Fixing social security

[HONEYBADGER]

Medicare, Social Security in crisis as underfunding hits $175 TRILLION

Medicare and Social Security are facing a substantial underfunding crisis, amounting to $175 trillion according to a recent report by the U.S. Treasury.

www.dailymail.co.uk

175 trillion underfunded per Yellen, and that is what they admit, in their own report. You know it is likely much worse.

For reference that is 1.4 million per US household. Prepare for change one way or the other.

 

[VikingsGuy]

Regardless of how we fix the funding question I do believe they need find a system to credit workers towards a retirement age of 60 if their work was physically demanding vs a desk job. Being a roofer at 60 is very different than being an accountant at 60. And the same goes for medicare - it needs to line up with social security dates.

 

[Cornbread]

Regardless of how we fix the funding question I do believe they need find a system to credit workers towards a retirement age of 60 if their work was physically demanding vs a desk job. Being a roofer at 60 is very different than being an accountant at 60. And the same goes for medicare - it needs to line up with social security dates.

Ahh, more favoritism. I suffer from diabetes from the stress I incurred in my work as an investment manager. Where do you draw the line?? That's exactly why we are in the mess we are today. America is gagging on favoritism. Ahh, I get it. You are more equal than I, Uhhh, ok.

 

[Cornbread]

Medicare, Social Security in crisis as underfunding hits $175 TRILLION

Medicare and Social Security are facing a substantial underfunding crisis, amounting to $175 trillion according to a recent report by the U.S. Treasury.

www.dailymail.co.uk

175 trillion underfunded per Yellen, and that is what they admit, in their own report. You know it is likely much worse.

For reference that is 1.4 million per US household. Prepare for change one way or the other.

Would it be any worse if it was $250 trillion?

As a sidebar, everybody should watch the Grapes of Wrath film. Quite interesting. California...the land of milk and honey! Funny how life changes. Socialism is NOT the answer

 

[VikingsGuy]

Ahh, more favoritism. I suffer from diabetes from the stress I incurred in my work as an investment manager. Where do you draw the line?? That's exactly why we are in the mess we are today. America is gagging on favoritism. Ahh, I get it. You are mire equal than I, Uhhh, ok.

As an investment manager I assume you evaluated different investments under different but appropriate criteria - that's called smart business. Smart government (presently an oxymoron) requires the same. One size fits all governance is one of the dumbest approaches to governance.

 

[Forkyfinder]

For some reason, this feels like the right place for this:

https://www.cnbc.com/2024/03/26/trump-selling-60-god-bless-the-usa-bibles-with-lee-greenwood.html

I hate to give them free advertising, but there might be a few customers on this thread. Might even get some to open the Bibles.

 

[westbranch]

Regardless of how we fix the funding question I do believe they need find a system to credit workers towards a retirement age of 60 if their work was physically demanding vs a desk job. Being a roofer at 60 is very different than being an accountant at 60. And the same goes for medicare - it needs to line up with social security dates.

As an accountant that sits at a desk I would support that for retirement. Not so sure about Medicare, having health insurance tied to employment doesn't make any sense IMO. But that would take a much larger overhaul that nobody wants to touch.

 

[Cornbread]

Medicare, Social Security in crisis as underfunding hits $175 TRILLION

Medicare and Social Security are facing a substantial underfunding crisis, amounting to $175 trillion according to a recent report by the U.S. Treasury.

www.dailymail.co.uk

175 trillion underfunded per Yellen, and that is what they admit, in their own report. You know it is likely much worse.

For reference that is 1.4 million per US household. Prepare for change one way or the other.

Would it be any worse if it was $250 trillion?

As a sidebar, everybody should watch the Grapes of Wrath film. Quite interesting. California...the land of milk and honey! Funny how life changes. Socialism is NOT the answer

As an investment manager I assume you evaluated different investments under different but appropriate criteria - that's called smart business. Smart government (presently an oxymoron) requires the same. One size fits all governance is one of the dumbest approaches to governance.

If you invite govt into your life, you get one size fits all with a favoritism overlay. If you step back and say, jeez, I can prepare for retirement myself by living a modest life, invest conservatively, save my dough, invest in myself by finding a career that pays well, the whole country would be significantly better off. But the evil part of mankind raises its ugly head....how can I make somebody else pay for something I want!

 

[Irishman]

Social Security - the name itself means security for society. It's not a savings program for individuals. It was brought about to prevent elderly people being too poor to survive on their own. It is absolutely ridiculous that someone making millions gets to stop contributing at a little over a hundred thousand. If you make $10,000 per year you contribute about 7% of your pay, if you make $1million per year you only contribute 0.07% of you pay, yet someone said the wealthy are getting screwed. The really wealthy contribute nothing as they never work, they just live of money they inherited. Social security contributions are to help elderly people in need, so what if you don't get everything back you put in.

 

[Cornbread]

Social Security - the name itself means security for society. It's not a savings program for individuals. It was brought about to prevent elderly people being too poor to survive on their own. It is absolutely ridiculous that someone making millions gets to stop contributing at a little over a hundred thousand. If you make $10,000 per year you contribute about 7% of your pay, if you make $1million per year you only contribute 0.7% of you pay, yet someone said the wealthy are getting screwed. The really wealthy contribute nothing as they never work, they just live of money they inherited. Social security contributions are to help elderly people in need, so what if you don't get everything back you put in.

Jealousy is the evil that will destroy America. That's what feeds socialism. First erroneous statement, somehow the high earners get a greater benefit even though their SS taxes were capped. Throw that totally out. Their benefits are also capped! Period. That is totally incorrect.

Now, if ya wanna tax high earners even more and turn SS into more of a welfare program, ok. But fully understand the consequences of that. Now, if you have a problem with people inheriting wealth, well, another misnomer. Maybe they sit on their ass. That is their older relative's problem who gave them the dough. Not all rich people do that. But hey, the older relative earned that probably creating a product or service through their own hard work and creativity that made everybody's life better. Take Apple computer, GMC, FORD, D.R. Horton, Boeing, Amazon, Google, etc etc. What would your life be like WITHOUT these products??? Look it, if their relative wanted to work 90 hours a week and thrive off making billions to feed their ego, so be it. Im happy with my life, my talents, and am comfortable in my own skin. Money does not mean happiness pal. And some people are more gifted than others. Period. This jealosy shit destroys the country feeding unrest. Be happy with what ya have.

 

[VikingsGuy]

No jealousy here, I am 100% ok with Bezos making a trillion dollars and burning $1,000 bills to roast marshmallows if that makes him happy. He earned it, he can hoard it or spend it as he wishes.

I am also 100% happy with a 100% estate tax with a $10 million (or similar) exemption. There is no human or societal value derived from making 4 generations of folks who had nothing to do with the wealth creation permanent trust fund babies.

 

[Deleted member 28227]

No jealousy here, I am 100% ok with Bezos making a trillion dollars and burning $1,000 bills to roast marshmallows if that makes him happy. He earned it, he can hoard it or spend it as he wishes.

I am also 100% happy with a 100% estate tax with a $10 million (or similar) exemption. There is no human or societal value derived from making 4 generations of folks who had nothing to do with the wealth creation permanent trust fund babies.

Boomers, voted themselves huge tax cuts under Bush and Trump, and huge benefits under Clinton and Obama, running up a colossal national debt.

Now they control an absolutely absurd portion of the nations wealth, it's having a crazy effect on the housing market, among other things.

It’s a ‘nepo’ housing market. More than a third of Gen Zers and millennials expect their parents to help with a down payment, survey finds | Fortune

“Because housing costs have soared so much, many young adults with family money get help from Mom and Dad,” Redfin’s chief economist, Daryl Fairweather, said.

fortune.com

I'd be happy with a graduated estate tax starting at 10% at $350k, 20% 1MM, 35% at 20MM. Reform trust law's so that anytime the beneficiaries, of a trust are changed all assets are subject to the tax.

Let the folks who made the mess pay for it.

 

[VikingsGuy]

Boomers, voted themselves huge tax cuts under Bush and Trump, and huge benefits under Clinton and Obama, running up a colossal national debt.

Now they control an absolutely absurd portion of the nations wealth, it's having a crazy effect on the housing market, among other things.

It’s a ‘nepo’ housing market. More than a third of Gen Zers and millennials expect their parents to help with a down payment, survey finds | Fortune

“Because housing costs have soared so much, many young adults with family money get help from Mom and Dad,” Redfin’s chief economist, Daryl Fairweather, said.

fortune.com

I'd be happy with a graduated estate tax starting at 10% at $350k, 20% 1MM, 35% at 20MM. Reform trust law's so that anytime the beneficiaries, of a trust are changed all assets are subject to the tax.

Let the folks who made the mess pay for it.

Also, NO stepped basis for inheritance. Unrealized gains must be taxed at time of death.

 

[Deleted member 28227]

Also, NO stepped basis for inheritance. Unrealized gains must be taxed at time of death.

Ranchers would never go for that

 

[Deleted member 28227]

Medicare, Social Security in crisis as underfunding hits $175 TRILLION

Medicare and Social Security are facing a substantial underfunding crisis, amounting to $175 trillion according to a recent report by the U.S. Treasury.

www.dailymail.co.uk

175 trillion underfunded per Yellen, and that is what they admit, in their own report. You know it is likely much worse.

For reference that is 1.4 million per US household. Prepare for change one way or the other.

175T in the next 75 years

The Silent Generation—the parents of the Boomer—and Boomers will pass down $84.4 trillion in assets through 2045, with $72.6 trillion going directly to heirs,

The Great Wealth Transfer From Baby Boomers To Millennials Will Impact The Job Market And Economy

The wealth handover will have a significant impact on the economy. Millennials are expected to hold five times as much wealth as they do today by the 2030s.

www.forbes.com

Whelp there is your cash...

 

[manitou1]

I suspect if respondents were all over 50-60 years old the anawers would be significantly different.

Perspective is EVERYTHING.

 

[Benfromalbuquerque]

Would it be any worse if it was $250 trillion?

As a sidebar, everybody should watch the Grapes of Wrath film. Quite interesting. California...the land of milk and honey! Funny how life changes. Socialism is NOT the answer

No way, socialism saved USA at a time when capitalism cannibalized itself. CCC, TVA, WPA. Many of we Americans whose family was here dating back to that time are the product of people who benefited from those programs. Don’t think I’m not a fanboy of libertarian concepts. I even registered as libertarian in AZ. But sometimes the Federal gubberment in all its inadequacies and bureaucratic redundancies needs to be there to save us all.

 

[noharleyyet]

Guess I'm a boomer still trying to figure out how to get in on the fix without running for office & pissed because my silent parents didn't 'transfer' anything.

 

[SAJ-99]

Guess I'm a boomer still trying to figure out how to get in on the fix without running for office & pissed because my silent parents didn't 'transfer' anything.

Remember that one time you didn't take out the trash? There is your punishment.

Good news is that 1 in 5 Boomers is willing to "transfer" some money.

 

[406dn]

Jealousy is the evil that will destroy America. That's what feeds socialism. First erroneous statement, somehow the high earners get a greater benefit even though their SS taxes were capped. Throw that totally out. Their benefits are also capped! Period. That is totally incorrect.

Now, if ya wanna tax high earners even more and turn SS into more of a welfare program, ok. But fully understand the consequences of that. Now, if you have a problem with people inheriting wealth, well, another misnomer. Maybe they sit on their ass. That is their older relative's problem who gave them the dough. Not all rich people do that. But hey, the older relative earned that probably creating a product or service through their own hard work and creativity that made everybody's life better. Take Apple computer, GMC, FORD, D.R. Horton, Boeing, Amazon, Google, etc etc. What would your life be like WITHOUT these products??? Look it, if their relative wanted to work 90 hours a week and thrive off making billions to feed their ego, so be it. Im happy with my life, my talents, and am comfortable in my own skin. Money does not mean happiness pal. And some people are more gifted than others. Period. This jealosy shit destroys the country feeding unrest. Be happy with what ya have.

So many places to start. Jealousy is part of the human condition, not unique to America, nor will it ever be eliminated. It is not only an emotion reserved for the downtrodden. It exists in every society, so all are doomed, I guess.

Everyone's SS benefit is capped, consistent with one's earnings. It is my understanding that lower wage earners get a more generous benefit, compared to their earnings, than those who reach the earnings cap. I never fretted that, too much, just grateful that my income was generally pretty good.

If the various companies never existed, we would have a different life, being non the wiser we were missing out, at all. I suspect we would be fine with our normal.

There are many studies that do correlate income to happiness, up to about an upper middle class income. Income above that does not bring, additional happiness. Every list of countries ranked by happiness, has the Nordic countries dominating the list. Each of them is more "Socialist" than the USA. The list has the US at 23rd. Troublingly, the US has a schism between the generations. For people over 60, we rank 10th and those under 30 rank 60th. It would be a stretch to attribute all of that difference to rampant jealously by younger Americans.

I would say that income and wealth inequality is also corroding the country. I too am happy in my life, comfortable in my own skin, and have enough wealth to make it to the finish line, with some to spare.