outbaksean Posted February 25, 2008 Share Posted February 25, 2008 why is this not a bigger issue? many estimates predict social security will be bankrupt in 2042. I will be 53 then, meaning I won't see any of the money I've been putting into the program. More conservative estimate show social security going bankrupt in 2052. Still wouldn't see a dime:mad:. I give some percent of every paycheck; the government says they'll give it back later, but statistics show they won't be able to. I want to stop giving away my money. It's about time for some serious social security reform, or just cut it altogether. It just isn't right, make it optional or something. I don't understand why more people my age aren't as outraged at this. your thoughts? http://www.whitehouse.gov/news/releases/2005/02/20050204-12.html http://www.palmbeachpost.com/news/content/shared/news/nation/stories/0205_SOCSEC_BANKRUPT.html Link to comment Share on other sites More sharing options...
DGreenistheBest Posted February 25, 2008 Share Posted February 25, 2008 I think it is a pretty big concern for a lot of people, just not as big as other more pressing matters. Humans, and Americans specifically, are creatures of the here-and-now before they are creatures of the big picture. Social security will have it's time on the stage once people are done arguing over health care, the war, immigration, etc. Link to comment Share on other sites More sharing options...
flashback Posted February 25, 2008 Share Posted February 25, 2008 The politician who talks about social security loses the election. So nobody's talking about it. Link to comment Share on other sites More sharing options...
SkinInsite Posted February 25, 2008 Share Posted February 25, 2008 Sucks to be you. Link to comment Share on other sites More sharing options...
gbear Posted February 25, 2008 Share Posted February 25, 2008 SS is a pay as you go system for the U.S. At your age...who knows what the demographics of our population will be at the time you want to start drawing SS. Many of the people paying for your SS checks (if SS is still around) haven't been born yet. I have the unpopular opinion of wanting ever more immigration (legal or other so long as they pay SS). People talk about how bad kicking out illegal imigrants would be for our businesses. I'm in favor of making htem legal in the hopes I get SS at some point. Link to comment Share on other sites More sharing options...
TMK9973 Posted February 25, 2008 Share Posted February 25, 2008 So I agree it needs to be addressed. And it should be a concerned. On the same token - I find it a LITTLE strange that people always say "We won't be able to pay it out". Currently, we spend almost 400 billion more a year then the government takes in. But we are saying that by the time SS runs out of money, THEN The government, for the first time ever, draw a line in the sand and refuse to borrow to pay out? Link to comment Share on other sites More sharing options...
outbaksean Posted February 25, 2008 Author Share Posted February 25, 2008 It seems like in 30 years it will be way to late. Anyway, I want my money now.:excited: Sucks to be you. :doh: The politician who talks about social security loses the election. So nobody's talking about it. The first candidate who offers to put money in my pocket wins my vote. Link to comment Share on other sites More sharing options...
Thiebear Posted February 25, 2008 Share Posted February 25, 2008 As i've said in many a thread: when the baby boomers were active it was 66% providing for the 34% When the baby boomers become inactive (NOW+) it is 34% providing for 66%. This is where the ponzi pyramid scheme fails completely. This is also where countries in europe whose economy is setup the exact same way have massive difficulties and will inform the older people they are doomed for the well being of the country. All WWII baby boomer countries will feel this in the Social Security Administration, Healthcare (signature). This is going to be big. I get the reports that i'm up to like 1900 a month at 62 and 2000+ later.. but i just throw them away. Open the box and see all the IOU's. Link to comment Share on other sites More sharing options...
GibbsFactor Posted February 25, 2008 Share Posted February 25, 2008 So I agree it needs to be addressed. And it should be a concerned.On the same token - I find it a LITTLE strange that people always say "We won't be able to pay it out". Currently, we spend almost 400 billion more a year then the government takes in. But we are saying that by the time SS runs out of money, THEN The government, for the first time ever, draw a line in the sand and refuse to borrow to pay out? Because we've always had a AAA credit rating. We can borrow from everyone. You must not have been paying attention to the talk about the economy over the last 6 months. This is exactly the problem. Our fiat money system is debt based, so we will always be in debt. We will always owe the Federal Reserve. But we borrow from other places as well. What if China one day says they want a full payback and we can't do it? With our current entitlements, including Medicaid, Medicare and Social Security, our debt is $54,000,000,000,000.00. Our economy has to grow in double digits for 70 years to hit that. Social Security is a pyramid scheme, meaning that the workers pay the retirees. When it first started it was a 16 to 1 worker to retiree ratios. Today it's 3 to 1. That's why it's drying up. Link to comment Share on other sites More sharing options...
Mark The Homer Posted February 25, 2008 Share Posted February 25, 2008 So I agree it needs to be addressed. And it should be a concerned.On the same token - I find it a LITTLE strange that people always say "We won't be able to pay it out". Currently, we spend almost 400 billion more a year then the government takes in. But we are saying that by the time SS runs out of money, THEN The government, for the first time ever, draw a line in the sand and refuse to borrow to pay out? Good point. People worry the Feds will run out of money. They're ALREADY out of money. They've BEEN out of money. I've been ****ing about this for over 20 years. It just doesn't make sense. People say it'll work out. Yeah? Like the junk bonds worked out? Like the interest only mortage loans worked out? At the very least, they could make it voluntary. I'm a baby boomer and I am absolutely against it. And the ones that get screwed worse are the X generation. They are gonna get shafted so bad they can't see straight. Link to comment Share on other sites More sharing options...
HOF44 Posted February 25, 2008 Share Posted February 25, 2008 Social Security is a pyramid scheme, meaning that the workers pay the retirees. When it first started it was a 16 to 1 worker to retiree ratios. Today it's 3 to 1. That's why it's drying up. The reason it's now a pyramid scheme is the Gov. took the money the Boomers paid in and spent it. If it had been invested we would have enough money to pay them their benefits. The day SS failed is when it became part of the General Fund to be spent freely. Link to comment Share on other sites More sharing options...
Riggo-toni Posted February 25, 2008 Share Posted February 25, 2008 The politician who talks about social security loses the election. So nobody's talking about it. Exactly. Sen. Robert Bennett is probably about the only guy I can think of who's spoken in any detail about reforms Link to comment Share on other sites More sharing options...
Riggo-toni Posted February 25, 2008 Share Posted February 25, 2008 The reason it's now a pyramid scheme is the Gov. took the money the Boomers paid in and spent it. If it had been invested we would have enough money to pay them their benefits. The day SS failed is when it became part of the General Fund to be spent freely. It's always been a pay as you go system, and it's been part of the unified budget since LBJ (he needed to amsk how much he was blowing on welfare and Vietnam). Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted February 25, 2008 Share Posted February 25, 2008 It is my top issue, and has been in the last 2 elections Unfourtantley W came up with a bunch of nice slogans and not enough of a plan and then gave up on partially privatizing the system I seriously doubt the reform needed for SSI will take place until it is too late Link to comment Share on other sites More sharing options...
helptheSKINS Posted February 25, 2008 Share Posted February 25, 2008 Sucks to be you. Based on your age, it sucks to be you (and me) as well. :mad: SS is doomed folks. The Bush admin has proven that this country wastes way too much money and it doesn't matter if you are left or right. Link to comment Share on other sites More sharing options...
SkinInsite Posted February 25, 2008 Share Posted February 25, 2008 Based on your age, it sucks to be you (and me) as well. :mad: SS is doomed folks. The Bush admin has proven that this country wastes way too much money and it doesn't matter if you are left or right. Pretty much, that's why I'm not really depending on SS for my retirement fund. Link to comment Share on other sites More sharing options...
Riggo-toni Posted February 25, 2008 Share Posted February 25, 2008 It is my top issue, and has been in the last 2 electionsUnfourtantley W came up with a bunch of nice slogans and not enough of a plan and then gave up on partially privatizing the system I seriously doubt the reform needed for SSI will take place until it is too late I agree completely (what a shocker)! The only domestic agendas I've ever agreed w/ W on were the ones he failed to push through; Soc Sec and Immigration reform. Both are far too vulnerable to fearmongering. Link to comment Share on other sites More sharing options...
Predicto Posted February 25, 2008 Share Posted February 25, 2008 1) SS is not doomed, it will be fixed. It's not even that complicated. The only questions are which way to fix it and when to start, but they are not insurmountable problems. 2) No one should be relying on SS for their retirement. It was never meant to create a comfortable retirement for anyone. It is a safety net. Nothing more. 3) Making it voluntary would defeat the whole purpose of SS and ensure that it failed. The young (who bascially think that they are immortal) and the well off would not participate. The only ones who would participate would be the poor and the old, and it could never pay for itself. 4) People have no idea how important SS is for the stability of this country. Knowing that you WILL NOT starve when you are too old to work is the most important thing that keeps the poor from getting radicalized and embracing extremist solutions like Communism. That is how SS benefits me, a relatively well-off American, the most. Link to comment Share on other sites More sharing options...
Predicto Posted February 25, 2008 Share Posted February 25, 2008 W never made any attempt to actually fix Social Security. All he did was try to get stockbrokers in on the action. The real problem with SS is purely demographic, and W never even floated a trial balloon to try to address that problem. Link to comment Share on other sites More sharing options...
Predicto Posted February 25, 2008 Share Posted February 25, 2008 Sorry about the three posts in a row - but one more point. The elephant in the room is not Social Security. That is easy to fix. Medicare is the real problem. Huge huge HUGE problem. Link to comment Share on other sites More sharing options...
outbaksean Posted February 25, 2008 Author Share Posted February 25, 2008 1) SS is not doomed, it will be fixed. It's not even that complicated. The only questions are which way to fix it and when to start, but they are not insurmountable problems. I wish I could share you're optimism, but this is my future we're talking about. Show me some proof please. 2) No one should be relying on SS for their retirement. It was never meant to create a comfortable retirement for anyone. It is a safety net. Nothing more. Are you going to give it back if you don't need it? 3) Making it voluntary would defeat the whole purpose of SS and ensure that it failed. The young (who bascially think that they are immortal) and the well off would not participate. The only ones who would participate would be the poor and the old, and it could never pay for itself. I guess I agree. It would be better to cut it all together. 4) People have no idea how important SS is for the stability of this country. Knowing that you WILL NOT starve when you are too old to work is the most important thing that keeps the poor from getting radicalized and embracing extremist solutions like Communism. That is how SS benefits me, a relatively well-off American, the most. really, it's important for people to know they won't starve when they get old? You're right. I'm scared I might starve when I get old because you'll have used up all my social security. Link to comment Share on other sites More sharing options...
skinfan2k Posted February 25, 2008 Share Posted February 25, 2008 Well i already started my Roth IRA and plan on adding alot each year that i dont spend at all and use my 401K to the max when i get employed Link to comment Share on other sites More sharing options...
helptheSKINS Posted February 25, 2008 Share Posted February 25, 2008 Well i already started my Roth IRA and plan on adding alot each year that i dont spend at all and use my 401K to the max when i get employed Keep doing it, starting at 19 will get you retired 3-4 years earlier compared to 30. Good job. I don't share Predicto's optimisim. Link to comment Share on other sites More sharing options...
skinfan2k Posted February 25, 2008 Share Posted February 25, 2008 I have a debate/question for those who know more about the topic than i do? 1) Should Immigrants be granted for SS? Example: Individual comes into this country at 55 and should they get paid SS if they never worked in the US 2) Should SS payments be only made to those who have actually worked? 3) Should married joint couple get 1 payment if one individual never actually enters the workforce? Link to comment Share on other sites More sharing options...
GibbsFactor Posted February 25, 2008 Share Posted February 25, 2008 I have a debate/question for those who know more about the topic than i do?1) Should Immigrants be granted for SS? Example: Individual comes into this country at 55 and should they get paid SS if they never worked in the US 2) Should SS payments be only made to those who have actually worked? 3) Should married joint couple get 1 payment if one individual never actually enters the workforce? The answer should be no to all. But that defeats the whole "security" aspect of it. Link to comment Share on other sites More sharing options...
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