Meanwhile, back at the ranch, Trump makes a mistake that may reverberate

#61
#61
NorthDallas40 said:
It’s clear some form of benefit adjustment or tax increase is going to be required in order to maintain the Social Security Ponzi scheme into the future. The question I have is why aren’t more “politicians” talking about it?
Click to expand...

You call it a Ponzi scheme. Social Security is insurance. Maybe you think insurance is a Ponzi scheme, but I do not see you attacking the insurance industry.
 
#64
#64
Septic said:
I'll be the first to give Trump props if he can get this done. Needs to be done, this country is drowning in debt - I hope it's not more lip service to his base and he actually intends to do it.
Click to expand...

Social Security does not contribute to the national debt. It is funded with a payroll tax that is separate from income tax and the general fund. The government started borrowing from it years ago, but SS itself does not cause the budget deficits.
 
#66
#66
Vol Main said:
Social Security does not contribute to the national debt. It is funded with a payroll tax that is separate from income tax and the general fund. The government started borrowing from it years ago, but SS itself does not cause the budget deficits.
Click to expand...
Policy Basics: Where Do Our Federal Tax Dollars Go?

In fiscal year 2017, the federal government spent $4 trillion, amounting to 21 percent of the nation’s gross domestic product (GDP). Of that $4 trillion, over $3.3 trillion was financed by federal revenues. The remaining amount ($665 billion) was financed by borrowing. As the chart below shows, three major areas of spending make up the majority of the budget:


  • Social Security: In 2017, 24 percent of the budget, or $945 billion, paid for Social Security, which provided monthly retirement benefits averaging $1,404 to 42 million retired workers in December 2017. Social Security also provided benefits to 3 million spouses and children of retired workers, 6 million surviving children and spouses of deceased workers, and 10.4 million disabled workers and their eligible dependents in December 2017.
4-18-08taxf1.png
 
  • Like
Reactions: NorthDallas40
#67
#67
Vol Main said:
You call it a Ponzi scheme. Social Security is insurance. Maybe you think insurance is a Ponzi scheme, but I do not see you attacking the insurance industry.
Click to expand...

LOL, insurance pays out when needed. The government has raped and pillaged the money that should never had been able to be touched, used, or collateralized in any way, manner, shape, or form.

SS is and has always been a joke, and as each year passes the more apparent that will be when it is insolvent, and worst, having to continually pay into something that is, and will fail, and be non-existent....... sure as sh** is a ponzi scheme.
 
  • Like
Reactions: ajvol01 and SpaceCoastVol
#68
#68
Vol Main said:
Nope.
Click to expand...
I have news for you. I have paid in way more than I will EVER take out. That is part of the definition of a Ponzi scheme. Yeah it was insurance at one point, but now that it has been raided and bastardized into a 'retirement plan' it has to adhere to Ponzi methods to keep paying. Bernie Madoff did less damage than SSN will when it collapses.
 
  • Like
Reactions: ajvol01 and tennvols77
#69
#69
37L1 said:
Policy Basics: Where Do Our Federal Tax Dollars Go?

In fiscal year 2017, the federal government spent $4 trillion, amounting to 21 percent of the nation’s gross domestic product (GDP). Of that $4 trillion, over $3.3 trillion was financed by federal revenues. The remaining amount ($665 billion) was financed by borrowing. As the chart below shows, three major areas of spending make up the majority of the budget:


  • Social Security: In 2017, 24 percent of the budget, or $945 billion, paid for Social Security, which provided monthly retirement benefits averaging $1,404 to 42 million retired workers in December 2017. Social Security also provided benefits to 3 million spouses and children of retired workers, 6 million surviving children and spouses of deceased workers, and 10.4 million disabled workers and their eligible dependents in December 2017.
4-18-08taxf1.png
Click to expand...
I could cut by 8% right now. Why are federal employees GUARANTEED retirements? Well.. maybe 7% since veterans were included in there.... Give them 401ks and the number to Fidelity.
 
#70
#70
Vol Main said:
You call it a Ponzi scheme. Social Security is insurance. Maybe you think insurance is a Ponzi scheme, but I do not see you attacking the insurance industry.
Click to expand...
If Social Security was a government administrated 401k / IRA equivalent, then most people would have no problem with it.

It’s never been that and as a result it’s never been sustainable.

We’re paying current benefits with current withholdings.

Any surplus they ever may have had was misspent by politicians.

We pay for insurance to receive a guaranteed benefit.

How would/will you react if and when SS goes belly up after paying in for 40+ years?
 
#71
#71
ajvol01 said:
So dumb. Raising taxes doesn’t increase tax revenue.
Click to expand...


It wouldn't be general revenue. Just take the projected shortfall and tax the top 2-3 % enough to cover it and dedicate those receipts to those trust funds.

tenor.gif
 
#72
#72
FICA stands for federal insurance corporation act. Money paid into the insurance fund is not kept in an Al Gore lock box. It is kept in a separate fund. However, the last time I looked, Social Security was the largest single purchaser and holder of U.S. Treasury Bonds, debt securities. Your OMB chart does not even show debt redemption in the budget. When Treasury bonds mature, the government has to pay full face value to the holder. So the SS fund actually finances the general fund, by buying bonds.
 
#73
#73
Vol Main said:
Social Security does not contribute to the national debt. It is funded with a payroll tax that is separate from income tax and the general fund. The government started borrowing from it years ago, but SS itself does not cause the budget deficits.
Click to expand...

You're wrong.

Yes, Social Security Does Indeed Add To The Federal Deficit

"In fiscal 2018, expenditures exceeded revenue (including interest on investments) for the first time since 1982. Social Security took in $912 billion in fiscal 2018 and spent $991 billion. The difference - $79 billion - came from repayment of interest on those Treasury notes. Some conservative policy analysts point to that payment as evidence that Social Security is a cause of deficits, since the $79 billion payment came from general revenue. "
 
  • Like
Reactions: NorthDallas40 and tennvols77
#74
#74
lawgator1 said:
It wouldn't be general revenue. Just take the projected shortfall and tax the top 2-3 % enough to cover it and dedicate those receipts to those trust funds.

tenor.gif
Click to expand...
Typical liberal nonsense.

Confiscate revenue from private industry and individuals that would be used to hire more people and/or fund more capital investment to create “gubment trust funds”.

Got any more failed ideas from the past 100 years?
 
  • Like
Reactions: SpaceCoastVol
#75
#75
ajvol01 said:
If Social Security was a government administrated 401k / IRA equivalent, then most people would have no problem with it.

It’s never been that and as a result it’s never been sustainable.

We’re paying current benefits with current withholdings.

Any surplus they ever may have had was misspent by politicians.

We pay for insurance to receive a guaranteed benefit.

How would/will you react if and when SS goes belly up after paying in for 40+ years?
Click to expand...

SS was created in 1935, after the 1929 stock market crash and wave of bank failures wiped out so much of peoples' life savings. It is an insurance policy based on the the taxing power of the U.S. government. U.S. Bonds are rated the most secure investment, although some folks add gold to their portfolio, Treasury Bonds top rated as the lowest risk, hence their low premium.
 
New posts
You must log in or register to reply here.

VN Store



Back
Top