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Thread: Social Security To Go Bust By 2030: CBO

  1. #161
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by cpwill View Post
    Last I checked SSDI was scheduled to go bust in 2016.

    Meh, I'm sure it'll all work out. 2016 is so far away, and when it get's here we'll just tax the rich or something, and in the meantime let's just kick that ole can.....
    It won't go bust. It still has those trillions in IOU's to use up first.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by RDS View Post
    Any free lunch is unsustainable.
    You really don't get it at all if you think this is comparable to food stamps. Did you even read in thread title that this is social security or just post this tripe in response to every govt program?

    It comes out of paychecks, you have to contribute X # of years or you get nothing - so if you put 10 years in, that's theft basically, not a "free lunch", and same with younger people who are at risk of having 5% or whatever of their paycheck stolen by today's old farts, once it does go bust.

    Solution - euthanize half of the elderly so there's something left

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    The reason that people don't vote 3rd party, is because SS is not a priority.
    There are plenty reasons other than SS to vote 3rd party/independent and that both major parties suck something fierce. Likewise, plenty wrong with federal spending and responsibility other than SS.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Lord of Planar View Post
    You should look at the OMB numbers instead of the CBO.
    When it comes to Social Security. I tend to listen to the SSA.

    But I am curious why you think numbers from OMB are better than CBO.

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    Re: Social Security To Go Bust By 2030: CBO

    Democrats are normally fairly careful with their words. Here is what he said : ""Social Security didn't cause our deficit. Not one dime gets added to the deficit because of Social Security. It's not allowed to, by law." This is a true statement because what he is saying is that the revenue and expense of Social Security is not COUNTED in the deficit. The politifact writer confuses the debt with a theoretical calculation of debt. The "deficit" is a measure of cashflow. The debt is a financial obligation to repay money.

    Here is what he said : "Since 2010, Social Security has been paying more in benefits than it has collected in payroll taxes. To meet its payments, Social Security began redeeming the bonds, plus interest, from the federal government. In other words, money was transferred from the government’s general fund to Social Security." Technically money moving from the GF to SS is not a debt, unless... you live in bizarre world where SS is an arm of the government and you treat all taxes the same. Watch. To meet its payments, China began redeeming the bonds, plus interest, from the federal government. In other words, money was transferred from the GF to China. Is this really an astounding revelation?

    The answer is simple. The politician is saying that Social Security cannot add to the deficit by law is not much different than saying we have a law against illegal aliens, so no one has crossed the border without documentation. It is a stupid comment, that doesn't make it factually inaccurate.

  6. #166
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by cpwill View Post
    That is not directly analogous. The bank loans that money to other people, and often some collateral is involved (a car, a house, the persons' goods) if the debt goes bad. The US Government loaned that money to itself and then spent it.

    So a better example would be you taking money out of savings, putting it into checking, spending it, promising to pay it back next month, but then never doing so.

    Now the big expense you've been saving for is here, and it's no good saying "oh, don't worry, my checking account owes my savings all this money".
    bingo CP.
    Go Vols

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Lord of Planar View Post
    All the pay increase does is place the employers share of the FICA where the employee sees then pays for it. The only complication is the extra federal and state income taxes it would make a person liable for without tweaking the system there as well.
    It screws with the free market. And unless youre proposing an amendment, its unconstitutional. Either way, we're still just rearranging chairs. The program is fundementally flawed, and illegal.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by mtm1963 View Post
    bingo CP.
    By the same logic then, private pensions do not exist because they lent money to the government, which the US government spent. The analogy itself is more flawed when it adds "promising to pay it back next month but never doing so" If the government wasn't repaying its debts, SS would have cut its payable benefit levels. But the government has actually repaid every scheduled penny plus scheduled interest thus far. The people who complain about the government repaying the money borrowed from SS aren't much different than those who run-up their credit card and want to blame the bank for lending them the money.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    By the same logic then, private pensions do not exist because they lent money to the government, which the US government spent. The analogy itself is more flawed when it adds "promising to pay it back next month but never doing so" If the government wasn't repaying its debts, SS would have cut its payable benefit levels. But the government has actually repaid every scheduled penny plus scheduled interest thus far. The people who complain about the government repaying the money borrowed from SS aren't much different than those who run-up their credit card and want to blame the bank for lending them the money.
    where did it get that money?

    it borrowed it.
    Go Vols

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by mtm1963 View Post
    where did it get that money?

    it borrowed it.
    Where did it get the money that the govt used to pay China interest on the bonds that it held? It borrowed it. What is your point?

    Let me fill it in for you. You are worried about the money lent by SS to the government because a default would affect you. You aren't worried about the money lent by China to the government because a default wouldn't affect you. Is that about right? This all goes back to blaming the bank for giving you a credit card.

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