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Posted: 6/5/2018 7:55:03 PM EDT
[#1]
As Milton Friedman said, Social Security isn’t a retirement scheme, It is a bad welfare scheme and a bad tax scheme sold as a retirement scheme.
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Posted: 6/5/2018 7:56:14 PM EDT
[#2]
Quote HistoryQuoted:
If Social Security only payed to those who put in, there would not be a problem. Social Security: 5 Surprising Facts About Noncitizens and Benefits |
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Posted: 6/5/2018 7:57:54 PM EDT
[#3]
Quote HistoryQuoted: Time to start euthanizing old people. |
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Posted: 6/5/2018 8:02:40 PM EDT
[#4]
Quote HistoryQuoted:
Watch some strain of the flu a year or two either side of 2033 not be affected by any vaccination attempts and it wipes out a bunch of older people. Quote HistoryQuoted:
Quoted: Time to start euthanizing old people. |
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Posted: 6/5/2018 8:06:38 PM EDT
[#5]
Quote HistoryQuoted:
"The only thing we have to fear..." http://www.americanheritage1.com/assets/images/presidents/franklin-delano-roosevelt-photo-6.gif |
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Posted: 6/5/2018 8:08:39 PM EDT
[#6]
Quote HistoryQuoted: The way things are going it won’t be that long before it implodes on itself. That’s if they don’t prop it up with other “reserves.” |
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Posted: 6/5/2018 8:13:31 PM EDT
[#7]
Oh sure...I would be eligible starting in 2035.
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Posted: 6/5/2018 8:16:20 PM EDT
[#8]
Quote HistoryQuoted:
If you are not over 62 you shouldn't be getting SS period. And if you never paid in? Tough shit!! |
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Posted: 6/5/2018 8:17:22 PM EDT
[#9]
Quote HistoryQuoted:
You mean raiding 401ks, IRA's in the form of legislation after the next stock market crash that says a portion of those MUST be in Treasury notes since they can be "guaranteed." Quote HistoryQuoted:
Quoted: The way things are going it won’t be that long before it implodes on itself. That’s if they don’t prop it up with other “reserves.” |
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Posted: 6/5/2018 8:17:51 PM EDT
[#10]
It'll be great.
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Posted: 6/5/2018 8:18:54 PM EDT
[#11]
When the Greenspan Commision made the recommendation to move from a paygo system, by raising payroll tax, they knew the reserve they started to build in the 80's, would move into the red by the late 2010's.
But they kicked the can, to now. ...and here it is. |
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Posted: 6/5/2018 8:20:18 PM EDT
[#12]
Quote HistoryQuoted: The American taxpayer is the biggest sucker on the Planet. |
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Posted: 6/5/2018 8:24:59 PM EDT
[#13]
I’m 42 and would opt out immediately if given the chance. At this point of my life, I’d rather set my money on fire than have it impounded by the gov.
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Posted: 6/5/2018 8:37:01 PM EDT
[#14]
Quote HistoryQuoted:
"assets" "reserves" You keep using these words... |
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Posted: 6/5/2018 8:43:41 PM EDT
[#15]
Quote HistoryQuoted:
They’ll do away with income caps. Then apply means testing. At that point there’s no hiding that it’s simply wealth redistribution. |
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Posted: 6/5/2018 8:44:48 PM EDT
[#16]
The article, like most politician-speak, is full of outright BS and deliberate obfuscation. There IS NO TRUST FUND, there ARE NO RESERVES, there never have been and there never will be. SS is a tax and spend ponzi scheme. Period. There is no account with your name on it where all your non-voluntary "contributions" (ie payroll taxes) go. There has never been and will never be under this system. You pay your taxes in, other people get checks. It's that simple. There is no surplus or shortage. All the taxes go into the general treasury and all the checks get paid out of the general treasury, not some magic loaves-and-fishes trust fund.
Because demographics are changing rapidly due to the post WW2 baby boomers retiring, the SS system is now having to admit that it's never been some magic separate governmental ponzi scheme. It's just a huge tax imposition on working people to transfer wealth to those who do not. God I wish people would wake up to this simple reality. Fact is, people will have to wake up whether they like it or not. Why? Because the cost of SS, Medicare, Medicade, and all of the other wildly mis-named "entitlement" programs exceed all federal revenues. When the interest on the debt we've been racking up to cover this bull$hit gets to a point where it exceeds all federal revenue (which wouldn't take more than about a 4% increase in the interest rate), then we become Zimbabwe. Our status as "reserve currency" will mean nothing at that point because the full faith of the US .gov will mean squat at that point. |
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Posted: 6/5/2018 8:45:27 PM EDT
[#17]
2034? So I'm going to start drawing at age 70 and when I'm 79, they'll cut benefits? That's just wonderful!
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Posted: 6/5/2018 8:46:31 PM EDT
[#18]
Quote HistoryQuoted: The American taxpayer is the biggest sucker on the Planet. |
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Posted: 6/5/2018 8:48:47 PM EDT
[#19]
Quote HistoryQuoted: It was invested in govt treasury bonds and the govt did what they always do when they sell govt treasury bonds, they spend the money. They should all be put in prison for fraud. Bonds are "debt instruments". When everyone wanted safe "US Backed" government bonds, that's the only thing that could happen. The government issued "bonds", and spent the money. When George Bush wanted to allow people to put part of their withholding in equities, the AARP lost their mind, because equities are risky. ...so, is lending money. They're just different kinds of risk. People are stupid. |
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Posted: 6/5/2018 8:48:48 PM EDT
[#20]
Quoted:
https://www.foxbusiness.com/politics/social-security-to-tap-reserves-to-cover-2018-benefits The total costs of Social Security will exceed total income this year for the first time since 1982, according to the annual Social Security and Medicare trustees report released on Tuesday, as funds for Medicare are expected to run dry earlier than expected.
While costs have exceeded net income since 2010, this is the first time in more than three decades that spending is expected to outweigh total income, by about $2 billion, meaning asset reserves will decline. Asset reserves as of 2017 were $2.9 trillion. The trustees forecast that 100% of benefits will be covered through 2034, after which the trust funds for Social Security, which also cover old age and disability insurance programs, will only be able to cover about 79% of benefits. |
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Posted: 6/5/2018 9:00:45 PM EDT
[#21]
Quote HistoryQuoted:
That's adorable. Just a year or so before I become eligible. But I'm not that worried about it, been contributing since 15 yrs old and I've been paying at the max SS withholding for years so I can assure you that one way or another I'm getting my fucking money. |
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Posted: 6/5/2018 9:02:27 PM EDT
[#22]
The scary part is that the Social Security Trust fund is the largest holder of U.S. debt. Wrap your head around that.
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Posted: 6/5/2018 9:05:29 PM EDT
[#23]
As soon as Dems have enough illegals to vote them in without old people, it's going to be Soylent Green retirement time.
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Posted: 6/5/2018 9:07:26 PM EDT
[#24]
Quote HistoryQuoted:
The reserves that were raided and spent decades ago to buy votes? |
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Posted: 6/5/2018 9:08:13 PM EDT
[#25]
Fuck social security. I want the option to opt out of that bullshit. Not my job to pay for the old retired fucks, and I want nothing to do with it when it's my time to retire, if it's even a thing then.
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Posted: 6/5/2018 9:08:48 PM EDT
[#26]
Quote HistoryQuoted:
Just stop SDI/SSDI |
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Posted: 6/5/2018 9:09:40 PM EDT
[#27]
Ken M...there was no reserve before it started.
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Posted: 6/5/2018 9:11:43 PM EDT
[#28]
By "asset reserves" does that mean actual assets on hand, or does it mean"oh fuck let's print money?"
When I was a CFO, had I managed the company's finances the way the government manages theirs, I'd be in prison. I'm glad I piss away 5% of my fucking paycheck for this shit. |
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Posted: 6/5/2018 9:12:04 PM EDT
[#29]
I get three deposits from SS each month.
My age 62 SS deposit. My 10 year old daughter's SS deposit My 38 year old wife's SS deposit for " taking care of my minor child" Yup three deposits each month. Over $40,000 a year just from SS. Fucking God Bless America!!! |
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Posted: 6/5/2018 9:12:51 PM EDT
[#30]
Quote HistoryQuoted:
That is better than I would have thought. |
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Posted: 6/5/2018 9:13:10 PM EDT
[#31]
Quote HistoryQuoted:
The reserves that were raided and spent decades ago to buy votes? |
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Posted: 6/5/2018 9:13:17 PM EDT
[#32]
Quote HistoryQuoted: Actually in this ye old pyramid scheme, someone else got your fucking money and you'll get hosed along with the rest of us. Just more so Like Ida Mae Fuller did. Paid in $24.75, pulled out $22,888.92. |
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Posted: 6/5/2018 9:15:26 PM EDT
[#33]
That's all I got for retirement. I hope it is still there...
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Posted: 6/5/2018 9:17:01 PM EDT
[#34]
Quote HistoryQuoted:
If Social Security only payed to those who put in, there would not be a problem. ...and while we are at it > NO MORE FOOD STAMPS / EBT / WELFARE!!! |
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Posted: 6/5/2018 9:18:17 PM EDT
[#35]
God damn millenials....
Oh, wait... |
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Posted: 6/5/2018 9:19:48 PM EDT
[#36]
Quote HistoryQuote HistoryQuoted:
Quoted:
If Social Security only payed to those who put in, there would not be a problem. Social Security: 5 Surprising Facts About Noncitizens and Benefits  ...
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Posted: 6/5/2018 9:20:20 PM EDT
[#37]
Quote HistoryQuoted: As long as old people vote, social security won’t go anywhere. They will just jack up SS rates on those still in the work force. See how that works? |
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Posted: 6/5/2018 9:22:06 PM EDT
[#38]
Quote HistoryQuoted:
Wonderful.... So glad I'm paying into this bullshit that won't be around in 40 years or so. |
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Posted: 6/5/2018 9:23:11 PM EDT
[#39]
1) Since 2010, Social Security has been using interest received from the federal government to cover the shortfall between its expenses and non-interest income:
2) The trust fund hasn't ever had more than a few year's worth of money for benefits: 
Note that this image agrees perfectly with the image above; when income goes down the trust fund declines and vice versa. 3) No money has been taken from the Social Security program. By law, Social Security surpluses must be loaned to the federal government, which was a requirement that was established in the original Social Security Act of 1935: Section 201(b): “It shall be the duty of the Secretary of the Treasury to invest such portion of the amounts credited to the Account as is not, in his judgment, required to meet current withdrawals. Such investment may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States." |
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Posted: 6/5/2018 9:23:37 PM EDT
[#40]
Quote HistoryQuoted:
If only... ...and while we are at it > NO MORE FOOD STAMPS / EBT / WELFARE / WARS!!! Quote HistoryQuoted:
Quoted:
If Social Security only payed to those who put in, there would not be a problem. ...and while we are at it > NO MORE FOOD STAMPS / EBT / WELFARE / WARS!!! |
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Posted: 6/5/2018 9:26:05 PM EDT
[#41]
Seems like every month drudge has a headline up of record taxes collected.
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Posted: 6/5/2018 9:30:01 PM EDT
[#42]
social security benefits to only US citzens. Everyone that works in the US should pay SS
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Posted: 6/5/2018 9:51:29 PM EDT
[#43]
Glad I have the RRB!
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Posted: 6/5/2018 9:55:23 PM EDT
[#44]
Quote HistoryQuoted:
I get three deposits from SS each month. My age 62 SS deposit. My 10 year old daughter's SS deposit My 38 year old wife's SS deposit for " taking care of my minor child" Yup three deposits each month. Over $40,000 a year just from SS. Fucking God Bless America!!! |
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Posted: 6/5/2018 9:57:26 PM EDT
[#45]
Quote HistoryQuoted: Wait, why does your wife get a check for taking care of her daughter? And why does your daughter get a check? |
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Posted: 6/5/2018 10:01:30 PM EDT
[#46]
Quote HistoryQuoted:
LOL, it ain't going anywhere. The thing that will change is your FICA tax rate, as it has in the past numerous times. It was 1% in 1937. Quote HistoryQuoted:
Quoted:
Wonderful.... So glad I'm paying into this bullshit that won't be around in 40 years or so. The thing that will change is your FICA tax rate, as it has in the past numerous times. It was 1% in 1937. |
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Posted: 6/5/2018 10:10:51 PM EDT
[#47]
Quote HistoryQuoted:
I get three deposits from SS each month. My age 62 SS deposit. My 10 year old daughter's SS deposit My 38 year old wife's SS deposit for " taking care of my minor child" Yup three deposits each month. Over $40,000 a year just from SS. Fucking God Bless America!!! |
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Posted: 6/5/2018 10:16:46 PM EDT
[#48]
Quote HistoryQuoted:
If Social Security only payed to those who put in, there would not be a problem. |
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Posted: 6/5/2018 10:19:25 PM EDT
[#49]
Pay the fucking stolen money back with interest assholes. Problem solved.
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Posted: 6/6/2018 2:32:26 AM EDT
[#50]
Quote HistoryQuoted: Wait, why does your wife get a check for taking care of her daughter? And why does your daughter get a check? But it gets better....my wife who is far from SS age, gets THE SAME 1/2 OF MY FULL SS RETIREMENT. The law states she gets this " to care for my minor child". My net worth is around a million dollar with no debt and payed for home... yet the law provides SS payments to my wife to take care of my 10 year old!!! She gets this until our child is 16. Yes..its all legal....yes it is a legal scam. Yes I'm taking the fucking money. |
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