Posted on 05/11/2024 11:59:50 AM PDT by where's_the_Outrage?
The latest Trustees Report projects the Social Security retirement trust fund will run out of money by 2033.
The trust fund has been bleeding cash since 2018, and it's getting worse every year.
Congress has several options to mitigate the potential benefit cuts facing 70 million retirees.
There might only be enough funds to pay out 79% of retirement benefits unless Congress acts. Retirees could be in for a rude awakening in the near future unless Congress makes some changes to Social Security.
The most recent Social Security Trustees Report indicated the Old-Age and Survivors Insurance (OASI) trust fund will run out of money by 2033, according to base-case projections. If nothing is done, it will only have enough incoming cash from taxes to support paying approximately 79% of benefits from that year on. Around 70 million people will see their benefit check shrink as a result.
Combining the OASI trust fund with the disability insurance (DI) trust fund offers only a bit of relief. The report shows the combined fund running dry by 2035, at which point it could only support 83% of expected benefits......
There are several proposed solutions for salvaging the Social Security program and ensuring current retirees don't see a cut in benefits.
President Joe Biden's administration proposed a payroll tax on income above $400,000. Currently, workers pay Social Security tax on only the first $168,600 in wages received each year. That number is adjusted for inflation every year.
Biden's proposal would require workers to pay added Social Security tax on any wages above $400,000. The SSA actuaries expect such a law could extend the life of the combined trust fund by another eight years, to 2043.
Another possible solution is to increase the full retirement age for current workers.
(Excerpt) Read more at fool.com ...
Two posts? What were they supposed to be saying?
LOL !
-PJ
Absolutely right! It should be that if you are in the country illegally you can never receive SS. Of course if you are in the country illegally there are already laws on the books that make it illegal to receive any government aid or to be employed. Democrats don’t care about laws and republicans have been castrated for decades.
https://federalbudgetinpictures.com/social-security-spending/
We spend a trillion a year on social security. Ukraine funding would not help much.
We need a growing economy, fewer regulatory burdens on business, a whole lot less government spending and to be rid of Democrats.
The economy would blossom in very short order.
It really is just that simple.
The original social security act said that when it hit pay as you go everyone would take a 22% cut.
Is that you Lt Col Vindman?
Wow, so the drones that the Ukrainians are use to such wonderful effect are obsolete?
I didn’t think that we have had drones that long.
And all of the Howitzer shell that we gave them, to the point of exhausting our stockpile, were all obsolete?
And given that in less twenty years the US will spend 100% of every dollar collected on taxes on service of the debt, maybe we should not be giving anything away.
There are plenty of scammers on disability.
Thanks to COVID (not the vax, I wasn’t falling for Fauci’s lies), I have been disabled but still working since 2020. It can be done.
Before COVID, I was fit, healthy, and still looked, according to my husband, “hot.” Now I have COPD, POTS, novel life-threatening seizures, am restricted from driving, and facing lung cancer. My PET scan results are due in Monday to see how bad it is.
Even with all of this, I am still working, still closing deals, still growing the company.
Truth be told, if my PET scan lit up like a Christmas tree, I’m going to pack it in. At that point, I think most people would agree I qualify.
Much is a relative term in my mind. 100 billion is 10% of a trillion. Did Ukraine pay into SS for 50 years like I was forced to? Not that I know of.
The shot will have taken care of most of the elderly in the next 10 years. They will have a surplus before too long!
posted on 5/11/2024, 12:03:44 PM by frakster
Honestly, giving Ukraine our old stuff so we can replenish our stockpile with brand new stuff is not necessarily awful. We’d have to spend the money anyway.
The best solution will take an “all oxen mush be gored a bit” approach, to minimize the change to each group - A. Current payroll tax payers, B. General income tax payers, C. Current cola increases every year, D. Retirement age for full benefits for anyone not yet retired, E. Benefit calculation for maximum benfit for anyone not yet retired.
Making more modest adjustments that Biden proposes, with A, as well as adjustments with B., C., D. and E., can minimize the impact that would otherwise be felt by any one group.
Unfortunately Congress and their refusal to fully invest - oustide the government - all the payroll taxes for future beneifts, from the beginnning, and instead them having used the payroll tax “excess” (payroll tax receipts above needed benefit expenditures) and given the “trust fund” IOUs as the “investment”, the funding shortfall is made more dire as the trust fund has no choice but to start asking the treasury to make good on all those IOUs - compounding the payroll tax revenue shortfall with a demand that general taxes will have to meet.
Privatize it. Each individual should have a separate fund in which they, and their employer, pay into and accumulate retirement wealth. A fund that is theirs and theirs alone, and cannot be stolen by the government, even when they die.
Yes, there are disabled people. Legitimately. But I’ve seen it abused within my own extended family. If I could PROVE it, I’d report them...but all I have are strong suspicions.
I took a class once on social security disabilities taught by a lawyer to helped people get disability. I left wanting to puke.
But there are absolutely people who qualify. My sister refused to apply, but had to quit teaching early due to getting migraines 4-5 days a week. Medication eventually brought that down to around 3/month, but it took 10 years before a medicine came out that did the job.
Please understand, I DO KNOW there are people who are genuinely disabled and in need of help!
This is nonsense. SS needs to be the iron clad contract with the American people that was promised. They took our money out of our paychecks all our lives, with a promise of funding our life when we can no longer work. So first reform has to be to put all government employees on social security and get rid of the public pensions. Watch how fast this gets fixed. They can cut other programs. They must stop talking about cutting it or changing the age. If they can’t reform it - which they can if they were thoughtful about it, they could privatize SS with a program similar to the IRA program where money is locked up, it can have certain allocation requirements and the like and include limited withdrawals etc, but at least the people would have it secured. At the very least Congress can simply order the Treasury to print the money to keep retirement benefits whole. Inflationary? Maybe a bit, at the margins. Just cover the shortfalls. But make up for that inflation too with COLA increases. This is the mess they created, they forced upon us, and they must honor their commitment or just give everyone their money back with interest.
“There are NEVER any articles about welfare running out of money, or food stamps or WIC or any of the other hundreds of programs available to the welfare leaches.
Social Security is money that is “PAID IN” damn it. /spit”
Good point!!
I got $25,000 from the government for catastrophe funds from being burned out in a Wildfire. 3 years later they decided it was a loan, so I paid it because it is impossible to fight them. This morning I found they took my last 7 social security checks with no notice to pay $9,000 added interest.
At least I am not costing taxpayers anything. Until I become homeless again.
LoL..best part is if I had owned nothing, they would write it all off. I replaced my beautiful home with an old MH worth$70,000. They said sell it and give them the money.... so now I’ll have nothing but that’s irrelevant.
They are breaking us all down to the lowest common denominator.
I've considered this. The optics of cutting benefits to people already drawing SS is horrible. No politician wants stories of poor little widow in their district that suddenly can't afford food or medicine.
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