third fortune.
Look at Pence. Lifetime of soft work peddling lies, he lives in a 10,000 square foot lake Mansion and get about five Pensions that make Social Security look like bird seed money.
The plan also includes a proposed sovereign wealth fund (as previously reported by Semafor) that could be seeded with $1.5 trillion or more in borrowed money to jumpstart stock investments, the people said.
An investment fund seeded with borrowed money... what could possibly go wrong? They would put it in a lockbox so it would always be there. Like the Social Security trust fund. They would never transfer it to the general fund to fund a war for the military industrial complex. And if anything did go wrong, they promise to raise your taxes to cover their mistake which was impossible to foresee, such as the stock market going down.
The problem with "simplified investment guidance" is that the second we allow the government to provide this guidance it becomes a political nightmare with the party in power guiding investment into areas that benefit them instead of investors.
To see how a SS alternative would work Google "Galveston history of Social Security". You do not want the location of SS offices, you want the history of how 3 counties in Texas opted out of SS when SS was first formed and set up their own "privatized" system.
It has only been more than twice as good as SS, if we define good as benefits paid to participants.
Social security should be privatized. Those that paid in should be given all that they and their employer paid in on their behalf, plus interest at a rate no less than 6% per year compounded monthly.
“How about cutting the sub-programs that fall under the Social Security program and under the Medicare program????”
You’re the kind who wants to murder disabled babies because they cost money.
Know all about Galveston and that it is a great success. They opted out of SS but they also did not throw the people to the wolves of wall street. Gooberment guidance is not what I am thinking of but there needs to be something. People have been unknowingly and ignorantly fleeced out of their savings toward retirement.
When the 401 started and matching was offered my troops were giddy. I told them we all took a cut in pay and a haircut compared to the defined pension plan with the power of all that money professionally managed and the leverage to investment it provides. Mostly we did take a haircut.
The reason for the original defined benefit is that most people are not able to manage on their own. You have to follow the rules and most people can’t.
Cut SS, cut Medicare, cut snap. But if Mrs Zelenskyyyyy needs more champagne and fois gras, we can spare $1 trillion no problem!
Most people are not aware of the fact that the biggest part of the postwar baby boom was 1954 to 1964, when 4 million baby boomers a year are usually counted into the total.
The baby boomers born in 1964 will be 70 in 2034, so it’s easy for them to put off worrying about it. And 2034 is 2 years past the point where social security is scheduled to be unable to pay out benefits anyway.
So there will probably not be enough resistance to the raise in age right now to get it squelched, and it will probably happen.
There are always the new migrants to help pay for it, though—over 45,000 in New York City alone. But that’s not allowing for the ones who ran off into the desert and will never have to pay a cent in social security or anything else.
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