With only 15 years until social security runs out of money, the solution to this failure is being ignored. When the benefits do get cut, they will drop by 25% around 2034 when there are too many people using the government Ponzi scheme and not enough paying into it, or taxes will be increased.
While writing for Market Watch Brent Arends said this is “the wall” Americans should be concerned about. It’s another, much bigger wall than the one under debate at the Southern border. One that few people are talking about. According to the Federal Reserve’s data, at most one-quarter of people who are currently nearing retirement are going to be able to shrug off any cuts at all in Social Security. Actually, it’s probably considerably less than one quarter. The rest are going to be in some real financial trouble. Most have no passive income and next to nothing in private retirement plans. Far too many have hung their future on a Ponzi scheme.
The Fed looked at the balance sheets of those currently in their 50s who are nearing retirement. For the middle 50% of income earners, Social Security accounts for somewhere between 47% and 64% of their total retirement wealth. For those in the bottom 25%, it’s nearly all of it. They hold, on average, just $28,000 in private retirement plans. Even the figures at the top are not nearly as good as one would think. The top 25% of earners might look all right, but they are “averaged” in the Fed data, so they include billionaires as well.
No one knows if the government will demand higher taxes (more income theft) so the workers can pay for the Ponzi scheme, or if massive cuts to the program will be made. Unfortunately, no one is talking about the one solution that won’t cost anyone anything they don’t want to pay. A completely voluntary system not run on force and theft: privatizing social security.
Social Security now has a $32 trillion shortfall. Imagine being taxed enough (stolen from) to cover that! Not many want a solution because a free market solution would actually solve the problem proving the government’s incompetence and push it further toward being obsolete.
https://www.shtfplan.com/headline-news/the-shutdown-is-providing-evidence-of-private-businesses-making-government-obsolete_01102019
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Okay, dittoheads….this is your hero Ronny Raygun’s territory. He was supposed to have fixed the “boomer hump” by his payroll tax increase in the mid eighties with the Social Security Reform Act of 1983. What? It dint work?
I think it mebbe will work. Looking out to 2034, like the study shows, the surplus will be used up. But most of the boomers will be dead around that time and the system will be over the hump caused by the post WWII baby boom. It will revert back to what it always was…a pay as you go Ponzi scheme where the young work to pay for the old. Just like I did for my pappy and dad, so will the millenials, et al, do for their elders. There was no trust fund with gobs of surplus like some fully funded defined pension fund. It has always been a Ponzi scheme (government sanctioned of course) and not a pension fund. It is a socialist program for the Big Old People corporate slice of the economy.
Not get back to work, sonny…
Come to think of it, maybe this is why the payroll tax cut trial balloon is being floated by the Trump administration. Since the hump has been paid for by higher payroll taxes since 1983, it should then revert back to a lower rate like before then and continue on as the Ponzi we all love. What’s not to like? It’s the greatest Ponzi evah! MAGA!
I beg to differ. The Fed Reserve and fractional reserve banking are the biggest ponzi schemes lol.
Truth is Clinton robbed it blind just so he could say he “balanced the budget”. How come social security is going broke but you never hear that about the welfare system?
Social security is a big interest to me.
I’m old enough to start getting back the money I paid in over
nearly 40 years total.
I’m well enough off from my pensions to wait till age 66 and 1/2
to collect social security. But Democrat engineered inflation is eating away at that pension income. SS will compensate for that till my end days.
I retired at age 55. But I expect my due and Democrats that have robbed me for years WILL pay up! I really don’t care if their kids live in their basements and have to ride bikes to work.
I don’t care if they can’t afford to have kids. I have no compassion for Democrats and their families. I suffered for years paying their debts, sacrificing, and doing without to support their lazy asses, I will get my due! It is their law, their rules and I will stick it up their a$$es.
Sounds selfish, but Democrats have destroyed the America I grew up in and I really don’t care if they survive. I got mine.
Y’all figure out how to get “yours”, in your brave new world.
I don’t care about the people “killing” me and my kind of culture.
Eff them! Work them into the dirt! Tax them whatever is needed. Bleed them.
They vote for such treatment. Make it so.
Rellic
Check this article out,
civilbeat.org/2017/01/hawaii-pension-fund-shortfall-hits-12-billion/
State of hawaii employee pension fund unfunded liability as of 2018 i believe
Will make ya even more warm n fuzzy towards democrat turds
Nail,
My pensions are not Hawaiian state based and are very well funded. Some years more than 100%. Absent a War I’ll have an income. I made an earlier comment about my intended crop to be planted, did you see it? New crops will be
Garlic, potatoes, watermelon, and beans. Maybe some spinach also. I’m going to breed my Heifer in a month or two when a bull becomes available.
As I write this I was listening to Texas farm futures.
The world will have plenty of food.
@rellik
You might consider Elephant garlic as your choice. It is a leek and close relative of garlic. Many people prefer its milder flavor to regular garlic.
I planted two rows x 200 ft in Fall of 2018 and plan to go with 4 rows this year. My long term plan is 10 rows (I am growing my own seed garlic) which should be sustainable with enough left over to sell to cover my property taxes.
<bb
Ya know, if you grew pot and poppies you could buy another house instead….
right, and have the narcos confiscate it the following year.
So it has more than doubled since i last checked the numbers,,,
No wonder democrats and all polititians want our guns,
This is repeated throughout the country, throughout the feds, etc etc,,,,
They can blow me
Nail and Rellik, all the dems and feds can blow me too. I’ve got enough money stashed away to live on for the next few years although I’m going to work in one of the family businesses starting in October. I’m just taking it all easy for now. I don’t expect to ever receive any SS period. I don’t even expect to live until 2034. I’ve gotten to where I just don’t care anymore. I’m finally where I want to be. I’m not going back to the shithole city no matter what happens. The way I see it civil war 2 is coming within the next 1-2 years and I’m not sure I’ll live all the way through it. If it comes to it I’ll die right here at the cabin defending my home. I’m not giving up anything I have.
“And so it was. The sheep had taxethed thine selves unto death. And there was great wailing and gnashing of teeth. The promise of free shit had evaporated before thine eyes.”
Book of Genius
1:7
Parody, to work for most people, should like most humor have core truth in both its substance and style.
Your King James English “sucketh” and you likely haven’t read the source material for a while 🙂
<bb
Thanks. I’ll take that as a compliment!
“When the benefits do get cut, they will drop by 25% around 2034 when there are too many people using the government Ponzi scheme and not enough paying into it, or taxes will be increased.”
Nope…..You left out the 3rd option….they will print whatever is needed to pay benefits……JUST LIKE THEY ARE DOING NOW, AND HAVE BEEN DOING FOR DECADES.
Taxes are SO 19th century, man…..for decades we’ve been “borrowing” about 1/4 of the federal spending…..literally having the FED create the money when enough buyers couldn’t be found. So CLEARLY if we can create one fourth of the money needed to fund all the stupid crap the govt does, we can create ALL of it…..taxes are just for show…..as if there is some attempt to honestly pay off the debt, when, in fact, it will never ever be paid.
Don’t worry about getting your social security…..you might, however, worry about how little it will buy ! Got gold ?
Obummer put on the so called payroll tax holiday. What it done was reduce by 1/2 the amount of social security deducted from the paychecks. and reduced by 1/2 the amount the employer was required to contribute. and as a result the sysyem for the first time ever ran in the red. More was being paid out than was coming in. I started drawing at 62. pretty soon I will have recouped every penny that I paid in. and in few years after that I will have recouped what my employers paid on my behalf.
Old Guy, I’m old enough now to start collecting SS but I’m just going to leave it alone for the next several years. I inherited enough money from my Dad to live on for the next few years plus I’m going to work in one of the family businesses starting in October so for now I’m on an extended vacation. Even without the SS I’m still living pretty good and still prepping. Yep, the deplorable renegade is doing just fine.
Thanks man! More for me! 😀
Off topic but important. For those posters who live in FL better get your supplies fast if you need any. Tropical Storm Dorian is now a Category 1 hurricane and steadily getting stronger. there are reports of some parts of FL already running out of bottled water and gas. Stores are madhouses and some gas stations already closed after selling completely out of gas. Typical sheeple behavior.
Make a sport out of it … the running of the sheep.
If anyone reading your suggestion has spent any time at all on this site and does NOT already have at least 2 weeks of EVERYTHING on hand at all times, they deserve to get washed out into the sea,
as a public employee, I’ve not paid into SSA for 20 years.
Let it burn.
The answer is simple.. do side work and don’t pay taxes on the money you make because the corrupt government doesn’t deserve to take another dime from you just to squander it like they already do with most of our tax dollars
OK, I’ll beat the dead horse some more…..
Why isn’t welfare or aid to illegals going broke?
Earn too much income after age 62, can’t collect SS until 67. Bummer, but I rather have the big$$ than some pocket change from SS.
Big business is already making a killing off of the hurricane threat. Shoppers with packed over the top shopping carts on tv pushing others to get ready asap. This going on for a week now still not knowing where the storm is headed. Overkill to the max. I’m not sure that the technology doesn’t exist to control these storms for financial gain.