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Thread: Social Security reserves forecast to run dry in 2022

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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by Grant View Post
    You appear to assume that future politicians will be interested in keeping the promises made by past and present politicians when they have no personal responsibility to do so. They will be forced to work with what they have.

    The debt and demographics outline what the future holds and there is little likelihood of a turnaround, especially when voters continue to vote for more of the same.
    What I assume is that future politicians will care as much as preserving their own ass as politicians have always done. No more and no less. As long as voters figuratevly hold them by the throat and threaten to end their political lives, I think the rest will take care of itself.

    Think of it this way - if someone announced their intention of breaking into my home and stealing a fortune that had taken me forty or more years to build up - I would prepare for them and meet them with appropriate measures to make sure that did not happen. We should apply that same thinking to what is owed to us by the government.
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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by Grant View Post
    With many trillions of dollars in debt, and growing by the day, all social programs are in jeopardy. It is foolhardy in the extreme to think they can continue because no will will lend the money anymore. It is whistling in the dark.
    Social programs aren't going away -- they're, in fact, mathematically necessary.

    Consider the median household income is about $50,000/year. Average life expectancy is 78, so a fair estimate might be 10 years of life per American after his working years are behind him. If he can live on half of his prior income -- $25,000 -- that's $250,000 needed to maintain retirement.

    At a very optimistic savings rate of 10% -- if you were to just put that money in a jar in your back yard -- that's 50 years to accumulate the needed amount.

    Of course, I've ignored interest on savings, investment income, etc. so I admit the analysis is quite simplified. But neither have I taken into account the cost of health care, which inevitably rises as one ages.

    No Medicare or Social Security? I don't think it's practically possible. Based on our current savings rates and debt ratios, we'd have to start forgiving private debt in order to shutter these programs -- or else accept abject poverty for many millions of our seniors.

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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by haymarket View Post
    Either one believes in the full faith and credit of the United States or one does not. Which are you?
    Either one believes in honoring the promises made to the citizens of the nation who fulfill their end of the bargain or one does not. Which are you?
    Either one believes that money and revenues should first go to existing and long standing obligations before new ones are taken on or one does not. Which are you?
    I don't believe the government should be responsible for my financial well-being, no.

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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by Erod View Post
    I don't believe the government should be responsible for my financial well-being, no.
    Thank you for sharing that. Sadly, I did not ask that question.

    What about the three I did ask?

    Either one believes in the full faith and credit of the United States or one does not. Which are you?
    Either one believes in honoring the promises made to the citizens of the nation who fulfill their end of the bargain or one does not. Which are you?
    Either one believes that money and revenues should first go to existing and long standing obligations before new ones are taken on or one does not. Which are you?
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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by haymarket View Post
    Thank you for sharing that. Sadly, I did not ask that question.

    What about the three I did ask?

    Either one believes in the full faith and credit of the United States or one does not. Which are you?
    Either one believes in honoring the promises made to the citizens of the nation who fulfill their end of the bargain or one does not. Which are you?
    Either one believes that money and revenues should first go to existing and long standing obligations before new ones are taken on or one does not. Which are you?
    1. No, because you can't owe trillions of dollars and keep borrowing and maintain good credit.

    2. If our government honored our promises, we wouldn't have spent the SS money on other programs already.

    3. Yes, we should pay our debts and cut welfare.

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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by haymarket View Post
    What I assume is that future politicians will care as much as to be had. preserving their own ass as politicians have always done. No more and no less. As long as voters figuratevly hold them by the throat and threaten to end their political lives, I think the rest will take care of itself.
    I'm saying much the same thing - that there will be riots, and much throat grabbing, when the dependent members of the Republic realize there is no money to be had. What can the politicians do in that situation? They might just print more money, which will lead to higher inflation, or they will blame it on others, which has been their history also.


    Think of it this way - if someone announced their intention of breaking into my home and stealing a fortune that had taken me forty or more years to build up - I would prepare for them and meet them with appropriate measures to make sure that did not happen. We should apply that same thinking to what is owed to us by the government.
    Yes, there will be more violence, that's certain. It's amazing to me that people still trust politicians with their future, despite their sullied reputation. It's difficult to understand.

    And those who did plan for the future, "the rich", will be attacked first. We can see shades of that already.

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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by haymarket View Post

    And in the end, they did neither, because they tied the "cost" to a fee through Fannie and Freddie that will not materialize.

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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by haymarket View Post
    Either one believes in the full faith and credit of the United States or one does not. Which are you?
    What you are believing in here is politicians, not your country or your fellow Americans.

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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by Grant View Post
    What you are believing in here is politicians, not your country or your fellow Americans.
    And in all honesty, they seem to be failing us at an alamring rate. The politicians, not your fellow Americans.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Social Security reserves forecast to run dry in 2022

    Quote Originally Posted by Erod View Post
    1. No, because you can't owe trillions of dollars and keep borrowing and maintain good credit.

    2. If our government honored our promises, we wouldn't have spent the SS money on other programs already.

    3. Yes, we should pay our debts and cut welfare.
    1- This is something to note - a self proclaimed "conservative" who admits they do not subscribe to the provisions of the US Constitution. That will be noted for future use.
    2- The government has honored our promies by investing the money we put in is some of the safest investments on the planet. Would you prefer under the matress?
    3- So paying our debts is honoring our SS obligations then?
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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