Saving Social Security

Quote: AZDuffman

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

I’m not worried about this happening during my lifetime. Are you? Really?

Quote: AZDuffman

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

Every Fiat monetary system in history has failed.

Quote: SOOPOO

I’m not worried about this happening during my lifetime. Are you? Really?

I'd put the odds of a USD collapse in my lifetime at 50/50 at this rate. The big thing stopping it is that no other nation can and wants to step up. In the early 1980s we heard the total debt hit $1 trillion. Today it is what? $25 trillion? So in 40 years we might be going on $750 trillion. Really??

Now, I will be dead in 20 years or so not 40. But I expect collapse well before $500 trillion. We are starting to see nations leave the petro-dollar system. Meaning it is starting if only a small start. Americans are very blind to the fact that they are not as special as they think. Sooner or later the world will decide we can no longer be the reserve currency since we have so abused that privilege.

Yeah, really.

Quote: AZDuffman

I'd put the odds of a USD collapse in my lifetime at 50/50 at this rate. The big thing stopping it is that no other nation can and wants to step up. In the early 1980s we heard the total debt hit $1 trillion. Today it is what? $25 trillion? So in 40 years we might be going on $750 trillion. Really??

Now, I will be dead in 20 years or so not 40. But I expect collapse well before $500 trillion. We are starting to see nations leave the petro-dollar system. Meaning it is starting if only a small start. Americans are very blind to the fact that they are not as special as they think. Sooner or later the world will decide we can no longer be the reserve currency since we have so abused that privilege.

Yeah, really.

Even if it does happen, who cares? Our country is self-sufficient. We have energy, food, textiles, and more. What else do we need?

Quote: DRich

Even if it does happen, who cares? Our country is self-sufficient. We have energy, food, textiles, and more. What else do we need?

The USSR had all of that, look what happened. We are not near as self-sufficient as you think we are. If it happens the standard of living in the USA will collapse to that of a poor country. Not Third World, but think Warsaw Pact level of the 1980s. The basics will be in short supply, luxury items fugheddabaddit. And by "luxury" I do not mean Patek watches. I mean things you see at your local grocery store.

As to textiles, go try to find Made in USA clothes. See how many you find.

Your SS gets COLA adjustments, that helps. But it is designed to not quite truly cover inflation, for one thing it is an after-the-fact adjustment. However, in my case, I'm on a mortgage so that major expense never goes up

Those people in 1950 who got the first COLA got a sweet surprise, on the other SSA didn't say to them "we'll cover all those years before when we paid you with unadjusted, inflated money"

Quote: AZDuffman

As to textiles, go try to find Made in USA clothes. See how many you find.

There are lots of clothes made in The U.S. You may not find them at Walmart, but they are out there. We will ramp up our manufacturing if we aren't importing goods. It makes very little sense to do manufacturing here when it is cheaper elsewhere and we have a more skilled workforce than most other countries.

Our standard of living will definitely go down but I don't think that is a bad thing.