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Thread: Social Security To Go Bust By 2030: CBO

  1. #11
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    The $2.8 trillion Social Security Trust Fund is on track to be totally spent by 2030, the Congressional Budget Office : http://www.cbo.gov/sites/default/fil...-QFR_Hatch.pdf

    That's a decade earlier than the CBO estimated as recently as 2011.


    Social Security To Go Bust By 2030 Thanks Partly to ObamaCare: CBO - Investors.com
    We did calculations over a decade ago, when we were looking at various national pension schemes. The numbers you mention sound early but about right unless the real payouts are reduced. This is true for almost all programs in the OECD, whereby GB had the most robust. The American was also near the top. The two financial crisis have reduced the quality of the system.

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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.
    How is it free when people are PAYING into it?

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by ludin View Post
    The problem is how SS is setup to begin with. the ponzi scheme is collapsing on itself. it needs to be changed to a separate account system that you save for yourself.
    the government contributes a % every year to that account.

    the problem is we have to many people pulling from SS and not enough people paying in. the ratio i think is about 2:1 and the last time i checked it was 1.5:1 in other places.

    there have been to many people added to the SS fund that shouldn't be there. it was meant as a retirement system not a subsidy program for everything else.
    The Ponzi scheme has been dead for nearly 50 years. People born in 1960 expect to get less back from SS than they contribute. If the ratio is the problem, why did SS reach insolvency in 1983? Who are you talking about when you say that people have been added?

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    The $2.8 trillion Social Security Trust Fund is on track to be totally spent by 2030, the Congressional Budget Office : http://www.cbo.gov/sites/default/fil...-QFR_Hatch.pdf

    That's a decade earlier than the CBO estimated as recently as 2011.


    Social Security To Go Bust By 2030 Thanks Partly to ObamaCare: CBO - Investors.com
    that 2.8 trillion dollars has been borrowed by the government and has NOT been paid back. the government will have to issue MORE debt to pay the benefits in the future associated with the borrowed 2.8 trillion trust fund.
    Go Vols

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by TheNextEra View Post
    How is it free when people are PAYING into it?
    It is a free lunch for those collecting. When you say that people paid into it, it doesn't mean that they paid the full amount. Up until 2010, retirees collected an above average market return.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by ttwtt78640 View Post
    You are close but that would require 100% of income, not just earnings, to be subject to SS withholding. Tinkering with the inflation adjustment is simply lowering benefits.
    As I recall, he isn't talking about freezing everyone's benefits just the high wage earners.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by TheNextEra View Post
    How is it free when people are PAYING into it?
    Yes, from taxes they give u free lunch.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Slyfox696 View Post
    How does a pay as you go system go bust? Misleading headline is misleading.
    Under our current system, you'd still be able to draw Social Security. The question would simply be how much.
    The problem with your thought is that the current system is subject to the approval of future voters. They may tire of paying 12.4% of wages to support a system which has a negative return now, and will pay a depleted rate thereafter. I can't imagine what could go wrong with that idea.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    The problem with your thought is that the current system is subject to the approval of future voters. They may tire of paying 12.4% of wages to support a system which has a negative return now, and will pay a depleted rate thereafter. I can't imagine what could go wrong with that idea.
    Or they could opt to pay 16% of wages to support those loved ones who can no longer work and need to be cared for. We can play that game all day long.

    What we SHOULDN'T do is pretend that Social Security is going bust. Like I said, your headline was grossly misleading.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by mtm1963 View Post
    that 2.8 trillion dollars has been borrowed by the government and has NOT been paid back. .
    Both of these are true, and there is no credible person who believes that the money will not be repaid with interest. If it isn't, the date of insolvency is pushed forward to the day on which the Trust Fund stops functioning. If the government doesn't repay bonds today with interest... Benefits are immediately cut.

    Quote Originally Posted by mtm1963 View Post
    the government will have to issue MORE debt to pay the benefits in the future associated with the borrowed 2.8 trillion trust fund.
    You need to explain your point. The government has to repay debt 2.8 trillion to Social Security just like it has to repay debt to China. The govt will have to issue MORE debt to pay back the bonds held by China. So I do not understand your point.

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