yeah.... that's about right.
but wishful thinking doesn't get you $17 Trillion.
Its only wishful thinking because the government is likely to dip into the trust fund and the general SS fund to pay for overseas debt.
I don't think you understand. There is nothing of value in the "trust Fund." Politicians spent the money. They always do. It is an IOU backed by nothing.
I don't think you understand. There is nothing of value in the "trust Fund." Politicians spent the money. They always do. It is an IOU backed by nothing.
Hence you agree with me. The promise to pay is not backed by anything of value.Its backed by America's Triple-A credit rating. I don't think you understand that if America default everything will be paid piecemeal, that includes current benefactors.
Hence you agree with me. The promise to pay is not backed by anything of value.
Whatever. We spend way too much. And most of it is extra-constitutional. It is a shame we cannot go back in time to every vote that was made for an extra-constitutional law and confiscate 100% of the wealth of the families of the criminal legislators and black-robed judges who upheld these evil laws. This is one case where I think stoning, as a punishment, is justified."America's Triple-A credit "at one time that that meant something to politicians in this country. Kinda looks like its being used as a bargaining chip for the republican party now. This can mostly be traced back to the decision by george the second, that wars should be kept off the general budget; the old outa site outa mind theory.
I don't think you understand. There is nothing of value in the "trust Fund." Politicians spent the money. They always do. It is an IOU backed by nothing.
Hence you agree with me. The promise to pay is not backed by anything of value.
the exact same thing you insist
please point out where the Bowles Commission recommended that social security funds be invested in the stock market
"America's Triple-A credit "at one time that that meant something to politicians in this country. Kinda looks like its being used as a bargaining chip for the republican party now. This can mostly be traced back to the decision by george the second, that wars should be kept off the general budget; the old outa site outa mind theory.
the Bowles Simpson commission said raise the retirement agejust like those folks did.
however, in other places on this forum I have gone through the numbers and described the effects of personalized accounts on low-income workers. namely, they can retire financially independent, and even in a worst-case-scenario they make more than twice as much in returns as they would from Social (in)Security. A man could never make more than 32 K a year his entire working life, and still retire a millionaire.
the total cost of both wars over a decade is roughly comparable to the cost of Obama's Stimulus Program. the Social Security Trust Fund has been raided for years prior to Bush W's Administration; though agreeably he continued it. He tried to reform the system to save Social Security (and the rest of us) some of this pain in 2005; but the GOP abandoned him and Democrats screamed bloody murder. Our choices today would be much wider if he had succeeded, but sadly he did not.
like private industry before, and the States now, the pension systems we built for an industrial-era society with a lifespan of 65 and a birthrate of 3+ is no longer sustainable. it will be altered. the only question is the degree of control we wish to exercise over that process.
then you now recognize they did NOT say the same exact things
Bowles did NOT advocate investing the social security reserves in the stock market
the only change required to the social security program to continue its solvency is the elimination of the cap on social security contributions such that high earners are compelled to pay on their entire wage, just as low wage earners are that regressive tax policy needs to be ended
There has never been a surplus.
You are correct, the surplus is invested in U.S. Treasuries, back by the government.Thanks for your opinion. "Social Security is far from bankrupt, with a $2.6 trillion dollar surplus. The federal government has borrowed most of that surplus to pay for the wars in Iraq and Afghanistan, the Wall Street bank bailouts, and the Bush-era tax cuts. The government is now wondering how to pay back the loan – it's not their money – it belongs to Social Security."
Read more: U.S. Social Security $2.6 Trillion Dollar Surplus
You are correct, the surplus is invested in U.S. Treasuries, back by the government.
(Where have you been, haven't seen you in awhile?)
From my understanding we still need to do something within the next 25 years. To me the best solution in the mean time to extend this by perhaps another few years is to raise retirement age by 5 years up right now.
I would raise the FICA cap first and place the funds coming in through payroll taxes for SS off limits to general fund spending. The hawks will have to find some other way to fund their imperialist efforts.
There are IOUs and unfunded liabilities. There is noting of value. Therefore there is no surplus. You have been lied to and you willingly repeat the lie.The government is now wondering how to pay back the loan – it's not their money – it belongs to Social Security."
There are IOUs and unfunded liabilities. There is noting of value. Therefore there is no surplus. You have been lied to and you willingly repeat the lie.
From my understanding we still need to do something within the next 25 years. To me the best solution in the mean time to extend this by perhaps another few years is to raise retirement age by 5 years up right now.
I would raise the FICA cap first and place the funds coming in through payroll taxes for SS off limits to general fund spending. .
that regressive tax policy needs to be ended
cpwill
even the AARP now admits this won't come even close to funding Social Security in the coming years. if you were to tax everyone making $200,000 and up at a rate of 100%; that would only give you enough to cover Medicare, Medicaid, and Social Security for the next five years.
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