When social security was first implemented in the 1930’s, America was a very different country. Especially in regards to demographics. The average life expectancy was roughly 18 years younger than it is now, and birth rates were a bit higher than they are now. By the 1950’s, the fertility rate was twice as high as it is in the 21st century.
In other words, for the first few decades, social security seemed very sustainable. Most people would only live long enough to benefit from it for a few years, and there was an abundance of young workers who could pay into the system. Those days are long gone. As birth rates plummet and people live longer, (which otherwise should be considered a positive development) social security’s future is looking more and more bleak.
No matter how you slice it, it doesn’t seem possible to keep social security funded. In fact, social security is going to start paying out more money than it receives in just a few short years. It may even be insolvent before the baby boomer generation dies off.
According to the Social Security Board of Trustees, the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds will be depleted in 2034.
When this happens, only 77 percent of benefits will be payable. That estimate is no change from last year’s estimate.
In addition, the Disability Insurance trust fund will be depleted in 2028, which is an improvement from last year’s estimate of 2023. Once that fund is depleted, 93 percent of benefits will be paid.
Right now, Social Security continues to take in through revenue more than it pays it through benefits, which is expected to continue until 2022. Once Social Security begins to pay out more than it takes in, it will be forced to liquidate the assets held by the trust funds.
In 2016, Social Security generated $957 billion in income. It only paid out $922 billion including $911 billion in benefits to 61 million beneficiaries.
But the solutions that have been proposed for this problem don’t hold much promise. For instance, we know that simply raising taxes won’t work.
But increasing the payroll tax is not a good long-term solution to fixing Social Security. For example a higher payroll tax would have negative economic effects. In addition, it’s not even clear that raising the payroll tax would even generate enough revenue.
“Some claim that the solution to preserving Social Security is to raise more taxes, but history shows that doesn’t work,” said David Barnes who is the director of policy engagement for Generation Opportunity in a statement to the Washington Free Beacon. “In fact, since Social Security was created, payroll taxes have been raised more than 20 times. Twenty times! Yet, the program is still headed towards insolvency.”
This is one reason why so many Western countries, almost all of which are suffering from declining birth rates, have been so eager to open their borders to more immigrants. They’re trying to bring in as many young workers as they can.
But that’s not going to work either. Forget about the high crime rates, terrorist attacks, and social disintegration that Europe is facing now after bringing in millions of immigrants. Even if those problems didn’t exist, immigration isn’t the solution. The West has had wide open borders for decades, and it hasn’t made a dent in the liabilities faced by social security programs (perhaps these immigrants aren’t paying as many taxes as these governments had hoped).
We could let younger generations opt out of social security to stave off future obligations, but that wouldn’t help fund the current generation of retirees. Social security is already on the path to being underfunded for them, and letting young people opt out would obviously make things worst for current retirees.
There isn’t really any viable solution for paying off the future liabilities of social security, aside from cutting the benefits or increasing the retirement age. Otherwise it’s going to run out of money eventually, which is the same story with private and public pensions. We are all paying for our retirements in one form or another, but few of us living right now are going to fully benefit from it.
Related:
Pensions Will Be Wiped Out In America: “Perfectly Primed For The Greatest Financial Disaster”
Why Social Security Is Doomed: “Birthrate At Lowest On Record”… And The Future Is Unfunded
FEMA AND THE CABAL READY FOR MILITARY ACTION ON AMERICANS.
MAJOR MEGA ALERT MAC, YOU NEED TO POST THIS, THE INFO IS VERY, VERY, EXTREMLY BAD, BAD, BAD.
https://www.youtube.com/watch?v=8pjWBu0CDQk&feature=youtu.be
Sorry trolls, your too late. I am almost certain Mack will post this.
HCKS.
You remain one of the single most uneducated and unsophisticated people anywhere in cyberspace.
HCKS,
you would make a great Jehovah’s Witness.
All that excess money SS has received for decades should more than make up for taking in less than it receives for decades at the least.
Whatever drugs you are on I want some.
What excess? In a couple of years, I will have drawn out every penny I paid into social security.
There will always be plenty of money.
They will just raise the SS tax even higher.
You don’t have to raise the tax. SS is currently capped at $118,000 just lift the cap to $500,000 SS will be solvent for the next 100Years.
If you are accounting for monies from deceased…that is used for SSI..you know–another bucket with a huge hole in it.
What I really don’t get is for any American to embrace a socialist system such as ‘Social’ Security and still consider themself free…… is ludicrous. What part of the Constitution calls for the government to be responsible for a pension program? Or health? Or education? Social Security is the exception, huh? Well, so is Obamacare. So is Common Core. Don’t people understand that once that salesman gets his foot in the door, your home is open to any damned thing that he can convince you is ‘good for you’? FDR was using a crisis to insert a program that never could work. A gigantic Ponzi scheme. And before anyone says it “no, you do not deserve now or ever to take out more than you put in”. The funds were never – ever – invested to grow. They do not exist. To take money selfishly for your own senior years is to steal from the youth, further prohibiting them from being able to use those same monies to invest in themselves. It’s all b.s. Want to be considered a true patriot? Don’t steal.
Eat the young.
Fuckers refuse to get a goddamned job anyway.
The seniors stole SS from us when we were younger, I’m for getting payback recovery. The rest I am working into my 70’s to save money so I won’t need SS in 6 years.
Also Obamacare stole a half billion from Medicare I paid in for 45 years to pay for this stupid program in subsidies for non-retirees and now that money is gone on a failed program…I want my money back that they stole from me.
There’s just one problem with that. LBJ spent all that money on the welfare state and replaced it with an IOU. Those IOUs are now coming due.
ALERT, ALERT, ALERT, ALERT
https://www.youtube.com/watch?v=8pjWBu0CDQk&feature=youtu.be
MAC, MAJOR ALERT, WE NEED TO POST THIS.
The trolls are not going to like this. Sorry DMONIC, AND OTHER TROLLS. your too late.
HCKS.
Thanks for sharing
It is never too late to troll you HCKS!
You make it soooooo easy, too.
Means test for benefits. All the ‘gubmint’ haters shouldn’t be taking benefits on principle anyway.
gubmint’ haters shouldn’t be taking benefits on principle anyway.
I disagree with that statement. I want my money back.
But yes, a means test will be coming and if you saved for retirement, or you own your home, or you have a pension….. you won’t get anything.
I don’t think I approve of means testing. Ive saved did without and have acquired assets. So means testing will punish me for doing the correct things? That’s a crock of shit. I don’t care if they cut off my check as long as they cut off everyone elses checks also. Drawing the Ponzi Check allows me to not spend and add a small amount to my savings I use that money for seed money.
As if you were going to anyway?
JIHADIST SAMOLI COP MURDERS ATTRACTIVE WHITE WOMAN IN COLD BLOOD.
She called the cops for help, they send a muslim cop, who then kills the woman on site.
https://www.infowars.com/cbs-pushes-gun-control-after-somali-cop-shoots-white-lady/
HCKS.
You are about two days too late with that post.
Old news now.
At least this post of his is true and wasn’t bullshit like all the rest.
Well if they had not spent the money they took from me for 50 years and spent it on everything that came down the pike then the money would be there. It really makes me mad when people refer to Social Security as an entitlement. I paid in all these years so it’s not like I am asking for something for nothing. Think of all the money retirees would have if they had invested that money instead of thrown it away.
NPR, SS is just a Ponzi scheme we were all forced into. And I’m sure all the SS taxes I’ve paid have gone to freeloaders. It’s not goin to be there for me anyway.
Ponzi is who FDR got the idea from.
Yes, you are asking for something for nothing if you live more than a few years.
I checked my social security statement to see how much I have paid in over my entire working life. When you divide that amount by my monthly check, it only comes to a little over three years. That’s all. And we know that interest rates have been next to nothing for years.
If I had invested “all” that money I paid in, I might, just might, have around $50,000 now. How long do you think that would last?
ht tps://www.ssa.gov/planners/benefitcalculators.html
There is a “Life Expectancy” calculator on the social security web site.
That is f-ed up
https://www.infowars.com/cbs-pushes-gun-control-after-somali-cop-shoots-white-lady/
Its shit like this that make my blood boil, when they have hired jihadist cops in uniform with the name mohammed. I have to hand to the cabalist regime, you sons of bitches are really testing the American resolve.
Yes guys, its getting close. And if you see my link on the other post, you know now for a fact, that they are discussing how to dispose of our bodies, but to freeze us in the walking freezers at the walmarts, and the caskets are there to bury our asses. But you cabalist fucks must not know the amount of fucking .223/5.56/308 and 270 and other shit what will be going inside your fucking soldiers. Good luck blue helmets when you come to Texas. We will be waiting.
HCKS.
You’d be the very first one I’d slap silly in the fake tough guy province of Texas.
If Mohamed Noor hadn’t had a gun he couldn’t have shot her.
I take it you’ve never actually faced the things soldiers have available to return fire. Things like, say, a mortar?
Mac
The correct preposition is “in regard to”
not “in regards to”
Eisenkreutz — the grammar nazi
I’ve known since the early 90s that, one way or another, SS won’t be around for me when I reach ‘retirement’ age, so I decided to just keep working til’ I drop. Unless someone is independently wealthy, forget about retirement. It’s turned into a nightmare for too many ‘boomers’.
BABY BOOMER LOGIC:
50% OF MALE IMMIGRANTS AND 70% OF FEMALE IMMIGRANTS GO ON WELFARE
BUT IMMIGRANTS ARE GOING TO SOLVE OUR FISCAL PROBLEMS
HOW MANY FUCKING TIMES DO WE HAVE TO SEE THAT SOCIALISM DOESNT FUCKING WORK?????????????????
Eisen; when people pull their heads out of the sand they will see it but it might take several years…may well be too late.
32 times, then they switch to communism.
The longer lifespans meant longer payout periods. Increasing the retirement age was the intelligent move but was politically unfeasible. It is no wonder that so many young people don’t believe Social Security will be there for them!
If the social security fund will be depleted in 2034 how can 77% still be paid out? Fuzzy math. The criminals in D.C. have been gearing up to cut benefits post 9-11, Paul Ryan carrying the attack for the past decade. Privitize so the giant sucking black hole of Wall Street can steal it away because only they know how to manage anything to do with money, pure BS. Cost of living adjustments are rigged to steal from retirees, in fact if those COLAs reflected the actual cost of living the payouts would be double presently. Fair solutions are to raise taxes on the wealthiest which should include a means test to even collect a dime; cut defense spending by 80% to clear out the waste and outright theft of taxpayer dollars. Fat chance I know, that will never happen. One term for all politicians who now are entrenched after that one term and spending the majority of time calling for funds to be re-elected, ditto fat chance. Expand social security seems a no brainer to me, that money will be spent to improve the overall economy and to maintain a better standard of living that has fallen drastically with current attempts to make retirement stability an idea whose time has passed. Of the the rich, by the rich and for the rich. Otherwise just die.
So the .gov steals your ponzi currency unit debt coupons, socializes it through another ponzi, and your argument is, “yea, raise taxes on the 1%”?????
Maduro would be proud, if he was able to show his face to the masses eating zebras & giraffes while the last faint signs of productive economic activity are Molotov’d away.
Three pillars of communism do not make a republic…. What is wrong with you people, stop voting, turn off the TV, and pick up a pocket constitution. Call me when you’re ready for 1776 again.
Well, i better get on with being rich. Not everybody can be a poor loser.
The fund will be depleted, but there will still be current contributions by workers.
Privitize so the giant sucking black hole of Wall Street can steal it away…
… and be scapegoated for it, you forgot that part.
HEY GUYS it wasn’t OUR FAULT! It was those greedy… banker… whatever the fuck. Arrest two of them. YAY SEE WE CARE!
If so this means I will get 5 more years of money from the FED. I only paid in for 40 years. Then I go on State Aid. LOL
Sgt.
I can tell buy the Sgt. in your name that you are white, so no state aid for you!!!!!
Allen Greenspan assured Congress it would be no problem paying benefits…..he did add that purchasing power was not guaranteed.
They will pay SS benefits as long as they can print/digitize money….to not do so would expose the game for all to see. So don’t worry about your check….worry instead what it will buy.
That is the best comment yet.
I have been saying this since 2012. The establishment politicians have been wanting amnesty for awhile because of the Ponzi scheme that Social Security has become. I have used this formula to explain to any who will listen:
Baby Boomers – Roe v. Wade = Amnesty
Between Jan 1, 1973 to Dec 31, 1996 (I use these years because these were eliminated from the future work force) there has been 36 million abortions. The politicians want to give amnesty to 20 million, why, because said ponzi scheme above.
The word you need to learn is Exponential, the math don’t lie.
the 36 million were just blacks anyway.
I paid into food stamps,HUD,Medicaid,SNAP,EBT all my life and they better give it to me when I retire. It’s not my fault they wasted it.
“Better”?
What are you gonna do, Geritol them to death?
You have to admit they picked an excellent class of victim, didn’t they? Now just make all the kiddies hate you and your generation.
THAT WAS EASY.
“If the social security fund will be depleted in 2034 how can 77% still be paid out?”
I think that in 2034 there will still be people working and paying FICA tax. The SS system will still have income from that source.
<bb
Well, if we can’t steal from our children and grandchildren, can’t we at least try stealing from our GREAT grandchildren then? No? Any Martians or Venusians all the free lunchers might be able to steal from? It CERTAINLY wouldn’t do to actually have people earn their keep and keep working until their late 60s now, would it.
The government will just print more money and what you get will buy less.
Social security ought to be abolished. It is just a Ponzi scheme.
As I stated in my other post on this thread, both SS and Medicare are going to be privatized. After all is said and done I suspect it will likely be the same thing as abolished.
No one has suggested a fix for the SS problem for the general population. This is because if you can’t identify the problem you can’t fix it. The problem everyone wants to dance around is that SS is run by the government. Anything the Federal government does is crap! It is crap because they are ruled by politics and not by the “mission”.
We shouldn’t have old people living on dog food, freezing to death in crappy apartments, dying off, because they can’t afford their diabetic supplies. That is for Welfare and private charities, to address, not the Federal government. Democrats and our government strangle a person’s dignity, because they can’t stand liberty, self reliance, and personal responsibility.
I’ll be 79 when they cut my SS. I’ve got it worked out on a spreadsheet to maximize, SS income and minimize Federal taxes.
It is pretty bad when I have to make life decisions on the basis of how to screw over the government, instead of what is best for me and my family.
Social security needs to be immediately cancelled and the monies saved should be used to pay for tax relief for the high earners who build America.
Obama instituted the payroll tax holiday. That measure cut the witholdings for social security by 1/2. And that caused the Social Security Ponzi Scheme to fall into the Red. In 66 and am now drawing. The money I paid in wasn’t invested it was paid out to my parents generation. The money they paid in was paid outto their parents. There never was a so called lock box or special account. And most receive every penny that they paid in within 5 years. And the lions share if that money hadn’t been withheld from their checks wouldn’t have done anything positive like saving or investing with it. We always saved 10%of every dollar. I could do ok without the Ponzi scheme check. However today is the third Tuesday and the eagle shits the Ponzi check at midnite.
Just because you retire and go on social security, if you are over 65 you can make as much money as you like, and it won’t effect your check.
Margarit Mitchell wrote “Gone With The Wind” when she was in her sixties.
If you push yourself to stay fit by sprinting or walking and doing weights, you can beat many illnesses associated with aging.
I want to make a fortune, or at least, die trying.
__
That is incorrect, you can only make around $11,000, you have to be age 70 to be exempt from the earning penalty.
Not true. You get taxed once you reach the maximum allowed ,,, look it up.
Yes when your 66 you can earn up to $44000 dollars per year before it effect’s your Ponzi check. I stay active and keep my weight at a reasonable amount. I will harvest and sell some timber this fall and spend the winter cleaning up the tops & cutting them for fire wood. I do a lot of walking hunting also.
Obummer’s answer to social security was to have the IRS decide what patients would be worthy of healing. That’s why the IRS was to be involved with Obamacare. In the Libturds minds – “OLD PEOPLE PROBLEM SOLVED.” So the govt. forced people to pay into SS for a lifetime and now they want to renege on paying the promised retirement check.
Wife and I just started collecting our Social Security after 30 years of working and have part time jobs to supplement. But Trump’s guy, Steve Mnuchin (Treasury) wants to privatize social security and medicare too.
Thing that scares me about him is that I remember many years ago him making comments about retired people being needy if they have to depend on SS monthly check to supplement and can’t just live off of their retirement and pension. He was making insensitive remarks about the elderly. This was years ago, at the time I didn’t know who the hell he was. He said if they didn’t create and build up their wealth that’s their problem. He’s worth $300 million, btw.
Anyway Mnuchin wants to privatize both SS and Medicare which I am opposed to. I know some think that’s a good thing but we’ve looked into it and the cons outweigh the pros. If it’s privatized you can bet it will dry up. Because they will have raided it.
Why would you think bringing in illegal aliens would help fill the donut hole in the welfare budget? They’re TAX EATERS, not TAX PAYERS.
At this point, I assume all liberals are attempting to wreck the US by any means necessary, because the math never works with their plans. Want a welfare state? OK, but how do you “cure” poverty when you keep flooding the nation with penniless chumps from the 3rd world?
“it will be forced to liquidate the assets held by the trust funds.” Well, that is what the trust funds are for. The govt. has raided social security for decades. One of the best examples was Obama grabbing $6 billion to start up obamacare. Just repay all that has been raided WITH INTEREST and social security will be fine! So many articles stating that the seniors will be sucking off the younger folks are making a rift in relations between the generations.
There are millions of us who have had a SSAN and medicare deduction taken from every paycheck we have ever received. As I see, it, there are three options: makes the system work, refund every penny plus interest, pitchforks and torches. Fr you children’s sale, the system better work or there will be millions of pissed of oldersters with nothing to lose and thereby no constraints on their actions. I am one of those oldsters and am preparing for option three.
Im aware that the government cannot give to someone without taking from someone else. And that after I quickly receive every penny that was taken from my earnings then I do become a thieving parasite. and Its my children and grandchildren who are or will be robbed. So My plan is to use that undeservrd money to help my family. Ive already deeded my grown children paid for land. and have deeded my grandchildren land that I still have a life estate in. And I made those deeds separate. Each grandchild owns a certain parcel of land with defined boundrys. When I die its 100% theirs fee simple ownership. And I really hope to be able to deed them that Life estate long before I die. One of our children was out of a job. I could have loaned or given them money. But I simply hired them to come and work for me. I paid a fair wage. However I had them work right along side of me and they thought dad worked them harder than they liked. So they quickly found a different employer.
In re ssi 5 years, thats a load of crap that we who are already below poverty level should suffer.. All those that just got arrested for illegal ssi claims, and the illegals that have gotten sis/welfare without paying in, and all the medical people who charged billions of dollars in bogus medicaid/Medicare claims is Crap. I make 750 a month, I have a friend who gets 3000 in a pension and 1700 ssi. And you tell me there is no more in 5 years.. where’s the justice in that. His ssi could be given to 2 people like me that needs it. Ssi was set up for people who needed it, if you get a pension like that you shouldn’t have gotten it. Ssi was not set up for that. Don’t tell me I might lose my home and not eat, because our govt dipped their hands in and gave our money away for free to non citizens who never paid in a dime.
Where’s all the money from people who paid in like my Dad who died before they could collect??
Logan’s Run, baby!
The punch line? The old folks died in a pile of their own incontinent feces on the surface.
Well shit.
Old Guy:
Great Post !!
Bravo !
_ ?
The federal government told people that in exchange for their SS & medicare “contributions”, the federal government would give them a retirement income and pay their medical bills. People paid in b/c they were forced to pay in. They didn’t make other arrangements for their old age.
So now, it would be wicked and immoral for the federal government to pull the rug out from people whom the federal government turned into helpless dependents.
So, the federal government has to find a way to keep its promises to these people. Perhaps sell federal lands and use the proceeds.
Perhaps begin by removing all younger workers from the system, allowing older workers nearing retirement either to drop out or to remain in the system (with appropriate adjustments to any benefits to be paid), and paying off already retired workers, and those few who then retire while in the system, out of general tax revenues, until the pool of individuals remaining in the system diminished to zero by natural attrition.
Ah, but we know the reason this won’t happen don’t we. The Social Security paid to those receiving it is but a drop in the bucket, compared to the Federal agencies funded from this pool.
Excessive Taxation is the cause of low birth rates.
It’s a first world phenomenon.
It’s the excuse your leaders are using to import the people
To displace/replace you and yours.