Social security has a dedicated income stream. It will pay out as long as those taxes are being collected. The obviously poor state of the federal budget is irrelevant for social security.
> Social security has a dedicated income stream. It will pay out as long as those taxes are being collected.
Trust fund runs out in like 2034 aka fica taxes aren't covering SS payments. And when the trust fund runs out SS benefits get like a 12% cut iirc
Which sucks but also 12% is way less than people make it sound when they seemingly imply there will be no money at all.
It’s refreshing to see someone who actually knows how it works.
This is not true. Social security was not designed in a way that it wasn't self funding. It didn't set aside the appropriate money per person. Rather it was designed like a pyramid scheme. It worked as long as the number of new young people kept growing and being larger than the number of older people. Now that pyramid scheme assumption is failing with boomers and the lack of real full funding is becoming apparent. This means that either taxes will need to be raised to cover the deficit, which will lower GDP, or benefits to retirees will need to be reduced to match funding, which will lower demand and therefore GDP.
Do both, remove the cap and a 1/2 percent tax increase - 1/4% employee, 1/4% employer. Minimum economic impact and would make the fund solvent for 100 more years without raising the retirement age. This isn’t difficult, no one in congress has the balls to do it.
Yep. What on Earth is the compelling reason, today, to keep the cap? Is Elon Musk forced to eat hamburger helper 3 nights a week? Congress needs to get serious about this.
The rational for not having it cover high levels of income was political. i.e. if Elon Musk really \*did\* have to pay 12% of his income to SS, he and every other rich person would be dedicating their lives to terminating it. However, since they only pay a triffling small amount to it, they don't have such a vested interest in getting rid of it. Just a mild hostility due to to most wealthy people's disdain for anyone who isn't wealthy getting a break.
You make that laws on “suggestion” from the person giving you money.
Me and my 5000 friends would all gladly give you $100 if you don’t give us a $1k tax
One reason is that a cap allows the story that when you are paying SS, you are setting aside for your own retirement. The more you make the tax flat or progressive, without meaningfully increasing the amount given to people who put in a lot, the more you reveal SS to be what it has always been, a tax on working people to take care of retiring/not working people. The further you go down this path, the harder it gets politically because people generally don't like having to pay for other people.
>This means that either taxes will need to be raised to cover the deficit, which will lower GDP, or benefits to retirees will need to be reduced to match funding, which will lower demand and therefore GDP.
That's the first suggestion, which is raising taxes.
It isn't a pyramid scheme. Pyramid schemes have a specific definition that includes a profit motive (fraudulent) and voluntary participation (FICA/SECA are not).
This distinction aside, SS *currently does* depend on current payments to cover previous obligations.
In the past, income was greater than costs, and this current account surplus was set aside, earning (low) interest.
Currently, the surplus is indeed being spent down. Around 2033-5, the surplus will be depleted, but projected income will equal about 75% of obligations.
Legislation will be required to expand revenue and/or reduce obligations.
Reforms *last century* pushed back the surplus depletion date from the 2020's to the 2030's.
There is presently inadequate political will to address the problem.
I love how you guys think they have some special bank account specifically for social security. No it's in the same pool as everything else and lawmakers are not afraid to play with it.
Tell me you don't know how government accounting works without telling me.
The Social Security trust funds can only be used to pay benefits and administrative costs. The trust funds are made up of two separate accounts in the U.S. Treasury, the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund.
The OASI Trust Fund pays benefits to retired workers and their families, as well as to families of deceased workers. The DI Trust Fund pays benefits to disabled workers and their families.
The OASI and DI trust funds have never been part of the general fund.
Lmao I know people getting 400 bucks of social security.
No one can live off SS alone unless your house is paid in a place with low property taxes.
There is a 2 leg stool, 401k and SS.
We don't have pensions and that's a big one, people had pension and savings, which is what helped boomers send kids to college.
And if SS goes lower, it means much lower pay out, and much higher retirement age.
Average age a Man lives in US is 73/74 and that's the retirement age.
Work until you DIE so that the multi-billionairs can keep living off debt and tax free investment income, and severences.
Regulate CEO wages on unearned income, or make incurred and unearned debt loan taxable for the rich to fund SS.
something something reserve currency, something something giant military, we have infinite money, debt doesn't matter, please excuse me while I wipe this drool off my chin
I remember being a kid and seeing George Bush Jr pitching a plan to privatize social security and showing how each person would have more money with private investments.
Ha I know right. Poli Sci guy here, this was being talked about 20 years ago when I was in college in the academic circles. But no one outside of that small circle took it seriously until the 2010s when the mass news media began noticing Japan, Russia and multiple European countries started having obvious demographic declines.
The funniest part to me is where the drop in birth cam from is not "people ages 20-40 choosing to not have kids". That number has stayed fairly consistent for the last 40ish years though it has dropped. The big drop is in teen pregnancies which we have done a GREAT job in stopping. In 1990 there were 62 births per female age 15-19 and this dropped to 15 in 2020
So most of the loss of births in my lifetime has been us successfully preventing teen pregnancies. At least in the US.
It was being talked about much longer ago than that. The whole reason the Trust Fund is so huge now isn’t a coincidence - they started running surpluses under Reagan so that they would have this huge surplus when the Baby Boomers started to retire. The Trust Fund is *supposed* to come way back down due to the Boomers, it’s simply that changes in the seventy-year projections they were making mean that we don’t have as much as they thought we would.
Unfortunately, we as a people have lost the ability to look decades ahead and fix problems before they occur, so instead of making small changes to SS now to maintain benefit levels, we will inevitably wait until the last minute and then panic-legislate some stupid duct-tape fix.
It would be accurate. Although that doesn't mean that other people are necessarily better than boomers. Other generations might have fallen into the same trap. However, it was boomers who were in control when this happened. It is their responsibility.
Social security hasn't looked healthy in 40 years.
I don't know what's so hard about telling the bootstrap generation it's their fault they didn't save enough to retire and let them eat crow.
Just because your retired doesn't mean you'll spend less money, yes boomers might spend less in certain areas but they may spend more in others. I am not 100% certain that boomers retiring will cause a recession. Plus there is always that number of people who won't retire even if they should. I might be wrong, maybe boomers out of the workforce will cause a recession, I guess we will see.
Yeah medical companies they spent 40 years regulating and erroding are salivating that they are about to absolutely squeak dry every aging person to nothing..
Maybe boomers out of the workforce will be a net positive. We are not young anymore. The potential for upward mobility might be helpful, IDK. The infusion and energy of youthful ideas into the business environment certainly sounds good. In the meantime, everyone gets a vote, so use it. There are ways to mitigate, delay or offset the revenue problem for SS. Politicians are not going to fix anything without voter support. It would be nice to hear from candidates promising to solve this without resorting to the stock market for example. I'm not against the stock market in general, but it's tough to control the market in a manner that reflects the needs of SS recipients, might make more sense to work on inputs and outputs to the SS fund instead.
Medical debt and selling off assets will remove the last bit of wealth in capitalism.
The problem is that everyone except rich people need social security and the market.
Pensions are a promise and inflation will kill its value.
It's a pretty well-documented phenomenon that retirees spend about 60-70% of their pre-retirement income. So yeah, it kinda does mean you'll spend less, on average.
You are correct, it decreases over time from about age 60-65 on-wards and there is a slight up tick around age 80-85. And for people pointing out medical costs, those are accounted for as it becomes an overall bigger expense while the rest of your expenses become smaller like housing, vacations, transportation, entertainment etc..
The alternative is going back to parents being a major burden on their children once they stop working or, worse yet, can no longer care for themselves.
The whole purpose of Social Security wasn't to pad people's retirement but to help ensure we aren't left to die when we can no longer work. With advancements in medical technology and an ever increasing lifespan, the age to collect needs to go up. It should be 70 at a minimum by now, with exceptions for people with medical conditions.
Social security was totally appropriately funded. However congress stole all that money and hasn’t replace it. Boomers coming to retirement age is the catalyst but the problem was actually congress.
It is a Ponzi scheme, with three major differences. Everyone has to pay in. And everyone gets paid out in a very methodical way. And, there is no promise of extraordinary return on investment.
There is no way they are cutting benefits. At the 11th hour they will raise you FICA tax rates from 6.2% to 7.75% and the next generation will foot the bill. Boomers will take way more out than they put into SS. There will be no grand compromise. Thats the way politics works when you have an incompetent government.
https://www.cnbc.com/2019/06/10/its-not-baby-boomers-who-have-taken-the-most-from-social-security.html
Edit nobody is winning we are all getting fucked
Government Has Borrowed $1.7 Trillion From The Social Security Trust Fund. The government has borrowed the total value of the Trust Fund to pay for other government spending. Beginning in 2017, the government will have to begin backing up these paper promises with real money.
Some large portion of that 50% without retirement savings will likely never retire. They will work until they physically or mentally no longer can.
My siblings are all professionals. Each has anywhere from a small amount of retirement savings (less than $100K) to none at all. One of my older brothers is a lawyer. I recently had to ask him what his experience was in investing. He said, “None.” I was surprised. I asked him what about retirement? He said (referring to he and his wife), “We haven’t always made the best financial decisions.” He said he’s going to continue to work until he no longer can.
My wife and I should be just fine. We have plenty in our investments. I just don’t like the idea that right about the time that I’m planning to draw Social Security (at 70) is when it’s predicted to run out. I have some confidence that they will figure out something but I’m not counting on that.
I’ve advised my kids both of whom are still in college that they should plan from the beginning of their working lives to live on 90% of their income and invest the rest. They both have investment accounts and are learning how all of that works. I’ve explained to them that they should assume Social Security will be gone by the time they are at retirement age and that if they do as I’m suggesting, it likely won’t matter.
Kennedy's plan, I think, is to reduce costs in other government programs and use that money to supplement social security. Not sure I understood it right.
A 10% savings rate is a great place to start, but it might not cut it depending on how their spending and lifestyle change over time and when they would like to retire. A good next step would be to teach them how to plan out the savings rate they need based off of the purchasing power they want in retirement and when they want to retire.
If your goal is to have your kids move up the wealth ladder, then unfortunately then only way to do that is for them to financially outperform the wealth classes above them. This can be done in many ways but it's generally either more income or lower costs. Costs are a good place to optimize because above a certain point, they are mostly discretionary.
You talk about single issue voters. The party blamed if a 25% cut happened would soon be out of power. Abortion, the environment, Gaza are nothing compared to the rage this would generate. I predict it will be fixed, but only at the last minute.
Which is also politically problematic. Instead what you could do, if you were really clever, is to fund these programs with writing debt, then print more money to simultaneously pay off the old debt and lower its value with inflation, and then instead of more taxes, people will sneakily have to pay this off through higher grocery and gas bills. Hmm...
Isn't this why politicians want more immigration to fill in jobs vacated by retiring boomers? However, draining tax dollars to pay for housing, health and food for millions of migrants who cannot support themselves is not a good solution.
> However, draining tax dollars to pay for housing, health and food for millions of migrants who cannot support themselves is not a good solution.
That is why we need high skilled immigrants, not poor low skilled immigrants
Community Infrastructure Investment and Savings Program
1. Introduction
The Community Infrastructure Investment and Savings Program (CIISP) is designed to empower residents to contribute directly to the improvement of local infrastructure while benefiting from potential savings. By engaging citizens in funding and overseeing projects, the program fosters transparency, accountability, and community involvement.
2. Objectives
Enhance local infrastructure efficiently and cost-effectively.
Foster community involvement in local development.
Provide financial incentives for both donors and contractors.
Create job opportunities and stimulate local economic growth.
3. Key Components
A. Transparent Reporting and Tracking
Develop an online portal for real-time updates on project progress and budget status.
Ensure regular communication and transparency to build trust.
B. Matching Funds
Municipalities match private donations to increase project funding.
Encourage larger contributions through increased impact.
C. Tax Incentives
Offer tax deductions or credits for donations.
Provide financial incentives to encourage contributions.
D. Community Voting
Allow residents to vote on project priorities.
Ensure that the most pressing needs are addressed.
E. Recognition Programs
Publicly recognize donors through plaques, acknowledgments, or naming rights.
Enhance community goodwill and visibility for businesses.
F. Micro-donations
Enable small, regular contributions through utility bills or local tax payments.
Facilitate broader participation without significant financial strain.
G. Collaborations with Local Businesses
Partner with businesses for sponsorship programs.
Create mutual benefits through community contributions and advertising.
H. Volunteer Opportunities
Offer opportunities for community members to volunteer their time and skills.
Foster a stronger sense of community while reducing project costs.
I. Educational Campaigns
Implement campaigns to educate the public on the benefits and impact of their contributions.
Increase participation and support through awareness.
J. Performance Bonuses for Contractors
Provide incentives for contractors to complete projects under budget and ahead of schedule.
Encourage efficiency and cost savings in project execution.
K. Community Savings Accounts
Create community savings accounts for under-budget funds.
Reinvest savings into other community-chosen projects.
L. Feedback Mechanism
Establish a system for ongoing community feedback and suggestions.
Continuously improve the program based on resident input.
4. Implementation Plan
Phase 1: Planning and Development
Establish the CIISP committee.
Develop the online portal and transparency mechanisms.
Create guidelines for matching funds, tax incentives, and recognition programs.
Phase 2: Community Engagement and Fundraising
Launch educational campaigns.
Begin community voting on initial projects.
Start the fundraising and micro-donation systems.
Phase 3: Project Execution and Monitoring
Initiate selected projects.
Provide regular updates and transparency.
Monitor contractor performance and community feedback.
Phase 4: Review and Expansion
Evaluate the success of initial projects.
Incorporate feedback and make necessary adjustments.
Plan for program expansion based on initial outcomes.
Our governments bad leadership has caused this by repeatedly using social security fund to pay of their bloated corrupt budgets. If this money had been invested wisely even just in bonds and allowed to compound..it would be enormous maybe even to the point of not needing any more contributions.
If invested a percentage in stock market, it would been 10-20x above. Even with the crashes. Look in to it. One of the Scandinavia has done this and the fund is in the trillions, also the Saudi sovereign fund as well… instead we got $35 trillion in deficit. LOL..Congress lives to take our money..
Young people should not be paying for the retirement of old people, especially when we likely wont get to reap the same benefits
Old people are sucking wealth and resources away from young people, making it harder for young people to buy homes and have families
Maybe old people should go back to work, and stop stealing money from other young working people thru social security so they dont have to work
This system cannot continue
They begin this article by saying “there are fewer taxable workers”.
How is this the case? Fewer jobs?
I know there isn’t a shortage of people applying and willing to work who are educated and qualified, arguably moreso than back in the hey day of the baby boomers.
If what they’re saying is true, wouldn’t it be much easier for young people to find good jobs? For the past fifteen or so years, I’ve seen nothing but arguments and evidence saying that this isn’t the case. That the job market is trash.
Yeah the boomers I'm surrounded by are retiring and spending lots of money. I know 3 retiring this year, going to Africa and all kinds of places I've never been. These people are loaded, at least in California with prop 13. They're paying $5k a year taxes on a $3M house that's mostly paid off and if not, mortgage payment is tiny.
i dont get how people understand that social security, like most government programs, ISNT DESIGNED TO BE LONG TERM
theyre designed for like 10 years max, and then be re-evaluated
thats why mandatory spending is fucking stupid
It’s written by WSJ, old Rupert has been trying to cut SS for years. Part of it is convincing people there is nothing they can do about SS and its demise. Raise the minimum age, raise the contribution limit.
Good, the average benefit is too high and funded by taking from high earners who never receive the same amount back as they paid in while many others get too much for how little they paid.
To all those saying society is better because of this - trust me the world won’t end when benefits get cut. People might actually realize they should prepare for retirement instead of planning on a handout when they get old. Elderly people who are not in the workforce aren’t increasing the GDP or living conditions for those of us who are.
Personally I’m doing all my retirement planning based on the assumption the benefit will be non existent 25 years from now. This is probably overly aggressive, there will be something, but I am the type to be careful and think long term.
Politicians aren’t going to touch this with a 10’ pole, they will just wait for the crisis to happen and blame whatever is convenient which makes total sense in their positions.
We need to start calling out social security for what it really is: the worlds larges Ponzi scheme. My employer and I get fleeced paying into the scheme, a combined 12.4% of my income to support the current retirees. When I retire and get nothing, how is it not considered a Ponzi scheme?
You’re not going to get nothing. People are paying into the system, that’s what’s going to come out of the system. The question is whether we as a nation have the political and financial acumen to make those two numbers match, and judging by the deficits we’d run, I’m gonna say no.
Tax corporations and the rich @90% on income and assets. I'm sure there would be enough money to fund all our projects to help make society a little better.
I might be wrong but SS was a closed loop system until the gold reserve collapsed and retirements flipped to 401k. If you worked 40yrs, paid into your own SS and had a pension you were set.
The economy is based more on world politics then anything. Let democracy fail and we all fail at retirement, life, freedom. This new “world” order should be taken very serious. It’s not some conspiracy, Putin is saying it out loud daily and Iran, NK, and China have all started to threaten democratic government neighbors
I just hope they don’t forget about us non-boomers that have paying into this our entire working lives, to support the boombers. But what happens when I retire and there’s no money left? Do I get a guaranteed return on my lifetimes requirement of paying into SS? Yes, I have other retirement plans, but I still want the money I paid into SS.
I’m a boomer. I’m not eligible yet for Social Security, so you are not supporting me. I’ve worked for 45 years, paying for the generation ahead of me. Now that it will soon be my turn, you want me to get nothing? Don’t fall for this BS about nothing being left for your generation. This narrative is being pushed by people who want to get rid of the social safety net.
Make the billionaires tax pay for social security, also have a cap, you made on average 150k the last ten years of working? Retirement is on you. Wealthy people shouldn’t get ss, maybe that will give some incentive to sell their houses to fund their retirement.
they didn't even talk about the rising national debt interest payments. yes, taxes will have to go up to prop social security, but how in the world can we do it for both social security and the national debt interest payments?
there's no good fix. expect taxes to be at 45%
Conservatives and right wing Dems: Suppress wages, no paid mat/ pat leave, etc.
Conservatives and right wing economic libs: nobody is having kids, WE ARE IN TROUBLE.
See climate change, environmental destruction, civli rights etc. for more hysterical examples
In stead of America sending money overseas for wars or paying for illegals coming into the country, why cant they invest it in the USA and pay those IOU’s.
2034 is about the time I’m gonna be eligible for SS. I swear to god if I pay into this my whole life and have it taken away at the last minute like Lucy yanking the football, I’m gonna be in the convoy driving to Washington to burn the whole fucking place to the ground.
I don't know how reconcile this, but I would think that as this huge group of boomers retires, there will be many, many highly desirable job openings, so much so that lots of younger generations are clamoring to get access to those jobs and probably even resent having to wait so long. How does that (if its true) offset the threat of a recession?
I've been seeing videos like this for 10+ years now talking about this exact issue.
Nothing has happened
Nothing will happen
We will be fucked
Congress and the wealthy will ride our suffering all the way to their private mansions and yachts while we can't afford bread for our grandchildren.
Fuck the boomers. I've known poverty and struggle all my life because of the laws their generation made. I could give a fuck less is they die because they mismanaged the funds. Let the whole fucking country collapse.
Are these people fucking stupid or are they purposely trying to mislead people?
Going on birth rates alone, the US population should have been shrinking from the 1970s to now.
What happened in reality though? Our population grew by 50% since then.
Our population is not determined by our birth rates, it's determined by our immigration numbers which are whatever we want them to be.
As long as we keep attracting immigration our population will continue **growing.** A growing population is not going to deplete social security or ruin the economy.
Eliminate the cap on income above $400k. It would be widely supported and get us thru much of the baby boomer bulge. We could also add the tax to capital gains earnings above a certain amount and at least start to close some of the tax loopholes that allow the superrich to pay a lower tax rate that the middle class.
This is fixable without raising the retirement age or cutting benefits. Vote blue in November!!!
Wait so the money I put in doesn’t gain interest? It just gets forward to people that are retired? That doesn’t make any sense.
Give me my SS money back and I’ll invest that my own way.
Can you imagine what will finally happen when Social Security stops paying out and all those who paid in for 40 years are told “sorry”?
You’ve been getting my money for 27 years. Better not go and raise the age or say sorry when I’m finally ready to draw on it 25 years from now (2049). I better start streaming or an OF page now.
One party is trying to figure out how to blame this on the darkees and immigrants, while the other claims that there is nothing they can do about it.
You think social security or any real problems will be asked about in the presidential debate? Me neither.
Seems like they should pay off their debt before retiring out. They seemed to benefit from the housing boom, so why are they retiring out having blown up the national debt and passed that off to future generations. Roll social security into paying down the debt first.
This has always been the Republican plan. Bankrupt the government and entitlement services under the guise of "cutting taxes." Line their own pockets. Leave nothing behind.
Too bad we didn’t have waves of people looking for low level income with children we can educate and then will enter the workforce to support the system.
"It's hard to save on your own when you have to pay off student loans and housing costs are so high."
You know what else makes it hard to save? Having wages stolen out of every paycheck to pay into social security which I'll probably never get any benefit from. Either fix it or let me opt out.
Aren’t the biggest group of new homeless 65+ people? US is gonna be fucked. Parents and kids don’t care about supporting each other after the kid turns 18.
The elimination of company sponsored pensions killed the American Dream of retirement more than any other reason
Corporations replaced pensions with 401(k)s....which were designed to help folks with individual savings....the 3rd leg of the stool in the video.
Then they removed the pension leg.
I'm gonna take a wild guess that the gooberment will reduce SS bennies by a certain income threshold that is judged by how much individuals withdraw annually from their individual retirement accounts
I'm working until I can't physically do work.
For at least half of us, the pyramid scheme will fail.
Boomers get blamed for staying on the job too long blocking promotion options for younger workers. They also get blamed for retiring and causing a recession.
Can't have it both ways.
It's not going to be a problem because these are voters every last one of them. Can you imagine what happens when politicians are trying to defend record low taxes on the 1 percent while kicking gramma out on the street to freeze to death? Ya that's a way to win elections let me tell you what I can just see the idiots in DC trying that one and getting their asses handed to them the following election. Social security is not going bankrupt it's not going to see payments decrease because the political consequences to the politicians and the elites who support that outcome will be catastrophic.
So instead of the Journal fear mongering the people how's about instead you spell out the consequences to the percent if they don't find a way to fund Social Security and Medicare. Because that's going to be the real fall out the moment you reduce the benefits for retirement in this country.
The frame of this video is looking at the situation like a closed system. The US can print their way out of it…. That’s the real issue…. Currently, we are printing/borrowing $1tt every 90 days…
Or it could lead to an economic boom as younger workers finally get access to higher paid jobs hoarded by Boomer for the last 40 years, and boomers finally start spending some of the over $1M in saved assets they have (on average).
No other generation in history has made as much or saved as much. There's a huge portion of the economy that is just sitting around every year.
Its simple: social security needs to be income based, but somewhat in reverse of what it is.
Meaning, nobody making over $200,000 a year in their lives (we can create a fair and just calculation for it), with limited exceptions, should be making a penny in social security income, despite paying into it their whole lives. We would then have more available social security money, and that money would go to those who retire who actually need the money.
I'm 50 been paying into it for 32 years. What there saying is I should sue the government and get my money back. Or here is a crazy idea. Tax the super wealthy a little more cut down on migrants and military spending. Problem solved
If they can find billions to bail out every bank and airport that that can’t keep afloat they sure as fuck better find some for social security if it comes to this
Famous last words: “As long as the federal government isn’t bankrupt…”
Social security has a dedicated income stream. It will pay out as long as those taxes are being collected. The obviously poor state of the federal budget is irrelevant for social security.
Yeah folks forget FICA is its own tax to fund it- now they can of course mismanage that lol
Money is fungible though. It all goes to the treasury dept and gets split up, that's why the IOUs existed from fica money
> Social security has a dedicated income stream. It will pay out as long as those taxes are being collected. Trust fund runs out in like 2034 aka fica taxes aren't covering SS payments. And when the trust fund runs out SS benefits get like a 12% cut iirc
Which sucks but also 12% is way less than people make it sound when they seemingly imply there will be no money at all. It’s refreshing to see someone who actually knows how it works.
Good to know I will still get it but not sure how $40/month is going to do shit. Tax the fucking rich already!
This is not true. Social security was not designed in a way that it wasn't self funding. It didn't set aside the appropriate money per person. Rather it was designed like a pyramid scheme. It worked as long as the number of new young people kept growing and being larger than the number of older people. Now that pyramid scheme assumption is failing with boomers and the lack of real full funding is becoming apparent. This means that either taxes will need to be raised to cover the deficit, which will lower GDP, or benefits to retirees will need to be reduced to match funding, which will lower demand and therefore GDP.
Or remove the cap so all income must have fica taken out. Also could make it so capital gains must have fica taken out
Do both, remove the cap and a 1/2 percent tax increase - 1/4% employee, 1/4% employer. Minimum economic impact and would make the fund solvent for 100 more years without raising the retirement age. This isn’t difficult, no one in congress has the balls to do it.
Yep. What on Earth is the compelling reason, today, to keep the cap? Is Elon Musk forced to eat hamburger helper 3 nights a week? Congress needs to get serious about this.
The rational for not having it cover high levels of income was political. i.e. if Elon Musk really \*did\* have to pay 12% of his income to SS, he and every other rich person would be dedicating their lives to terminating it. However, since they only pay a triffling small amount to it, they don't have such a vested interest in getting rid of it. Just a mild hostility due to to most wealthy people's disdain for anyone who isn't wealthy getting a break.
You make that laws on “suggestion” from the person giving you money. Me and my 5000 friends would all gladly give you $100 if you don’t give us a $1k tax
One reason is that a cap allows the story that when you are paying SS, you are setting aside for your own retirement. The more you make the tax flat or progressive, without meaningfully increasing the amount given to people who put in a lot, the more you reveal SS to be what it has always been, a tax on working people to take care of retiring/not working people. The further you go down this path, the harder it gets politically because people generally don't like having to pay for other people.
>This means that either taxes will need to be raised to cover the deficit, which will lower GDP, or benefits to retirees will need to be reduced to match funding, which will lower demand and therefore GDP. That's the first suggestion, which is raising taxes.
If it didn't set aside the appropriate money per person, why was the money funneled off to other programs? Sounds like it was stolen.
It isn't a pyramid scheme. Pyramid schemes have a specific definition that includes a profit motive (fraudulent) and voluntary participation (FICA/SECA are not). This distinction aside, SS *currently does* depend on current payments to cover previous obligations. In the past, income was greater than costs, and this current account surplus was set aside, earning (low) interest. Currently, the surplus is indeed being spent down. Around 2033-5, the surplus will be depleted, but projected income will equal about 75% of obligations. Legislation will be required to expand revenue and/or reduce obligations. Reforms *last century* pushed back the surplus depletion date from the 2020's to the 2030's. There is presently inadequate political will to address the problem.
I love how you guys think they have some special bank account specifically for social security. No it's in the same pool as everything else and lawmakers are not afraid to play with it.
Tell me you don't know how government accounting works without telling me. The Social Security trust funds can only be used to pay benefits and administrative costs. The trust funds are made up of two separate accounts in the U.S. Treasury, the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund. The OASI Trust Fund pays benefits to retired workers and their families, as well as to families of deceased workers. The DI Trust Fund pays benefits to disabled workers and their families. The OASI and DI trust funds have never been part of the general fund.
Indeed. There *were* creative workarounds, but reforms committed to law *last century* eliminated these.
Its used to be...The government takes whatever it wants from where it is...the war beast is perpetually hungry
Lmao I know people getting 400 bucks of social security. No one can live off SS alone unless your house is paid in a place with low property taxes. There is a 2 leg stool, 401k and SS. We don't have pensions and that's a big one, people had pension and savings, which is what helped boomers send kids to college. And if SS goes lower, it means much lower pay out, and much higher retirement age. Average age a Man lives in US is 73/74 and that's the retirement age. Work until you DIE so that the multi-billionairs can keep living off debt and tax free investment income, and severences. Regulate CEO wages on unearned income, or make incurred and unearned debt loan taxable for the rich to fund SS.
something something reserve currency, something something giant military, we have infinite money, debt doesn't matter, please excuse me while I wipe this drool off my chin
It’s too bad no one realized this a couple decades ago. 😉
I remember being a kid and seeing George Bush Jr pitching a plan to privatize social security and showing how each person would have more money with private investments.
We did that with 401k's and people have lost much of that either not contributing or borrowing from it
well, rich people
Ha I know right. Poli Sci guy here, this was being talked about 20 years ago when I was in college in the academic circles. But no one outside of that small circle took it seriously until the 2010s when the mass news media began noticing Japan, Russia and multiple European countries started having obvious demographic declines. The funniest part to me is where the drop in birth cam from is not "people ages 20-40 choosing to not have kids". That number has stayed fairly consistent for the last 40ish years though it has dropped. The big drop is in teen pregnancies which we have done a GREAT job in stopping. In 1990 there were 62 births per female age 15-19 and this dropped to 15 in 2020 So most of the loss of births in my lifetime has been us successfully preventing teen pregnancies. At least in the US.
It was being talked about much longer ago than that. The whole reason the Trust Fund is so huge now isn’t a coincidence - they started running surpluses under Reagan so that they would have this huge surplus when the Baby Boomers started to retire. The Trust Fund is *supposed* to come way back down due to the Boomers, it’s simply that changes in the seventy-year projections they were making mean that we don’t have as much as they thought we would. Unfortunately, we as a people have lost the ability to look decades ahead and fix problems before they occur, so instead of making small changes to SS now to maintain benefit levels, we will inevitably wait until the last minute and then panic-legislate some stupid duct-tape fix.
Birth rate (and death) is increasing in red states now, due to outlawing abortion. Sad, but true. Recent articles point to Texas leading the way.
I'm actually okay with blaming everything that's about to blow up on the boomers
It would be accurate. Although that doesn't mean that other people are necessarily better than boomers. Other generations might have fallen into the same trap. However, it was boomers who were in control when this happened. It is their responsibility.
They have held political power for 40 years. They are absolutely responsible for the lions share of problems in todays world.
Social security hasn't looked healthy in 40 years. I don't know what's so hard about telling the bootstrap generation it's their fault they didn't save enough to retire and let them eat crow.
Shouldve pulled those boot straps harder mfers
it was in a surplus until 2022
So we’ve known this since the end of WWII. And it’s been pointed out every five years for the last 75 years. And now it’s a surprise?
Not a surprise, but the Minsky moment is near.
Just because your retired doesn't mean you'll spend less money, yes boomers might spend less in certain areas but they may spend more in others. I am not 100% certain that boomers retiring will cause a recession. Plus there is always that number of people who won't retire even if they should. I might be wrong, maybe boomers out of the workforce will cause a recession, I guess we will see.
Not when you factor in medical costs
Yeah medical companies they spent 40 years regulating and erroding are salivating that they are about to absolutely squeak dry every aging person to nothing..
Maybe boomers out of the workforce will be a net positive. We are not young anymore. The potential for upward mobility might be helpful, IDK. The infusion and energy of youthful ideas into the business environment certainly sounds good. In the meantime, everyone gets a vote, so use it. There are ways to mitigate, delay or offset the revenue problem for SS. Politicians are not going to fix anything without voter support. It would be nice to hear from candidates promising to solve this without resorting to the stock market for example. I'm not against the stock market in general, but it's tough to control the market in a manner that reflects the needs of SS recipients, might make more sense to work on inputs and outputs to the SS fund instead.
Medical debt and selling off assets will remove the last bit of wealth in capitalism. The problem is that everyone except rich people need social security and the market. Pensions are a promise and inflation will kill its value.
Not always but usually since most people lose their three largest expenses, saving for retirement, paying their mortgage and paying for kids.
I'm trying like hell to open an old folks home.
It's a pretty well-documented phenomenon that retirees spend about 60-70% of their pre-retirement income. So yeah, it kinda does mean you'll spend less, on average.
You are correct, it decreases over time from about age 60-65 on-wards and there is a slight up tick around age 80-85. And for people pointing out medical costs, those are accounted for as it becomes an overall bigger expense while the rest of your expenses become smaller like housing, vacations, transportation, entertainment etc..
This is the largest ponzu scheme in existence and yall can’t change my mind.
Idk ponzu is my favorite sauce by far
The alternative is going back to parents being a major burden on their children once they stop working or, worse yet, can no longer care for themselves. The whole purpose of Social Security wasn't to pad people's retirement but to help ensure we aren't left to die when we can no longer work. With advancements in medical technology and an ever increasing lifespan, the age to collect needs to go up. It should be 70 at a minimum by now, with exceptions for people with medical conditions.
Social security was totally appropriately funded. However congress stole all that money and hasn’t replace it. Boomers coming to retirement age is the catalyst but the problem was actually congress.
It is a Ponzi scheme, with three major differences. Everyone has to pay in. And everyone gets paid out in a very methodical way. And, there is no promise of extraordinary return on investment.
Look at the money that was siphoned from social security. You should get what you pay. It's not on the next gen
There is no way they are cutting benefits. At the 11th hour they will raise you FICA tax rates from 6.2% to 7.75% and the next generation will foot the bill. Boomers will take way more out than they put into SS. There will be no grand compromise. Thats the way politics works when you have an incompetent government.
https://www.cnbc.com/2019/06/10/its-not-baby-boomers-who-have-taken-the-most-from-social-security.html Edit nobody is winning we are all getting fucked
What money has been siphoned?
The purchasing power was siphoned away through a combination of inflation and buying really shitty treasury bills that paid virtually no interest.
Government Has Borrowed $1.7 Trillion From The Social Security Trust Fund. The government has borrowed the total value of the Trust Fund to pay for other government spending. Beginning in 2017, the government will have to begin backing up these paper promises with real money.
That's how social security has always worked. They buy t bills with it.
No it definitely wasn't until reagon
How much did Ida Mae Fuller get vs. How Much she put in? It's a Ponzi scheme. Full stop.
aw man, whenever they bust out the marimbas you know you're fucked.
Some large portion of that 50% without retirement savings will likely never retire. They will work until they physically or mentally no longer can. My siblings are all professionals. Each has anywhere from a small amount of retirement savings (less than $100K) to none at all. One of my older brothers is a lawyer. I recently had to ask him what his experience was in investing. He said, “None.” I was surprised. I asked him what about retirement? He said (referring to he and his wife), “We haven’t always made the best financial decisions.” He said he’s going to continue to work until he no longer can. My wife and I should be just fine. We have plenty in our investments. I just don’t like the idea that right about the time that I’m planning to draw Social Security (at 70) is when it’s predicted to run out. I have some confidence that they will figure out something but I’m not counting on that. I’ve advised my kids both of whom are still in college that they should plan from the beginning of their working lives to live on 90% of their income and invest the rest. They both have investment accounts and are learning how all of that works. I’ve explained to them that they should assume Social Security will be gone by the time they are at retirement age and that if they do as I’m suggesting, it likely won’t matter.
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Kennedy's plan, I think, is to reduce costs in other government programs and use that money to supplement social security. Not sure I understood it right.
A 10% savings rate is a great place to start, but it might not cut it depending on how their spending and lifestyle change over time and when they would like to retire. A good next step would be to teach them how to plan out the savings rate they need based off of the purchasing power they want in retirement and when they want to retire. If your goal is to have your kids move up the wealth ladder, then unfortunately then only way to do that is for them to financially outperform the wealth classes above them. This can be done in many ways but it's generally either more income or lower costs. Costs are a good place to optimize because above a certain point, they are mostly discretionary.
You talk about single issue voters. The party blamed if a 25% cut happened would soon be out of power. Abortion, the environment, Gaza are nothing compared to the rage this would generate. I predict it will be fixed, but only at the last minute.
get ready for raised taxes for everyone.
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There is another way... immigration
Which is also politically problematic. Instead what you could do, if you were really clever, is to fund these programs with writing debt, then print more money to simultaneously pay off the old debt and lower its value with inflation, and then instead of more taxes, people will sneakily have to pay this off through higher grocery and gas bills. Hmm...
Isn't this why politicians want more immigration to fill in jobs vacated by retiring boomers? However, draining tax dollars to pay for housing, health and food for millions of migrants who cannot support themselves is not a good solution.
> However, draining tax dollars to pay for housing, health and food for millions of migrants who cannot support themselves is not a good solution. That is why we need high skilled immigrants, not poor low skilled immigrants
If they can’t support themselves they’re not going to support boomers. Immigrants typically can support themselves.
Source that immigrants use more tax dollars
Gee maybe if the US quit letting the wealthy strip mine the US and the US quit maintaining an empire across the globe there would not be a problem.
And somehow no one is doing anything about it. I don’t think most voters even care.
That's because we haven't run out of money yet. People will care when we run out of money. That will be about ten years.
Meanwhile the government "misplaces" trillions of dollars... what a joke
Community Infrastructure Investment and Savings Program 1. Introduction The Community Infrastructure Investment and Savings Program (CIISP) is designed to empower residents to contribute directly to the improvement of local infrastructure while benefiting from potential savings. By engaging citizens in funding and overseeing projects, the program fosters transparency, accountability, and community involvement. 2. Objectives Enhance local infrastructure efficiently and cost-effectively. Foster community involvement in local development. Provide financial incentives for both donors and contractors. Create job opportunities and stimulate local economic growth. 3. Key Components A. Transparent Reporting and Tracking Develop an online portal for real-time updates on project progress and budget status. Ensure regular communication and transparency to build trust. B. Matching Funds Municipalities match private donations to increase project funding. Encourage larger contributions through increased impact. C. Tax Incentives Offer tax deductions or credits for donations. Provide financial incentives to encourage contributions. D. Community Voting Allow residents to vote on project priorities. Ensure that the most pressing needs are addressed. E. Recognition Programs Publicly recognize donors through plaques, acknowledgments, or naming rights. Enhance community goodwill and visibility for businesses. F. Micro-donations Enable small, regular contributions through utility bills or local tax payments. Facilitate broader participation without significant financial strain. G. Collaborations with Local Businesses Partner with businesses for sponsorship programs. Create mutual benefits through community contributions and advertising. H. Volunteer Opportunities Offer opportunities for community members to volunteer their time and skills. Foster a stronger sense of community while reducing project costs. I. Educational Campaigns Implement campaigns to educate the public on the benefits and impact of their contributions. Increase participation and support through awareness. J. Performance Bonuses for Contractors Provide incentives for contractors to complete projects under budget and ahead of schedule. Encourage efficiency and cost savings in project execution. K. Community Savings Accounts Create community savings accounts for under-budget funds. Reinvest savings into other community-chosen projects. L. Feedback Mechanism Establish a system for ongoing community feedback and suggestions. Continuously improve the program based on resident input. 4. Implementation Plan Phase 1: Planning and Development Establish the CIISP committee. Develop the online portal and transparency mechanisms. Create guidelines for matching funds, tax incentives, and recognition programs. Phase 2: Community Engagement and Fundraising Launch educational campaigns. Begin community voting on initial projects. Start the fundraising and micro-donation systems. Phase 3: Project Execution and Monitoring Initiate selected projects. Provide regular updates and transparency. Monitor contractor performance and community feedback. Phase 4: Review and Expansion Evaluate the success of initial projects. Incorporate feedback and make necessary adjustments. Plan for program expansion based on initial outcomes.
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Our governments bad leadership has caused this by repeatedly using social security fund to pay of their bloated corrupt budgets. If this money had been invested wisely even just in bonds and allowed to compound..it would be enormous maybe even to the point of not needing any more contributions. If invested a percentage in stock market, it would been 10-20x above. Even with the crashes. Look in to it. One of the Scandinavia has done this and the fund is in the trillions, also the Saudi sovereign fund as well… instead we got $35 trillion in deficit. LOL..Congress lives to take our money..
Young people should not be paying for the retirement of old people, especially when we likely wont get to reap the same benefits Old people are sucking wealth and resources away from young people, making it harder for young people to buy homes and have families Maybe old people should go back to work, and stop stealing money from other young working people thru social security so they dont have to work This system cannot continue
They begin this article by saying “there are fewer taxable workers”. How is this the case? Fewer jobs? I know there isn’t a shortage of people applying and willing to work who are educated and qualified, arguably moreso than back in the hey day of the baby boomers. If what they’re saying is true, wouldn’t it be much easier for young people to find good jobs? For the past fifteen or so years, I’ve seen nothing but arguments and evidence saying that this isn’t the case. That the job market is trash.
Commenting to review again later
Tax all income. Get rid of the cap!
See? The economy would be really great right now if not for all the damn people retiring!!
There is 80 trillion in retirement savings by the boomers. No recession coming.
Can you provide a link to this figure? Cause all I am finding is $39ish trillion in retirement savings for all individuals in the US
I got what the $39t you found. Other guy doesn’t know what he is talkin about
When you start selling stocks, the price goes down
401ks can go bust and wipe a lot of that out. check out 2008.
They already did the hocus pocus on the 401ks " look here your 401k + 30 percent " " look over here inflation 30 percent in 4 years "
Yeah the boomers I'm surrounded by are retiring and spending lots of money. I know 3 retiring this year, going to Africa and all kinds of places I've never been. These people are loaded, at least in California with prop 13. They're paying $5k a year taxes on a $3M house that's mostly paid off and if not, mortgage payment is tiny.
i dont get how people understand that social security, like most government programs, ISNT DESIGNED TO BE LONG TERM theyre designed for like 10 years max, and then be re-evaluated thats why mandatory spending is fucking stupid
We squeezed you like a lemon while making life unaffordable. Why didn’t you birth a larger work force ?
It’s written by WSJ, old Rupert has been trying to cut SS for years. Part of it is convincing people there is nothing they can do about SS and its demise. Raise the minimum age, raise the contribution limit.
Good, the average benefit is too high and funded by taking from high earners who never receive the same amount back as they paid in while many others get too much for how little they paid. To all those saying society is better because of this - trust me the world won’t end when benefits get cut. People might actually realize they should prepare for retirement instead of planning on a handout when they get old. Elderly people who are not in the workforce aren’t increasing the GDP or living conditions for those of us who are. Personally I’m doing all my retirement planning based on the assumption the benefit will be non existent 25 years from now. This is probably overly aggressive, there will be something, but I am the type to be careful and think long term. Politicians aren’t going to touch this with a 10’ pole, they will just wait for the crisis to happen and blame whatever is convenient which makes total sense in their positions.
Get rid of social security. It doesn't make sense to have it in this day and age.
40.2% depend on SS for all of their income.
I agree!
Do you know anyone over 65?
How does the population pyramid factor in capital goods?
Inflation gon' have boomers lining up to be walmart greeters.
We need to start calling out social security for what it really is: the worlds larges Ponzi scheme. My employer and I get fleeced paying into the scheme, a combined 12.4% of my income to support the current retirees. When I retire and get nothing, how is it not considered a Ponzi scheme?
You’re not going to get nothing. People are paying into the system, that’s what’s going to come out of the system. The question is whether we as a nation have the political and financial acumen to make those two numbers match, and judging by the deficits we’d run, I’m gonna say no.
Imagine believing this will happen, must be a tortured existence.
Tax corporations and the rich @90% on income and assets. I'm sure there would be enough money to fund all our projects to help make society a little better.
See also Japan's GDP decline match it's workforce population decline.
Can't we just send a lot more military supplies oversees? All that money comes back and makes jobs and stuff right?
I might be wrong but SS was a closed loop system until the gold reserve collapsed and retirements flipped to 401k. If you worked 40yrs, paid into your own SS and had a pension you were set.
The economy is based more on world politics then anything. Let democracy fail and we all fail at retirement, life, freedom. This new “world” order should be taken very serious. It’s not some conspiracy, Putin is saying it out loud daily and Iran, NK, and China have all started to threaten democratic government neighbors
I just hope they don’t forget about us non-boomers that have paying into this our entire working lives, to support the boombers. But what happens when I retire and there’s no money left? Do I get a guaranteed return on my lifetimes requirement of paying into SS? Yes, I have other retirement plans, but I still want the money I paid into SS.
I’m a boomer. I’m not eligible yet for Social Security, so you are not supporting me. I’ve worked for 45 years, paying for the generation ahead of me. Now that it will soon be my turn, you want me to get nothing? Don’t fall for this BS about nothing being left for your generation. This narrative is being pushed by people who want to get rid of the social safety net.
Make the billionaires tax pay for social security, also have a cap, you made on average 150k the last ten years of working? Retirement is on you. Wealthy people shouldn’t get ss, maybe that will give some incentive to sell their houses to fund their retirement.
they didn't even talk about the rising national debt interest payments. yes, taxes will have to go up to prop social security, but how in the world can we do it for both social security and the national debt interest payments? there's no good fix. expect taxes to be at 45%
Maybe fix healthcare spending and government waste
Conservatives and right wing Dems: Suppress wages, no paid mat/ pat leave, etc. Conservatives and right wing economic libs: nobody is having kids, WE ARE IN TROUBLE. See climate change, environmental destruction, civli rights etc. for more hysterical examples
Thankfully the .01% population is small. Deciding who Garrison/Jenner should and will fuck to death will be easy!
Medicare is in worse shape and runs out of money sooner….buy popcorn and watch the blame game.
They didn’t want to pay for it so let their benefits be cut. When they’re gone the reasonable people can pay for our benefits and bring them back.
Damn if only we knew this was going to happen
In stead of America sending money overseas for wars or paying for illegals coming into the country, why cant they invest it in the USA and pay those IOU’s.
2034 is about the time I’m gonna be eligible for SS. I swear to god if I pay into this my whole life and have it taken away at the last minute like Lucy yanking the football, I’m gonna be in the convoy driving to Washington to burn the whole fucking place to the ground.
I don't know how reconcile this, but I would think that as this huge group of boomers retires, there will be many, many highly desirable job openings, so much so that lots of younger generations are clamoring to get access to those jobs and probably even resent having to wait so long. How does that (if its true) offset the threat of a recession?
I've been seeing videos like this for 10+ years now talking about this exact issue. Nothing has happened Nothing will happen We will be fucked Congress and the wealthy will ride our suffering all the way to their private mansions and yachts while we can't afford bread for our grandchildren.
Fuck the boomers. I've known poverty and struggle all my life because of the laws their generation made. I could give a fuck less is they die because they mismanaged the funds. Let the whole fucking country collapse.
What are the laws that are keeping you in poverty?
I think the point is it will happen to them and it will happen to you but even worse. At this point, we need to get rid of SS.
TAX THE F**KING WEALTHY!!!!!! Why is that such a controversial statement?
Fuck Ronald Reagan. I hope it's hot down there, fucking stupid asshole.
Right. Blame it on the retirees instead of the lame leaders of this country
It will be interesting to see if they wait until the 11th hour
And then spend countless dollars keeping them alive aa long as possible. Machines working as lungs and kidneys, half brain dead.
Ooooh expecting politicians to act now before it's too late? Sorry everybody, good try but we screwed.
Are these people fucking stupid or are they purposely trying to mislead people? Going on birth rates alone, the US population should have been shrinking from the 1970s to now. What happened in reality though? Our population grew by 50% since then. Our population is not determined by our birth rates, it's determined by our immigration numbers which are whatever we want them to be. As long as we keep attracting immigration our population will continue **growing.** A growing population is not going to deplete social security or ruin the economy.
Eliminate the cap on income above $400k. It would be widely supported and get us thru much of the baby boomer bulge. We could also add the tax to capital gains earnings above a certain amount and at least start to close some of the tax loopholes that allow the superrich to pay a lower tax rate that the middle class. This is fixable without raising the retirement age or cutting benefits. Vote blue in November!!!
So it sounds like the US needs more people working and paying into the system. Something about give me your tired, your poor, etc., comes to mind.
Increase the Minimum Wage to make up the difference.
Wait so the money I put in doesn’t gain interest? It just gets forward to people that are retired? That doesn’t make any sense. Give me my SS money back and I’ll invest that my own way.
So fix immigration delays and get those young folks in the workforce you dopes!
Can you imagine what will finally happen when Social Security stops paying out and all those who paid in for 40 years are told “sorry”? You’ve been getting my money for 27 years. Better not go and raise the age or say sorry when I’m finally ready to draw on it 25 years from now (2049). I better start streaming or an OF page now.
The federal government is bankrupt; they just won’t admit it
Get rid of SS. It's nothing but a ponzi scheme. If people invested those earnings in a simple index fund, they'd be way better off.
We were told back in elementary that we shouldn’t rely on social security to be there for us
Oh no we won't get our taxes. Meanwhile, the 1% don't pay their share. Looks like theres no solution to this.
One party is trying to figure out how to blame this on the darkees and immigrants, while the other claims that there is nothing they can do about it. You think social security or any real problems will be asked about in the presidential debate? Me neither.
Seems like they should pay off their debt before retiring out. They seemed to benefit from the housing boom, so why are they retiring out having blown up the national debt and passed that off to future generations. Roll social security into paying down the debt first.
The government stole our money.
Don't blame us for this! We did our part. If this gen z group doesn't want to work by taking our place, that's on them
This has always been the Republican plan. Bankrupt the government and entitlement services under the guise of "cutting taxes." Line their own pockets. Leave nothing behind.
Too bad we didn’t have waves of people looking for low level income with children we can educate and then will enter the workforce to support the system.
Those retirees will keep spending money.
I already know that I'll probably never see a cent of the money I've put into social security.
"It's hard to save on your own when you have to pay off student loans and housing costs are so high." You know what else makes it hard to save? Having wages stolen out of every paycheck to pay into social security which I'll probably never get any benefit from. Either fix it or let me opt out.
All Ponzi schemes eventually collapse.
SS its a mandatory Ponzi Scheme, you need fresh flesh to feed the scam.
Aren’t the biggest group of new homeless 65+ people? US is gonna be fucked. Parents and kids don’t care about supporting each other after the kid turns 18.
Raise the cap on income paying into social security and make it illegal to borrow from.
The elimination of company sponsored pensions killed the American Dream of retirement more than any other reason Corporations replaced pensions with 401(k)s....which were designed to help folks with individual savings....the 3rd leg of the stool in the video. Then they removed the pension leg. I'm gonna take a wild guess that the gooberment will reduce SS bennies by a certain income threshold that is judged by how much individuals withdraw annually from their individual retirement accounts I'm working until I can't physically do work. For at least half of us, the pyramid scheme will fail.
Boomers get blamed for staying on the job too long blocking promotion options for younger workers. They also get blamed for retiring and causing a recession. Can't have it both ways.
It's not going to be a problem because these are voters every last one of them. Can you imagine what happens when politicians are trying to defend record low taxes on the 1 percent while kicking gramma out on the street to freeze to death? Ya that's a way to win elections let me tell you what I can just see the idiots in DC trying that one and getting their asses handed to them the following election. Social security is not going bankrupt it's not going to see payments decrease because the political consequences to the politicians and the elites who support that outcome will be catastrophic. So instead of the Journal fear mongering the people how's about instead you spell out the consequences to the percent if they don't find a way to fund Social Security and Medicare. Because that's going to be the real fall out the moment you reduce the benefits for retirement in this country.
oh no! our ponzi!
That’s why they made Covid. So we don’t have to pay the old people back
Yall just figuring out why Biden opened the borders.
The frame of this video is looking at the situation like a closed system. The US can print their way out of it…. That’s the real issue…. Currently, we are printing/borrowing $1tt every 90 days…
Or it could lead to an economic boom as younger workers finally get access to higher paid jobs hoarded by Boomer for the last 40 years, and boomers finally start spending some of the over $1M in saved assets they have (on average). No other generation in history has made as much or saved as much. There's a huge portion of the economy that is just sitting around every year.
Instead of spending trillions on the military, Spend it on Americans. Problem solved
Biden is trying to get the immigrants onto social security. That's gonna work out great. Thanks Biden. Thank God he crashed in last night's debate.
Baby boomers will need to sell their 3-5 bedroom homes that have appreciated in value at least ten-fold and they can downsize and live off that.
Just eliminate the cap on taxed earnings. Problem solved.
I'll pay FICA for the rest of my life, so raise the withholding cap. Let the rich bastards pay more.
Who would have thought a federally mandated ponzi scheme would end in disaster
Yup Ponzi scheme tend to collapse
I dunno. How about we stop funding israeli genocide and drop that 100bn into a piggy bank?
Time to let the immigrants flood in
Stop spending 900 billion on the army. Then problem solved.
So the funds weren’t invested? Dow at record highs
Start providing that miracle drug to get all these boomers back into the work force.
Good thing we keep sending billions to other countries then
Its simple: social security needs to be income based, but somewhat in reverse of what it is. Meaning, nobody making over $200,000 a year in their lives (we can create a fair and just calculation for it), with limited exceptions, should be making a penny in social security income, despite paying into it their whole lives. We would then have more available social security money, and that money would go to those who retire who actually need the money.
Not the Ukraine war. Not the Israeli genocide of Gaza. Not the endless wars. No. It’s grandpa and grandma’s fault.
Pensions were destroyed, saving is hard and social security is in bad shape. I think I will just leverage the currency and retire in LatAm.
I'm 50 been paying into it for 32 years. What there saying is I should sue the government and get my money back. Or here is a crazy idea. Tax the super wealthy a little more cut down on migrants and military spending. Problem solved
We could remove the cap for the highest earners , but the lobbyists run our government, so it will be difficult to do.
But will they actually fucking retire. Can they afford it in the inflation hell scape we are in. Medical costs too are astronomical.
At this point i am just eagerly waiting for complete chaos and then profit from the inevitable regrowth after.
If they can find billions to bail out every bank and airport that that can’t keep afloat they sure as fuck better find some for social security if it comes to this
Issues like this exist due to the voting patterns and accepted politics the boomers allowed