Wasn't Covid released to solve this problem? Guess theyihave to try again in the next few years.
CBO says Social Security payments reduced by 2032
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Last: 16 days ago by jamey
Tax hike or raise the age or means testing or some combination.
Yukon Cornelius said:
We are bankrupt. Needs to end immediately. Sucks for those that paid into it but that's what happen when you don't vote against forced retirement plans managed by the government.
Well it isn't really a retirement plan. As far as the vote, nobody you know nor anyone any of us know were able to vote against it, unless they were in Congress.
Psycho Bunny said:
SS is theft and should die a painful death.
I agree...
But it needs to be slowly phased out so that the people that have been ****ed by it for decades don't get double ****ed just so the yutes don't feel any pain...
You can turn off signatures, btw
Queso1 said:Psycho Bunny said:
SS is theft and should die a painful death.
And Roosevelt or whoever passed it should be posthumously censured.
FDR should be disinterred and have his remains burned in effigy for the bull**** that is SS...
You can turn off signatures, btw
GAC06 said:
Tax hike or raise the age or means testing or some combination.
All of the above will happen and reduced payouts just as it's becoming Gen X's turn. The most screwed over (non-slave) generation in US history.
Principal Uncertainty said:GAC06 said:
Tax hike or raise the age or means testing or some combination.
All of the above will happen and reduced payouts just as it's becoming Gen X's turn. The most screwed over (non-slave) generation in US history.
Gen X became eligible for SS this year.
m fine with that as long as everyone continues to pay in for the entirety of their working career and get nothingPsycho Bunny said:
SS is theft and should die a painful death.
Or it's none of the government's business forcing retirement savings and then mismanaging it. Boomers had the largest voting block of all time. Should have used it better.
One consolation is everyone paying into for 40 years have also had the opportunity to ride the biggest asset appreciation wave too. I'm not Gen Z but I suspect Gen Z will come to gut SS
One consolation is everyone paying into for 40 years have also had the opportunity to ride the biggest asset appreciation wave too. I'm not Gen Z but I suspect Gen Z will come to gut SS
SS payments are already means tested.
Not that they won't get means tested even harder going forward.
Not that they won't get means tested even harder going forward.
Get rid of the fraud. Especially the illegals and immigrant fraud. Stop paying for everything for illegals. No welfare, snap, rent, etc. Then kick them all out.
shiftyandquick said:
SS will run out just as all the Baby Boomers die, officially cementing them as the worst generation in recorded history.
You DO realize that this was not put into place while any baby boomers were alive, right?
The blame lies square on the worst POTUS in history...FDR.
He saddled the US with more future debt than WWII cost.
HE created the worst ****ing Ponzi scheme EVER...
You can turn off signatures, btw
Ooo nice. I also agree FDR was worst president of all time. Few mention him as such.
I'd be concerned that would give the government and the Fed more incentive to inflate the dollar more than they currently due.80sGeorge said:
Wasn't it GW Bush that suggested allowing the fund to invest in the stock market? In hindsight that would be genius but it was derided at the time.
That wouldn't have any effect. Inflation is factored into the market
Yukon Cornelius said:
Ooo nice. I also agree FDR was worst president of all time. Few mention him as such.
I was taught in school that he was SOOO great...
And then when I started to actually look at what he did, he was BEYOND BAD...
He was a megalomaniac (hence, the only POTUS that did more than 2 terms).
He basically made the Great Depression last for a decade longer than it should have due to his ****ty policies.
He saddled all future generations of Americans with a debt that pretty much couldn't be funded...
Yeah...I'm not a fan...
You can turn off signatures, btw
Fake news. Tariffs, DOGE and conservative republican congress has made the US a profitable country for the first time since the great Republican Bill Clinton.
Exactly. Thus my concern.Phatbob said:
That wouldn't have any effect. Inflation is factored into the market
Psycho Bunny said:
SS is theft and should die a painful death.
I agree, and the Boomers should feel the pain.
Waffledynamics said:Psycho Bunny said:
SS is theft and should die a painful death.
I agree, and the Boomers should feel the pain.
So this is all the boomers fault?
No. Boomers didn't create many or most of the problems we bare today but they made no attempt to correct the mistakes of the 2 generations that preceded them.Rockdoc said:Waffledynamics said:Psycho Bunny said:
SS is theft and should die a painful death.
I agree, and the Boomers should feel the pain.
So this is all the boomers fault?
Gen X never had the political power to counter those issues and more recent generations shifted more and more leftward. Its actually kind of strange Millenials have such a big problem with Boomers.
BTKAG97 said:No. Boomers didn't create many or most of the problems we bare today but they made no attempt to correct the mistakes of the 2 generations that preceded them.Rockdoc said:Waffledynamics said:Psycho Bunny said:
SS is theft and should die a painful death.
I agree, and the Boomers should feel the pain.
So this is all the boomers fault?
Gen X never had the political power to counter those issues and more recent generations shifted more and more leftward. It's actually kind of strange Millenials have such a big problem with Boomers.
Yes social security is a problem, but I've never seen anyone that is eligible to receive it turn it down. All I see is a bunch of sour grape idiots on here blaming people that had nothing to do with causing it.
shiftyandquick said:
SS will run out just as all the Baby Boomers die, officially cementing them as the worst generation in recorded history.
Proud member of GenX here that wishes SS did not exist and hoped that even the modest proposal pushed by Bush43 had passed back in 2005.
But…..
Zero boomers were alive when SS was created. ZERO. By the time boomers reached peak power as a generation SS was already 45-50 years old.
Without many Boomers we would not have had the Reagan Revolution. My young boomer parents broke ranks from their FDR loving parents to start voting for the more conservative Reagan in 76 against the GOP establishment Ford.
If you think things are bad now, they would be much worse without many Boomers becoming much more conservative and seeing FDRs failed policies for what they were, communism in disguise.
High percentage of Boomers raised a much more conservative GenX, unfortunately they didn't have enough of us. The 1994 GOP takeover of the house after 54 years does not happen without the conservative boomers and the conservative GenX kids they raised and had begun voting in the 94 election.
So kindly step off. Many of us have great conservative boomer parents that we are proud of.
Ol_Ag_02 said:Ag with kids said:Yukon Cornelius said:
We are bankrupt. Needs to end immediately. Sucks for those that paid into it but that's what happen when you don't vote against forced retirement plans managed by the government.
Translation...
I haven't paid into it for that long, and I want it to end so my paycheck increases until I retire, since I wouldn't pay into it anymore.
So **** all you people that have paid into it for 40+ years and are getting it or about to get it, even though you had no ****ing choice...
How very Gen Z of you...
I've been paying for 25 years. Guess I'm just more willing to save this country.
I've been paying for 44 years...
It has sucked the whole time.
But, cancelling it all at once is bull*****
And don't even expect to get any of it.
BTW, don't get all holier than thou about this.
First off...
There are ZERO solutions/propositions that would ANY chance of getting enacted into law by completely cutting the whole system off.
So, the only serious ideas would involve phasing it out...
You can turn off signatures, btw
Of course it will since I start getting benefits in 2 years.
Ag with kids said:Queso1 said:
lol! "Those that paid into it." Nobody paid into it, they just propped up the Ponzi scheme
No...
We paid into it.
Congress ****ed us and spent the money.
Yeah, they spent it on retirement benefits for your parents and grandparents generation. It's a pay-as-you-go system, and we started paying out benefits immediately upon passing the bill rather than require minimum contributions to be able to draw down benefits.
But we don't have a 15-1 worker to retiree ratio anymore. We're approaching 3-1, and it's going to get worse as the last of the baby boomers retire.
I am targeting retirement in 4 years. The projected SS amount is the lowest number in my collection of data points. If I get it, okay, but for most of my career I have never expected to see a dime of this money the government helped itself to from my earnings. Thankfully I am doing very well with my other investments.
They also spent it on death benefits for children of parents who didn't earn it. We also pay people more than they ever paid in. It's a ponzu scheme but also an income redistribution scheme.
YouBet said:
SS payments are already means tested.
Not that they won't get means tested even harder going forward.
The fact that SS payments are already means tested is not widely known. The framework is already in place to modify for deeper cuts; which are sure to come.
edit: and the CBO statement is part of the socialization process so there's a little less shock when the cuts do happen. They didn't make a public statement like that without coordinating with Congress.
Im not a Boomer and he's full of crap.Rockdoc said:shiftyandquick said:
SS will run out just as all the Baby Boomers die, officially cementing them as the worst generation in recorded history.
I'm a boomer and my opinion is you're full of crap.
100% agree
BTKAG97 said:
No. Boomers didn't create many or most of the problems we bare today but they made no attempt to correct the mistakes of the 2 generations that preceded them.
Incorrect. Boomers were part of the adult mix in the early 80's that passed SS reforms and pushed out retirement ages from 65 to 67.
What have the other generations since done to fix it except complain and threaten to end it? Nothing.
Frankly I don't care for blaming any generation of people for anything. It is so intellectually lazy to label all the people within a defined age range as being homogeneous with the same political beliefs and actions. Beyond lazy even, just stupid.
For a self-own here, even the statement I just made about other generations not doing anything to fix it is clearly wrong, because there are people within those generations who have actively tried to make things better. They just haven't been able to get critical mass. But that's not really their fault. Generation-blaming is so lame.
Gross mismanagement of Ponzi scheme funds. I've seen people fired for much less incompetence.
It will start to be more means tested I imagine, with more limited payouts for wealthier retirees. It isn't going to zero with so many still paying in payroll taxes. If they'd clean up the massive amount of disability fraud, it would really help.
The take is to not plan on living very comfortably if you didn't plan for retirement beyond what social security provides. You will be living at a poverty level in old age.
The take is to not plan on living very comfortably if you didn't plan for retirement beyond what social security provides. You will be living at a poverty level in old age.
gougler08 said:
Just invest it in the S&P 500 instead of treasury bonds and we'd survive with modest cuts to the payouts for a few years and probably back to full benefits in 10-20 years
But why would we make a smart easy decision
Unfortunately, there would be nobody to buy our treasury securities. They've used our social security program to monetize that nation's debt. It's all a game as old as time that eventually leads to uncontrolled money printing and then collapse.
Some people will laugh at this and say it's a concept for the ancient history books, but we're not very far removed from many examples. It's a cycle whose path is as immutable as the law of gravity, just a matter of when.
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