The Great 2022 and Beyond Recession Thread

#278
#278
LouderVol said:
I dont think I have ventured into this thread to follow the shenignas. Looks like socialist retirement is the topic.

Government mandated personal 401ks for every citizen. The current SS rate stays the same. Half of it goes into your private account, half of it goes to the general fund to be divided up for all those that need the help and arent contributing to their own. Normal rules for 401ks remain except max contributions. You could even choose a Roth to be selected at age of adulthood and can only be changed up to two or three times.

All the taxes and fees associated with 401ks go into the neediest 401ks.

No guarenteed minimums, but purely controlled by the individual. The needy still get help, while the contributors dont get fully hosed by the socialism. Makes everyone an investor, bringing more attention to the what the markets are doing, and removes the stigma of it only being a tool for the rich. And during recessions *cough cough* even the poor are going to care that the government screwed up the economy.

Would also hopefully curb the government from going after private retirement funds in the future as means of unjust taxation.
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You have some very good investment topics here. That’s because your generation was forced to be savvy in funding their own retirement. However my generation is rightly labeled largely as retirement income morons. Between SS and company pensions the majority of my generation didn’t learn what you are being forced to learn. The pain will continue until my generation dies off and then real reform should be on the table.

Im all for entertaining the measures you have listed. But that is because I’ve managed my own retirement income. That isn’t typical for my generation.
 
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#279
#279
LouderVol said:
I dont think I have ventured into this thread to follow the shenignas. Looks like socialist retirement is the topic.

Government mandated personal 401ks for every citizen. The current SS rate stays the same. Half of it goes into your private account, half of it goes to the general fund to be divided up for all those that need the help and arent contributing to their own. Normal rules for 401ks remain except max contributions. You could even choose a Roth to be selected at age of adulthood and can only be changed up to two or three times.

All the taxes and fees associated with 401ks go into the neediest 401ks.

No guarenteed minimums, but purely controlled by the individual. The needy still get help, while the contributors dont get fully hosed by the socialism. Makes everyone an investor, bringing more attention to the what the markets are doing, and removes the stigma of it only being a tool for the rich. And during recessions *cough cough* even the poor are going to care that the government screwed up the economy.

Would also hopefully curb the government from going after private retirement funds in the future as means of unjust taxation.
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I’m sure it’s not perfect….

but if the gov can run real retirement programs for Veterans, can we not do the same for private citizens?
 
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#280
#280
85SugarVol said:
I’m sure it’s not perfect….

but if the gov can run real retirement programs for Veterans, can we not do the same for private citizens?
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I’d actually prefer the government wasn’t involved in my retirement income but I didn’t have a choice. As far as military pensions that’s just another case of an employer providing a defined pension benefit for an employee.
 
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#285
#285
NorthDallas40 said:
If they offered me every penny plus interest I’d probably still take it. But they won’t so when I’m eligible gimme my damn check.
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Just remember that you need to **** all the subsequent generations behind you because they're not worthy and didn't earn it and the trust fund is broke. Take that you loserx.
 
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#286
#286
VolStrom said:
I don't understand why people think they will never recoup any money from social security? Our government has been broke for decades, and they keep spending money like a drunken sailor, why would they stop paying SS to retirees just because the trust fund ran out?
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This 100%! I don’t understand how folks envision SS being terminated. One thing old folks typically do is vote and we’re regularly bombarded with statistics of how 60%+ of folks over 60 have zero retirement savings. Which political party is going to champion having 60% of our retirees being completely destitute? Which POTUS is going to send $42 billion to a foreign country yet take an earned SS payment away from the elderly? I just can’t see it happen.
 
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#288
#288
walkenvol said:
This 100%! I don’t understand how folks envision SS being terminated. One thing old folks typically do is vote and we’re regularly bombarded with statistics of how 60%+ of folks over 60 have zero retirement savings. Which political party is going to champion having 60% of our retirees being completely destitute? Which POTUS is going to send $42 billion to a foreign country yet take an earned SS payment away from the elderly? I just can’t see it happen.
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It would be political suicide to end it. At some point it is going to have to be updated.
 
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#289
#289
NorthDallas40 said:
It would be political suicide to end it. At some point it is going to have to be updated.
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Well, you have the ebb and flow of generations that slug through the economy. People seem to be pissed about us boomers as we age out and die off, what are they going to say about the millennials?
 
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#290
#290
walkenvol said:
This 100%! I don’t understand how folks envision SS being terminated. One thing old folks typically do is vote and we’re regularly bombarded with statistics of how 60%+ of folks over 60 have zero retirement savings. Which political party is going to champion having 60% of our retirees being completely destitute? Which POTUS is going to send $42 billion to a foreign country yet take an earned SS payment away from the elderly? I just can’t see it happen.
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Don't worry, the dems will still trot out those same "The republicans are going to take your social security away!" lies every election cycle just like they always do.
 
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#291
#291
VolStrom said:
Well, you have the ebb and flow of generations that slug through the economy. People seem to be pissed about us boomers as we age out and die off, what are they going to say about the millennials?
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Everyone rightly dumps on millenials already. Their parents (us) and now that they’re old enough their kids too.
 
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#294
#294
NorthDallas40 said:
It would be political suicide to end it. At some point it is going to have to be updated.
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Update it by removing the welfare additions that have been added to it through the years. Stick to the plan - pay in a minimum of 10 years to qualify for a benefit. Calculate your benefit on the top 35 years. Everyone else get your grubby paws out of the pot including the spousal benefit which is a huge money suck by folks that don’t contribute to the fund. Adjust the age to start drawing based on life expectancy changes
 
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#296
#296
VolStrom said:
Everyone knows it's coming thanks to potato head Joe's war on the American oil business, so let's just get things rolling. I think that we're already in a recession, we just won't have the proof until sometime in July when they release the 2nd quarter GDP numbers.

Wall Street's favorite recession indicator is flashing red
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American oil production is higher under Biden than Trump. If a recession comes, it ain't from a "war on American oil." Stop watching so many of the leghumpers.
 
#297
#297
walkenvol said:
This 100%! I don’t understand how folks envision SS being terminated. One thing old folks typically do is vote and we’re regularly bombarded with statistics of how 60%+ of folks over 60 have zero retirement savings. Which political party is going to champion having 60% of our retirees being completely destitute? Which POTUS is going to send $42 billion to a foreign country yet take an earned SS payment away from the elderly? I just can’t see it happen.
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Well one way (albeit unlikely) SS is impacted is we lose the reserve currency status.

Keep pulling stunts like we did in 2020 and you never know. If we lose reserve status, we can't do unlimited printing so we have to pay as we go.

Don't hold me to it, but I think the gov runs out of tax revenue around May and has to borrow the rest. So if the borrowing window was closed then you start making cuts.

Dept of interior is likely first, then the decisions get harder and harder
 
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#298
#298
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#299
#299
evillawyer said:
American oil production is higher under Biden than Trump. If a recession comes, it ain't from a "war on American oil." Stop watching so many of the leghumpers.
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Cherry picking data I see again sister. EIA didnt have 2022 data yet of course but there’s plenty of trend info here to show how stupid your implication is.

17FF7B75-C542-48B5-AC71-4D257795FE21.png
 
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