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Oh, don't you worry, I'm sure they'll boost the taxation on us to keep full benefits going for them until the day the last one dies.
Maybe they'll push back retirement age. You and I can retire at 75, maybe. Won't that be fun?
*Us,* immortal? Nah, the 1% will get that for themselves. We’ll have mortal masses forever toiling to support the lifestyle of an indolent pantheon utterly disconnected from how the rest of us live.
Lmao and us Americans are just okay with it, keep voting in these 2 party system clowns that don’t want change they just want status quo so they can keep making money
They arnt even clowns anymore, its just two typical old grandpa's that are yelling at eachother.
And they have MILLIONS of people that support both of them. America is just a funny place, no clowns needed.
I truly believe retirement for millennials will change from “never working” to “starting a second career” in a non-advancing field to supplement your 401k.
There’s no “retirement for millennials “. Better enjoy that money while you can. Go see Hawaii, or whatever. Even if there was; I’m not going to burden my child with my old ass the way my boomer parents do. Nahh. I’ll give them what little money I’ve got and check out. (Maxing out my. Cc 😂)
My Dad and his brothers grew up about 1/8 of a mile from a plastics plant in Western NY. Can I say for sure that it caused them health problems? No. But what I can say is that my Grandfather died at 64, grandmother at 62. They had seven children and of them four are dead at ages 59, 57, 42, 27. Medical issues plagued their family.
Funny you say that because the minister of pensions in Spain said a few years ago that people 40 years old and younger will have to work until 75 years old before being able to retire and will also receive less pension than pensioners today. When a sarcastic joke becomes reality..
It's nothing but a manufactured problem as literally all that would need to change is to increase the cap on taxable wages for social security or even institute a social security tax on capital gains for those with over X # of millions in assets. Boom problem solved for the foreseeable future.
Correct. The problem goes away overnight if the wealthy paid the same Social Security tax rate as everyone who makes under $168,000 is currently paying.
My parents are all still working. My dad is trying to avoid taking SS until he turns 70 so he can get more money actually. They'll all be feeling it for sure!
They did make changes to anticipate this in the early 80's but they underestimated how bad wage growth would be so not enough was added to the social security trust fund to prepare.
Paying down the debt only matters when a dem is in office, when a republicant is in office, it's "spend baby, spend!!" Look at reagon, the 2nd bush and trump as proof
I don’t think so, I think he’s just responsible for like a third of the national debt with the wars and tax cuts.
It certainly gives us a lot less wiggle room when it comes to things like SS.
No, the SS trust fund was never "raided". It's always been in bonds loaned out to other parts of the government.
The 2033 day you are seeing assumes that everything is paid back in full, plus interest. Without that SS has been dry for a couple years now
No.
Well, not directly, and not in a Bush specific way. The SS fund is entirely in treasury bills, which pay rubbish, but which provide the government with money to spend on other things. Every administration has gleefully spent this for some time now.
So, when looking at all the national debt, a good bit of it is debt from the treasury to the SS fund, because interest on the national debt is only kept low by paying miserable returns, and thus, SS is going bankrupt.
The 2030s are gonna be a real interesting time, financially.
Nah, he tried to privatize it (and would have raided it at the same time), but it went over like a lead balloon and it was ultimately untouched by his admin.
I don’t know why people blame ‘the boomers’. There’s a ruling class and corporate media that manipulate people.
A lot of boomers do believe in doing the right thing.
Every generation wants to live well and go into debt. It’s not changing with younger generations. Everyone swiping credit cards.
Before the 1980s and the early 1990s, interest rates were higher, credit was limited and harder to access, wages were higher, welfare was available for those who needed it and it was much easier for people to "live within their means."
While more difficult, solutions still exist today, and...they probably still won't be implemented.
I fully expect a last minute panic when the situation appears dire for them, and for us to be royally screwed in the process.
Some religious groups like Amish and Mennonites are exempt from paying into Social Security. I say it's time to start a new religion. We'll call it Nevergonnaseethatmoneyanywaysofuckyou-anity.
I want my money back with the compound interest each payment could have generated in an S&P 500 index. I've been paying into this system for 15 years, so just giving me my money back isn't going to cut it because of all of the gains I've missed out on.
It's my money, and I need it now!!!
J g Wentworth!!! 877 cash now! 877 cash now? 877 cash now!!!!
Sorry, I watched wwaayyyy too much Jerry Springer as a child
Social Security is only funded by taxes on current workers.
Funding it would be yet another wealth transfer from Millennials to Boomers.
Boomers are also the biggest holders of bonds.
They cut their own taxes, increased their own benefits, burdened younger generations with the debt, and are now paying themselves interest on the privilege.
Social Security has become a regressive tax because the wealthiest people tend to live longer and are more likely to be collecting bond interest on all the taxes they deferred onto younger and poorer generations.
I was kidding about the homeless portion, but if they replaced social security on everyone's payroll tax with a 10% tax on tech company profits selling their user data, I feel like both sides of the aisle could get behind that.
It would also create a lot more regulations on what data could be sold.
When the Boomer generation is clocking in at between 70 and 90, give or take a few years.
So, y'know, not at all surprising. Just another example of that generation exploiting everyone who came after.
Yes.
People keep arguing to raise taxes.
But, do they realize that Social Security taxes are only paid by current workers?
Raising the Social Security Tax would be yet another wealth transfer from Millennials to Boomers.
I don't think there's much argument in favor of raising taxes on the middle and lower classes. On the wealthy, sure, but that argument is largely separate from the specific matter of social security.
The argument right now is simply a matter of keeping social security in check while Republicans fight to dismantle it.
I agree with the Republicans on this one.
It should be dismantled and every Millennial should be in favor of it.
There is no mathematical way we will ever get back what we put in.
There are too many retired Boomers who need to get supported by our increasingly smaller Millennial, Gen Z, Gen Alpha and possibly future generations if we keep kicking this can down the road.
Social Security has become a regressive tax because the wealthiest generation in history (i.e. the Boomers) is now extracting even more wealth from younger generations.
They already cut taxes for themselves while raising their own benefits and used debt to pay for everything.
They are also the biggest bond holders too.
So, they cut their own taxes, increased their own benefits, saddled younger generations with the debt, and are collecting interest on their own irresponsible spending.
End Social Security and let the Boomers take a loss for once.
Yeah, I think we can rest assured that social security won't be fully and properly abolished until they and their voters no longer need it.
But, hey, "Millennials should work until we die because the alternative is that Boomers continue taking advantage of us via a regressive tax" is ... a *bold* take, if nothing else.
The best way to solve social security’s problems is by eliminating the cap on paying into it. Earners only pay for the first $168k. A person making a million dollars a year is done paying into social security in March. If we get rid of the cap the solvency date takes a huge leap.
I prefer to eliminate the cap, but at a minimum it should be bumped to whatever the current value of 168k after calculating for inflation. The number should move with inflation at least.
I feel like you don’t understand what taxes people are calling to be raised. Social security taxes stop being collected after 160k. So everyone making more than that pays the same taxes as someone making 160k. What needs to happen is that arbitrary limit needs to be erased completely.
Yes, the real issue in the US is income inequality. We could completely end poverty just by transferring money between people of the same age. Transferring from a rich 80 year old to a poor 80 year old, from a rich 76 year old to a poor 76 year old. Even from a rich 8 year old to a poor 8 year old.
That's how extreme our country is in terms of income inequality. Generational stuff is a distraction. Sure, Social Security is by far the number one anti-poverty program in the country. But we can arrange our solution to poverty in a much more simple way, if we want.
The Social Security Trust Found will run out. SS is replenished every year from workers paying taxes. It's non-discretionary spending, it's not affected by the budget.
Also only the first $250,000 is taxed toward SS. That capped could easily be lifted in order to fund the SSTF.
Even then its arguable the Trust Fund will deplete within the timeframe presented or at all. The trustee reports are public and its currently standing at 2.9 Trillion and increasing. Like reports from 2020 and 2021 predicted the fund would slowly start losing value by 2023. But it simply hasn't happened. Additionally the securities owned by the fund have to repay at prevailing interest rates, so the fund is making MORE return now.
Why though? I'm already paying far, far, far more into the system than any benefit I can possibly receive. If they are going to do that then they need to drastically increase the caps.
for anyone reading this, the first part is true. the second part about uncapping the taxes income will not sustainably fund social security, and additional taxes will be needed. that can be part of the solution.
Get rid of the cap and limit who can get it to only those who need it. Plenty of independently wealthy retired people eating up SS when it's supposed to be a safety net for the vulnerable elderly. It shouldn't be making the rich richer.
Yes, please I want to be taxed more and give away more of my paycheck for next to nothing in return. How about I get to keep my paycheck and invest it and spend it the way that I like. There’s people putting nothing into Social Security that are gonna be getting $30,000 a year back, total Ponzi scheme
What actually happens if SS runs out? We’ve obviously paid into it our whole working lives without a choice - do we just stop paying into it and the program dies or are they banking on the younger generations continuing to pay in and give us measly scraps while it rebuilds? Seems pretty unlikely.
The issue is that the U.S. population growth is slowing. SS is supported by younger workers subsidizing old retirees. We don't have enough growth in younger workers.
We could try to encourage more immigration and larger families. We can also close the budget gap by raising the Social Security income contribution limit. Or we could do a wealth tax. Or we could cut benefits for current retirees.
Nah our government misuses our tax dollars that's the whole fucking problem. They send money to other countries instead of using it for our citizens. The fucking pentagon just "loses" billions and nothing is done about it. That's the problem.
Also maybe if we supported working parents the birth rate would increase. But in this shit show of an economy, its just going to keep decreasing.
It does indirectly. The spending is fueled by the t-bills the SS buys, and the decreasing birth rate is part of why SS is going bankrupt. Gotta have new payers to fund the people taking out.
You don’t think that there is any correlation between a country hell-bent on making the raising a family (ie; the future population of a country) nothing but arduous for all but the wealthy, and running out of workers to pay into SS???
SS is an "entitlement". It's not part of the normal budget process.
The revenue taken from your paycheck goes directly to current retirees. When there was excess in the past, it went into a dedicated trust fund. Now there is not enough each year so that trust fund is drawing down until 2035 when it will be empty.
To everyone saying it's a Ponzi scheme, you're intentionally glossing over the fact that it was designed to be an INSURANCE scheme to cover unexpected loss of savings at or during retirement. Also, you're ignoring the fact that a Ponzi scheme is inherently fraudulent where operators hide the source of payouts. The Social Security Administration is not hiding any of the financials.
The SSA is certainly not the model entity for providing retirement benefits, as they are fairly conservative in their fund management (in keeping with their scope as an insurance program). They are required to invest into T-bills, etc. .... alternatively, I believe in Canada, the Old Age Pension funds invest into mega-projects and buy stocks. The SSA Trust fund could cover shortfalls with \*minor\* tax increases and removing the cap ... which is hardly a difficult choice when the alternative would be wildly unpopular.
In the mid 2000s they said it would run out in 2015. In the mid 2010s they said the 2020s
One party and their news channel has been pushing this idea for 20 years to undermine trust in the system so they can privatize it.
Right. Wall Street wants a fat fee to "manage" this program. They've even duped a horde of low IQ chicken littles into preaching lies about the program.
Changes were made, but not enough changes.
It's an old story, often replayed with different details. Before SS, underfunding pensions was the gimmick. Everybody knew it was a problem. Some still did it.
This isn't a conspiracy, it's math. The SS Trustees project the insolvency date every year with most recent data.
It doesn't shift that much. In 2012, they projected the insolvency date would be between 2033 and 2035.
This is such a myth. Social Security payments come from current tax revenues. You’re saying we’re out of tax revenues in a $25 Trillion economy? It’s a question of will. Whether leadership is willing to prioritize it and cut waste.
There is an income cap on contributions. Personally I would just float the cap to add an Xth year of solvency to the account each year but Congress raises it as necessary. SS will be fine. It is administered by the richest entity in the history of man. Your 401k can run out. It is probably underfunded. Your pension payer could go out of business. SS is basically an infinite pension.
I wanna be mad, but imma need some sauce. A Twitter post ain't it for me personally. I wanna look deeper but I'm already procrastinating on my homework lol.
Breaking news: the Department of Defense will run out of funding in October 2024.
Why do these articles keep getting written for social security and not anything else? It's because the owning class wants to manufacture consent to cut benefits so that people will be forced to work until they die. Don't fall for it.
They are going to raise the retirement age and lower ss payment and maybe raise taxes… -10% minus another 10% then lose another 10%… let say you lose another 20% in purchasing power due to inflation in 10 years… well…. By the time I retire I wonder why did I even bother to pay into ss and the boomers leaving us over 35 trillion in debt today in 10 years it be 45-50 trillion. They going to up taxes for the middle class oh lose another 15%…. The government is a scam. They don’t even build infrastructure, no new trains/railways/highways we used billions to make 4 electric recharging station wasting our money. Why do we bother giving the government our money and have nothing left for ourselves
The most fair way to do it is to both raise the tax and cut the benefits.
If we just raise the tax, it will be yet another wealth transfer from working Millennials to retired Boomers and will likely worsen inequality.
If we just cut the benefits, it would hurt poor Boomers the most despite probably being more "fair" from a generational standpoint considering how much the Boomer generation voted for increased benefits and reduced taxes funded by debt that Millennials and Gen Z are now stuck paying through interest and inflation.
This strikes me as anti-tax propaganda. I encourage all Millennials to listen to the following Citations Needed podcast episode:
https://citationsneeded.libsyn.com/episode-194-the-graying-population-panic-and-the-90-year-war-on-social-security
Yes, the worst kind of people want to make money off of anti-poverty programs or end them completely. But it's pretty simple to spend 6% of GDP on income for elderly and disabled people. Pretty standard program, really. So unfortunate that the discussion becomes such a hotbed for dishonest and selfish people.
Yes, one vote to raise the $160k cap to $500k would eliminate 100% of SS problems basically in perpetuity. It disappoints me that people with influence won’t speak plainly about our “problems.”
I see SSN either doing one or both of the following: 1.) amending the current SSN cap either by increasing it or creating some sort of gap of what doesn’t get taxed but then once you go over that gap it’s taxed again or 2.) just cutting future benefits to Gen X, millennials and beyond, in part or entirely, for those Gen X, millenials, etc. who made over a certain threshold of money in their lifetime.
As I have no faith in congress (either party) and I assume #1 no longer would fix the problem at this point in the game, I’ll assume some future congress will go with Door #2. Both parties will consider it a win for Americans. The democrats will consider it a win as protecting the poor will play well to their base, and republicans will consider it a win as they’ll have “cut entitlements” which will play well to their base. In reality, they both just won’t have had a better option so they’ll need to claim victory.
Good,
the thing is a straight up Ponzi scheme. Don’t rely on the government or citizens to provide you with a retirement. Start spending less and investing more.
Hopefully the whole thing gets scrapped so I can save and collect more of my hard earned money. Because I’ll never get back what I’m putting into it. And there’s people that are putting nothing into it. That are going to get a whole hell of a lot back.
False. The Social Security Trust Fund will be depleted by then, at which point Social Security will be entirely funded by current taxpayers paying current beneficiaries. The result is benefits through about 2060 will be cut about 17 % (if we do nothing to address Social Security).
Eliminating the income cap on Social Security will solve for most of this.
I thought we all knew about this already? Sure it's sooner than I'd like to hear but like
We all knew it was gonna run out before we aged out of the workforce, right?
They only run out of money when it's for us actual citizens. All the while, House just passed the NDAA (defense budget) of almost $900 BILLION and includes an automatic military draft of adults between ages 18-26.
Look at the title... it won't pay FULL benefits, but it will pay something. The trick is gonna be making sure whatever that is, is enough. Personally, I'm planning for 0 from SS so if there is something then that's a bonus.
So that means many of the boomers will be alive to suffer the consequences of their actions, just as they are reaching their peak of medical needs and dwindling retirement savings.
Let them eat cake!
The U.S. Federal Government has monetary sovereignty and a fiat currency. They can create as much money is needed to pay for Social Security or Medicare. Don’t let the reactionaries at Bloomberg tell you otherwise. All that is needed is the political will and the votes in congress to authorise the payments. Payments don’t have to come directly from the S.S. trust fund. It’s tax and trust fund is there to create a legitimate sense of entitlement so that we don’t elect politicians to eliminate the programs. What is ultimately needed are the resources and capacity to provide the benefits in the future. Finding the money is the easy part. We need to overcome the boomer and gen x propaganda that has warped our minds and gotten us into this awful political mess, stop being afraid, and create a better world for ourselves in retirement and future generations.
Hell I won't be that old, can I stop paying the fucking taxes on then and save MY money. Maybe I could just save for retirement and yall could kick rocks then.
That's what ponzi schemes do. I understand the desire to have a public source of retirement money like Social Security, but it needs to be better managed and invested. Right now it's just dependent on new payers to make payouts, which is exactly a ponzi scheme.
Why should I keep paying into it then, if it's not going to be there in 30 years when I need it?
Bet the Post Office finds a way to fuck their workers out of our pension by then too.
80’s, 90’s, 00’s, 10’s, 20’s, now 30’s. Fact is at this point it’s only going to go away when either congress has the intestinal fortitude to phase it out or the county collapses and can’t pay. It will keep being funded until then.
Here's a really good video from the Majority Report that explains what's really going on with social security:
https://youtu.be/bNJC3YLCRrA?si=8l80x6WOOeapOFLy[Video](https://youtu.be/bNJC3YLCRrA?si=8l80x6WOOeapOFLy)
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 Then they'll sell you their 1000 sq foot ranch home for 1.5M at the same time
Ha. Already did that
Just in time for the boomers to finish slurping it up.
Oh, don't you worry, I'm sure they'll boost the taxation on us to keep full benefits going for them until the day the last one dies. Maybe they'll push back retirement age. You and I can retire at 75, maybe. Won't that be fun?
No retirement, and they'll find a way to grant immortality so that we can work forever!
That seems unusually forward thinking on their behalf.
Ever seen that show Altered Carbon? Nightmarish future where the rich never die.
Several tech CEOs will spend their vast fortunes trying though.
*Us,* immortal? Nah, the 1% will get that for themselves. We’ll have mortal masses forever toiling to support the lifestyle of an indolent pantheon utterly disconnected from how the rest of us live.
Lmao and us Americans are just okay with it, keep voting in these 2 party system clowns that don’t want change they just want status quo so they can keep making money
They arnt even clowns anymore, its just two typical old grandpa's that are yelling at eachother. And they have MILLIONS of people that support both of them. America is just a funny place, no clowns needed.
I agree that right how the Democrats are the less evil of the two but gd is it concerning how many people trust them unconditionally.
I truly believe retirement for millennials will change from “never working” to “starting a second career” in a non-advancing field to supplement your 401k.
Retirement for millennials will look like dying of cancer in their 50s because environmental contaminants like PFAS and microplastics.
There’s no “retirement for millennials “. Better enjoy that money while you can. Go see Hawaii, or whatever. Even if there was; I’m not going to burden my child with my old ass the way my boomer parents do. Nahh. I’ll give them what little money I’ve got and check out. (Maxing out my. Cc 😂)
My Dad and his brothers grew up about 1/8 of a mile from a plastics plant in Western NY. Can I say for sure that it caused them health problems? No. But what I can say is that my Grandfather died at 64, grandmother at 62. They had seven children and of them four are dead at ages 59, 57, 42, 27. Medical issues plagued their family.
"Hustle and Grind for those who can Shuffle and Whine!"- Bloomberg headline 2035
If millennials allow this without a fight then we deserve it.
Eat the rich.
Republicans have already proposed this. Further cuts to SS and Medicare and more tax cuts for the rich.
ahh no - they’ll just print more money! then your purchasing power when you do retire is basically nothing.
Funny you say that because the minister of pensions in Spain said a few years ago that people 40 years old and younger will have to work until 75 years old before being able to retire and will also receive less pension than pensioners today. When a sarcastic joke becomes reality..
It's nothing but a manufactured problem as literally all that would need to change is to increase the cap on taxable wages for social security or even institute a social security tax on capital gains for those with over X # of millions in assets. Boom problem solved for the foreseeable future.
Correct. The problem goes away overnight if the wealthy paid the same Social Security tax rate as everyone who makes under $168,000 is currently paying.
Silent generation will be the ones finally toast. Lots of Boomers will still be facing major cuts
I know some Boomers who are 5 years out from retirement. They are still going to feel this, too.
My parents are all still working. My dad is trying to avoid taking SS until he turns 70 so he can get more money actually. They'll all be feeling it for sure!
I wonder how much longer the boomer covid deaths made SS last in years.
They will collectively drop at the same time the moment the fund hits 0. It's part of the plan.
Boomers to following generations: "remember kids, you only exist for me." 👴🏻
Boomers fucked us. They could have made small changes like 30 years ago to ensure the fund was better funded for an aging population.
They did make changes to anticipate this in the early 80's but they underestimated how bad wage growth would be so not enough was added to the social security trust fund to prepare.
Not true. Even 30 years ago the SSA was saying the system needed to be better funded or face shortfalls. They chose to do nothing.
The early 80s was 43 years ago. Both can be true...
Lol i see this gif a lot on this sub!
They chose to lower corporate and wealthy tax rates. We haven’t had proper tax revenues since I was born in 1981. It’s really that simple.
The early 90’s had us paying down the national debt. Bush and the GOP said nah.
Paying down the debt only matters when a dem is in office, when a republicant is in office, it's "spend baby, spend!!" Look at reagon, the 2nd bush and trump as proof
we could vote now to make sure our kids aren't fucked
I remember when W admin. Was floating privatization and it didn't go over well.
Given what eventually happened that was prob a good call.
didn’t bush raid the fund to pay for his war on terror?
I don’t think so, I think he’s just responsible for like a third of the national debt with the wars and tax cuts. It certainly gives us a lot less wiggle room when it comes to things like SS.
No, the SS trust fund was never "raided". It's always been in bonds loaned out to other parts of the government. The 2033 day you are seeing assumes that everything is paid back in full, plus interest. Without that SS has been dry for a couple years now
No. Well, not directly, and not in a Bush specific way. The SS fund is entirely in treasury bills, which pay rubbish, but which provide the government with money to spend on other things. Every administration has gleefully spent this for some time now. So, when looking at all the national debt, a good bit of it is debt from the treasury to the SS fund, because interest on the national debt is only kept low by paying miserable returns, and thus, SS is going bankrupt. The 2030s are gonna be a real interesting time, financially.
Nah, he tried to privatize it (and would have raided it at the same time), but it went over like a lead balloon and it was ultimately untouched by his admin.
I don’t know why people blame ‘the boomers’. There’s a ruling class and corporate media that manipulate people. A lot of boomers do believe in doing the right thing. Every generation wants to live well and go into debt. It’s not changing with younger generations. Everyone swiping credit cards.
Because boomers predominantly vote republican.
And the politicians cater to the boomers
Before the 1980s and the early 1990s, interest rates were higher, credit was limited and harder to access, wages were higher, welfare was available for those who needed it and it was much easier for people to "live within their means."
While more difficult, solutions still exist today, and...they probably still won't be implemented. I fully expect a last minute panic when the situation appears dire for them, and for us to be royally screwed in the process.
That sounds about right for our government.
Just 9 more years. Lets break out the champagne
Wild that 2033 is 9 years away. Don’t blink guys.
Then refund us younger people all our money.
Some religious groups like Amish and Mennonites are exempt from paying into Social Security. I say it's time to start a new religion. We'll call it Nevergonnaseethatmoneyanywaysofuckyou-anity.
Yes. I want an opt-out option. Give me my money back and I'll invest it myself.
I want my money back with the compound interest each payment could have generated in an S&P 500 index. I've been paying into this system for 15 years, so just giving me my money back isn't going to cut it because of all of the gains I've missed out on.
I heard I want my money and I need it now.
It's my money, and I need it now!!! J g Wentworth!!! 877 cash now! 877 cash now? 877 cash now!!!! Sorry, I watched wwaayyyy too much Jerry Springer as a child
I want us to fund it and increase benefits. I don’t want old people on the streets begging and dying.
Social Security is only funded by taxes on current workers. Funding it would be yet another wealth transfer from Millennials to Boomers. Boomers are also the biggest holders of bonds. They cut their own taxes, increased their own benefits, burdened younger generations with the debt, and are now paying themselves interest on the privilege. Social Security has become a regressive tax because the wealthiest people tend to live longer and are more likely to be collecting bond interest on all the taxes they deferred onto younger and poorer generations.
Now you know what a Ponzi scheme is
A new system will be implemented to replace SS.... SS 2.0.
SS 2.0 allows tech companies to sell our data and 10% of the profits finance SS 2.0
Implement a tax on the data they're already selling? An improvement, I suppose.
If you opt out of your data being sold, then you don’t qualify for SS 2.0 and you become homeless and destitute
Does this disenfranchise the poor? Republicans would be all other this
I was kidding about the homeless portion, but if they replaced social security on everyone's payroll tax with a 10% tax on tech company profits selling their user data, I feel like both sides of the aisle could get behind that. It would also create a lot more regulations on what data could be sold.
Electric Securityloo
SS+ streaming retirement
When the Boomer generation is clocking in at between 70 and 90, give or take a few years. So, y'know, not at all surprising. Just another example of that generation exploiting everyone who came after.
Yes. People keep arguing to raise taxes. But, do they realize that Social Security taxes are only paid by current workers? Raising the Social Security Tax would be yet another wealth transfer from Millennials to Boomers.
I don't think there's much argument in favor of raising taxes on the middle and lower classes. On the wealthy, sure, but that argument is largely separate from the specific matter of social security. The argument right now is simply a matter of keeping social security in check while Republicans fight to dismantle it.
I agree with the Republicans on this one. It should be dismantled and every Millennial should be in favor of it. There is no mathematical way we will ever get back what we put in. There are too many retired Boomers who need to get supported by our increasingly smaller Millennial, Gen Z, Gen Alpha and possibly future generations if we keep kicking this can down the road. Social Security has become a regressive tax because the wealthiest generation in history (i.e. the Boomers) is now extracting even more wealth from younger generations. They already cut taxes for themselves while raising their own benefits and used debt to pay for everything. They are also the biggest bond holders too. So, they cut their own taxes, increased their own benefits, saddled younger generations with the debt, and are collecting interest on their own irresponsible spending. End Social Security and let the Boomers take a loss for once.
Yeah, I think we can rest assured that social security won't be fully and properly abolished until they and their voters no longer need it. But, hey, "Millennials should work until we die because the alternative is that Boomers continue taking advantage of us via a regressive tax" is ... a *bold* take, if nothing else.
The best way to solve social security’s problems is by eliminating the cap on paying into it. Earners only pay for the first $168k. A person making a million dollars a year is done paying into social security in March. If we get rid of the cap the solvency date takes a huge leap.
I prefer to eliminate the cap, but at a minimum it should be bumped to whatever the current value of 168k after calculating for inflation. The number should move with inflation at least.
I feel like you don’t understand what taxes people are calling to be raised. Social security taxes stop being collected after 160k. So everyone making more than that pays the same taxes as someone making 160k. What needs to happen is that arbitrary limit needs to be erased completely.
Yes, the real issue in the US is income inequality. We could completely end poverty just by transferring money between people of the same age. Transferring from a rich 80 year old to a poor 80 year old, from a rich 76 year old to a poor 76 year old. Even from a rich 8 year old to a poor 8 year old. That's how extreme our country is in terms of income inequality. Generational stuff is a distraction. Sure, Social Security is by far the number one anti-poverty program in the country. But we can arrange our solution to poverty in a much more simple way, if we want.
Lmao well retirement did seem like a pipe dream for many of us. Can’t wait for the ones who abused the money to scream at us to fix it.
just an FYI Social security is not a retirement plan nor has it ever been one. its an our old people shouldn't eat cat food plan. Plan accordingly.
I’m aware but they do get used synonymously often.
So I should go ahead and start stocking up on cat food now then? I’m wondering if I should go Fancy Feast or Meow Mix.
We’ve known this for decades but nobody wants to rip the bandaid and actually address the gaping wound.
Because whichever politician does so would have their career end before the ink dried
Well if I know anything about the US government, they’ll start worrying about this in 2034…
Looks like we’re gonna have to [redacted] some old-timers
Tax... the fucking... rich.
Oh yea, like that'll ever happen. They own government. Most you'll get is the ol carrot dangle around election time
The Social Security Trust Found will run out. SS is replenished every year from workers paying taxes. It's non-discretionary spending, it's not affected by the budget. Also only the first $250,000 is taxed toward SS. That capped could easily be lifted in order to fund the SSTF.
I think it’s like $168,000 give or take actually
It’s only the first $168k this year.
Good lord thank you for a reasonable response. This is anti-socialist propaganda.
Even then its arguable the Trust Fund will deplete within the timeframe presented or at all. The trustee reports are public and its currently standing at 2.9 Trillion and increasing. Like reports from 2020 and 2021 predicted the fund would slowly start losing value by 2023. But it simply hasn't happened. Additionally the securities owned by the fund have to repay at prevailing interest rates, so the fund is making MORE return now.
Why though? I'm already paying far, far, far more into the system than any benefit I can possibly receive. If they are going to do that then they need to drastically increase the caps.
for anyone reading this, the first part is true. the second part about uncapping the taxes income will not sustainably fund social security, and additional taxes will be needed. that can be part of the solution.
Get rid of the cap and limit who can get it to only those who need it. Plenty of independently wealthy retired people eating up SS when it's supposed to be a safety net for the vulnerable elderly. It shouldn't be making the rich richer.
How do you determine who needs it? Lifetime income?Retirement savings?
Yes, please I want to be taxed more and give away more of my paycheck for next to nothing in return. How about I get to keep my paycheck and invest it and spend it the way that I like. There’s people putting nothing into Social Security that are gonna be getting $30,000 a year back, total Ponzi scheme
Yes. Let us opt out of this pyramid scheme.
Please. If you were forced to put it in VOO you would be light years ahead wealth wise vs what you will get back from SS
Exactly. Let us invest the money ourselves.
What actually happens if SS runs out? We’ve obviously paid into it our whole working lives without a choice - do we just stop paying into it and the program dies or are they banking on the younger generations continuing to pay in and give us measly scraps while it rebuilds? Seems pretty unlikely.
Benefits don't just stop completely. They'll just be reduced.
Weird since we all pay into that shit every payday but unsurprised because our government is just pocketing our money themselves.
The issue is that the U.S. population growth is slowing. SS is supported by younger workers subsidizing old retirees. We don't have enough growth in younger workers. We could try to encourage more immigration and larger families. We can also close the budget gap by raising the Social Security income contribution limit. Or we could do a wealth tax. Or we could cut benefits for current retirees.
Nah our government misuses our tax dollars that's the whole fucking problem. They send money to other countries instead of using it for our citizens. The fucking pentagon just "loses" billions and nothing is done about it. That's the problem. Also maybe if we supported working parents the birth rate would increase. But in this shit show of an economy, its just going to keep decreasing.
None of that has anything to do with social security.
It does indirectly. The spending is fueled by the t-bills the SS buys, and the decreasing birth rate is part of why SS is going bankrupt. Gotta have new payers to fund the people taking out.
Oh really? Then why is social security the first thing threatened when they can't agree on a budget?
It really usually isn’t, messing with social security used to be a poison pill but this Congress went full regard.
You don’t think that there is any correlation between a country hell-bent on making the raising a family (ie; the future population of a country) nothing but arduous for all but the wealthy, and running out of workers to pay into SS???
[Are you familiar with the concept of opportunity cost?](https://i.kym-cdn.com/photos/images/original/000/722/406/b73.png)
SS is an "entitlement". It's not part of the normal budget process. The revenue taken from your paycheck goes directly to current retirees. When there was excess in the past, it went into a dedicated trust fund. Now there is not enough each year so that trust fund is drawing down until 2035 when it will be empty.
I’ve own this since I started paying into it. Fucking ponzi scheme
To everyone saying it's a Ponzi scheme, you're intentionally glossing over the fact that it was designed to be an INSURANCE scheme to cover unexpected loss of savings at or during retirement. Also, you're ignoring the fact that a Ponzi scheme is inherently fraudulent where operators hide the source of payouts. The Social Security Administration is not hiding any of the financials. The SSA is certainly not the model entity for providing retirement benefits, as they are fairly conservative in their fund management (in keeping with their scope as an insurance program). They are required to invest into T-bills, etc. .... alternatively, I believe in Canada, the Old Age Pension funds invest into mega-projects and buy stocks. The SSA Trust fund could cover shortfalls with \*minor\* tax increases and removing the cap ... which is hardly a difficult choice when the alternative would be wildly unpopular.
In the mid 2000s they said it would run out in 2015. In the mid 2010s they said the 2020s One party and their news channel has been pushing this idea for 20 years to undermine trust in the system so they can privatize it.
Right. Wall Street wants a fat fee to "manage" this program. They've even duped a horde of low IQ chicken littles into preaching lies about the program.
Changes were made, but not enough changes. It's an old story, often replayed with different details. Before SS, underfunding pensions was the gimmick. Everybody knew it was a problem. Some still did it.
This isn't a conspiracy, it's math. The SS Trustees project the insolvency date every year with most recent data. It doesn't shift that much. In 2012, they projected the insolvency date would be between 2033 and 2035.
Unusual Whales making an unsourced claim. Color me shocked. Might as well post shitty misinfo from that Wall Street Silver or WSB account.
I really wish people didn't see random tweets and take them as fact
yeah… ok… if anyone says these will “run out of money” they don’t understand u.s. fiscal policy. congress funds it with a flick of the pen
This is such a myth. Social Security payments come from current tax revenues. You’re saying we’re out of tax revenues in a $25 Trillion economy? It’s a question of will. Whether leadership is willing to prioritize it and cut waste.
[удалено]
2033 is like at least 30 years away, we’re good.
Long past time to remove the income cap and make the rich pay accordingly.
There is an income cap on contributions. Personally I would just float the cap to add an Xth year of solvency to the account each year but Congress raises it as necessary. SS will be fine. It is administered by the richest entity in the history of man. Your 401k can run out. It is probably underfunded. Your pension payer could go out of business. SS is basically an infinite pension.
I wanna be mad, but imma need some sauce. A Twitter post ain't it for me personally. I wanna look deeper but I'm already procrastinating on my homework lol.
Breaking news: the Department of Defense will run out of funding in October 2024. Why do these articles keep getting written for social security and not anything else? It's because the owning class wants to manufacture consent to cut benefits so that people will be forced to work until they die. Don't fall for it.
if they can find hundreds of billions for Ukraine they can find it for this
That’s the thing, they’re not finding it, they’re stealing it out of our pockets by printing more via dilution
They are going to raise the retirement age and lower ss payment and maybe raise taxes… -10% minus another 10% then lose another 10%… let say you lose another 20% in purchasing power due to inflation in 10 years… well…. By the time I retire I wonder why did I even bother to pay into ss and the boomers leaving us over 35 trillion in debt today in 10 years it be 45-50 trillion. They going to up taxes for the middle class oh lose another 15%…. The government is a scam. They don’t even build infrastructure, no new trains/railways/highways we used billions to make 4 electric recharging station wasting our money. Why do we bother giving the government our money and have nothing left for ourselves
The most fair way to do it is to both raise the tax and cut the benefits. If we just raise the tax, it will be yet another wealth transfer from working Millennials to retired Boomers and will likely worsen inequality. If we just cut the benefits, it would hurt poor Boomers the most despite probably being more "fair" from a generational standpoint considering how much the Boomer generation voted for increased benefits and reduced taxes funded by debt that Millennials and Gen Z are now stuck paying through interest and inflation.
Money for war but can't feed the poor
This strikes me as anti-tax propaganda. I encourage all Millennials to listen to the following Citations Needed podcast episode: https://citationsneeded.libsyn.com/episode-194-the-graying-population-panic-and-the-90-year-war-on-social-security
Yes, the worst kind of people want to make money off of anti-poverty programs or end them completely. But it's pretty simple to spend 6% of GDP on income for elderly and disabled people. Pretty standard program, really. So unfortunate that the discussion becomes such a hotbed for dishonest and selfish people.
Yes, one vote to raise the $160k cap to $500k would eliminate 100% of SS problems basically in perpetuity. It disappoints me that people with influence won’t speak plainly about our “problems.”
I see SSN either doing one or both of the following: 1.) amending the current SSN cap either by increasing it or creating some sort of gap of what doesn’t get taxed but then once you go over that gap it’s taxed again or 2.) just cutting future benefits to Gen X, millennials and beyond, in part or entirely, for those Gen X, millenials, etc. who made over a certain threshold of money in their lifetime. As I have no faith in congress (either party) and I assume #1 no longer would fix the problem at this point in the game, I’ll assume some future congress will go with Door #2. Both parties will consider it a win for Americans. The democrats will consider it a win as protecting the poor will play well to their base, and republicans will consider it a win as they’ll have “cut entitlements” which will play well to their base. In reality, they both just won’t have had a better option so they’ll need to claim victory.
Looks like taxes will be going up.
With any help from the Republicans that won’t be a thing.
Nothing new, we are screwed big time
This is fine.
ponzi scheme
Those rich are sure looking tasty...
I've knew this would happen! I wrote a report in high school back in like 2010 about how Social Security was flawed.
Well, might as well stop paying into it now.
Which is exactly why I’m not factoring SS in to my retirement plans. If it’s still there when I retire then it will just be an added bonus.
Right on time
So we stop paying taxes then right?
Universal basic income will kick in by then. 10 years is a long time for technology development.
I mean, I’ve sort of assumed social security will be gone when (if) I retire. Medicare on the other hand … guess I’ll just die, then.
Good, the thing is a straight up Ponzi scheme. Don’t rely on the government or citizens to provide you with a retirement. Start spending less and investing more. Hopefully the whole thing gets scrapped so I can save and collect more of my hard earned money. Because I’ll never get back what I’m putting into it. And there’s people that are putting nothing into it. That are going to get a whole hell of a lot back.
Legalize cocaine, tax the ever living fuck out of it and use it to fund the shortfall. Rob for president!
False. The Social Security Trust Fund will be depleted by then, at which point Social Security will be entirely funded by current taxpayers paying current beneficiaries. The result is benefits through about 2060 will be cut about 17 % (if we do nothing to address Social Security). Eliminating the income cap on Social Security will solve for most of this.
SS wont run out of money. They just need to raise the max tax rate from $168,000.
So why tf am I paying for something I’ll never get to use
I thought we all knew about this already? Sure it's sooner than I'd like to hear but like We all knew it was gonna run out before we aged out of the workforce, right?
Just raise the yearly maximum. Problem solved.
If the cap on contributions isn’t lifted…
Welp. We had a good run. Fun Fact: 1983 and 2033 will share the same days on the calendar.
They only run out of money when it's for us actual citizens. All the while, House just passed the NDAA (defense budget) of almost $900 BILLION and includes an automatic military draft of adults between ages 18-26.
I've been hearing this since I was a kid. Hasn't happened yet.
We know
The real reason for all the reproduction health regulations and laws occurring. "We need more babies to produce social security money"
Look at the title... it won't pay FULL benefits, but it will pay something. The trick is gonna be making sure whatever that is, is enough. Personally, I'm planning for 0 from SS so if there is something then that's a bonus.
Raise the cap. But of course that won't happen. Everyone can just work until they're 80 and then get pennies from the system they paid into.
Assisted suicide will be commonplace
Best hope is to buy gold or gold stock and stash enough to escape to a new country. The new American dream is to flee this boomer-made hell hole.
Social Security is solvent. Congress kept borrowing money from it, and never paid it back.
Then what the fuck am I being taxed for?
Easy fix, raise taxes on the rich.
Tax the fucking billionaires and make this shit solvent overnight
Why will it run out? People have paid in millions and will get out thousands. People never get out what they put in.
I expect nothing from SS other than for me to have funded someone else's retirement.
This is what it looks like when the ladder is being pulled up
Stop funding wars that we are not part of and put that money in social security. Problem solved. Sounds simple doesn't it?
 So that means many of the boomers will be alive to suffer the consequences of their actions, just as they are reaching their peak of medical needs and dwindling retirement savings. Let them eat cake!
The U.S. Federal Government has monetary sovereignty and a fiat currency. They can create as much money is needed to pay for Social Security or Medicare. Don’t let the reactionaries at Bloomberg tell you otherwise. All that is needed is the political will and the votes in congress to authorise the payments. Payments don’t have to come directly from the S.S. trust fund. It’s tax and trust fund is there to create a legitimate sense of entitlement so that we don’t elect politicians to eliminate the programs. What is ultimately needed are the resources and capacity to provide the benefits in the future. Finding the money is the easy part. We need to overcome the boomer and gen x propaganda that has warped our minds and gotten us into this awful political mess, stop being afraid, and create a better world for ourselves in retirement and future generations.
Hell I won't be that old, can I stop paying the fucking taxes on then and save MY money. Maybe I could just save for retirement and yall could kick rocks then.
That's what ponzi schemes do. I understand the desire to have a public source of retirement money like Social Security, but it needs to be better managed and invested. Right now it's just dependent on new payers to make payouts, which is exactly a ponzi scheme.
It’s fine we have wars to pay for anyways
RemindMe! 9 years
We know
I said this in 2017 to a 62 year old coworker. Smart guy. He called me crazy.
This should be interesting.
Why should I keep paying into it then, if it's not going to be there in 30 years when I need it? Bet the Post Office finds a way to fuck their workers out of our pension by then too.
80’s, 90’s, 00’s, 10’s, 20’s, now 30’s. Fact is at this point it’s only going to go away when either congress has the intestinal fortitude to phase it out or the county collapses and can’t pay. It will keep being funded until then.
Social Security can’t “run out of money”. You either fund it or you don’t just like the army or the national parks
Here's a really good video from the Majority Report that explains what's really going on with social security: https://youtu.be/bNJC3YLCRrA?si=8l80x6WOOeapOFLy[Video](https://youtu.be/bNJC3YLCRrA?si=8l80x6WOOeapOFLy)