The retirement fund is actually an endowment, and the main problem is that the baby boomer population will start to die out by 2034. Later generations have much smaller populations, and therefore the rate of paymnents will begin to decline about 2034.
That Ponzi bullshit has been around a long time. This used to be my subject. For starter…
The retirement fund is actually an endowment, and the main problem is that the baby boomer population will start to die out by 2034. Later generations have much smaller populations, and therefore the rate of paymnents will begin to decline about 2034.
That Ponzi bullshit has been around a long time. This used to be my subject. For starters, the Republicans long have tried to "sunset" all benefits. That "all" includes stuff like Medicare, VA, Black Lung, food stamps, etc ,
The Republicans falsely allege that SS is part of the budget. You have to understand SS is NOT a retirement program although there is a retirement trust fund that will "default" in 2033 according to the trustees. If the programs were sunsetted, they'd have to be renewed on an annual basis, and given politics, would die.
In a 2000 book he co-wrote called “The America We Deserve,” Trump called Social Security a “huge Ponzi scheme” that American workers are forced to pay into. He added that for future retirees under 40 at the time, “we can also raise the age for receipt of full Social Security benefits to seventy,” because “we’re living longer.”
In December 2004, just before a Republican push to partially privatize the program, Trump was asked on MSNBC’s “Hardball” whether he’d support individual retirement accounts and answered: “I sort of think I would. Something has to be done. Social Security is a huge problem right now, funding it.”
In 2012, Trump praised proposals by Paul Ryan, then the Republican vice presidential nominee, to convert Medicare into a “premium support” system that would cap spending for future retirees and give them vouchers to buy insurance plans. “I think Paul Ryan and Mitt Romney will save Medicare. I know they will. And people are starting to understand it. They’re going to be very happy with what’s going on, but they’re going to be very, very unhappy if Obama gets in,” Trump told Fox News at the time, reflecting on the 2012 presidential race. “I think actually if Obama gets in and if Obamacare isn’t ended, I really think Medicare will be a thing of the past.” (President Barack Obama ran against the Ryan plan and won re-election; seven years after he left office, Obamacare and Medicare still exist.) By 2015, when Trump ran for president, he sought to position himself in the Republican field as the rare candidate who wouldn’t cut those programs. “I’m not going to cut Social Security like every other Republican, and I’m not going to cut Medicare or Medicaid,” he said as he was launching his campaign. By 2020, it was clear Trump was trying to break the system. He offered a "payroll tax cut" designed to result in significant revenue losses for Social Security, but also to eliminate employee payroll taxes for good. That would kill both the retirement and disability programs.
Trump’s fiscal 2021 budget endorsed Social Security cuts to the tune of billions of dollars for disabled seniors. His budget would have made changes to Social Security Disability Insurance, slashing the maximum amount of retroactive benefits for disabled workers from 12 months to six. According to the liberal Center on Budget and Policy Priorities, that could lead to a $7,500 average cut for a worker injured in a car crash.
The budget also called for reducing Supplemental Security Income benefits for those who live with other SSI recipients. Republicans encouraged slashing all benefits and the Republicans tried to kill the disability fund. https://digitalcommons.pepperdine.edu/naalj/vol36/iss1/4/
SSI does not come from the trust funds and IMHO will be attacked.
The object is to make beneficiaries hate the administration of the program so much that Congress will be able to give the trust funds for investment in the markts.
Most vulnerable are SSI recipients because their payments come via the bidget and not the trust funds.
I've been working on a solution to save the retirement fund using charitable deductions. Several of the former comissioners thanked me and SSA has a web site explaining it. The default of Trust Funds is supposed to apex in 2033. After 2034, birth rates of later generations flatten and the funds can be solvent.
If the millionaires and billionaires paid their fair share into Social Security tax, the program would remain solvent, and the monthly disbursement to seniors, disabled would allow for a significant COLA each year!
Unfortunately Congress is an integral part in making laws to have the rich pay their fair share! It’s their responsibility as the people’s branch of government.
Social Security is an insurance program which benefits us all.
If a young worker dies in an accident, or due to cancer, etc., Social Security can replace part of the lost income if the worker paid FICA taxes for as little as 6 quarters (depending on the worker's age at death).
If a worker under retirement age becomes permanently disabled, Social Security can replace part of the lost income for the worker, children in some cases, and spouse in some cases, if the worker paid FICA taxes for as little as 6 quarters (depending on the worker's age at time of disability).
If I pay my house insurance and don't have to make a claim because a storm didn't damage my roof, I am glad to have had the coverage anyway. Similarly, if I don't die or become disabled, I am still glad to have the Social Security coverage.
Our society benefits: when seniors get their Social Security benefits, they can pay for their food, shelter, etc., without having to ask their kids to pay Mom/Dad's bills or move in with their kids. Their kids can then use their money for their own needs and to raise their own children. Not to mention the seniors tend to put those Social Security benefits right back into the economy, keeping our consumer economy humming.
Feathers of Hope. Bugt even many Democrats don't want the cap option. They're many others such as extend the required quarters of coverage, change gthe multiplier from 35 years, raise beneficiary ages, etc.
This could work, but not now while DJT is intent on privatizing Social Security to benefit the wealthy who'd raid and/or fail to safeguard the Trust Funds. If we donated right now, the oligarchs would just confiscate a bigger pot of money.
As of 2034 (give or take), the Trust Funds are projected to be depleted -- but Social Security would still be paid out of ongoing FICA taxes. Those FICA taxes wouldn't cover the entire amount due, so projections are that Social Security checks would continue to be paid but at a lesser amount. Deporting undocumented immigrants will exacerbate the demise of the Trust Fund because they do pay into Social Security but cannot qualify for Social Security benefits. There's a lot of money sitting in the Trust Funds which won't be claimed by these undocumented immigrants.
Reagan signed a bipartisan bill into law in 1983 which provided for tweaks to the funding and eligibility requirements & said that would make Social Security solvent for 30 years. Here we are, 42 years later, and Social Security is still solvent albeit in need of updated funding. No other government program or agency is funded past the end of the Fiscal Year (or Continuing Resolution), so Social Security is more securely funded than, say, the Defense Department. It all comes down to Congressional intent.
The retirement fund is actually an endowment, and the main problem is that the baby boomer population will start to die out by 2034. Later generations have much smaller populations, and therefore the rate of paymnents will begin to decline about 2034.
That Ponzi bullshit has been around a long time. This used to be my subject. For starters, the Republicans long have tried to "sunset" all benefits. That "all" includes stuff like Medicare, VA, Black Lung, food stamps, etc ,
The Republicans falsely allege that SS is part of the budget. You have to understand SS is NOT a retirement program although there is a retirement trust fund that will "default" in 2033 according to the trustees. If the programs were sunsetted, they'd have to be renewed on an annual basis, and given politics, would die.
In a 2000 book he co-wrote called “The America We Deserve,” Trump called Social Security a “huge Ponzi scheme” that American workers are forced to pay into. He added that for future retirees under 40 at the time, “we can also raise the age for receipt of full Social Security benefits to seventy,” because “we’re living longer.”
In December 2004, just before a Republican push to partially privatize the program, Trump was asked on MSNBC’s “Hardball” whether he’d support individual retirement accounts and answered: “I sort of think I would. Something has to be done. Social Security is a huge problem right now, funding it.”
In 2012, Trump praised proposals by Paul Ryan, then the Republican vice presidential nominee, to convert Medicare into a “premium support” system that would cap spending for future retirees and give them vouchers to buy insurance plans. “I think Paul Ryan and Mitt Romney will save Medicare. I know they will. And people are starting to understand it. They’re going to be very happy with what’s going on, but they’re going to be very, very unhappy if Obama gets in,” Trump told Fox News at the time, reflecting on the 2012 presidential race. “I think actually if Obama gets in and if Obamacare isn’t ended, I really think Medicare will be a thing of the past.” (President Barack Obama ran against the Ryan plan and won re-election; seven years after he left office, Obamacare and Medicare still exist.) By 2015, when Trump ran for president, he sought to position himself in the Republican field as the rare candidate who wouldn’t cut those programs. “I’m not going to cut Social Security like every other Republican, and I’m not going to cut Medicare or Medicaid,” he said as he was launching his campaign. By 2020, it was clear Trump was trying to break the system. He offered a "payroll tax cut" designed to result in significant revenue losses for Social Security, but also to eliminate employee payroll taxes for good. That would kill both the retirement and disability programs.
https://www.americanprogress.org/article/trumps-plan-defund-social-security/
Trump’s fiscal 2021 budget endorsed Social Security cuts to the tune of billions of dollars for disabled seniors. His budget would have made changes to Social Security Disability Insurance, slashing the maximum amount of retroactive benefits for disabled workers from 12 months to six. According to the liberal Center on Budget and Policy Priorities, that could lead to a $7,500 average cut for a worker injured in a car crash.
The budget also called for reducing Supplemental Security Income benefits for those who live with other SSI recipients. Republicans encouraged slashing all benefits and the Republicans tried to kill the disability fund. https://digitalcommons.pepperdine.edu/naalj/vol36/iss1/4/
SSI does not come from the trust funds and IMHO will be attacked.
The object is to make beneficiaries hate the administration of the program so much that Congress will be able to give the trust funds for investment in the markts.
Most vulnerable are SSI recipients because their payments come via the bidget and not the trust funds.
I've been working on a solution to save the retirement fund using charitable deductions. Several of the former comissioners thanked me and SSA has a web site explaining it. The default of Trust Funds is supposed to apex in 2033. After 2034, birth rates of later generations flatten and the funds can be solvent.
https://www.ssa.gov/agency/donations.html
Why doesn't SSA advertise that donations can flatten the curve and extend the default date ?
If the millionaires and billionaires paid their fair share into Social Security tax, the program would remain solvent, and the monthly disbursement to seniors, disabled would allow for a significant COLA each year!
Takes legislation. We had trouble with even Obama and Biden.....we can't expect Congress to come to the rescue.
Unfortunately Congress is an integral part in making laws to have the rich pay their fair share! It’s their responsibility as the people’s branch of government.
Not. in the near future.
Social Security is an insurance program which benefits us all.
If a young worker dies in an accident, or due to cancer, etc., Social Security can replace part of the lost income if the worker paid FICA taxes for as little as 6 quarters (depending on the worker's age at death).
If a worker under retirement age becomes permanently disabled, Social Security can replace part of the lost income for the worker, children in some cases, and spouse in some cases, if the worker paid FICA taxes for as little as 6 quarters (depending on the worker's age at time of disability).
If I pay my house insurance and don't have to make a claim because a storm didn't damage my roof, I am glad to have had the coverage anyway. Similarly, if I don't die or become disabled, I am still glad to have the Social Security coverage.
Our society benefits: when seniors get their Social Security benefits, they can pay for their food, shelter, etc., without having to ask their kids to pay Mom/Dad's bills or move in with their kids. Their kids can then use their money for their own needs and to raise their own children. Not to mention the seniors tend to put those Social Security benefits right back into the economy, keeping our consumer economy humming.
Donations like taxing the rich? I'm about donationed out
Wealthy people get a dollar for dollar deduction. Many of the extremely wealthyhave a family foundation, which gives them further braeaks.
I'm afariad we'll never control Congress. The rich thing that Biden went too far....
We may control congress before you think, old farts are dropping dead. 1 repub and 2 Dems since the beginning of the year
Feathers of Hope. Bugt even many Democrats don't want the cap option. They're many others such as extend the required quarters of coverage, change gthe multiplier from 35 years, raise beneficiary ages, etc.
This could work, but not now while DJT is intent on privatizing Social Security to benefit the wealthy who'd raid and/or fail to safeguard the Trust Funds. If we donated right now, the oligarchs would just confiscate a bigger pot of money.
As of 2034 (give or take), the Trust Funds are projected to be depleted -- but Social Security would still be paid out of ongoing FICA taxes. Those FICA taxes wouldn't cover the entire amount due, so projections are that Social Security checks would continue to be paid but at a lesser amount. Deporting undocumented immigrants will exacerbate the demise of the Trust Fund because they do pay into Social Security but cannot qualify for Social Security benefits. There's a lot of money sitting in the Trust Funds which won't be claimed by these undocumented immigrants.
Reagan signed a bipartisan bill into law in 1983 which provided for tweaks to the funding and eligibility requirements & said that would make Social Security solvent for 30 years. Here we are, 42 years later, and Social Security is still solvent albeit in need of updated funding. No other government program or agency is funded past the end of the Fiscal Year (or Continuing Resolution), so Social Security is more securely funded than, say, the Defense Department. It all comes down to Congressional intent.
Don't need much to move the default date. One donor like Musk could do it....