Current Events > What do you believe will realistically be done with social security in the ...

(+) Yeah! (+)

next 10 yrs? iirc it will become insolvent after 10 years if nothing is done.

Shut down ASAP, and the money gets funneled into the GOP's pockets.

SpawnShadow posted...

Shut down ASAP, and the money gets funneled into the GOP's pockets.

no seriously most of you do believe that it will be ended, no right?

Idk......

GranTurismo posted...

no seriously most of you do believe that it will be ended, no right?

Potentially interesting (from a distance naturally).

Donny has shown awareness that his base relies on these payments from time to time (and he does love adulation). Similar situation to the ACA, where the GOP is always at pains to attack it as Obamacare, to the extent most of the base doesn't realise they're the same thing.

Presumably the issue will pit Trump's need for validation from his believers against the demands of his billionaire chums to enrich them further.

The coin's in the air, taking all bets.

Mussurana posted...

Potentially interesting (from a distance naturally).

Donny has shown awareness that his base relies on these payments from time to time (and he does love adulation). Similar situation to the ACA, where the GOP is always at pains to attack it as Obamacare, to the extent most of the base doesn't realise they're the same thing.

Presumably the issue will pit Trump's need for validation from his believers against the demands of his billionaire chums to enrich them further.

The coin's in the air, taking all bets.

interesting you said that. I remember howard stern said like yrs ago i remember , that trump is not suited to running for president or being president cause it is really important to him that people like him and that it kinda bothers him when they don't, adulation

Smartest thing would be praising it out for a better system until before that happens. Sure millennials are going to be screwed over hard as usual but later generations will be thankful.

Sadly what our goverment is going to do is.nothing and SSs life will continue until it eventually goes bankrupt. Chaos erupts, Then in the aftermath is replaced by a better system anyways.

Prismsblade posted...

Smartest thing would be praising it out for a better system until before that happens. Sure millennials are going to be screwed over hard as usual but later generations will be thankful.

Sadly what our goverment is going to do is.nothing and SSs life will continue until it eventually goes bankrupt. Chaos erupts, Then in the aftermath is replaced by a better system anyways.

you are almost certain that nothing will be done in your opinion?

GranTurismo posted...

you are almost certain that nothing will be done in your opinion?

The time to do so would have literally been decades ago. And I dont believe the government werent aware of this inevitability way back then and just kept passing the bag until now.

I worked my butt off to get off Social Security Disability. I am so glad that it existed when I was struggling to find and keep work with my disabilities. Now I am in a better place and don't need it. Others need it and so it deserves to exist.

The thing is, if Social Security becomes insolvent (as is projected in about 10 years) it doesn't just go away. Benefit cuts go into effect automatically. Everyone's benefits will get cut by I think a little over 15%. If the party in power at the time doesn't correct it and fast they can look forward to getting voted out in the next election.

In terms of how to fix it, the only good way is through tax increases. Removing the cap on income subject to Social Security tax is the place to start. That wouldn't fix Social Security forever but it would buy time (I think another couple of decades).

UnsteadyOwl posted...

The thing is, if Social Security becomes insolvent (as is projected in about 10 years) it doesn't just go away. Benefit cuts go into effect automatically. Everyone's benefits will get cut by I think a little over 15%. If the party in power at the time doesn't correct it and fast they can look forward to getting voted out in the next election.

In terms of how to fix it, the only good way is through tax increases. Removing the cap on income subject to Social Security tax is the place to start. That wouldn't fix Social Security forever but it would buy time (I think another couple of decades).

Cap on income for soc sec. Don't know much about it what is the cap now? It would extend the time by decades ? Doesn't sound accurate

GranTurismo posted...

Cap on income for soc sec. Don't know much about it what is the cap now? It would extend the time by decades ? Doesn't sound accurate

Right now the cap is $168,600. Someone who makes less than that pays Social Security tax on all of their income. Someone who makes more than that pays Social Security tax on $168,600 of their income and nothing on the rest of it no matter how much more they make in a year.

Removing the cap would mean the wealthy would pay more into Social Security and the ultra wealthy would pay a lot more into it. That's why it would be enough to buy us another couple of decades, but like I said it doesn't fix it forever.

SpawnShadow posted...

Shut down ASAP, and the money gets funneled into the GOP's pockets.

Money gets funneled. Maybe GOP will keep SSI running to keep funneling.

it will get punted another 10 years down the line

Like with most things, it'll be ignored until the problem is beyond the point of fixing, then Democrats & Republicans will argue over what should be done, with Democrats arguing for something that may seem overly ambitious, while Republicans being overly antagonistic towards any options, while offering no actual viable alternatives. The final result will be some half-assed solution that is objectively inferior to what came before & everything that could have been.

You can be assured that Millennials & the younger Gen Xers will be the highest casualties.

I imagine the most likely scenario will be that people that are a certain age will get to keep Social Security and then it'll get phased out for people younger. I've seen that floated around among Republicans a number of times.

UnsteadyOwl posted...

Right now the cap is $168,600. Someone who makes less than that pays Social Security tax on all of their income. Someone who makes more than that pays Social Security tax on $168,600 of their income and nothing on the rest of it no matter how much more they make in a year.

Removing the cap would mean the wealthy would pay more into Social Security and the ultra wealthy would pay a lot more into it. That's why it would be enough to buy us another couple of decades, but like I said it doesn't fix it forever.

Yup, this is a no brainer to me. It will buy quite a bit of time. Of course the rich hate it, though, so good luck.

UnsteadyOwl posted...

Right now the cap is $168,600. Someone who makes less than that pays Social Security tax on all of their income. Someone who makes more than that pays Social Security tax on $168,600 of their income and nothing on the rest of it no matter how much more they make in a year.

Removing the cap would mean the wealthy would pay more into Social Security and the ultra wealthy would pay a lot more into it. That's why it would be enough to buy us another couple of decades, but like I said it doesn't fix it forever.

Why is that 168 , in place? Cause if you pay a huge amt into it you will only see a fraction , back, if what people who don't pay into as much......?

Replace social security with UBI

GranTurismo posted...

Why is that 168 , in place? Cause if you pay a huge amt into it you will only see a fraction , back, if what people who don't pay into as much......?

Here's a source that explains it.

https://www.investopedia.com/ask/answers/081514/why-there-cap-federal-insurance-contribution-fica-tax.asp

UnsteadyOwl posted...

Here's a source that explains it.

https://www.investopedia.com/ask/answers/081514/why-there-cap-federal-insurance-contribution-fica-tax.asp

Did you read the article? It said a huge argument for the 168, is higher earners usually rely on soc sec. less, later on. Do you believe this?

Do you think it's a problem that the rich would be paying into a safety net that they don't need to make use of themselves?

GranTurismo posted...

Did you read the article? It said a huge argument for the 168, is higher earners usually rely on soc sec. less, later on. Do you believe this?

Do I think Social Security benefits the poor far more than the rich? Yes, I do.

If you're asking whether I think the cap should be eliminated then yes it should be. Generating a lot more tax revenue one way or another is the only way Social Security continues to function without severely cutting benefits.

UnsteadyOwl posted...

Do I think Social Security benefits the poor far more than the rich? Yes, I do.

If you're asking whether I think the cap should be eliminated then yes it should be. Generating a lot more tax revenue one way or another is the only way Social Security continues to function without severely cutting benefits.

Didn't the article kind of imply that the majority of those making over the 168, don't really rely on s.s. Unsure if that is true or not though

Voidgolem posted...

it will get punted another 10 years down the line

It's what I'm expecting. I don't think they have the balls to do anything about it good or bad, so they'll punt and let someone else deal with it. As rotten as they are I think they're still cognizant that a significant portion of their base relies on it and thanks to shit gun laws are armed.

GranTurismo posted...

Didn't the article kind of imply that the majority of those making over the 168, don't really rely on s.s. Unsure if that is true or not though

Why does it matter if rich people benefit from a social safety net or not?

Not a fan of privatizing social security but 401ks have replaced pensions and they should be able to replace social security as well.

For those who depend on SS, they're probably screwed.

I imagine no serious fixes will be implemented and the 15% across the board mandatory cut kicks in.

The only realistic change people talking about, removing the cap on contributions, isnt a long term fix.

Hospy posted...

I imagine no serious fixes will be implemented and the 15% across the board mandatory cut kicks in.

The only realistic change people talking about, removing the cap on contributions, isnt a long term fix.

You sure it isn't? Poster before says it buys, decades

GranTurismo posted...

Didn't the article kind of imply that the majority of those making over the 168, don't really rely on s.s. Unsure if that is true or not though

I already said that's true. What answer are you fishing for?

The way I see it at some point the federal government has to either has to raise taxes on the wealthy to pay for Social Security or allow major benefit cuts.

GranTurismo posted...

You sure it isn't? Poster before says it buys, decades

Yes, but that's all it does. It's not a permanent fix.