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Thread: Social Security To Go Bust By 2030: CBO

  1. #191
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    Re: Social Security To Go Bust By 2030: CBO

    Of course SS is going to go bust. If you're a 22 year old woman who dies giving birth to a baby, and you've paid into SS a whopping 1 year, that child is entitled to your SS until it reaches 18, or stays a full time student until 22. That child will get substantially more out of SS than you ever paid in.

    I always look at that thing I get from SSA in the mail that tells me what I will get out of SS at ages x and y, etc. I calculate what I will get in total if I live to me 85. I know what I've been paying into it since I was 22. I'll get my entire contribution back long long long before I die.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by tres borrachos View Post
    Of course SS is going to go bust. If you're a 22 year old woman who dies giving birth to a baby, and you've paid into SS a whopping 1 year, that child is entitled to your SS until it reaches 18, or stays a full time student until 22. That child will get substantially more out of SS than you ever paid in.

    I always look at that thing I get from SSA in the mail that tells me what I will get out of SS at ages x and y, etc. I calculate what I will get in total if I live to me 85. I know what I've been paying into it since I was 22. I'll get my entire contribution back long long long before I die.
    When conceived, SS was supposed to be that what ever person put in, they could draw out. It worked at the time as retirement age was 65 which was higher than the expected lifetime. Then, LBJ I believe it was, changed the system such that those who are paying in pay for those who are drawing on it (blew all that money on war on poverty I think it was). That system works great if you population is continually increasing, but we've come to see how population demographics change over time, as in the baby boomers retiring and no growth in jobs or population to replace them.

    So, yes, I'd agree. Common sense seems to lead to the conclusion that SS will in fact go broke, all things remaining the same. So, some changes are going to have to be made, but it's the third (electrified) rail of US politics.
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  3. #193
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    I have faith in solutions. I have plenty of faith in the country. It is politicians where I lack faith, and the willingness of voters to do what is in the best interest of others.
    Yeah, I lack faith in politicians too, but what exactly do you mean by voters willingness to do what is in the best interest of others?

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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
    it cant go bust its a rotating pool

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by tres borrachos View Post
    Of course SS is going to go bust. If you're a 22 year old woman who dies giving birth to a baby, and you've paid into SS a whopping 1 year, that child is entitled to your SS until it reaches 18, or stays a full time student until 22. That child will get substantially more out of SS than you ever paid in.

    I always look at that thing I get from SSA in the mail that tells me what I will get out of SS at ages x and y, etc. I calculate what I will get in total if I live to me 85. I know what I've been paying into it since I was 22. I'll get my entire contribution back long long long before I die.
    if you dont include interest

  6. #196
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by tres borrachos View Post
    Of course SS is going to go bust. If you're a 22 year old woman who dies giving birth to a baby, and you've paid into SS a whopping 1 year, that child is entitled to your SS until it reaches 18, or stays a full time student until 22. That child will get substantially more out of SS than you ever paid in.

    I always look at that thing I get from SSA in the mail that tells me what I will get out of SS at ages x and y, etc. I calculate what I will get in total if I live to me 85. I know what I've been paying into it since I was 22. I'll get my entire contribution back long long long before I die.
    That is a perfect example of our government entitlements at work. Promise the world and go broke doing it. That has been the liberal way from the end of WWII and now we sit with a 17.5 trillion national debt and growing. To make maters worse all the entitlement programs are under water.
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by KokomoJojo View Post
    if you dont include interest
    Yeah, at the federal bond rate of 1.5% it's not much. So add a month or two.
    Liberals - Punish the Successful, Reward the Unsuccessful
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Born Free View Post
    Yeah, at the federal bond rate of 1.5% it's not much. So add a month or two.
    thats all it took to get several thousand percent inflation since we went off the gold standard.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by KokomoJojo View Post
    thats all it took to get several thousand percent inflation since we went off the gold standard.
    Well it's what it is. The bond rate is low and so is the lending rate. One hurts the elders on fixed income and the other helps the ones building wealth. What can I say?
    Liberals - Punish the Successful, Reward the Unsuccessful
    Liberals - Tax, Borrow, Spend, and Give Free Stuff
    Obama's legacy - President Donald Trump

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Born Free View Post
    Well it's what it is. The bond rate is low and so is the lending rate. One hurts the elders on fixed income and the other helps the ones building wealth. What can I say?
    the corresponding inflation kills the elders however.

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