Anyone who understands how SS system is structured will tell you the same. It requires a lot of young people paying into it, to provide the cash to pay the older people collecting on it. It works if you have large pool of young people working, and the older people are dying off as expected. But if the elderly population lives longer than actuaries estimated, or if the number of young people in the work force is declines, the system is prone to fail.
Complicating matters is that the US gov't can't resist dipping into huge pools of money.
The rate of return on your social security dollars that people chipped in is awful. Had the public simply invested the money into an index fund, instead of the gov't taking it in the form of taxes to "invest" everyone would have been much better off.
@Convivial point understood. There would be more work here, more people on jobs here, more money in the government.
The current president has spend 10 million in 2 months on golf trips, and from what reports today said he's gone to Mara lagro again with classified documents and he cut jobs from thousands of people. CUT HIS TRIPS from spending taxpayers money, cut his spending and the millions his staff spends and they're goings and comings. And if he does again like he did his first term he'll spend $114 million plus, and if he actually makes it so he won't leave office, he won't have to spend a dime of his money.
How much does social security even pay out? From what I could gather, they take the average of the last 35 years you worked, adjust figures for inflation, and your benefit is 1/3 of that?
Like if someone earned $100K each year (adjust for inflation), their benefit would be like $33K a year? Does that seem about accurate?
@BrandNewMan I did say 70 didn't I, which was unintentional.
I also said "it depends on when you retire." And listed government link where the information could be found. One would have to physically type it in but it's there.
And then you tell me don't post and correct information instead of first taking the initiative to say well they may have made a mistake since they listed l i s t e d weather information could be found. FAR TOO FAST TO CRITICIZE, WHEN CRITICISM ISN'T NECESSARY.
@Punches understood, I reread the comment and I see it now in a different way.
And either I said 70 years or voice typing didn't understand my vocabulary and type 70 years, which was unintentional on my part that was a mistake full retirement years is 67 as standing now. And the government link, which you would have to type in yourself, gives all the information to all the age brackets.
It was designed that way from the start. Remember when it started it was all voluntary but that changed shortly after. Then they decided to tax you on the money they returned to you from your Social security account.
Lies from Musk. No surprise. Social Security is an income transferring trust fund. It is separate from other federal expenditures and revenue. Social Security functions efficiently. It is an absolutely essential program for tens of millions of seniors and the handicapped.
@badminton Then why is it running short of funding? It is essential .. but has been mismanaged. It will take more than continuing individual payments to avoid reductions in benefits or extensions of the retirement age again.
@BrandNewMan The only thing Social Security needs is to remove the upper income cap. Everyone pays in, everyone benefits. Then it will be solvent far into the future.
@badminton That is one solution, there are other options / considerations.
For example, should there be higher max benefit tiers for those who pay far more in than others? Gotta say, I'm f'ing tired of paying ever more to carry others only to get shortchanged myself on every single front.
What have you pointed out to me, I seem to have missed that and can't find it. And you have the right to disagree.
I've worked since I was a teenager and payments towards my social security was taken out of my check. And each recipient of social security also has to pay social security from the social security check they received.
The government is picking up the bigger portion of the social security being paid out. I done the math decades ago.
Given the way the govt has mismanaged it over the decades since it was implemented .. is he really wrong? Insert Congress instead of Bernie Madoff and its about where the feck we are.
@Charity I am not saying social sexurity should be cut. I am saying the government has mismanaged the funds we paid into it for decades (I'm 60 yrs old). Otherwise there would be no way it should be running short of money. It doesn't have a damn thing to do w Presidents playing golf.
@BrandNewMan There is no Social Security trust fund. It is a WELFARE PROGRAM. The original administrators of SS argued before the Supreme Court that it was a WELFARE PROGRAM.
@BohemianBabe yes they will, I've been around a long time and I heard the same thing year after year social security is going to run out and it hasn't ran out yet.
When you have a government that can spend billions in several different countries all the time.
When you have a government that the president can spend $114 billion in 4 years on golfing or 10 billion in 2 months on golfing. 100,000 per trip to Florida I wonder why is there always fussing about social security payments?
Let's hope no one has a parent that is elderly or disabled or a child who has lost a parent or disabled that requires social security that they have negative comments on.
@Patriot96 if wages can never keep up with profits or ir GDP people aren't sustainable. Everyone knows Americans are creaming their jeans at the thought of a rich country with poverty! The population ain't ever earned its keep! But it works. Hard,! Yes! Pleasure is from the pain only! It's how murka is! Pain is its only pleasure!
The DemoNazis are treating it like a ponzi scheme. They don't want to be honest about the fact that Social Security is a WELFARE PROGRAM, and that the original administrators of Social Security argued before the Supreme Court that it was a WELFARE PROGRAM.
There was NEVER a social security trust fund. It was ALL taxed and paid for out of the general budget.
@Reason10 70% living in single family households, reports vary, and you've decided to even go a bit higher than the highest which was 67% the lowest 57% a black families living in a single parent household. Social security definitely isn't the reason and the welfare mentioned with social security is entirely different from the welfare mentioned that the state's gives and state welfare is not why there are single parents in the Black communities.
You need to do some studying, Elon didn't know the social security system / no dead people are receiving social security. But then you'll think that's fake news https://abc7ny.com/amp/post/new-social-security-chief-contradicts-claims-millions-dead-people-are-getting-payouts/15933337/
Maybe you didn't understand my meaning, Republicans are for Rich Republicans not the poor Republicans. Their policies keep money in the pockets of the rich. Democrats are for the people where everybody has a chance to live fairly comfortable. And the names you mentioned I can give you a list of Rich Republicans. https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign
Known facts Democrats have a slight edge in wealth, a slight edge only a few percentage difference. States were wealthier because they try to make ways for the people both Republican and Democrat and the Democratic people.
I've lived many years and throughout my life even in jr high school, I think it's called middle school now. I heard the same thing social security is going to run out if we don't do anything about it. It hasn't. With at least 163.9 million working and 163.9 million putting in an average from 50 / 100 a week into social security, oh please / in the more you make the more social security they take out. And if the US can help foreign countries with billions each to a dozen or more countries they can spend on their own people. And if Trump has his way any type of age given to any country will be cut off ( more in his pocket)( how would you know) (his man is in the treasury department).
You don't know anything about me I don't envy no man or woman. You act as if Trump and Elon. And my words were not meant to low rate or degrade them and their finances. What was said strictly meant they don't need social security not only them none of the billionaires here in this country will. unless something happens and they lose every penny. And that applies for the wealthy because social security is for the poor if you have a certain amount of money in your bank account you don't need it. Democrats trying to help the poor and those that need help. Republicans taking it away.
@BohemianBabe Dept of Education funding .. not funding to schools. Big difference there. There was no US Dept of Education when I was growing up and my education was as good as my kids got or better. The US Dept of Education is more focused on DEI / CRT initiatives than academic subjects like math, reading and science and it shows in a downward trend of scores. Time for changes.
Dept of Education funding .. not funding to schools. Big difference there.
The DOE funds the states with money earmarked for schools. Cutting the DOE would mean every state has less money to spend on their schools. This would mostly hurt the red states, which rely on federal funding more than blue states.
There was no US Dept of Education when I was growing up and my education was as good as my kids got or better.
And yet...
The US Dept of Education is more focused on DEI / CRT initiatives than academic subjects like math, reading and science and it shows in a downward trend of scores.
The reason you fell for this lie is because you're uneducated. CRT is only taught in colleges. I'm also positive you wouldn't be able to explain what either CRT or DEI are. All you're doing is reminding us that America has an education crisis.
