Saving Social Security

predictions about the demise of SS have almost been as bad as some of the ones the Climate Crisis crackpots perpetrate, like NYC being underwater by now

I found an article from 1995 with these dates being thrown about,

* 'the Disability Insurance trust fund is projected to run out in 1995' ..... since the article is dated 1995 it would be odd to say no more about that date, but yep the article says no more about it

* 'The Old Age and Survivors Insurance trust fund is projected to go broke in 2036 under the intermediate assumptions, in 2023 under pessimistic assumptions' ........... pessimism seeming to be unjustified in these dates

* 'Projected [int/pess] exhaustion dates for the combined funds (OASDI) are 2029 and 2014' ... not coming to pass it seems?

* 'OASDI exhaustion ... to occur in 2036 (intermediate assumptions) or 2017 (pessimistic)' .... all these different programs!

* 'Exhaustion of the Hospital Insurance trust fund [int/pess] projected ... 2004 [or] 2000' .......... 2000, wow

https://fee.org/articles/the-immorality-of-social-security/

I just wanted to be sure I wasn't crazy, because when I see the current projection of 2035, talking about underfunding that would cause cuts to retirees then of some 20%, I keep thinking that many such dates of similar disaster have already passed by.

I feel funny about making this case because I don’t think it’s a good idea to do nothing about projected shortfalls when action now should be taken. I’ve said it before, though, let me say it again: it will be a matter of management by crisis, when the crisis becomes real. Not the phony crises that are cooked up so politicians can force changes that won’t be made otherwise.

Which brings up a good question: why do the politicians care about Climate Change* enough to take very dubious early actions which would not be possible without promoting a fake crisis, while paying no attention to the SS projected shortfall … a looming crisis with a better case for ‘coming soon’.

* I don’t want to say it’s an invalid concern, just that it’s not a crisis

I'm Still Standing, Yeah, Yeah, Yeah [it's an old guy chant for me]

The folks behind the fake climate crisis are not from the USA.

The reason for the imaginary climate crisis is to access our resources by smaller countries.

Quote: DoubleGold

The folks behind the fake climate crisis are not from the USA.

The reason for the imaginary climate crisis is to access our resources by smaller countries.

if I respond I'll do it in the other thread

Quote: odiousgambit

if I respond I'll do it in the other thread

The purpose of social security in the first place, is the bankers wanted additional collateral for loans after The Great Depression.

The collateral was the 7.5% withheld from employers and then matched by employees.


So that's 15% that could not be accessed immediately until the employees aged.

The bankers could make money on those funds during the interim.


Those funds lowered risk of the loans.

The loans are the federal deficit ($32T).


The other part of the plan was to confiscate gold.

So to address the social security issue properly, we have to cut the middle men out.

The middle men are the bankers.

We didn't use to have them nor did we have federal income taxes.


Those are recent implementations of a scam.

Quote: odiousgambit

predictions about the demise of SS have almost been as bad as some of the ones the Climate Crisis crackpots perpetrate, like NYC being underwater by now

I found an article from 1995 with these dates being thrown about,

* 'the Disability Insurance trust fund is projected to run out in 1995' ..... since the article is dated 1995 it would be odd to say no more about that date, but yep the article says no more about it

* 'The Old Age and Survivors Insurance trust fund is projected to go broke in 2036 under the intermediate assumptions, in 2023 under pessimistic assumptions' ........... pessimism seeming to be unjustified in these dates

* 'Projected [int/pess] exhaustion dates for the combined funds (OASDI) are 2029 and 2014' ... not coming to pass it seems?

* 'OASDI exhaustion ... to occur in 2036 (intermediate assumptions) or 2017 (pessimistic)' .... all these different programs!

* 'Exhaustion of the Hospital Insurance trust fund [int/pess] projected ... 2004 [or] 2000' .......... 2000, wow

https://fee.org/articles/the-immorality-of-social-security/

I just wanted to be sure I wasn't crazy, because when I see the current projection of 2035, talking about underfunding that would cause cuts to retirees then of some 20%, I keep thinking that many such dates of similar disaster have already passed by.

I feel funny about making this case because I don’t think it’s a good idea to do nothing about projected shortfalls when action now should be taken. I’ve said it before, though, let me say it again: it will be a matter of management by crisis, when the crisis becomes real. Not the phony crises that are cooked up so politicians can force changes that won’t be made otherwise.

Which brings up a good question: why do the politicians care about Climate Change* enough to take very dubious early actions which would not be possible without promoting a fake crisis, while paying no attention to the SS projected shortfall … a looming crisis with a better case for ‘coming soon’.

* I don’t want to say it’s an invalid concern, just that it’s not a crisis

Why should politicians address any crisis early? Because they have to get the mistakes they will make later out of the way. Testing things is practically a fact of life in addressing problems.

I do not anticipate any group will get cheated out of Social Security. The government will just print more money to pay it, and inflation will rise.

Quote: DRich

I do not anticipate any group will get cheated out of Social Security. The government will just print more money to pay it, and inflation will rise.

Exactly. You will get paid in money worth less and less.

Quote: AZDuffman

Exactly. You will get paid in money worth less and less.

Yes, but that is true almost every single day. The dollar you made yesterday is worth more than the dollar you make today.

Quote: DRich

Yes, but that is true almost every single day. The dollar you made yesterday is worth more than the dollar you make today.

Eventually it will collapse and we will have to actually trade things of value as the world will not want our dollars.