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Social Security’s Finances Erode Further and Could Spell Benefit Cuts

Bullseye said:
the huge baby boomer generation which had been the prime FICA payer is now retired and drawing their payments
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This generation is smaller than was planed for as Covid killed off millions.
 
The system has too pay for itself. That means some changes have to come. Raise the tax, extend the age a year, lift the cap. These are not had things to think of, but Congress is so spineless. Both parties ought to have all members vote yes on these things to fix it. No pointing fingers at the other side, just get it done, save the system and then you can go back to partisan politics.
 
Allan said:
Does this include Trump's commitment to eliminate taxes on Social Security?
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It should include the effects which is zero, because those taxes do not fund Social Security. They are income taxes.
 
Bullseye said:
Maybe the correct immigration would help but it would have to be massive to make a difference.
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Well reversing the trend entirely is a different matter from making it worse. Trump is making it worse and I don't expect anything other than cuts to benefits or unsustainable spending as a response from this government.
 
SS is too generous. Not the core payments but rather payments to people who didn't even work nor put money into the system. These can include spouses, ex-wifes, ex-ex-wifes, children, step-children, disabled children, etc. Over the decades we've turned a savings problem into a welfare system and now we're complaining that it's underfunded. Well Duh!!
 
exoplanet said:
Well reversing the trend entirely is a different matter from making it worse. Trump is making it worse and I don't expect anything other than cuts to benefits or unsustainable spending as a response from this government.u
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Not sure how much Trump has a hand in it. You guys need to seek help for your Trumpmentia
 
Integrityrespec said:
The system has too pay for itself. That means some changes have to come. Raise the tax, extend the age a year, lift the cap. These are not had things to think of, but Congress is so spineless. Both parties ought to have all members vote yes on these things to fix it. No pointing fingers at the other side, just get it done, save the system and then you can go back to partisan politics.
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Raise the cap should be the first thing.

I don’t like extending the age because it is forcing younger generations to pay more for less.
 
dmpi said:
SS is too generous. Not the core payments but rather payments to people who didn't even work nor put money into the system. These can include spouses, ex-wifes, ex-ex-wifes, children, step-children, disabled children, etc. Over the decades we've turned a savings problem into a welfare system and now we're complaining that it's underfunded. Well Duh!!
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Oh no… widows and disabled people are getting a free ride.
 
Clearly the boomer generation didn't pay enough into the system to cover the benefits they believe they deserve - but not to worry, they have a solution. By simply raising the cap, we can have the millennials make up the difference. What's one more financial challenge in the big scheme of things?
 
Metric Mouse said:
It should include the effects which is zero, because those taxes do not fund Social Security. They are income taxes.
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About half of Social Security recipients also pay income tax on their benefits. Most of those tax payments – $50.7 billion in calendar year 2023, or 3.8% of Social Security’s total revenue – go back into the system. The rest goes to help fund Medicare.
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Integrityrespec said:
The system has too pay for itself. That means some changes have to come. Raise the tax, extend the age a year, lift the cap. These are not had things to think of, but Congress is so spineless. Both parties ought to have all members vote yes on these things to fix it. No pointing fingers at the other side, just get it done, save the system and then you can go back to partisan politics.
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Extending (raising) the SS ‘full benefit’ age (which has already been done) is a benefit cut. Claiming that cutting SS benefits (for some) is a ‘fix’ to cutting SS benefits (for all) is ridiculous.
 
Taylor said:
Clearly the boomer generation didn't pay enough into the system to cover the benefits they believe they deserve - but not to worry, they have a solution. By simply raising the cap, we can have the millennials make up the difference. What's one more financial challenge in the big scheme of things?
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Yep.

Boomers neglected to plan for when their generation would retire and now expect later generations to work longer and get less in return so they can collect.

Screw them.

Let the system fail.

They had YEARS to address the problem - and didn’t.

Now the answer is for later generations to pay more AND have fewer years to collect?

Nope.


Let it fail. Maybe they can find their bootstraps somewhere and dust them off. This generation has no problem with cutting off food stamps and healthcare for kids - let them figure out how they’re going to make due without Social Security.
 
ttwtt78640 said:
How did “the Boomers” cause the SS actuarial problem?
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They’ve been the individuals in control of our government for decades and haven’t done anything to fix the problem and have continually kicked the can down the road 🤷‍♀️

They have been the majority of Congress members all through the 90’s - mid 2010’s

They could have fixed Social Security for DECADES now and haven’t.

It’s not like this is an unforeseen problem.
 
BirdinHand said:
They’ve been the individuals in control of our government for decades and haven’t done anything to fix the problem and have continually kicked the can down the road 🤷‍♀️

They have been the majority of Congress members all through the 90’s - mid 2010’s

They could have fixed Social Security for DECADES now and haven’t.

It’s not like this is an unforeseen problem.
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And what have the non boomer Congressional members done?
 
Allan said:
And what have the non boomer Congressional members done?
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Been in the minority in Congress 🤷‍♀️.

From the 1990’s until 2023, Boomers held the most seats in Congress of ANY generation - they could have fixed SS and didn’t.

30+ years of control and no serious effort to fix the problem in all those decades?

🤷‍♀️
 
BirdinHand said:
They’ve been the individuals in control of our government for decades and haven’t done anything to fix the problem and have continually kicked the can down the road 🤷‍♀️

They have been the majority of Congress members all through the 90’s - mid 2010’s

They could have fixed Social Security for DECADES now and haven’t.

It’s not like this is an unforeseen problem.
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The SS FICA ‘payroll’ tax rate(s) were last increased in 1990 and it’s time to do so again.

taxfoundation.org

How the Payroll Tax Base Has Changed Over Time

While difficult choices will have to be made to restore fiscal solvency to Social Security, policymakers searching for ways to boost the trust fund revenues as part of some broader bipartisan reform might want to consider curtailing these various tax exclusions for fringe benefits.
taxfoundation.org taxfoundation.org
 
BirdinHand said:
Been in the minority in Congress 🤷‍♀️.

From the 1990’s until 2023, Boomers held the most seats in Congress of ANY generation - they could have fixed SS and didn’t.

30+ years of control and no serious effort to fix the problem in all those decades?

🤷‍♀️
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The entire period boomers were the Congressional majority Social Security was well funded with a healthy surplus and returns.

Boomers have contributed more than they will receive.

Suggesting they should receive no benefits is the absolute worst idea ever proposed and smacks of ageism.
 
ttwtt78640 said:
The SS FICA ‘payroll’ tax rate(s) were last increased in 1990 and it’s time to do so again.
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Been saying that for years and they haven’t done it. And they likely won’t and will instead raise the age limit again and combine SSDI with SSI funds and then screw disabled families

So 🤷‍♀️

Let it fail.
 
BirdinHand said:
Been in the minority in Congress 🤷‍♀️.

From the 1990’s until 2023, Boomers held the most seats in Congress of ANY generation - they could have fixed SS and didn’t.

30+ years of control and no serious effort to fix the problem in all those decades?

🤷‍♀️
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It’s not that they’re Boomers, it’s that they’re politicians. Let’s not pretend that Millennials have any more courage.
 
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