Social Security fund will be drained by 2037

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Bateluer

Lifer
Jun 23, 2001
27,730
8
0
Thanks Bush! It's just an IOU right?

You uh, know the Bush administration tried to fix Social Security in 2005, right? The democratically controlled Congress blocked the bill. Both parties have been raiding the SS pool for decades, almost since its creation.
 

Infohawk

Lifer
Jan 12, 2002
17,844
1
0
OK, so let's say that SS is dead. Tomorrow morning we all turn on our radios/tv/computers/etc. and read that the government has pulled the plug, if you were expecting a check then sorry it's not coming. We have no money to give you.

What happens next?

People elect politicians willing to print more money.
 

Craig234

Lifer
May 1, 2006
38,548
350
126
Just destroy it now before it gets any worse.

LOL. Some people deserve the Somalia government they want to create.

Social Security is and can continue to be an outstanding success - despite the flaws of things like the Reagan/Greenspan error with the government-borrowed surcharges.

You are ignorant, IMO.
 

nick1985

Lifer
Dec 29, 2002
27,153
6
81
Social Security is and can continue to be an outstanding success

SS.JPG
 

rcpratt

Lifer
Jul 2, 2009
10,433
110
116
LOL. Some people deserve the Somalia government they want to create.

Social Security is and can continue to be an outstanding success - despite the flaws of things like the Reagan/Greenspan error with the government-borrowed surcharges.

You are ignorant, IMO.
Yeah. An outstanding success...get back to me on that one in 20 years, eh? If that.

Eliminate SS benefits for those under 25 (note: that's me). Everyone else can have their benefits reduced and the eligible age moved back on a sliding scale. All employees and employers will continue to pay SS tax, reducing over time, until no more benefits are owed. Yes, some people will pay and see no benefit. Like me.

People can figure out their own 401k's, IRAs, and other retirement planning. Raise the caps on tax-deferred retirement savings. Those that fail at saving can keep working until they wither up and die.

Yes, I hate stupid people.
 

Bateluer

Lifer
Jun 23, 2001
27,730
8
0
Yeah. An outstanding success...get back to me on that one in 20 years, eh? If that.

Eliminate SS benefits for those under 25 (note: that's me). Everyone else can have their benefits reduced and the eligible age moved back on a sliding scale. All employees and employers will continue to pay SS tax, reducing over time, until no more benefits are owed. Yes, some people will pay and see no benefit. Like me.

People can figure out their own 401k's, IRAs, and other retirement planning. Raise the caps on tax-deferred retirement savings. Those that fail at saving can keep working until they wither up and die.

Yes, I hate stupid people.

According to my most recent SS Newsletter, at current rates/predictions, I can expect to earn 73 cents for every 1 dollar I 'invest' into Social Security. Meanwhile, my 401K at my current employer alone has actually grown more in the past year than my SS account has in my entire employable history.

SS needs to be privatized, and fast. Craig234 seems to lack basic financial and economic sense. Money doesn't grow on trees. Social Security has been a failure since 1)politicians started raiding it for cash in the 30s, and 2)since people started expecting to be able to retire on the SS payments. It was never intended for that.
 

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,681
136
You uh, know the Bush administration tried to fix Social Security in 2005, right? The democratically controlled Congress blocked the bill. Both parties have been raiding the SS pool for decades, almost since its creation.

Fix? Have some more Koolaid. He tried to set it up to be looted by Wall St.
 
Dec 30, 2004
12,553
2
76
personally I hope we keep electing more of the same. I want the program to die, and I don't want to pay for the baby boomers' retirement.
So better to push it off until it has to go away for good. Not like the baby boomers paid into it nearly enough to take out what they're receiving.
 

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
According to my most recent SS Newsletter, at current rates/predictions, I can expect to earn 73 cents for every 1 dollar I 'invest' into Social Security. Meanwhile, my 401K at my current employer alone has actually grown more in the past year than my SS account has in my entire employable history.

Not arguing one way or another but there is no guarantee in 401k or anything else. In March of 2009, my 14 year old 401k, which I had religiously made contributions (up to 25% per year) was DOWN for the entire 14 year period by over $20,000. Of course, it's back up quite a bit but it's still basically FLAT for the last decade or so. No guarantees...but of course, if you throw in BILLIONS if not TRILLIONS of SS money, you'll inflate the stock market (will it then become a Ponzi scheme?).
 

Hacp

Lifer
Jun 8, 2005
13,923
2
81
http://www.msnbc.msn.com/id/41293592/ns/politics-more_politics/

Well, I guess we got a number to look forward too.

Lets see... 2037... 26 more years. Damn! I'll be exactly 68 years old. If I live that long (odds are not in my or your favor) That will be the Year (if they don't raise the time to collect yet again) I'll be eligible to collect!

Hmmm, after I paid into for 40 years --- No money for you chump! Some how I see our politics screwing us yet again. Thanks Bush! It's just an IOU right?

Its called a PONZI scheme. You are paying right now for the old people right now. Nothing else. I say we forget about all the old suckers. Keep our SS dollars for OURSELVES so we can spend it as we wish. If we want to help old people, we will give it to old people we know.
 

Hacp

Lifer
Jun 8, 2005
13,923
2
81
Why bother privatizing it? Why not just eliminate it?

SS was never meant to be an investment. It's social insurance program to stave off or at least mitigate the effects of elderly poverty.

So its meant to take money from the able(workers) and give it to the unable(old useless people). Where else can you get money for doing NOTHING? You are literally sitting at home doing nothing, being unproductive and still collecting a check. How is this sustainable?
 

MotF Bane

No Lifer
Dec 22, 2006
60,801
10
0
Just one more reason why I don't want to be paying into SS now, I'm sure as fuck never going to see that money when I'm retiring.
 

gevorg

Diamond Member
Nov 3, 2004
5,070
1
0
Just print more money like there is no tomorrow. After inflation hits, dump the Fed and the dollar and start another currency. The world will have no other choice but to continue to invest in US. Where else would they? :)
 

Bateluer

Lifer
Jun 23, 2001
27,730
8
0
Not arguing one way or another but there is no guarantee in 401k or anything else. In March of 2009, my 14 year old 401k, which I had religiously made contributions (up to 25% per year) was DOWN for the entire 14 year period by over $20,000. Of course, it's back up quite a bit but it's still basically FLAT for the last decade or so. No guarantees...but of course, if you throw in BILLIONS if not TRILLIONS of SS money, you'll inflate the stock market (will it then become a Ponzi scheme?).

You need to move your funds around. Any decent longterm growth fund should get way more than that. But, you are right, its not a certainty. But it is a certainty that I will lose money on SS. :p
 

Patranus

Diamond Member
Apr 15, 2007
9,280
0
0
Why bother privatizing it? Why not just eliminate it?

SS was never meant to be an investment. It's social insurance program to stave off or at least mitigate the effects of elderly poverty.

Just make it optional and all monies paid in cannot be spent.
Make it means tested so if you are poor you have to pay in while if you are rich you can opt out.
 

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
Its called a PONZI scheme. You are paying right now for the old people right now. Nothing else. I say we forget about all the old suckers. Keep our SS dollars for OURSELVES so we can spend it as we wish. If we want to help old people, we will give it to old people we know.

Oh bullshit. There is always new investors coming on line called workers. It's not a ponzi scheme it's a not collect enough scheme. If they ended the regressive social security cap and applied it to all earned income it would generate an extra 300 billion a year. If they applied it to capital gains it would generate 200 billion. That's 500 billion hole closed every year easy covering boomers. Instead they cut it this year to get more in the hole.

Medicaid is a different issue but SS is trivially done, especially once boomers die off. It's quite easy for 90% working age to send money to 10% old.
 
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Red Dawn

Elite Member
Jun 4, 2001
57,529
3
0
So its meant to take money from the able(workers) and give it to the unable(old useless people). Where else can you get money for doing NOTHING? You are literally sitting at home doing nothing, being unproductive and still collecting a check. How is this sustainable?

Old useless people. Man you are a real piece of work.
 

Red Dawn

Elite Member
Jun 4, 2001
57,529
3
0
Yeah. An outstanding success...get back to me on that one in 20 years, eh? If that.

Eliminate SS benefits for those under 25 (note: that's me). Everyone else can have their benefits reduced and the eligible age moved back on a sliding scale. All employees and employers will continue to pay SS tax, reducing over time, until no more benefits are owed. Yes, some people will pay and see no benefit. Like me.

People can figure out their own 401k's, IRAs, and other retirement planning. Raise the caps on tax-deferred retirement savings. Those that fail at saving can keep working until they wither up and die.

Yes, I hate stupid people.

Self loathing is not a desirable trait.
 

rcpratt

Lifer
Jul 2, 2009
10,433
110
116
You need to move your funds around. Any decent longterm growth fund should get way more than that. But, you are right, its not a certainty. But it is a certainty that I will lose money on SS. :p
Er, the market is still lower than it was in 2000. Not much can be done about that.

Self loathing is not a desirable trait.
Yes, I can't deny that it was a hasty post with about 2 minutes of thought put in. But it's certainly not going to work unless something changes.
 

boomerang

Lifer
Jun 19, 2000
18,883
641
126
Yeah. An outstanding success...get back to me on that one in 20 years, eh? If that.

Eliminate SS benefits for those under 25 (note: that's me). Everyone else can have their benefits reduced and the eligible age moved back on a sliding scale. All employees and employers will continue to pay SS tax, reducing over time, until no more benefits are owed. Yes, some people will pay and see no benefit. Like me.

People can figure out their own 401k's, IRAs, and other retirement planning. Raise the caps on tax-deferred retirement savings.~snip~
At least some of this needs to be implemented. But if SS is eliminated entirely, we really need something to replace it at least in part. There is a true need for some of the benefits provided by this program. For the mentally ill, those too sick or crippled to contribute to society and the like, this program is their lifeline. It means a roof over their head and food to eat.

Some safer and more secure options need to be provided for retirement funds if individuals are to be responsible for their own retirement investing. I'm not sure how to implement such a program, but the cyclical nature of the stock market has to be dampened for these types of investments. The stock market is too risky for the masses IMO.

Most importantly, the government cannot have the means to get a hold of or administer individuals retirement funds in any way shape or form. This is imperative. They've screwed up SS royally. We must learn from this and not repeat the mistake.
 

Mursilis

Diamond Member
Mar 11, 2001
7,756
11
81
So I guess the question is how do we keep our politician's grubby little hands out of the cookie jar? It's obviously too tempting for them to stop raiding the fund on their own.

Privatize it. Why would you EVER trust the foxes to guard the henhouse?
 

Mursilis

Diamond Member
Mar 11, 2001
7,756
11
81
Because that's how a welfare program works.

But it wasn't supposed to be a welfare program, nor should it be. If people decide to blow all their money now (which most do, because our consumer culture is incrediblely short-sighted), and they don't save enough for retirement, why is that my problem? I'm living well within my means (driving a 14 year old Toyota, for example) so I can max out my 401K contribution. If other people choose to live differently, let them deal with that when they're old.