Clock is ticking to fix Social Security; Retirees face automatic cut in 9 years

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Current Events » Clock is ticking to fix Social Security; Retirees face automatic cut in 9 years
https://www.npr.org/2024/05/06/1249406440/social-security-medicare-congress-fix-boomers-benefits

Congress has less than a decade to fix Social Security before the popular program runs short of cash, threatening a sharp cut in benefits for nearly 60 million retirees and family members, according to a government report released Monday.

The report from Social Security trustees predicts the retirement program's trust fund will be exhausted in November of 2033. At that point, benefits would automatically be cut by 21%, unless lawmakers adopt changes before then.

Congress could fix the problem by raising taxes that support Social Security, reducing retirement benefits, or some combination of the two. But a politically palatable solution has been elusive.

Congressional Democrats have proposed higher taxes on the wealthy to support Social Security. Congressional Republicans have balked at that, instead calling for reducing the benefit formula and raising the retirement age for younger workers.

They're not going to be able to kick this particular can down the road much longer.

I've seen projections saying we can make SS solvent for a few more decades without cutting benefits by eliminating the income cap on the Social Security tax (meaning high income people would have to pay in more), but that wouldn't fix things forever.
"It is possible to commit no mistakes and still lose. That is not a weakness. That is life."
UnsteadyOwl posted...
I've seen projections saying we can make SS solvent for a few more decades without cutting benefits by eliminating the income cap on the Social Security tax


even if it's just a band-aid it'll do.

it's a shame that republican congressman don't want a reasonable fix (they have no problems wanting to gut things).
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If Trump wins, that shit is gone
"We would have no NBA possibly if they got rid of all the flopping." ~ Dwyane Wade
They could take money from the defense buget but that wont happen
She/Her
She rings like a bell through the night
They need to either fix it or make me stop paying for fucking boomers retirement
There is no good. There is no evil. There just is.
HighSeraph posted...
They could take money from the defense buget but that wont happen
They'll have to figure out something. Cutting Social Security would piss off every retiree in the country and one thing you can count on in politics is that old people vote.
"It is possible to commit no mistakes and still lose. That is not a weakness. That is life."
try not capping social security wages at fucking $160k
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DarthAragorn posted...
try not capping social security wages at fucking $160k

Republicans would rather cut benefits or raise the retirement age than raise taxes on the wealthy.
Then why do they still keep taking my money every paycheck.
Bees
DarthAragorn posted...
try not capping social security wages at fucking $160k
Yup, this is the stupidest thing ever.
Many Bothans died to bring you this post.
Vote Democrat or expect social security to be dead in 5 years.
lolAmerica
ClayGuida posted...
Vote Democrat or expect social security to be dead in 5 years.

I don't know, they just haven't won me.over enough to vote.
Rage is a hell of an anesthetic.
SS as is should never have been a thing frankly. Everyone should have just had their own personal retirement accounts they couldnt touch until retirement age.

This program wasnt ever designed to last, and coincidentally will likely be drained by the time all the boomers are dead also.
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Prismsblade posted...
SS as is should never have been a thing frankly. Everyone should have just had their own personal retirement accounts they couldnt touch until retirement age.

This program wasnt ever designed to last, and coincidentally will likely be drained by the time all the boomers are dead also.
that would be a great idea if people actually did that and also people could actually afford to do that
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Ponzi scheme is unsustainable?

*shocked Pikachu face*
Dark89
Literally just remove the cap on taxable social security earnings.
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this and many more social issues could be easily resolved if we could just get lawmakers to close the loopholes that allow the mega-rich and large corporations to pay literally $0 in federal income tax despite making billions of dollars in profits every year
It don't matter. None of this matters.
he/him
Prismsblade posted...
SS as is should never have been a thing frankly. Everyone should have just had their own personal retirement accounts they couldnt touch until retirement age.

This program wasnt ever designed to last, and coincidentally will likely be drained by the time all the boomers are dead also.
Yes it was designed to last.

no damn politician can ever scrap my social security program.

A literal quote from FDR about it.
lolAmerica
How many times do rich people have to screw everyone else over before the blame starts being directed at them?
--I understand your opinion. I just don't care about it. ~Jedah--
Good thing I plan on being dead long before I can reach retirement age
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nocturnal_traveler posted...
How many times do rich people have to screw everyone else over before the blame starts being directed at them?
Ask the French.
lolAmerica
ClayGuida posted...
Yes it was designed to last.
So they said, but here we are.

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Prismsblade posted...
So they said, but here we are.
It's not dead.
lolAmerica
It's literally a Ponzi scheme that boomers decided to force younger generations to fund, and not only should it be shut down but those who have claimed it should be forced to pay back with interest what they've taken.

(To be clear I am talking about old people who just decided they want to make someone else pay for their retirement; this does not extend to people claiming it due to disability or other legitimate reasons, old or otherwise.)
I fought the Trumble and the Trumble won.
ClayGuida posted...
Ask the French.
Ahhhhhhhhhhhh the French.
Why be stupid? Does it make you happy to be stupid?
I wish I could have simply opted out of it when I started working. Ive planned my entire life that it wouldnt be there for me and have invested in retirement on my own. Im 48 and have been paying into it over 30 years. Right when I get near the end of working that shit will get cut. It annoys me I have to pay into it.
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This shit is inexcusable. If you need money to pay for other programs or divisions of the government, raise taxes. Dont keep dipping into the cookie jar until its empty.
Live action Hungry Hungry Hippos though, now that was a sport. ~Aeon Azuran
Remove the cap on SS taxable income and we'll never have to worry about it ever again
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The_Popo posted...
This shit is inexcusable. If you need money to pay for other programs or divisions of the government, raise taxes. Dont keep dipping into the cookie jar until its empty.
The program itself isn't sustainable. Nobody was taking money away from social security, it's just that the demographics and math from when the program was set up close to a century ago don't work today.

Garioshi posted...
Remove the cap on SS taxable income and we'll never have to worry about it ever again
Only buys ~25 years and we're back in the same situation again.
BlueKat posted...
They need to either fix it or make me stop paying for fucking boomers retirement

The best part is when they work "just enough" to still get it, and tie up jobs for younger people, while being on light duty.
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Hospy posted...
The program itself isn't sustainable. Nobody was taking money away from social security, it's just that the demographics and math from when the program was set up close to a century ago don't work today.
Way to buy into Republican propaganda.
Heineken14 posted...
I don't know, they just haven't won me.over enough to vote.
Right? I need to be inspired or electrified if you want me to get off my ass and do the bare minimum.
Taxes, death, and trouble.
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The_Popo posted...
This shit is inexcusable. If you need money to pay for other programs or divisions of the government, raise taxes. Dont keep dipping into the cookie jar until its empty.
Raising taxes won't work for anything until the loopholes for the rich are closed.
--I understand your opinion. I just don't care about it. ~Jedah--
Boomers! Let those immigrants in and give them work permits.

They will prop up up the social security system during your retirement.

If you are on social security, then you benefit.
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ablegator posted...
Ahhhhhhhhhhhh the French.
https://www.youtube.com/watch?v=Nvxwf1jxdaM
http://i.imgur.com/6VeX04D.jpg
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archizzy posted...
I wish I could have simply opted out of it when I started working. Ive planned my entire life that it wouldnt be there for me and have invested in retirement on my own. Im 48 and have been paying into it over 30 years. Right when I get near the end of working that shit will get cut. It annoys me I have to pay into it.

I'm the same, I look back on all the SS I paid in and think how much MORE money I'd have been able to invest with, if I didn't have to pay into that shit
Republicans would rather let social security die, than agree to any logical solutions. All the ways this could be fixed will be called Socialism by the Republicans
Zikten posted...
Republicans would rather let social security die, than agree to any logical solutions. All the ways this could be fixed will be called Socialism by the Republicans
The solution really is vote out as many Republicans as possible for the rest of this decade. Don't let them have enough power in government to hinder efforts to fix Social Security. They won't cut benefits themselves because they know that would get them voted out in the very next election. But they absolutely would be willing to stall long enough that automatic cuts kick in because that's easier to blame on the Democrats.
"It is possible to commit no mistakes and still lose. That is not a weakness. That is life."
kinetika_ posted...
I'm the same, I look back on all the SS I paid in and think how much MORE money I'd have been able to invest with, if I didn't have to pay into that shit

If SS is intended to be a safety net, it does not make sense to transfer risk to those who are least qualified to assess the risk. You'd have people losing their savings in beanie baby futures, and then we'd have to pay more welfare to keep them from littering the streets.
UnsteadyOwl posted...
I've seen projections saying we can make SS solvent for a few more decades without cutting benefits by eliminating the income cap on the Social Security tax (meaning high income people would have to pay in more), but that wouldn't fix things forever.

Granted a lot has changed in a decade, but I remember people like Bernie Sanders and Thom Hartmann (probably on Thom's show, no less) say that removing the income cap would make SS indefinitely solvent...?
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Subject-verb agreement. -- t3h 0n3
kinetika_ posted...
I'm the same, I look back on all the SS I paid in and think how much MORE money I'd have been able to invest with, if I didn't have to pay into that shit

Don't lie to yourself (and us). You would have made such shitty market decisions, you would have lost your shirt in '08 alone.

Day trader mythology.

tankboy posted...
If SS is intended to be a safety net, it does not make sense to transfer risk to those who are least qualified to assess the risk. You'd have people losing their savings in beanie baby futures, and then we'd have to pay more welfare to keep them from littering the streets.

Yes. This. You got to it first.
What has books ever teached us? -- Captain Afrohead
Subject-verb agreement. -- t3h 0n3
Ill never understand why social security is a hot button issue with politicians. Its literally our retirement income for when we get old and cant work anymore. Healthcare only gets more expensive as we get older too. They gotta realize the end result is majority of America going homeless without it.
Sig
Social Security was created because the elderly didn't have money for retirement, and many died because of that.
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Trumble posted...
It's literally a Ponzi scheme that boomers decided to force younger generations to fund, and not only should it be shut down but those who have claimed it should be forced to pay back with interest what they've taken.

Social Security started 15 years before most Boomers were born, so I don't know what you mean.

SS started in a time where men would retire at 55 and the average life expectancy was 58.

So the plan to pay into SS for 30 years, and pull from it for 3-5 years.

Now people are retiring at 65 and living to be 78-85.

So it has nothing to do with "boomers forcing younger generations to foot the bill", it has everything to do with more people pulling from it (and for a longer time) than they ever expected at one time.
It takes zero effort to be a good person.
There's clearly a formula you can make that makes it self sufficient.

With the birth rates dropping, that certainly helps in the long run too.
lolAmerica
ClayGuida posted...
There's clearly a formula you can make that makes it self sufficient.

With the birth rates dropping, that certainly helps in the long run too.

I was thinking the same.

If it can last through the decade, A LOT of the people pulling from it will be gone, and it MIGHT have a chance to replenish itself before GenX starts pulling from it en masse .

It takes zero effort to be a good person.
DnDer posted...
Don't lie to yourself (and us). You would have made such shitty market decisions, you would have lost your shirt in '08 alone.

Day trader mythology.

Yes. This. You got to it first.

He didn't say anything about day trading lol, maybe he knows better to mostly invest in ETFs.
(... D-Do I really inspire this sort of frothing desire from the female masses?)
Dont worry they will wait until the last minute to do anything about it and then use it as a political bludgeon like every other aspect of American life
Quit Crying
ClayGuida posted...
With the birth rates dropping, that certainly helps in the long run too.


That means less people paying into the system when Milennials are getting to retirement years.
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Current Events » Clock is ticking to fix Social Security; Retirees face automatic cut in 9 years
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