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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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If Social Security only payed to those who put in, there would not be a problem. View Quote Social Security: 5 Surprising Facts About Noncitizens and Benefits |
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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. View Quote View All Quotes View All Quotes |
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"The only thing we have to fear..." http://www.americanheritage1.com/assets/images/presidents/franklin-delano-roosevelt-photo-6.gif View Quote |
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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.” View Quote |
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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." View Quote View All Quotes View All Quotes Quoted:
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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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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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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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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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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Quoted: 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. View Quote 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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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. View Quote View Quote |
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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. View Quote |
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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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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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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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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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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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Quoted: 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 View Quote Like Ida Mae Fuller did. Paid in $24.75, pulled out $22,888.92. |
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Yep, Social Security Administration Confirms: Illegal Aliens To Begin Collecting Benefits In 2017 Social Security: 5 Surprising Facts About Noncitizens and Benefits View Quote View All Quotes View All Quotes Quoted:
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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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If only... ...and while we are at it > NO MORE FOOD STAMPS / EBT / WELFARE / WARS!!! View Quote View All Quotes View All Quotes |
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Seems like every month drudge has a headline up of record taxes collected.
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social security benefits to only US citzens. Everyone that works in the US should pay SS
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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!!! View Quote |
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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. View Quote View All Quotes View All Quotes |
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Pay the fucking stolen money back with interest assholes. Problem solved.
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Quoted: Wait, why does your wife get a check for taking care of her daughter? And why does your daughter get a check? View Quote 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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