About Social Security's future...

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Vit's picture
Vit
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About Social Security's future...

Hello,

From my Social Security Statement:"  In 2017 we will begin paying more in benefits than we collect in taxes.
Without changes, by 2041 the Social Security Trust Fund will be exhausted and there will be enough money
to pay only about 78 cents for each dollar of scheduled benefits."

I will appreciate for any comments.
-vit

RailRoad's picture
RailRoad
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Re: About Social Security's future... - tax women

Since women pay into social security for the same number of years as men, but live approx. eight years longer, the entire social security system is essentially a tax on men. If women retirees are paid 80% of male benefits (although for a longer time), the Social Security Trust Fund will be balanced forever.

Feminists scream 'discrmination' when I mention this. Yet, feminists are quick to support higher car insurance premiums for new male drivers which they deem as 'fair and equitable'.

SagerXX's picture
SagerXX
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Joined: Feb 11 2009
Posts: 2237
Re: About Social Security's future...

IMO, dickering about the minutiae of the SS system is a losing proposition.  Again, IMO, by the time I'm old enough to collect (in about 17 years), there ain't going to be any SS system.  Or:  the dollar will have been devalued so deeply by then (if not destroyed outright) that I'll be collecting, say, $1200 a month...and that'll buy me a single bag of groceries.  Whee!

Viva -- Sager

docmims's picture
docmims
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Re: About Social Security's future...
Vit wrote:

Hello,

From my Social Security Statement:"  In 2017 we will begin paying more in benefits than we collect in taxes.
Without changes, by 2041 the Social Security Trust Fund will be exhausted and there will be enough money
to pay only about 78 cents for each dollar of scheduled benefits."

I will appreciate for any comments.
-vit

Hello?  There is no trust fund.  The money is spent as soon as it comes in. Last I checked the Fed IOU's in the pot for social sec where approx 5 or 6 times our national debt at near 70 trillion give or take a few trillion.  Since this is also 6 times the US GDP, I might opine that the "trust fund" is already broke because the treasury intruments it contains cannot be repaid.  Sorry

Ken C's picture
Ken C
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Posts: 753
Re: About Social Security's future...
docmims wrote:
Vit wrote:

Hello,

From my Social Security Statement:"  In 2017 we will begin paying more in benefits than we collect in taxes.
Without changes, by 2041 the Social Security Trust Fund will be exhausted and there will be enough money
to pay only about 78 cents for each dollar of scheduled benefits."

I will appreciate for any comments.
-vit

Hello?  There is no trust fund.  The money is spent as soon as it comes in. Last I checked the Fed IOU's in the pot for social sec where approx 5 or 6 times our national debt at near 70 trillion give or take a few trillion.  Since this is also 6 times the US GDP, I might opine that the "trust fund" is already broke because the treasury intruments it contains cannot be repaid.  Sorry

 

Oh it will be "repaid". However, it will be repaid by monetizing the debt. We will get paid in worthless dollars that won't buy anything.

When I first started working over 40 years ago I questioned what this Soc. Security deduction was on my first paycheck. After some investigation I decided that I did not want any part of that but discovered I had no choice. So now many years later the money has all been spent and there will be nothing worth anything in Soc. Security.

 

Ken

 

On Our Own's picture
On Our Own
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Posts: 72
Re: About Social Security's future... - tax women
RailRoad wrote:

Since women pay into social security for the same number of years as men, but live approx. eight years longer, the entire social security system is essentially a tax on men. If women retirees are paid 80% of male benefits (although for a longer time), the Social Security Trust Fund will be balanced forever.

Feminists scream 'discrmination' when I mention this. Yet, feminists are quick to support higher car insurance premiums for new male drivers which they deem as 'fair and equitable'.

Actually women tend to pay into the system for fewer years than men do.  Many times because they give up peak earning years to raise children.  Often times if the woman has given up peak earning years and then is divorced she finds herself in rank poverty.  The idea was to provide a "security" for older women.  They already collect far less than men do even living an average of 8 years longer.   It is all but pointless to debate as the entire system will be gone here shortly.

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poisonivy113
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Posts: 81
Re: About Social Security's future... - tax women

The social security system is nothing but a legal Ponzi Scheme.

Forget about the difference between life spans of men and women.

The huge bolus of humans passing through the US system, called the baby boomers, are why social security is unsustainable. This is the largest generation. To pay their social security will require an increasing contribution from each individual in smaller, younger generations. 

 

In 1950, there were 16 workers paying into the system for every retiree collecting benefits

As of 2005, there were only 3.3 workers paying into the system for every retiree collecting benefits.

And there is no "Trust fund". The money was supposed to be  "invested" to provide funding. Now it has become another wealth redistribution program. 

On Our Own's picture
On Our Own
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Posts: 72
Re: About Social Security's future...

Once upon a time social security funds were sacrosanct and could not be spent by congress or anyone else.  Once upon a time pension funds were sacrosanct and could not be touched by corporations or unions.  But, in the 80s that was changed and it all fell apart.

Corporations were purchased solely so that the buyer could raid their pension funds.  Then they were left with no pension fund and a huge pension obligation.  Chrysler and GM both had fully funded pensions until they were allowed to raid them in the 80s and now everybody talks about how the pensions are what is destroying them.  That money did not belong to them and they should never have been allowed to get their grimy hands on it.

We've had 30 years of massive wealth redistribution.  The entire system was gamed to make those on the very top very rich and to keep everyone at the bottom defenseless against what was being done to them.  MIddle size businesses often hard won family businesses were raided and driven under.  The middle class was shredded.  

The poor's average income went down.  The middle class' average income went up by a few thousand dollars.  The top 1%'s income went up by a factor of hundreds.   That was a wealth redistribution scheme too.

earthwise's picture
earthwise
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Re: About Social Security's future...

 

Sager XX says:

......I'll be collecting, say, $1200 a month...and that'll buy me a single bag of groceries.

A bag of groceries for $1200? What an optimist!!

SagerXX's picture
SagerXX
Status: Diamond Member (Offline)
Joined: Feb 11 2009
Posts: 2237
Re: About Social Security's future...
earthwise wrote:

 

Sager XX says:

......I'll be collecting, say, $1200 a month...and that'll buy me a single bag of groceries.

A bag of groceries for $1200? What an optimist!!

That's me:  glass always 2/3s full.  Tongue out

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