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Thread: Social Security To Go Bust By 2030: CBO

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Carleen View Post
    Solutions have to be found. If you don't believe that than you have no faith in this country.
    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.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Beaudreaux View Post
    We may be able to draw, and it may or may not be much that we can draw, but the question is will the money we draw be coming from the SS Fund (which may become insolvent) or from the General Budget?
    Today if it isn't in the Trust Fund, you will draw out what people contribute. While some will tell you that the system will still deliver 75% of benefit levels in 2030, the lie is that individuals will get 75% of their scheduled benefits. SSA has already told us that the allocation of the shortfall is not known. You may get scheduled benefits. You may get zero. In total, it will be 75% of what was scheduled. The General Budget has modest subsidies for SS, but it is generally not a source of funds for Social Security. Voters may change that.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Beaudreaux View Post
    There's nothing I can do by voting when it comes to Social Security, as long as the government does nothing about the budget and spending as whole first. Almost every candidate for federal office already promises to make Social Security solvent and preserve it for future generations. How am I supposed to use what they say as the truth, when if they get elected and they get to DC, they bend to pressures to spend money like its going to die off and become extinct if they don't spend it all right now?

    It takes more than just making it a voting priority. It takes the government following their own laws; they don't have a good record of doing that lately - at all.
    There is nothing that you will do by your self. The first thing you have to realize is that you are not alone. You have to organize with like minded people. 80% of the public thinks that Social Security is heading for crisis. So you can't throw rice at a wedding without hitting 10 people who agree with you. The numbers are overwhelming for reform, but the people are pretty much like the 7' 3'' kid who is afraid to shoot.

    When we do not make Social Security an issue, the politicians will not either. In our last presidential election, Romney and Obama agreed on one thing : Social Security is structurally sound. If you have vote 3rd party, and tell others to do the same. The reason that people don't vote 3rd party, is because SS is not a priority.

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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.
    If you lack faith in politicians then you don't believe there will be a solution.
    "Being President doesn't change who you are, it reveals who you are"

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Montecresto View Post
    No, I'm not claiming that, certainly historically it did, however, on an increasing basis that's less the case.
    It's not really though. What we pay in is still, theoretically, what's going out. Even drawing from the Trust Fund is still paying out what was paid in.
    Quote Originally Posted by Beaudreaux View Post
    We may be able to draw, and it may or may not be much that we can draw, but the question is will the money we draw be coming from the SS Fund (which may become insolvent) or from the General Budget?
    It'll come from the same place it's always come from and continues to come from, which is the payroll taxes of those currently working.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    Early retirement is a nightmare for SS as far as I can tell. But I think that it is a cliché to blame longer life expectancy for Social Security's problems. Most of the analysis uses the wrong data points, and fails to look at both contributions and benefits. Here is an article on the possibilities. It isn't saying that longer life expectancy does not hurt Social Security. It says we don't know what the impact is. Yes people will collect more, but they will contribute more. Statistically, people born after 1960 still lose money even with longer life expectancies. So the reasoning seems to stem from politicians looking for an excuse.

    The Impact of Life Expectancy on Social Security : FedSmith.com
    How will people contribute more by living longer, if they still retire at 62. People are always going to contribute for about 40 years.
    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 Montecresto View Post
    How will people contribute more by living longer, if they still retire at 62. People are always going to contribute for about 40 years.
    This question is the entire point of the article. Here is the short version : The number one factor in rising life expectancy is decreasing infant mortality. Since 1960 every baby that lives longer is a net contributor to the system. Modern medicine allowed my brother to double is life expectancy from early 20s to 44. He contributed for 24 years without collecting a penny all because of increasing life expectancy.

    Early retirement is a real problem for Social Security. You have to understand the formula to see why. Social Security weights 35 years of contributions. As you can guess, people who work a 36th year are HIGHLY profitable to the system. It in some cases is simply free cash. People who exit the work force early are not working the systems most profitable years.

    "People are always going to contribute for about 40 years. " That isn't true. My dad took an extra job just to get the two additional quarters needed to qualify for benefits. I think it was a game years ago played by foreign companies. People who wanted a pension would come here 10 years prior to retirement just to qualify. The system at the time was very generous. So it made sense even if the employee never actually set foot on US soil.

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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
    There is no trust fund.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    With the Trust Fund, the system would already pay depleted benefits. So while you may say it, facts indicate that you are wrong.
    Please tell us.

    What financial institution is this fund located in?

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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



    I predict that retired people in the USA will not be homeless, starving and freezing anytime soon.

    Wait and see.

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