Social Security trust funds now projected to run out of money sooner...
-
- Member
- Posts: 6077
- Joined: Wed. Jan. 18, 2017 11:30 pm
- Location: swOH near a little town where the homes are mobile and the cars aren’t
- Hand Fed Coal Stove: Hitzer 354
- Coal Size/Type: nut coal
- Other Heating: electric, wood, oil
They keep spending TRILLIONS and that is the least of our worries. Not to mention plans of giving $500M to Afghanistan as Biden suggested. He already paid whoever ends up taking that country...with Billions in military gear.
They’ll give those warmongers that kind of money rather than to the American people. Talk about stimulating our economy.
They’ll give those warmongers that kind of money rather than to the American people. Talk about stimulating our economy.
- Richard S.
- Mayor
- Posts: 15237
- Joined: Fri. Oct. 01, 2004 8:35 pm
- Location: NEPA
- Stoker Coal Boiler: Van Wert VA1200
- Coal Size/Type: Buckwheat/Anthracite
Realistically it has always been out of money. Surplus SS funds along with others like surplus pension funds are dumped into the general fund. The government writes itself an IOU to the these funds and spends it, that IOU is added to the debt. Works well to hide the true deficit during good economic times as it did during the Clinton administration but the debt continues to climb.
Now it's time to pay the piper. With a decline in SS revenues they need to reach into the "surplus" which has helped drive the increased deficit over the past few years.
There is no way to remove the SS program if they are to meet their obligations, it would take a hundred years to wind it down.
Of course if this was a private venture it would be called a Ponzi scheme and be highly illegal.
Now it's time to pay the piper. With a decline in SS revenues they need to reach into the "surplus" which has helped drive the increased deficit over the past few years.
There is no way to remove the SS program if they are to meet their obligations, it would take a hundred years to wind it down.
Of course if this was a private venture it would be called a Ponzi scheme and be highly illegal.
-
- Member
- Posts: 5791
- Joined: Sun. Feb. 17, 2008 1:08 pm
- Location: Harrison, Tenn
- Other Heating: Wishing it was cold enough for coal here....not really
And people wonder why I am drawing early at 62 next year.....I have 7 relatives that never drew a penny as they died first. I am NOT going to wait until I am 70 as an advisor wants....piss on that. The cross over age that I start losing money is 79....even Freetown Fred ain't that old yet....lol! What am I going to spend the extra money on when I am 79? A walker with wheels?
Kevin
Kevin
Are you sure? I thought I read the break even point was 80 ... have to consider the 8 years you already collected. Im going to do the same..KLook wrote: ↑Tue. Aug. 31, 2021 9:51 pmAnd people wonder why I am drawing early at 62 next year.....I have 7 relatives that never drew a penny as they died first. I am NOT going to wait until I am 70 as an advisor wants....piss on that. The cross over age that I start losing money is 79....even Freetown Fred ain't that old yet....lol! What am I going to spend the extra money on when I am 79? A walker with wheels?
Kevin
- freetown fred
- Member
- Posts: 30299
- Joined: Thu. Dec. 31, 2009 12:33 pm
- Location: Freetown,NY 13803
- Hand Fed Coal Stove: HITZER 50-93
- Coal Size/Type: BLASCHAK Nut
- Sunny Boy
- Member
- Posts: 25707
- Joined: Mon. Nov. 11, 2013 1:40 pm
- Location: Central NY
- Hand Fed Coal Boiler: Anthracite Industrial, domestic hot water heater
- Baseburners & Antiques: Glenwood range 208, # 6 base heater, 2 Modern Oak 118.
- Coal Size/Type: Nuts !
- Other Heating: Oil &electric plenum furnace
Interesting that for decades they've threatening that SSI is running out of money, but somehow, the welfare system never is ????
Paul
Paul
100% Right on !!!!! I went at 65 and the only reason i stayed a little longer was insurance for the wife! Thats another big issue!KLook wrote: ↑Tue. Aug. 31, 2021 9:51 pmAnd people wonder why I am drawing early at 62 next year.....I have 7 relatives that never drew a penny as they died first. I am NOT going to wait until I am 70 as an advisor wants....piss on that. The cross over age that I start losing money is 79....even Freetown Fred ain't that old yet....lol! What am I going to spend the extra money on when I am 79? A walker with wheels?
Kevin
- franpipeman
- Member
- Posts: 690
- Joined: Fri. Jan. 11, 2008 4:27 pm
- Location: Wernersville pa
- Stoker Coal Boiler: efm 520 stoker fitzgibbons pressure vessel
- Hand Fed Coal Stove: harman, russo
- Coal Size/Type: rice
- Other Heating: alpine propane condensing boiler radiant floor
Social security is what as known as a Entitlement so when you hear folks state get rid of the entitlements thats what they are talking about .includes Medicare, and Medicaid each of which are different
-
- Member
- Posts: 5791
- Joined: Sun. Feb. 17, 2008 1:08 pm
- Location: Harrison, Tenn
- Other Heating: Wishing it was cold enough for coal here....not really
No, I paid into SS and am "entitled" to get some back. You are talking about taking my money and giving it to someone that has not paid in.....
Kevin
Kevin
- Richard S.
- Mayor
- Posts: 15237
- Joined: Fri. Oct. 01, 2004 8:35 pm
- Location: NEPA
- Stoker Coal Boiler: Van Wert VA1200
- Coal Size/Type: Buckwheat/Anthracite
That's only partly true where Medicare is concerned, parts B and D are primarily funded from the general revenue which accounts for 43% of the total.
https://www.kff.org/medicare/issue-brief/faqs-on- ... -solvency/
https://www.kff.org/medicare/issue-brief/faqs-on- ... -solvency/
- franpipeman
- Member
- Posts: 690
- Joined: Fri. Jan. 11, 2008 4:27 pm
- Location: Wernersville pa
- Stoker Coal Boiler: efm 520 stoker fitzgibbons pressure vessel
- Hand Fed Coal Stove: harman, russo
- Coal Size/Type: rice
- Other Heating: alpine propane condensing boiler radiant floor
the term entitlements have been used to demonize parts of our citizenry and is a misinformation campaign by certain special interest groups in our country .
- johnjoseph
- Member
- Posts: 9299
- Joined: Mon. Sep. 15, 2014 6:05 pm
- Location: Aroostook County, Maine
- Stoker Coal Boiler: Keystoker KA-6
- Other Heating: pellet stove, oil boiler
When a person is working and paying into SS, it's paying for those that are collecting it now. It's not a guarantee that anyone can collect just because they paid in. More people collecting and less paying in will contribute to SS insolvency.
Are Social Security Payments Guaranteed?
https://www.socialsecurityintelligence.com/are-so ... uaranteed/
Are Social Security Payments Guaranteed?
https://www.socialsecurityintelligence.com/are-so ... uaranteed/
- warminmn
- Member
- Posts: 8185
- Joined: Tue. Feb. 08, 2011 5:59 pm
- Location: Land of 11,842 lakes
- Hand Fed Coal Stove: Chubby Junior, Riteway 37
- Coal Size/Type: nut and stove anthracite, lignite
- Other Heating: Wood and wear a wool shirt
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