Social Security - your thoughts?

#76
#76
Math:
Ave weekly wage in US = $1200 per week (rounded).
% contributed to SS by employee and employer per paycheck = 12.4%
Ave amount per week going into SS = 150 (rounded)
Amount of money after 47 years of working if 150 per week was put into a very safe investment at 7% = 3M (rounded).
***This assumes a wage which never increases over time.
ave monthly SS check for those retiring at 65 = $1720 (rounded)
ave age of death in US = 73
1720 x (8 years x 12 months) = 165K

The ave earning power the benevolent government stole from the ave american worker = 2,830,000 (rounded)
 
Last edited:
  • Like
Reactions: zhangliao04, Carl Pickens, tbh and 4 others
#77
#77
McDad said:
Math:
Ave weekly wage in US = $1200 per week (rounded).
% contributed to SS by employee and employer per paycheck = 12.4%
Ave amount per week going into SS = 150 (rounded)
Amount of money after 47 years of working if 150 per week was put into a very safe investment at 7% = 3M (rounded).
***This assumes a wage which never increases over time.
ave monthly SS check for those retiring at 65 = $1720 (rounded)
ave age of death in US = 73
1720 x (8 years x 12 months) = 165K

The ave earning power the benevolent government stole from the ave american worker = 2,830,000 (rounded)
Click to expand...

Thanks for improving my mood this morning.
 
  • Like
Reactions: zhangliao04, Carl Pickens, tbh and 2 others
#78
#78
LouderVol said:
and baby boomers, and anyone still fighting for any of it. we are just creating a worse situation down the road, but the greedy effers don't care, they just want to get theirs. too stubborn to realize that they could still get theirs AND fix the problem. but that's new and scary and they don't want any part of it.
Click to expand...
Blaming a generation is a lazy argument..
 
  • Like
Reactions: knoxvol52, Carl Pickens, Vol8188 and 2 others
#80
#80
Orangeburst said:
Blaming a generation is a lazy argument..
Click to expand...
you miss the "and" I started that piece with? plenty of blame to go around. avoiding any blame for the largest supporters of SS is just as lazy, and leads us right to the problem we are in.
 
#81
#81
finance.yahoo.com

Social Security Is Running Out of Money, but Here's an Even More Urgent Concern for Retirees

Two time bombs are ticking -- and one has less time on the clock.
finance.yahoo.com finance.yahoo.com

And while we're at it, the Libs are pushing for an even higher inflation target, why? So our purchasing power can be eroded more rapidly?
finance.yahoo.com

The Fed’s 2% inflation target is a source of growing liberal discontent

Jay Powell is staying hyper-focused on a numeric inflation goal that originated with an off-the-cuff remark in New Zealand 36 years ago — despite pushback from Democrats.
finance.yahoo.com finance.yahoo.com
 
#85
#85
LouderVol said:
and baby boomers, and anyone still fighting for any of it. we are just creating a worse situation down the road, but the greedy effers don't care, they just want to get theirs. too stubborn to realize that they could still get theirs AND fix the problem. but that's new and scary and they don't want any part of it.
Click to expand...

Right, because the generations after them dont support SS? Giving how much more liberal younger people, we both know they do
 
#86
#86
Rasputin_Vol said:
It is a lazy argument because ot is the most obvious argument.
Click to expand...

The generations before them created the system, the generations after them overwhelmingly support the system. I’m aware of no generation that’s put forth a strong effort to stop this.

But yes, it’s clearly the “boomers”…..
 
#87
#87
Vol8188 said:
Right, because the generations after them dont support SS? Giving how much more liberal younger people, we both know they do
Click to expand...
SS was built on the idea of the expanding generational support, like the ponzi scheme it is. The boomers were a bigger generation than before, sufficiently so to offset. starting after the boomers and going from there each "next" generation hasn't had the same increase necessary to offset. This trend would have been apparent while the Boomers were/are in charge and could have taken measures to fix SS to deal with the realities of the workforce.

i hold no exceptions for any supporters of SS. Everyone I talk to in my generation that is actively working is living under the assumption that SS won't be there for them. Granted there aren't many that are for cutting it like I am, but there is a wide spread acknowledge meant amongst my generation that its a failed measure. the only thing keeping it around is the typical big brother mindset of the government has to do something, can't have individuals responsible for themselves or their actions.
 
  • Like
Reactions: tbh, Rasputin_Vol and McDad
#88
#88
LouderVol said:
SS was built on the idea of the expanding generational support, like the ponzi scheme it is. The boomers were a bigger generation than before, sufficiently so to offset. starting after the boomers and going from there each "next" generation hasn't had the same increase necessary to offset. This trend would have been apparent while the Boomers were/are in charge and could have taken measures to fix SS to deal with the realities of the workforce.

i hold no exceptions for any supporters of SS. Everyone I talk to in my generation that is actively working is living under the assumption that SS won't be there for them. Granted there aren't many that are for cutting it like I am, but there is a wide spread acknowledge meant amongst my generation that its a failed measure. the only thing keeping it around is the typical big brother mindset of the government has to do something, can't have individuals responsible for themselves or their actions.
Click to expand...

SS will always be there. But the benefits paid from current payrolls will have to be reduced by 25% if other adjustments aren’t made. Lower COLAs. Removing the cap on high salaries. Raising the age of receiving benefits. Making up the shortfall from the general fund. A combination of several of the variables.
 
#89
#89
Thunder Good-Oil said:
SS will always be there. But the benefits paid from current payrolls will have to be reduced by 25% if other adjustments aren’t made. Lower COLAs. Removing the cap on high salaries. Raising the age of receiving benefits. Making up the shortfall from the general fund. A combination of several of the variables.
Click to expand...
Define 'high' salaries. I know Puddinhead is using $400k as some sort of benchmark, but with his inflationary policies, it won't be too long before that is solid middle class earnings. But he'll be long dead by then so I am sure he doesn't GAS about that.

I have no doubt as to what is going to happen. Those of us that have paid into that for our entire lives will be deemed to be too 'well off' to receive any benefits there from. So all that money that we had taken from us under the auspices of getting some of it back will have that theft completed.
 
#90
#90
SpaceCoastVol said:
Define 'high' salaries. I know Puddinhead is using $400k as some sort of benchmark, but with his inflationary policies, it won't be too long before that is solid middle class earnings. But he'll be long dead by then so I am sure he doesn't GAS about that.

I have no doubt as to what is going to happen. Those of us that have paid into that for our entire lives will be deemed to be too 'well off' to receive any benefits there from. So all that money that we had taken from us under the auspices of getting some of it back will have that theft completed.
Click to expand...

No cap. Like Medicare. “High salaries” - anything HIGHER than the current maximum that is taxed.
 
#91
#91
SpaceCoastVol said:
Define 'high' salaries. I know Puddinhead is using $400k as some sort of benchmark, but with his inflationary policies, it won't be too long before that is solid middle class earnings. But he'll be long dead by then so I am sure he doesn't GAS about that.

I have no doubt as to what is going to happen. Those of us that have paid into that for our entire lives will be deemed to be too 'well off' to receive any benefits there from. So all that money that we had taken from us under the auspices of getting some of it back will have that theft completed.
Click to expand...
Again, I think you will get every penny owed to you. The problem is that as you mention here and as I have highlighted, what kind of purchasing power will your payments actually have?
 
#92
#92
Thunder Good-Oil said:
SS will always be there. But the benefits paid from current payrolls will have to be reduced by 25% if other adjustments aren’t made. Lower COLAs. Removing the cap on high salaries. Raising the age of receiving benefits. Making up the shortfall from the general fund. A combination of several of the variables.
Click to expand...
which will just make it worse and worse. the people actually paying in are getting absolutely terrible ROI now. it will only get worse. and it won't be able to support people, which will just add another reason to remove it.
 
#93
#93
LouderVol said:
which will just make it worse and worse. the people actually paying in are getting absolutely terrible ROI now. it will only get worse. and it won't be able to support people, which will just add another reason to remove it.
Click to expand...

It’s a tax (even though the government pretends like it isn’t) so ROI doesn’t apply. Not calling it a tax means it can be regressive without getting as much pushback.

It will always be a struggle for smaller work forces to earn enough to pay for earlier, larger generations. Generation X is now bigger than the Boomers and Millenials aren’t having as many children, so funding that last group’s SS will be a challenge. having plenty of jobs for the younger groups will help. Driving up wages will generate more revenue.

Making up the shortage from the general fund shifts the cost more proportionally to high earners and includes other sources of revenue instead of just 15.3% of the lowest salaries.
 
  • Like
Reactions: tbh
#97
#97
jmacvols1 said:
SS has always been a Ponzi scheme, a corrupt pay-as-you go socialist scam robbing wealth from tax payers and bankrupting the country in the process...there is no trust fund, never has been....now the chicken are coming home to roost....

Click to expand...

I cannot even comprehend 175T. Let alone being underfunded by such an incomprehensible amount.
 
  • Like
Reactions: Vol since 77
#98
#98
McDad said:
I cannot even comprehend 175T. Let alone being underfunded by such an incomprehensible amount.
Click to expand...
Your household owes 1.4 million dollars to clear up that 175 trillion.....pay up.

Many many people think they have a "legal right" to a SS check when they have no legal, contractual or property right to a SS check and they are about to find that out in about 9 years when their check gets slashed and they can do nothing about it.
 
  • Like
Reactions: tbh and McDad
#99
#99
jmacvols1 said:
SS has always been a Ponzi scheme, a corrupt pay-as-you go socialist scam robbing wealth from tax payers and bankrupting the country in the process...there is no trust fund, never has been....now the chicken are coming home to roost....

Click to expand...

what does that 175 trillion cover? Over the next 100 years, 10 years, right now?

it can't be talking about a current deficit and being unable to pay people right now because that is something like 40x our total GDP.
 
#100
#100
LouderVol said:
what does that 175 trillion cover? Over the next 100 years, 10 years, right now?

it can't be talking about a current deficit and being unable to pay people right now because that is something like 40x our total GDP.
Click to expand...
SS and Medicare are underfunded 175 trillion

scnr.com

Analyst Warns Social Security, Medicare Underfunded By $175.3 Trillion

Treasury Sec. Says Nation's Path Is 'not sustainable and must ultimately change'
scnr.com scnr.com

fox28savannah.com

Medicare and Social Security face $175 trillion shortfall, risking future generations

Medicare and Social Security are in big trouble as it is now underfunded by a staggering $175 trillion, according to a new report from the Treasury Department.
fox28savannah.com fox28savannah.com

..don't forget the Dems have squandered so much money it's costing taxpayers about a trillion dollars a year just to keep the interest on that debt paid.
 
Last edited:
New posts
You must log in or register to reply here.

VN Store



Back
Top