Say it louder, and look into the camera!
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 ...
Say it louder, and look into the camera!
Stop sending money to Ukraine and problem solved.
you sound vaccinated. how much do you make to ra ra for Pfizer
The Disability “fund” is in better shape than the retirement fund.
But the big lie is that there is no fund at all.
They are T Bill’s. Federal IOUs.
Nothing new. I was supposed to get va health benefits for life and then they changed it to means testing. So I didn’t get it for decades.
They can always print more money.
Rest assured, I was agreeing with you. I’ve seen abuse of the system, too, and reported it. I also know that there are folks who truly need it. Moreover, not all disabilities are visible or obvious to the naked eye.
We are on the same side. Sorry if my post came across indicating otherwise.
Nope. The SSTF contains interest bearing, non-market T- bills backed by the full faith and credit of the USG. SS has been running in the red for a number of years, I.e., benefits paid out exceed revenue collected. T-bills redeemed from the SSTF make up the shortfall.
When the SSTF is exhausted, by law, benefits must be reduced to the level of revenue, which is projected to be about a 20% cut.
Today’s workers pay for today’s retirees. In 1950 there were 16 workers for every retiree. Today, it is less than 3 and by 2030 it will be two. SS must be reformed by either decreasing enefits or raising taxes or some combination thereof.
SS has an actuarial problem. No one stole the money. When something similar happened in 1983, Reagan and Tip O’Neil struck a deal that included raising the retirement age, increasing the payroll tax, and forcing federal employees into the system.. The solution was supposed to last 75 years. Obviously, it hasn’t worked. People are living longer and COLA’s are increasing more than revenue and the ever rising salary cap that controls how much of one’s salary is subject to the FICA tax. 80% of Americans pay more in payroll taxes than in income tax.
That was a coup.
It’s what the criminal CIA does.
“IIRC, it is draining funds to cover disability that is causing the problem. And “disability” is, IMHO, mostly a scam.”
I personally know 3 people on disability. One is a faker but got an attorney and won their case, and now lives a normal life of leisure. The second had a stroke and lost sight in one eye, but is otherwise healthy and carries on life normally. The other has Parkinson’s and is losing ability to function daily. IMO, only the Parkison patient is truly disabled and deserves supplemental disability income because they cannot work.
The concept of a “Trust Fund” is laughable.
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That’s what I’ve always understood. SS goes right into the general fund like everything else and is spent. It’s not sitting in a bank somewhere collecting interest.
Yeah, my neighbor John, lives a mile south of me, a darn good man, fought for his country in this little happy-go-lucky place called The Republic of Vietnam. Took an AK round in the back, another 1/2 inch to the left and he would have been paralyzed. He hurt so bad he had to give up farming because he couldn’t sit in a tractor because he hurt so badly. The VA screwed him for ten years before giving him disability. I figure there is something seriously wrong with a nation that gives my tax dollars away to another country and doesn’t seem to care about a Patriot. John didn’t ask to go there, he was drafted and went because. Sorry for the long post.
Medicaid, WIC, SNAP, and all the various welfare BS should be decreased before social security. I think it’s about 1/2 of the budget or something equally obscene.
But, once again, they target people who actually worked their whole lives instead of the Democrat base of freeloaders.
Sure, he was hanged, but we stayed on and on and on until we wasted huge amounts of money and thousands of lives trying to create a democracy or something. It just wasn’t worth it in the end.
CONgrift could be in for a rude awakening in the near future if Social Security doesn't continue to be stable.
how about eliminating fake DD claims....
how about NOT giving SS to illegals....
HOW ABOUT PUTTING ALL OF THE FEDERAL GOVT ON SS AND MEDICARE?...maybe then it might be important to them....
Don’t reduce social security, make up the short fall from congressional salaries. Start now...no...make it retroactive. If they aren’t living out of their car and working a part time job to make ends meet they are overpaid.
I remember reading about a Chinese woman who immigrated to NY to be with her children, who were already here.
Within a few years, without working, she was somehow able to get around $300 in SS and other welfare programs.
It stuck with me all these years because she was getting more in SS payments than my AMERICAN grandmother who had worked since she was 8 yrs old.
The same thing happened to my husband, a Vietnam Vet who died of Agent Orange poisoning.
For YEARS the VA jacked him around. We learned that their motto is: “Deny, deny, deny and hope they die”. He never saw his disability compensation, but I kept fighting and receive a portion of what should have gone to him.
Illegals and foreign countries get our tax dollars in a heart beat, but AMERICAN HEROES? That’s another story.
God bless your neighbor and all our wounded Vets.
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