Nope. The SSTF contains interest bearing, non-market T- bills backed by the full faith and credit of the USG.
LOL. This is you.
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 ...
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.And benefits are tied directly to the amount contributed. Raising the maximum tax would also raise the max benefit paid, and would do absolutely nothing to improve the finances.
And 20 million politicians could lose their bank accounts and all their other winnings from their “public service American Dream”.
Yes. SSDI is the defacto SS now for those who just don’t want to work to retirement age. Last I checked it ran to about 20-25%, IIRC. I could be wrong about that, but there are a LOT of people on BS disabilities that seem perfectly fine.
The Congress creates a bill and sends the bill to the President.
The President signs the bill that authorizes the Government to send the bill to law-abiding U.S. citizens.
The Government threatens the law-abiding U.S. citizens to PAY the BILL!
The law-abiding U.S. citizens appeal to the U.S. Supreme Court.
The Chief Justice of the U.S. Supreme Court tells the law-abiding U.S. citizens, that the bill "is a tax."
The entire content of The Sunday Bee, reports the Environmental Impact Statement of the bill - a study generated by Columbia and MIT Students and Faculty for a Bitter World.
- HAI, great-grandfather of HAL.
I never used Pfizer.
(How much are the other companies paying YOU?)
“Since 2018” LOL. The author just HAD to put the time line RIGHT in the middle of Trump’s term. What a surprise.
This is just another quadrennial election scare monger tactic designed to get everyone riled up and polarized, generation against generation(s) to distract from the real problem - Democrats in charge of government.
They won’t do a damned thing. Just keep printing money until it all blows up like a Weimar Balloon.
Such crap. At worst it might go down 18 percent. But even that is doubtful. They will fix it. Raise the cap and age. Fixed!
Oh they do. But as a scare tactic.
No problemo. Jerod Bernstein says we can just print some more money.
“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.”
George W. Bush proposed partial privatization 20 years ago, combining a 401K-type plan and a more limited social security draw. I recall it was DOA in Congress.
???
Congress will pay the balance of SS benefits out of general revenue once trust funds are empty.
Benefits won’t be cut.
Likely retirement age won’t be raised.
Taxes could be increased. Depends how hard Rs resist that.
Nope. The SSTF contains interest bearing, non-market T- bills backed by the full faith and credit of the USG.
LOL. This is you.
Trump up!
The Shia majority took majority representation in the Iraqi Parliament. That and control of the oil funds started the civil war. AIQ and ISIS followed. They were laying low until we left in 2009. Then the SHTF and it was vengeance time.
We’re in GE over 70 years countering Russia. We’ll be in the ME for another 100 years countering Russia’s proxies and meddling.
We all know that kid in HS who believed he wins by making everyone else lose. That’s Russia.
He’s crooked , he’s incompetent but other than that he’s doing a great job.
Over 100,000 people!
And, how about privatizing SocSec to take the government ‘sticky fingers’ out of the mix all together?
I trust my money to my broker well before the government, EVERY TIME, ALL THE TIME.
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