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.
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
They could take money from the defense buget but that wont happenThey'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.
try not capping social security wages at fucking $160k
try not capping social security wages at fucking $160kYup, this is the stupidest thing ever.
Vote Democrat or expect social security to be dead in 5 years.
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.that would be a great idea if people actually did that and also people could actually afford to do that
This program wasnt ever designed to last, and coincidentally will likely be drained by the time all the boomers are dead also.
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.Yes it was designed to last.
This program wasnt ever designed to last, and coincidentally will likely be drained by the time all the boomers are dead also.
no damn politician can ever scrap my social security program.
How many times do rich people have to screw everyone else over before the blame starts being directed at them?Ask the French.
Yes it was designed to last.So they said, but here we are.
So they said, but here we are.It's not dead.
Ask the French.Ahhhhhhhhhhhh the French.
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.
Remove the cap on SS taxable income and we'll never have to worry about it ever againOnly buys ~25 years and we're back in the same situation again.
They need to either fix it or make me stop paying for fucking boomers retirement
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.
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.
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.
Ahhhhhhhhhhhh the French.https://www.youtube.com/watch?v=Nvxwf1jxdaM
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.
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 RepublicansThe 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.
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
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.
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.
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.
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.
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.
With the birth rates dropping, that certainly helps in the long run too.