Quote:

This 254-page document not only outlines the fiscal challenges but also includes a chart that starkly illustrates the scale of the problem. While the actual deficit hovers around $2 trillion and the national debt has reached a colossal $35 trillion, the real concern arises from the unfunded obligations of Social Security and Medicare.

The root of this financial quagmire, it seems, lies in the mismanagement of funds by politicians who, instead of safeguarding the money poured into these programs, have effectively replaced it with IOUs—government bonds that are as substantial as the proverbial bag of sand in place of treasure. This misappropriation is significant, given that Social Security and Medicare constitute over a third of federal revenue through a 15.3% payroll tax, half of which is deceptively borne by employers.

Apart from the inherent inefficiencies of such government-run programs, which bleed billions in fraudulent claims annually, the fundamental flaw in their design echoes that of a Ponzi scheme: collect substantial funds from a large, contributing workforce to support a smaller, older population, with the promise of future benefits that are spent in the present.

The looming crisis is imminent, with projections indicating that Medicare funds will be depleted by 2031 and Social Security by 2033. To address this grim forecast, three potential solutions have been posited. First, reducing the number of beneficiaries, which would entail raising the retirement age— a politically charged and unpopular move. Second, increasing payroll taxes, which would be equally contentious given the flat nature of the tax. Lastly, the path of least resistance: cutting benefits.

Analysts expect a 23% reduction in benefits within the next decade, which will inevitably extend beyond the affluent to the middle class, as the number of wealthy individuals is insufficient to shoulder the shortfall. The outcome will force millions of Americans to rely increasingly on personal savings, which are already being eroded at an alarming rate.

As the nation grapples with this impending financial debacle, the question remains: how will Congress navigate these turbulent waters? The path they choose will not only impact the fiscal health of the country but will also determine the financial security of countless Americans in their twilight years.

(03-29-2024, 09:15 PM)kdog Wrote: I got 2 1/2 years to collect early retirement, which I may hold out longer to get more money. It feels like almost getting to the finish line and a big sink hole opens up just before reaching it .

(03-29-2024, 08:57 PM)Ninurta Wrote: Thievin' bastards.

When you consider that Social Security payments only amount to a couple thousand dollars a month per person, or less, it would take a lot of months to add up to 1.4 MILLION dollars in deficit "per household" That tells me that the congress critters have way over-leveraged the SS till by too constantly sticking their hands into the cookie jar and leaving IOU's in place of the money we put into it to begin with.

In simple terms, congress has stolen the money they promised to hold for us for our retirement - that makes them nothing more than thieves.

Therefore, congress should be forced to make good on their promise, in full without reductions, and have all of their assets seized to cover it if necessary. Social Security was never meant to be a slush fund for Congress, and if they've stolen from it - which they obviously have - then they should be forced to make it whole again.

pretty simple... but wait and see which congress critter would vote for that!

Theivin' bastards. That's what we get for allowing foxes to guard the hen house.

.

(03-29-2024, 09:15 PM)kdog Wrote: I got 2 1/2 years to collect early retirement, which I may hold out longer to get more money. It feels like almost getting to the finish line and a big sink hole opens up just before reaching it .

(03-30-2024, 11:52 AM)727Sky Wrote: Notice how they seem to never run out of welfare monies.....yet people who actually paid into the fund are out in the cold come the collapse ? 

To many young bloods to let welfare collapse as they might start burning down cities or something... costing the insurance companies money...can not have that going on now can we !

In the words of the great Vietnamese philosopher in his perfect Vietnamese accent "YOU Fuck Now!!"

I always liked him as he could cut through the B.S. with three simple words !! hahahha

(03-29-2024, 08:57 PM)Ninurta Wrote: Therefore, congress should be forced to make good on their promise, in full without reductions, and have all of their assets seized to cover it if necessary.

(03-29-2024, 04:36 PM)EndtheMadnessNow Wrote:

Quote:

This 254-page document not only outlines the fiscal challenges but also includes a chart that starkly illustrates the scale of the problem. While the actual deficit hovers around $2 trillion and the national debt has reached a colossal $35 trillion, the real concern arises from the unfunded obligations of Social Security and Medicare.

The root of this financial quagmire, it seems, lies in the mismanagement of funds by politicians who, instead of safeguarding the money poured into these programs, have effectively replaced it with IOUs—government bonds that are as substantial as the proverbial bag of sand in place of treasure. This misappropriation is significant, given that Social Security and Medicare constitute over a third of federal revenue through a 15.3% payroll tax, half of which is deceptively borne by employers.

Apart from the inherent inefficiencies of such government-run programs, which bleed billions in fraudulent claims annually, the fundamental flaw in their design echoes that of a Ponzi scheme: collect substantial funds from a large, contributing workforce to support a smaller, older population, with the promise of future benefits that are spent in the present.

The looming crisis is imminent, with projections indicating that Medicare funds will be depleted by 2031 and Social Security by 2033. To address this grim forecast, three potential solutions have been posited. First, reducing the number of beneficiaries, which would entail raising the retirement age— a politically charged and unpopular move. Second, increasing payroll taxes, which would be equally contentious given the flat nature of the tax. Lastly, the path of least resistance: cutting benefits.

Analysts expect a 23% reduction in benefits within the next decade, which will inevitably extend beyond the affluent to the middle class, as the number of wealthy individuals is insufficient to shoulder the shortfall. The outcome will force millions of Americans to rely increasingly on personal savings, which are already being eroded at an alarming rate.

As the nation grapples with this impending financial debacle, the question remains: how will Congress navigate these turbulent waters? The path they choose will not only impact the fiscal health of the country but will also determine the financial security of countless Americans in their twilight years.

Retirement Crisis Ahead: $175 Trillion Gap in Social Security Funding

The 254 page Financial Report (PDF)

(03-30-2024, 05:46 PM)ancientlight Wrote: IMO social security has been a scam. A way for people to hand over more money to some government scheme , in the hopes of receiving it back (and some) decades in the future. Similar to the so called lottery.

People should have saved for a house downpayment instead, and buy a property with that downpayment & a mortgage. The tenants pay of your mortgage in the next 20-30 years, and by the time you're ready to retire , your rental is paid of and can generate real income very month.

(03-30-2024, 05:57 PM)NightskyeB4Dawn Wrote: You will never own it. They will tax you at ridiculous rates yearly, and will take it from you without giving you a dime if you refuse to pay.

(03-31-2024, 02:29 PM)Snarl Wrote:

(03-30-2024, 05:57 PM)NightskyeB4Dawn Wrote: You will never own it. They will tax you at ridiculous rates yearly, and will take it from you without giving you a dime if you refuse to pay.

And, that's why they really want us Boomers to be dead. We know the ENTIRETY of the tax system needs to be scrapped so it can't be a weapon used against the masses.

Even Warren Buffet has admitted that his secretary (who makes a quarter million/year) pays way more in taxes than he does, because she can't qualify for all the deductions he's allowed to take.  That's right SHE pays MORE. Which means HE's paying LESS than someone earning $250K/yr.

(03-31-2024, 06:03 PM)NightskyeB4Dawn Wrote:

(03-31-2024, 02:29 PM)Snarl Wrote:

(03-30-2024, 05:57 PM)NightskyeB4Dawn Wrote: You will never own it. They will tax you at ridiculous rates yearly, and will take it from you without giving you a dime if you refuse to pay.

And, that's why they really want us Boomers to be dead. We know the ENTIRETY of the tax system needs to be scrapped so it can't be a weapon used against the masses.

There is also the risk that Gen Z and Gen Alpha may actually start to smell the coffee and wake up. They can't afford for that to happen while us Boomers are still able to function.