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Thread: Social Security To Go Bust By 2030: CBO

  1. #41
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Deuce View Post
    Both are systems I pay for and could some day draw benefits from. A delay in benefits doesn't change the fact that I paid for them.
    Can't you survive without free lunch like we do?

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Slyfox696 View Post
    Uh, did you not read your own source?


    http://www.cbo.gov/sites/default/fil...-QFR_Hatch.pdf

    So, no, it wasn't out of a hat, it was based on your source. You know, the one you used to create the misleading headline.



    So when you want to push the narrative that SS is going bust it's okay to use the CBO's numbers, but when it comes time to play the hypothetical scenario game, suddenly the CBO's numbers aren't good enough?

    No, I'm telling you that claiming a pay as you go system is going bust is false and pushes a false narrative toward people who don't seem to understand how Social Security works. You shouldn't do that. You should educate, not spread FUD.
    Actually I did, and I was afraid that is where you pulled your number from. The 16% payroll tax rate is what it would cost to preserve SS which has nothing to do with what people would have to pay to support their parents absent SS. Absent SS, no one is paying 16% of wages to support their parents. Parents will move in with them for example. You seem to think that Social Security is efficient. Doh!

  3. #43
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by ludin View Post
    as long as the interest earned on the fund outpaces inflation the fund is fine.
    ...how do you think the fund earns interest? The fund earns interest by being borrowed against by the government. Otherwise it's just sitting there doing nothing. Interest doesn't magically happen, you know.

    the government borrowing from the fund means it has to be paid back.
    Yes, and it's being paid back with interest, which keeps the fund from falling victim to inflation. This isn't hard to understand.

    it also means there is less in the fund to earn interest on.
    Again...where is the fund earning interest just sitting there? The fund doesn't collect interest by itself (how could it?), it's just money sitting in a piggy bank.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by fmw View Post
    There is no fund.
    With the Trust Fund, the system would already pay depleted benefits. So while you may say it, facts indicate that you are wrong.

  5. #45
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    Actually I did, and I was afraid that is where you pulled your number from. The 16% payroll tax rate is what it would cost to preserve SS which has nothing to do with what people would have to pay to support their parents absent SS. Absent SS, no one is paying 16% of wages to support their parents. Parents will move in with them for example. You seem to think that Social Security is efficient. Doh!
    Holy red herring Batman!

    Please stay on topic. First you created a misleading headline. Then, when given a factual number from the CBO on how to keep the Trust Fund funded for the next ~75 years, you go off on random tangents about parents.

    The fact of the matter is Social Security is not going bust. It's a pay as you go system. The trust fund could be made solvent until 2087 (under current law) by raising payroll taxes to 16%. I have no idea whether people would accept that or not, but that wasn't the point. The point was you created a hypothetical scenario and I countered with an equally possible hypothetical scenario. To create my hypothetical scenario, I used actual numbers from the CBO, which you seemed to think I pulled out of a hat. And to counter this, you went off on a red herring.

    Please discuss this without hyperbole. That's all I'm asking.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Beaudreaux View Post
    Great. Just great. That's the year after I can start drawing - of course.
    And six years into my draw. SSI I think may have a lot to do with it. Howdy Beau!
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by PoS View Post
    Im gonna get hated for saying this but I hope it happens sooner so that it can be brought up right in the open. The sooner it gets addressed seriously by people willing to antagonize retirees the better because its a ticking timebomb and can no longer be put off.
    Actually not a bad point. Ron Paul argued similar with regard to artificially propping up the economy delaying the inevitable and ensuring it be more painful.
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    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.



    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.
    the point, there is NO trust fund because it has been spent by congress. that 2.8 trillion dollars spent by congress from the SS trust fund is part of the national debt. its called Intragovernmental Holdings.

    Government - Frequently Asked Questions about the Public Debt

    there is NO doubt the government will honor all of its debts.
    Go Vols

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    Re: Social Security To Go Bust By 2030: CBO

    Though I disagree with Joe on the idea that Social Security is some sort of boondoggle, I do want to state what should be obvious: We need to make some changes to Social Security.

    For those who are curious how their particular "soup ingredients" would work, here's a calculator to show the effects of some (but not all) plan changes:

    The Reformer: An Interactive Tool to Fix Social Security

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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.
    Free lunch? I paid into Soc Sec for 30 years. Now I am collecting what I put in.
    "Being President doesn't change who you are, it reveals who you are"

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