U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: What are your thoughts on Social Security COLA regarding true inflation and current payout not keepi
Social security payments should INCREASE substantially and regularly - to reflect true inflation and COLA amounts for Vets and seniors 47 74.60%
Social security payments should STAY THE SAME regardless of the fact cost of living has increased substantially and these people served and paid in 6 9.52%
Social security payments should BE DECREASED regardless of the fact cost of living has increased substantially and these people served and paid in 10 15.87%
Voters: 63. You may not vote on this poll

Reply Start New Thread
 
Old 07-14-2018, 03:38 PM
 
25,832 posts, read 49,727,953 times
Reputation: 19281

Advertisements

40 years ago the demise of Social Security was imminent... at least according to news stories.

In 2000 my home computer cost about 4x what I recently paid and it was much less of a machine... and don't even compare to daisy wheel printers!

Not everything costs more... just look at the cost of consumer electronics...

I bought a Texas Instruments basic calculator in 1975... add, subtract, multiply, divide and square root... costs me over $100... now these are give aways or can be bought at the dollar store.

My biggest expenses by far are taxes of all kind and insurance of all kind... I still have the $800 car I bought in High School... and it continues to appreciate!

This said... I seem to know quite a few seniors where social security accounts for 80% or more of their income...

The juxtaposition is some of these senior widows in their 80's are living well on 36k a year with 30K coming from Social Security... they or their spouse kept working to 70 or beyond...

In the SF Bay Area it is not unusual to find individuals like those above owning homes worth a million+

The key is to eliminate debt and live within your means... Lois who is 88 has a home landscaped like a park... it is her pride and joy... she lives just fine on 36k a year.... even has money to visit her sister in Montana every year... and drives her 1980's like new car with 38,000 miles...

I really think some people just have a higher burn rate or fail to plan for their longevity...

Last edited by Ultrarunner; 07-14-2018 at 03:47 PM..
Reply With Quote Quick reply to this message

 
Old 07-14-2018, 06:47 PM
 
11,896 posts, read 14,364,183 times
Reputation: 7526
Congress has funny priorities. They have no problem running the presses overtime to print money to cover tax cuts, but want to squeeze Social Security.
Reply With Quote Quick reply to this message
 
Old 07-14-2018, 08:14 PM
 
Location: Ohio
18,018 posts, read 13,247,591 times
Reputation: 13822
Quote:
Originally Posted by Ultrarunner View Post
40 years ago the demise of Social Security was imminent... at least according to news stories.

It was. The OASI Trust Fund was down to its last $19 Billion and when you consider it was costing $12 Billion a month, that's how close it really was before Congress finally stepped in.
Reply With Quote Quick reply to this message
 
Old 07-14-2018, 08:15 PM
 
25,832 posts, read 49,727,953 times
Reputation: 19281
Increasing the money supply means more dollars chasing goods...

It is cruel to those living off savings... not bad for those paying debt with cheaper dollars.
Reply With Quote Quick reply to this message
 
Old 07-14-2018, 08:32 PM
 
3,969 posts, read 1,596,412 times
Reputation: 12405
I began full-time work in 1980. Even then we knew that Social Security was a Ponzi scheme. Had someone given me the option of putting that money into an investment account rather than hand it over to the Federal government, I would have done it like a shot. Even freaking savings accounts have outperformed Social Security. Had I dumped my money into an IRA that I couldn't touch, I would be a multimillionaire by now.

Had I taken my first $2,000 in SSI in 1984 and then contributed $200 a month, and earned the average S&P return over the past 30 years, my nest egg at retirement would have been more than $3,000,000.

Further, when Social Security was instituted in 1935, the average life expectancy was 61. Today it's close to 80.

In truth, SS should remain the same with those under 50 having the option to direct their account to some kind of well-regulated private investment or savings plan.

Last edited by MinivanDriver; 07-14-2018 at 08:49 PM..
Reply With Quote Quick reply to this message
 
Old 07-15-2018, 07:15 AM
 
3,036 posts, read 1,211,010 times
Reputation: 6013
Quote:
Originally Posted by Jowel View Post
The following thoughts come to mind:

1.) Many working people are in as bad or worse a predicament with stagnant wages; and

2.) Working people who are in their 40's to 50ish and younger are not going to get the full benefits that they supposedly are due on their SS estimate (which is a pretty far stretch as it stands). In fact they could be due for a very hefty cut; and

3.) The cost of living increase is not a far cry from the rate of inflation and in many cases someone not working receiving social security is doing much better than a working person currently contributing a substantial percentage of their pay to SS/Medicare (see #1); and

4.) While no one likes to see older people/veterans go without, the fact is in most areas the people in poverty aren't older people but children. Older people are often among the more affluent, which I don't fault, as they've typically earned it. But the facts don't necessarily support the way this is presented in terms of income distribution. Seniors choosing between medications and other living costs is often highlighted on political ads, but the problem with that isn't with social security not being high enough. The problem is a health care system and pharmaceutical industry that has less transparency and integrity than the used car industry, gouging people, including seniors and veterans, and political gridlock that can't seem to make any headway that doesn't end up causing lots of unintended consequences.; and

5.) Can we afford this, especially since we are unable to raise the cap on incomes taxed with SS, and continue spending so much taxpayer money meddling in other countries' problems?

6.) Social security shouldn't be the only form of income for people who collect it. It's meant as one form of safety net, not as a long-term middle-class income. The numbers simply don't and never have worked for that.
Definitely. I worked for the state of Florida for almost 7 years and got one raise of $1K, while retirees got cost of living adjustments every year. Many people in the private sector get raises of about 2% each year.

Meanwhile, like with seniors, healthcare costs continue to go up because healthcare companies are repricing legacy drugs at 5-100x their prior prices and insurance costs also continue to go up for just average care. Everyone is paying way too much for healthcare.
Reply With Quote Quick reply to this message
 
Old 07-15-2018, 07:57 AM
 
5,155 posts, read 2,347,227 times
Reputation: 1848
Quote:
Originally Posted by MinivanDriver View Post
I began full-time work in 1980. Even then we knew that Social Security was a Ponzi scheme. Had someone given me the option of putting that money into an investment account rather than hand it over to the Federal government, I would have done it like a shot. Even freaking savings accounts have outperformed Social Security. Had I dumped my money into an IRA that I couldn't touch, I would be a multimillionaire by now.

Had I taken my first $2,000 in SSI in 1984 and then contributed $200 a month, and earned the average S&P return over the past 30 years, my nest egg at retirement would have been more than $3,000,000.

Further, when Social Security was instituted in 1935, the average life expectancy was 61. Today it's close to 80.

In truth, SS should remain the same with those under 50 having the option to direct their account to some kind of well-regulated private investment or savings plan.
Government wall street is a ponzi scheme as well.
It would be in the toilet were it not for QE, zirp and bail outs.
Reply With Quote Quick reply to this message
 
Old 07-15-2018, 07:59 AM
 
64,629 posts, read 66,158,228 times
Reputation: 43060
i guess record earnings mean nothing.

not every company needed bailouts . in fact most did not
Reply With Quote Quick reply to this message
 
Old 07-15-2018, 09:00 AM
 
8,293 posts, read 3,456,454 times
Reputation: 1586
Quote:
Originally Posted by RamenAddict View Post
Definitely. I worked for the state of Florida for almost 7 years and got one raise of $1K, while retirees got cost of living adjustments every year. Many people in the private sector get raises of about 2% each year.

Meanwhile, like with seniors, healthcare costs continue to go up because healthcare companies are repricing legacy drugs at 5-100x their prior prices and insurance costs also continue to go up for just average care. Everyone is paying way too much for healthcare.
Because of Medicare seniors do better than most with HC. Most beneficiaries get 2-3 X in benefits compared to what they pay in.
Reply With Quote Quick reply to this message
 
Old 07-15-2018, 09:01 AM
 
8,293 posts, read 3,456,454 times
Reputation: 1586
Quote:
Originally Posted by J746NEW View Post
Government wall street is a ponzi scheme as well.
It would be in the toilet were it not for QE, zirp and bail outs.
What is Government wall street?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top