Social Security and Shenanigans

[Andy A]

And what are you willing to give up?

Everyone says rein in the spending and balance the budget .............. until they actually have to make a sacrifice.

You've seen the numbers - there is no way to fix the problem without changes to programs like Social Security, Medicare, Medicaid, and tax increases.

I am more than willing to give up a portion of my Social Security provide we do the right thing and cut the spending in other entitlement programs and get on the right track toward financial stability. I would imagine I am not alone. The President's budget just came out. Did you see the size of it? I'll say this as plainly as I can. WE ARE BROKE!!! What is it about this fact that so many refuse to see or accept. Personally, I see our financial situation as a danger we can't afford.

 

[30ashopper]

If I look at the amount of money that has been paid in my name into social security, add to it what I expect will be paid based on how long I expect to work full time, and then take benefits at 62, I see one of the worst investments I have ever made in my life.

On the flip side, looking at what I've paid into Medicare and calculate out what premiums would cost me post turning 65, and I see one of the most underfunded insurance system ever designed.

So I would be willing to give up social security. Lets just abolish it. Cut me a percentage of the total money I've invested and I'll walk away. Then reroute some of the taxes into Medicare. However, the only way I would be willing to accept that is if the money flows into some sort of an account I have control over.

 

[scooterbug44]

I don't think abolishing Social Security or changing it to private accounts is a good idea - IMO it's a much needed safety net for far too many.

But I do think changes are needed for both Social Security and Medicare to shift the balance sheets.

I'd like to see the age for Social Security creep up and the costs for Medicare increase.

Obamacare has already started to address some much needed changes in Medicare, but IMO much more is needed.

A lot of costs are being driven by poor food and lack of exercise requiring $$$ pharmaceuticals.

 

[beachFool]

, I agree with your solutions but we differ when you say nothing is wrong. Something is definitely wrong and will get worse if not fixed yesterday.[/QUOTE

Let me quote a liberal poitician, "Let me make one thing perfectly clear": There is a pending Social Security shortfall.

We need to make some changes-either benefits go down or taxes go up.

If we don't make changes and we don't raise taxes then benefits go down.

I did not mean to imply there were no problems with SS.

 

[beachFool]

If I look at the amount of money that has been paid in my name into social security, add to it what I expect will be paid based on how long I expect to work full time, and then take benefits at 62, I see one of the worst investments I have ever made in my life.

On the flip side, looking at what I've paid into Medicare and calculate out what premiums would cost me post turning 65, and I see one of the most underfunded insurance system ever designed.

So I would be willing to give up social security. Lets just abolish it. Cut me a percentage of the total money I've invested and I'll walk away. Then reroute some of the taxes into Medicare. However, the only way I would be willing to accept that is if the money flows into some sort of an account I have control over.

Me,me,me,me...I get sick of it.

Social Security is a type of social insurance.

Some folks get way more than they paid in and some folks get a lot less.

My step-mom will draw thousands and thousands of dollars more than she paid in.

My wife's maternal grandmama probably got a 50% spousal benefit so the money she paid in went for naught.

I doubt I will ever get the money I paid into it.

I have been self-employed since 1978 and paid both employer and employee contribution.

Plus I paid the employers match for scores of employees.

I still think SS is good deal for the country.

It ain't all about yourself.

Besides your solution would cause the deficit to skyrocket immediately because there would be no money to pay benefits (or benefits would be cut drastically take your pick).

 

[beachFool]

I thought ObamaCare was supposed to fix a big part of this?

The healthcare bill signed by President Obama has nothing to do with Social Security.

But since you brought it up.

Without Medicare (aka Obamacare for old folks) benefits being cut immediately OR Medicare taxes rising, the federal budget deficit will continue to soar.

There is no negotiation.

Either Andy's Medicare benefit goes down or Shopper's Medicare taxes go up, unless we do one or the other the federal deficit rises.

Oh yeah, we could cut health benefits....:shock:.

 

[30ashopper]

The healthcare bill signed by President Obama has nothing to do with Social Security.

But since you brought it up.

Without Medicare (aka Obamacare for old folks) benefits being cut immediately OR Medicare taxes rising, the federal budget deficit will continue to soar.

There is no negotiation.

Either Andy's Medicare benefit goes up or Shopper's Medicare taxes go up, unless we do one or the other the federal deficit rises.

Oh yeah, we could cut health benefits....:shock:.

I don't know, a few years ago we had a budget deficit of around 200 billion. We used to think that was bad. Now we have a deficit of 1.6 trillion. Aside from some additional unemployment benefits, what the hell happened? We also ended one of the wars! 2007 revenue was 2.3 trillion vs. 2.1 trillion in 2010. Something aint right!

 

[Bob]

Ignore the fearmongering swirling around the Social Security Trust fund. FACT: The Social Security Trust fund owns United States Treasury bonds. No financial professional with a lick of sense would dismiss a TBond as a mere I.O.U. like Stuart Varney of Fox News. The truth is financial markets view it as almost inconceivable that the U.S. government will not honor its bonds. Investors gladly own Treasury bonds and receive record low interest coupons because of minuscule default risk.



Buz, if you truly believe this you are living in fantasyland. 14 Trillion and counting is the national debt. Calculate what a rise in interest rates would do to the amount of interest payments the federal government would owe. Or calculate what the debt will be in 10 years unless someone in Washington grows some cajones and gets serious about cutting spending. Then calculate the interest payouts on those amounts. We are approaching a point where SS, Medicare, Medicaid and interest payments equal the total income of the government. So EVERYTHING else is financed by deficit spending.
The course the federal government has been on the last century is unsustainable. I agree with your solutions though ( raise the retirement age and index benefits) and hope they will be implemented sooner rather than later.

Ever heard of Penn Central? Just because professionals do not think something can fail does not mean it is impossible.

ok, let's start up with the debased currency alarm/buy gold scam. firing up the economy and raising taxes on the wealthy would go a long way to righting the ship. the big three were always a problem even during times of prosperity.

 

[Bob]

The healthcare bill signed by President Obama has nothing to do with Social Security.

But since you brought it up.

Without Medicare (aka Obamacare for old folks) benefits being cut immediately OR Medicare taxes rising, the federal budget deficit will continue to soar.

There is no negotiation.

Either Andy's Medicare benefit goes up or Shopper's Medicare taxes go up, unless we do one or the other the federal deficit rises.

Oh yeah, we could cut health benefits....:shock:.

how about everyone smoking or having a bmi of 30+ plus is told they're out.

 

[idlewind]

Me,me,me,me...I get sick of it.

Social Security is a type of social insurance.

Some folks get way more than they paid in and some folks get a lot less.

My step-mom will draw thousands and thousands of dollars more than she paid in.

My wife's maternal grandmama probably got a 50% spousal benefit so the money she paid in went for naught.

I doubt I will ever get the money I paid into it.

I have been self-employed since 1978 and paid both employer and employee contribution.

Plus I paid the employers match for scores of employees.

I still think SS is good deal for the country.

It ain't all about yourself.

Besides your solution would cause the deficit to skyrocket immediately because there would be no money to pay benefits (or benefits would be cut drastically take your pick).

I believe we begin by those under 50 (like me) accepting the fact that Social Security cannot be a retirement investment plan. It must be viewed as a safety net for old age that we pay taxes to support. So, means testing benefits and raising ages are solutions that must be looked at for the good of the nation. A simular age increase for medicare should be on the table as well.