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Thread: 4 Takeaways from the latest report on social security's solvency

  1. #61
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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by Conservative View Post
    Another subject you know nothing about but for some reason believe you do. There currently isn't enough money to cover the long term liability and as the current deficit shows SS and Medicare are costing more than the revenue received thus borrowing, printing has been taking place

    Unfunded Liabilities Definition and Examples
    Yes, and raising payroll taxes like we did in the Reagan era is now UNPOSSIBLE cause REASONS!!! IT'S A CRISIS!!!

    Of course we cut taxes by $2 trillion and no one blinks an eye over the DEFICIT!!!!

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by JasperL View Post
    The point was whatever programs existed for retirement and healthcare were FAILING seniors when SS and Medicare passed. And the herculean task to save SS is to raise taxes. That's doable.

    And as to life expectancy, the Social Security people have some discussion of my point.

    Social Security History
    The tables in your link support what I posted. There are more retirees all the time due to folks living longer.

    The Current system requires a huge outlay on an annual basis to support it.

    A 401K modeled system would require no Federal Treasury outlay and would instead generate taxes TO the Federal Treasury.

    The 401k Model would also deliver huge sums of money to heirs surviving the deceased benefit recipients.

    The 401K model would cost our treasury nothing, would deliver a superior benefit to heirs and would maintain the benefits paid to the retirees.

    Basing SS on a 401K Model would provide superior outcomes and carry no cost to the government to pay cash to beneficiaries.

    In my personal case, a 401K model would have delivered a far more lucrative monthly payment than the Ponzi Scheme currently in use.

    Most of Budget Goes Toward Defense, Social Security, and Major Health Programs | Center on Budget and Policy Priorities

    Last edited by code1211; 06-25-19 at 07:46 AM.
    Every record has been destroyed or falsified, every book has been rewritten, every picture has been repainted, ...every date has been altered. And that process is continuing day by day and minute by minute. History has stopped. Nothing exists except an endless present in which the Party is always right. -George Orwell

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by JasperL View Post
    Yes, and raising payroll taxes like we did in the Reagan era is now UNPOSSIBLE cause REASONS!!! IT'S A CRISIS!!!

    Of course we cut taxes by $2 trillion and no one blinks an eye over the DEFICIT!!!!
    What the hell does FIT have to do with SS and Medicare? Raising payroll taxes was required due to misuse and abuse of SS and Medicare funds by Congress and previous Administrations. Raising taxes is always the solution radicals like you have and yet you still ignore that 44% of income earning Americans pay ZERO in Federal Income Taxes! You and the rest of the left are the most poorly informed people in this country. Doesn't matter to you that FICA funds SS and Medicare and FICA funds were used to fund other gov't expense items so now we have to raise taxes again to cover that abuse. By all means keep ignoring gov't abuse and cover it up by taxing the rich more!

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by JasperL View Post
    Taxes.



    That's not the part of the point that was inaccurate. "Unfunded liability" does not mean, "we don't or won't have the funds in the future to pay for it."
    sorry course, you can parse that all you want. But, that won’t change the fact that we don’t have the funds to pay for it now unless something changes.

    Perhaps there is a genie in a bottle somewhere who will conjure up these funds.

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by Conservative View Post
    What the hell does FIT have to do with SS and Medicare? Raising payroll taxes was required due to misuse and abuse of SS and Medicare funds by Congress and previous Administrations. Raising taxes is always the solution radicals like you have and yet you still ignore that 44% of income earning Americans pay ZERO in Federal Income Taxes! You and the rest of the left are the most poorly informed people in this country. Doesn't matter to you that FICA funds SS and Medicare and FICA funds were used to fund other gov't expense items so now we have to raise taxes again to cover that abuse. By all means keep ignoring gov't abuse and cover it up by taxing the rich more!
    UYou don’t have a leg to stand on when you attack people as “uninformed” while making the sort of knee jerk false claim that is so typical of the uninformed talk radio right.

    In reality, the actuarial model for Social Security has been very accurate.

    The popular right wing rant about borrowing against the trust fund is idiotic. bond issued against the trust fund are securities and have value. the will be paid or refinanced, just as any other debt would. whether the government borrows from itself, or it goes to Wall Street does not matter.

    And there would be a lot less need t9 borrow were it not for the borrow and spend policies of every GOP president since Reagan.

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by TomFitz View Post
    UYou don’t have a leg to stand on when you attack people as “uninformed” while making the sort of knee jerk false claim that is so typical of the uninformed talk radio right.

    In reality, the actuarial model for Social Security has been very accurate.

    The popular right wing rant about borrowing against the trust fund is idiotic. bond issued against the trust fund are securities and have value. the will be paid or refinanced, just as any other debt would. whether the government borrows from itself, or it goes to Wall Street does not matter.

    And there would be a lot less need t9 borrow were it not for the borrow and spend policies of every GOP president since Reagan.
    Oh, my, please, where did you get your education? This is a walking advertisement for school vouchers and school choice. You couldn't be more poorly informed. another liberal out of touch with reality with no understanding of the line items in the budget and no understanding of SS and Medicare. Borrow and spend? Tell me who borrowed and spent

    Reagan 1.7 trillion added to the debt in 8 years
    GHW Bush 1.4 trillion in 4 years
    GW Bush 4.9 trillion in 8 years

    Total Republicans 8.0 trillion in 20 years

    Clinton 1.4 trillion in 8 years
    Obama 9.3 trillion in 8 years

    Total Democrats 10.7 trillion in 16 years.

    Doesn't look like facts and math have any place in that liberal world in which you live

    Debt to the Penny (Daily History Search Application)

    Government - Historical Debt Outstanding - Annual 2000 - 2018

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by code1211 View Post
    The tables in your link support what I posted. There are more retirees all the time due to folks living longer.
    They do but it's not nearly the difference you pointed to earlier. That's the talking point used by people who want to cut SS or at least criticize it and it ignores that the big difference in longevity is mostly the huge drop since then of infant mortality.

    The Current system requires a huge outlay on an annual basis to support it.

    A 401K modeled system would require no Federal Treasury outlay and would instead generate taxes TO the Federal Treasury.
    I'll end it there, because we don't have a 401(k) model, we have SS. When someone presents a detailed plan to transition to that, and figures out how to pay for it, I promise I'll listen with an open mind. For some reason, that's not happened...

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by TomFitz View Post
    sorry course, you can parse that all you want. But, that won’t change the fact that we don’t have the funds to pay for it now unless something changes.

    Perhaps there is a genie in a bottle somewhere who will conjure up these funds.
    No need for a genie - math will give us the answer about what kind of tax increases we need to fund it for the next 75 years. I don't know why people think this is magic.

    OR, OR, OR, we can cut benefits and use math to tell us how much. OR we can do a little of both. SS is really not a problem. The only problem is we give out tax cuts of $200 billion/year, add it to the deficit, and no one gives a flying ****, because the money boys who own Congress all got their candy. The problem is for poor seniors on SS who don't have private jets and lobbyists and who don't funnel $10 million or whatever into campaigns, no one wants to pay for what we promised and we owe.

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by JasperL View Post
    They do but it's not nearly the difference you pointed to earlier. That's the talking point used by people who want to cut SS or at least criticize it and it ignores that the big difference in longevity is mostly the huge drop since then of infant mortality.



    I'll end it there, because we don't have a 401(k) model, we have SS. When someone presents a detailed plan to transition to that, and figures out how to pay for it, I promise I'll listen with an open mind. For some reason, that's not happened...
    Don't you just hate it when a poster edits your post for no other reason than to change the meaning and then presents it as if not editing was done?

    The plan was presented in the 90's.

    Gingrich explained the plan, compared the benefits, suggested that the systems be allowed to run side by side and noted that the current system would be so unpopular that it would die "on the vine".

    Every one of the propaganda outlets in our mass media "reported" that the Republicans wanted Social Security to die on the vine.

    This was the first time that I noticed that our mass media had become a propaganda machine to CREATE opinion as opposed to an industry to distribute news in the form of accurate reporting.

    It was an awakening for me.

    Social Security was not mentioned in the Constitution or in the Declaration. It is a service distributed in a changing world that can be improved and should be improved.

    It can deliver a better benefit AND do so while generating an income instead of an outlay. Why not take advantage of the possibilities?
    Every record has been destroyed or falsified, every book has been rewritten, every picture has been repainted, ...every date has been altered. And that process is continuing day by day and minute by minute. History has stopped. Nothing exists except an endless present in which the Party is always right. -George Orwell

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    Re: 4 Takeaways from the latest report on social security's solvency

    Quote Originally Posted by Checkerboard Strangler View Post
    --A standard tax hike isn't necessary, only a bump in the income cap. Raise it to $250K per year, as in: The first 250 you make every year is SS taxed but everything over that isn't.
    That will keep it in the black till the end of the century.
    That's a pretty steep tax hike for middle class earners.
    Would that apply to businesses as well? A tax hike that steep might be a job killer,no?

    As you know raising the cap would also raise the amount of benefits. Would you propose keep the cap for benefit purposes?

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