Social Security trust funds now projected to run out of money sooner...

 
grumpy
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Post by grumpy » Wed. Sep. 01, 2021 8:25 pm

warminmn wrote:
Wed. Sep. 01, 2021 8:12 pm
They will never get rid of SS unless its something similar. Old people vote and they will vote out almost anyone that votes to get rid of it. As far as govt programs go its one of the better ones but there isnt much competition for good ones, lol
Not to mention pitch forks and torches headed to dc by the millions.

 
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warminmn
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Post by warminmn » Wed. Sep. 01, 2021 8:45 pm

Thats for sure!

 
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Richard S.
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Post by Richard S. » Sat. Sep. 04, 2021 4:59 am

SS and Medicare have about 50 trillion in unfunded liabilities, that is if they were pay out the current benefits to the people that have paid into the system it would cost 50 trillion over the coming decades. That doesn't account for inflation.

You could wind it down over perhaps the next 100 years by slowing reducing the amount taken from each successive generation with less benefits promised but it would also require a reduction in benefits for current liabilities and/or the funding from the general fund.

 
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Post by xackley » Tue. Sep. 14, 2021 12:08 pm

"The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800."

Just get rid of that limit and the fund will be overflowing.

Don


 
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Richard S.
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Post by Richard S. » Tue. Sep. 14, 2021 12:57 pm

xackley wrote:
Tue. Sep. 14, 2021 12:08 pm
"The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800."

Just get rid of that limit and the fund will be overflowing.

Don
But that takes it outside of the scope of the intended purpose of SS and it just becomes another welfare program. Not sure about you but I get a little tired of taxes/fees that are created or increase outside of their intended purpose. In 1936 PA introduced a "temporary" 10% tax on liquor to help pay for the Johnstown flood. Not only am I still paying that today but it's almost doubled.

This is one my pet peeves, if you are going to imposes taxes or fees let's be up front about it where it's plainly visible. In regard to special taxes and fees they should never be used for anything outside of scope on their intended purpose.

 
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KLook
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Post by KLook » Tue. Sep. 14, 2021 5:39 pm

Taxes are like Gov programs, they never get smaller or go away.

Kevin

 
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Post by 2001Sierra » Tue. Sep. 14, 2021 9:29 pm

I just got my first SS check in August! No pension for me just SS and and my 401K.

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