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Thread: Social Security To Go Bust By 2030: CBO

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    Social Security To Go Bust By 2030: CBO

    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

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    Re: Social Security To Go Bust By 2030: CBO

    Great. Just great. That's the year after I can start drawing - of course.
    Everything in your life is a reflection of a choice you have made. If you want a different result, don't blame someone else, or expect others to make a change, you should stop complaining and make a different choice. Remember, the circumstances of your birth don't determine the outcome of your life.

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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
    Which is why we must take action to
    1 - pop the cap on FICA contribution so that ALL 100% of earners pay FICA on all 100% of their earnings just like 93% of earners do today
    2 - freeze benefit levels with a possible modest inflation increase

    Studies and experts have demonstrated that if you do these two things, you solve over 80% of this financial problem.
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    Re: Social Security To Go Bust By 2030: CBO

    Any free lunch is unsustainable.

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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.
    It could be worse. It could be just an estimate that has lost 10 years of solvency over the last 3. Oh wait. That is what it is. I have a serious question. At what point will you make Social Security a voting priority.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by haymarket View Post
    Which is why we must take action to
    1 - pop the cap on FICA contribution so that ALL 100% of earners pay FICA on all 100% of their earnings just like 93% of earners do today
    2 - freeze benefit levels with a possible modest inflation increase

    Studies and experts have demonstrated that if you do these two things, you solve over 80% of this financial problem.
    I am guessing that you don't read threads before you reply, or that you haven't updated your clichés. The experts - in the report I posted - say that it is about 2/3rds not 80%. But let's not allow facts get in the way of ideology.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by haymarket View Post
    Which is why we must take action to
    1 - pop the cap on FICA contribution so that ALL 100% of earners pay FICA on all 100% of their earnings just like 93% of earners do today
    2 - freeze benefit levels with a possible modest inflation increase

    Studies and experts have demonstrated that if you do these two things, you solve over 80% of this financial problem.
    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.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by JoeTheEconomist View Post
    I am guessing that you don't read threads before you reply, or that you haven't updated your clichés. The experts - in the report I posted - say that it is about 2/3rds not 80%. But let's not allow facts get in the way of ideology.
    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.

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    Re: Social Security To Go Bust By 2030: CBO

    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.

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    Re: Social Security To Go Bust By 2030: CBO

    How does a pay as you go system go bust? Misleading headline is misleading.
    Quote Originally Posted by Beaudreaux View Post
    Great. Just great. That's the year after I can start drawing - of course.
    Under our current system, you'd still be able to draw Social Security. The question would simply be how much.

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