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Social Security is running in the red now
They, The Government no longer has enough funds coming in to fulfill their obligations to The trust-fund past 2034 even with all the deaths from Wuhan virus. The Baby Boomers are breaking the bank and The Ponzi Scheme is showing it's cracks on icy terrain where they stand. With no interest being paid for The Bonds we buy for our Trust Fund is a big factor how fast the ship is taking on water
The politicians are saying they will shore up any shortages with Higher Taxes on the rich and not to worry! The dollar will always be sound and has never default on it's obligations.
serf
https://mishtalk.com/economics/social-security-will-not-be-able-to-pay-promised-benefits-by-2034
- Under the Trustees’ intermediate assumptions, Social Security’s total cost is projected to be higher than its total income in 2021 and all later years. Social Security’s cost has exceeded its non-interest income since 2010.
- The reserves of the combined OASI and DI Trust Funds along with projected program income are sufficient to cover projected program cost over the next 10 years under the intermediate assumptions. However, the ratio of reserves to annual cost is projected to decline from 253 percent at the beginning of 2021 to 85 percent at the beginning of 2030.
- Under the Trustees’ intermediate assumptions, OASDI cost is projected to exceed total income in 2021, and the dollar level of the hypothetical combined trust fund reserves declines until reserves become depleted in 2034.
Comments
Two years ago I was on track to have enough SS coming in to fully pay my MediCare premiums by the end of 2021. The agency cut-back resulting from KungFlu set that back and I expect that will mean I'm now 3-5 years away from my goal.
Yes! But the gov't will never run out of WELFARE money! 😣
'Yes! But the gov't will never run out of WELFARE money! '
I noticed that USDA is 'running out of funds' that support the increased food stamp and assistance programs. Who's going to pick up that shortage? Dem phokes what's been living high on WIC, ADC, EBT, and such ain't gonna be happy if they get cut back.
It's all ran on debt,the whole fractional bank scheme with The Casino cash investments from Wall street. The Treasury Bonds are nothing but digits and who is going to cash out these instruments of finance when they become controlled by The Federal Reserve Bank saying all inflation is transitory and interest rates must be kept low in order to stabilize the dollar for more debt creation to feed the Ponzi scheme.
The Congress with The Feds will create it all [this new debt] soon and Hope they can continue the con job on we the people once again!
Go look at the new rental rates for housing and see how wrong they are on inflation!
serf
https://www.realtor.com/news/trends/rental-prices-continue-to-skyrocket/
The median rental price hit a new high of $1,575 in June, up 8.1% compared with last year, according to a recent report from Realtor.com®. Forty-four of the 50 largest housing markets posted new highs, squeezing renters even tighter. (The report looked only at the 50 largest metropolitan areas.)
“We are seeing an excessive amount of people showing up for rental properties and turning applications in, probably five times the amount it was a year ago,” says LaVern Slusher Sr., a real estate broker in Riverside, CA.
The Riverside metropolitan area, which includes the city about 50 miles east of Los Angeles and some surrounding towns, saw the largest rent increases in the nation in June. Rents shot up 24.2% year over year and 4.6% from May, to a median of $2,112.
This is a political problem, not a financial problem. To be more specific, it is yet another example of we, the Baby Boomers, being a selfish as a generation can possibly be to the detriment of our own children and grandchildren.
We are long past the time where the SS expenditures should be based upon the dollar figure collected the previous year. Yes, there would be a small reduction in payments today, but when employed, the trust fund will be re-charged every year as an economy grows. When the economy declines, the reserves will pay for the short fall the previous year, and payouts will be adjusted downwards to match the lower income level.
It is frankly irresponsible for the older generations (those who have had the opportunity to save their entire lives) to expect to live off of the backs of following generations in a manner that they collect not only more than they paid in, but more than those still employed are paying.
Cut benefits the 5% (or whatever the number is) to match the amount of SS payments collected.
Why is this not done? It is not done because any fiscally responsible person who recommends it is either not elected or is not re-elected. I am sick and tired of my generation. We screw our kids with Social Security. We screwed our kids with the Covid response because we were afraid of a virus that was fairly insignificant to them. We live off their labor, yet implement policy that limits their activities because we are at risk.
We should be collectively and individually ashamed.
Brad Steele
When they buy the candidates and then use Super Pac's to lobby for Financial laws that make it all a shell game then Individually I have no shame for It's a rigged so called democracy they call a Republic.
It's human nature for everyone to become complacent and be led down the yellow brick road to see the Wizard. The NWO with a cryptocurrency in a cashless society.
Watch the show as they start raising all the taxes and fees to try to save the Union and all it's so-called entitlements for we the people. They can make the rules and then change them in the middle of the game, and there is nowhere to hide from it. We have been had.
serf
You’ll Own Nothing and You’ll Be Happy
https://internationalman.com/articles/you-will-own-nothing-and-you-will-be-happy/
The idea behind this final bullet point is that, once the population is thoroughly dependent upon the state, they will have lost the power to object or rebel if entitlements are removed. They are then fully dominated.
Exact reason to keep a few rentals... back up plan for income should it run out
Face it people, seriously doubt if benefits will ever be cut.
It would be political suicide for anyone GOP, but the DEMOCRATs could have a chance with willing colluding accomplices in the media. Remember it was the DEMOCRATs that bought us income taxes on SS during the Clinton regime.
What will probably happen is the 7.65% tax rate paid by individuals and employers to go up.
Or they will do a reduction on benefits or raise the age to collect
we are coming up on a 5 year gap, those born in 1960 and later had 5 years added to their retirement age for the same percentage as those born before 1960, so there will be a slight reduction in either retirements or pension amounts for the next few years..... not enough to cure the problem but will maybe add few years before total collapse of system
Define "older generations" and " ability to save" . Ability to save and desire to save seem to transcend generations and economic status and are distinctly different. Hence rich and poor and poor who become rich.
Well you forgot about maybe a war with biological agents that nobody can't rrrh... find s cause other than nature taking it's course with no conclusive actor.Oh wait, that has happened already.
serf
The dems are famous for saying the rich must pay their "fair share", whatever that is. If that is the case why is there a cut off at $137,000 for paying SS taxes? I wonder how much more would be collected if SS taxes were collected on everyone's entire salary? I am not advocating increasing anyone's tax burden but I believe that this will be the next hit on the relatively wealthy after Joe and the gang get their current tax increase passed. They will attempt to keep doing this until the well runs dry and aren't smart enough to see the negative results of their actions. No NWO evil cabal trying to assume control, just stupid and greedy politicians unable to think beyond buying their next votes. Bob
Of course The United Nations is The NWO plaform there Bob,the only reason you don't bother to acknowledge it because of Big Corporations having favorable guidelines made for them is in place to make profits for smooth, safe transactions.
With Agenda 203O regulations coming for A safe green environment, its going to put a dent in those profits when socialism gets more taxes and fees from private investors for their mandates.
Get use to it, The democrats with the rhinos are all for it. You see, Congress can't even impeach Biden over the fiasco in Afghanistan, but Trump can be impeached twice in his one term for conclusion with The Russians and causing a rebellion?
How many died on Jan 6th? Then ask yourself how many died at The Kabul airport?
serf
https://unsdg.un.org/sites/default/files/2019-12/BIG-Update-9-UN-Reform-Advancing-Common-Operations-17-December-2019.pdf
https://en.wikipedia.org/wiki/Second_impeachment_of_Donald_Trump
Ten Republican representatives voted for the second impeachment, the most pro-impeachment votes ever from a president's party.[3] This was also the first presidential impeachment in which all majority caucus members voted unanimously for impeachment
No, it was not Clinton who brought income tax to SS. While he did increase the income tax in 1993 from 50% to 85%, it was Reagan who first gave us an income tax on SS earnings in 1983. Even though it was almost forty years ago, I well remember my dad complaining about having to pay tax on his SS during the Reagan/Bush era.
"The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote. The basic rule put in place was that up to 50% of Social Security benefits could be added to taxable income, if the taxpayer's total income exceeded certain thresholds."
https://www.ssa.gov/history/InternetMyths2.html
Yep, prime examples of how they change the rules in the middle of the game! Of Course, The debt ceiling for Americans will never be considered to be held down with the budget woes and always creating increasing taxes and Fees and debt for Us!
It's all a legal scam for them up there in Congress and one day it will end one way or another. Inflation is already out of control, it's the one thing they cannot control even if The Federal Reserve says otherwise! 😎
serf
Unfortunately there is nothing in the rules of impeachment for removing from office an inept buffoon. Perhaps if senility can be proven the 25th amendment will come into play but then we will be stuck with his replacement. The best thing I can say about Harris is that she has been mostly absent and thus has done litte damage so far. The countries best bet is the midterm elections which traditionally go against the sitting presidents party. If the moderate dems continue to block the huge deficit spending that Joe and Nancy are pushing for we may just make to those midterm elections. Bob
Frankly do not care if those that have had the ability to save did not have the desire. Their failure to plan should not condemn the next generation to pay for their mistakes. Cut SS benefits to match SS income. Start at the top, as we have demonstrated through our payments that we have had the greatest opportunity to save.
Brad Steele
It's a government run annuity where if you drop dead before you are 62 you get 250.00 dollars. So it has never been fair to we the people. If the feds can buy their own debt Don then the dollar will fail before any curtailing of benefits.
The Wuhan virus will save them Billions of dollars on SS and medicare, and they will spend what they save on welfare for the young families to buy votes.
Disability benefits were locked in is the problem right now, but they don't want you to know about it. Where are all those Treasury bonds that were bought for me in my trust Fund? I could have locked in a bunch of it when it was 18% under Reagan??
serf
Shakespeare, and kill all the lawyers?
https://www.schmidtkramer.com/faqs/i-ve-just-heard-on-the-news-that-social-security-disability-is-going-bankrupt--is-that-why-my-ap.html
No, you don’t have to worry about SSDI running out of money. As we explained earlier, the “trust fund” for SSDI is just a bookkeeping entry. Monthly benefits are paid out of general federal revenues, the same as Social Security Old Age and Survivors’ benefits. Even if that account shows a negative value in 2016, the federal government will still honor its obligation to pay the disabled what they are owed.
I have never understood why someone who has never worked may be entitled to disability benefits. Or why someone who has worked for 20 or 30 years needs an attorney to get his disability benefits if he/she is injured and can no longer work. Bob
Don. you are expecting the same crowd that got the crapolla program started to "fix" this? Todays politicians are even more corrupt, inept, and suffering from a failed education system than F.D.R. and his congress hence the " I think I will take a failing program and expand on it train of thought. It does garner votes though. Don't hold your breath waiting for the "right" thing to be done.
If the American people would vote for people who stated they would balance the SS books by cutting benefits, you could blame the politicians, pingjockey. As it is, however, presenting such a plan gets you either not elected, or drummed out of office.
The voters, and that includes everyone who votes for a Republican who promises to 'protect your Social Security' (Donald J. Trump, as an example) is complicate just a much are our politicians.
Brad Steele
In that respect that makes our "greatest" generation guilty of the original boondoggle for electing FDR and the congress of the time. Every following generation for allowing them to expand it beyond its original intent. Each "generation" has its share of responsible people that wind up paying the bills. Tough to condemn a entire generation.
Yep ,you are right and The forming of Federal Reserve in 1913 0n Christmas Eve was the biggest one they pulled the wool over our eyes with we The people!
Our fore fathers knew what a central bank could do to a nation and yet it happen because they knew one day a body of ruling elite individuals would form a defacto World Bank with an international Crypto stable coin in every country with a cashless society in The United Nations.
serf