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Thread: Social Security not as broke as we thought

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    Social Security not as broke as we thought

    Will Social Security be there for today’s young workers? | Analysis & Opinion |
    The doubts aren’t difficult to understand. “If you listen to any number of the news outlets, they’ll tell you the system is going broke,” says Brown. “Every year I get a mailing from Social Security detailing what I can expect in benefits, and they say themselves that it will be bankrupt around 2040 and that they are going to be paying out more than we’re paying in. So it’s not fear, it’s math.”

    But Social Security isn’t going bankrupt — far from it. The system was intended — and has always been — a pay-as-you-go system, with taxes collected from workers used to pay current retirees. But Social Security also is sitting on a $2.5 trillion Social Security Trust Fund (SSTF) that has been stockpiled to fund the looming wave of baby boomer retirements; that fund is projected to be sufficient to pay benefits until about 2037.
    An interesting take
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    Re: Social Security not as broke as we thought

    Quote Originally Posted by Article
    Pessimism about Social Security among the young isn’t new. “It’s a very longstanding trend,” says Virginia Reno, vice president for income security at the National Academy of Social Insurance. “It was true in a survey we did in 1979, and another in 1991.
    This is quite true. When I first began my career, one of my mentors (He was on the board of directors for our credit union and I was young so I listened) took me aside and said 'save all you can because SS may not be there when I retire and it damn sure won't be there when you do'. I took him, and others, at their word and saved every which way I could. Contributed the max in every plan offered, as well as something as simple as a plain old saving account at my credit union. Got lucky in some investments and did good on others.

    Long story short, I retired comfortably at a young age and will have more than a couple of grand 'extra' per month when I become eligible for SS in the coming years.

    Don't go running for cover in the SS scenario of chicken little, but be prepared just in case. There may be a little treat waiting for you at the end.


    Also noted the poll (since the cons seem to really be interested in the polls lately) as to whether SS should be changed significantly to reduce the national debt, 77% said "Leave Social Security Alone". Listen to the people. Right?...
    “We just simply don’t know how to govern” - Rep. Steve Womack (R-AR) a member of the House Budget Committee

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    Re: Social Security not as broke as we thought

    LOL - Our country is so broke it isn't funny.

    SS will have to be ditched soon if we want to pay off our debt:

    Top Boston University Economist Laurence Kotlikoff says the U.S. Is Bankrupt and should double taxes « From the Frogs Mouth

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    Re: Social Security not as broke as we thought

    Until Social Security is detached from the Treasury - it will continue to be a burden on this country. The countermeasures used to keep it afloat are nothing more than fingers plugging the leaks in a dam ready to break. According to a few sources the Treasury had to borrow 15 out of the last 25 months to pay out Social Security. It's been used as a credit card for a long time and there's no quick fix.

    Allan Sloan - Social Security, the trust fund and funny money
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Social Security not as broke as we thought

    It's nice to know we are screwed but we aren't completely screwed until 2037.

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    Re: Social Security not as broke as we thought

    I was going to read the article, but I saw it was written by a ginger. Did the ginger mention anything about all the IOUs that have been written for the money taken out of SS? Probably not
    Failure is made possible by liberty.

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    Re: Social Security not as broke as we thought

    What's a "ginger"?


    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
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    Re: Social Security not as broke as we thought

    Off course, President Reagan and Alan Greenspan in 1983 made sure it would have a huge surplus.


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    Re: Social Security not as broke as we thought

    Quote Originally Posted by Ockham View Post
    Until Social Security is detached from the Treasury - it will continue to be a burden on this country. The countermeasures used to keep it afloat are nothing more than fingers plugging the leaks in a dam ready to break. According to a few sources the Treasury had to borrow 15 out of the last 25 months to pay out Social Security. It's been used as a credit card for a long time and there's no quick fix.

    Allan Sloan - Social Security, the trust fund and funny money
    Social Security is not 'attached' to the Treasury, FICA funds are use to buy Treasury Bonds, those funds are put into the Treasury. If you buy Treasury Bonds, the same thing happens with the dough.


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    Re: Social Security not as broke as we thought

    But Social Security also is sitting on a $2.5 trillion Social Security Trust Fund (SSTF) that has been stockpiled to fund the looming wave of baby boomer retirements; that fund is projected to be sufficient to pay benefits until about 2037.
    This is technically true but meaningless. The government has been "borrowing" from social security from years. So there isn't $2.5T in cash sitting in an account somewhere, there's $2.5T in IOU's where the US government owes the US government.

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