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Old 12-04-2018, 08:10 AM
 
Location: Thailand
5,129 posts, read 2,436,232 times
Reputation: 9382

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Quote:
Originally Posted by maat55 View Post
I understand that rates have increased dramatically since inception and will continue to increase to sustain it. It has basically become most Americans pathetic retirement plan.

I understand that whenever a contributor dies before 65, his contributions are gone leaving nothing to his children. Yes, I know his spouse may get it, depending on her situation, point is that it is not like a personal 401k that both would have when both contribute.

I understand that it gives the government a big piggy bank and future Americans a big bill.

I understand as an investment product in the private sector, the manager would be sitting next to Bernie.
Correct on the first two, failed (again) on the second two. General fund is not intermingled, and Bernie is in jail for fraud.
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Old 12-04-2018, 08:54 AM
 
17,847 posts, read 12,554,888 times
Reputation: 13141
Quote:
Originally Posted by maat55 View Post

I understand as an investment product in the private sector, the manager would be sitting next to Bernie.

Itís not an investment product, the money you pay in isnít your money and you arenít guaranteed anything back. Thatís why every attempt by you or anyone else makes to call it a ponzi falls
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Old 12-04-2018, 08:57 AM
 
66,360 posts, read 67,544,759 times
Reputation: 44465
it is an annuity and those who die help pay for those who live along with current money coming in. it is these mortality credits that give the system the ability to pay out what it does . it is a shame ssdi has drained much more than it should from the system . . while 16 cents out of a dollar goes into ssdi the fact is the ssdi system went bust and need billions shifted in to it from ss retirement
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Old 12-04-2018, 09:20 AM
 
Location: Oklahoma
2,118 posts, read 705,790 times
Reputation: 975
Quote:
Originally Posted by lieqiang View Post
Correct on the first two, failed (again) on the second two. General fund is not intermingled, and Bernie is in jail for fraud.
Read the yearly reports. It is funded with general fund money. Since the normal budget is in deficit every year, made up SS funds are borrowed adding to the blob debt being kicked down the road.

I guess fraud and legalized theft are slightly different. The government is basically Bernie with immoral law and guns to enforce it.
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Old 12-04-2018, 09:22 AM
 
66,360 posts, read 67,544,759 times
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ss taking money from general funds is different than general funds taking money from ss . which was 'your mis-informed argument
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Old 12-04-2018, 11:01 AM
 
Location: Oklahoma
2,118 posts, read 705,790 times
Reputation: 975
Quote:
Originally Posted by mathjak107 View Post
ss taking money from general funds is different than general funds taking money from ss . which was 'your mis-informed argument
Show me where I said that.
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Old 12-04-2018, 11:04 AM
 
66,360 posts, read 67,544,759 times
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Quote:
Originally Posted by maat55 View Post
Show me where I said that.
right here where you keep claiming the ss money is going in to general funds

Quote:
Originally Posted by maat55 View Post
Being that contribution rates have skyrocketed. Yet, the government blows every penny it receives via taxes and SS contributions. .
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Old 12-04-2018, 11:11 AM
 
Location: Oklahoma
2,118 posts, read 705,790 times
Reputation: 975
Btw, when I pay my personal tax and SS contributions, they go to the same place(us treasury).
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Old 12-04-2018, 11:30 AM
 
Location: Oklahoma
2,118 posts, read 705,790 times
Reputation: 975
Quote:
Originally Posted by mathjak107 View Post
right here where you keep claiming the ss money is going in to general funds
All the money goes to the us treasury. The government allocates it based on where it came. When the government ďconvertsĒ the prior overages into the SS bonds, the real excess funds have to be somewhere. My guess is the us treasury where the government pays its obligations. For the government to run a debt balance means those excess funds have been reallocated. In order for the SS bonds to be real money, the government would have to maintain a positive balance. We are disputing semantics.

None of this changes the fact that in order for the government to meet its current SS obligations, it has to either get more money in taxes or borrow adding to the debt. Life expectancy is not a legitimate reason for the skyrocketing rates on contributions. This system as is is not fair to current or future generations. It needs to be reconciled over a certain timeframe and converted to a mandated private system. If you want to know what the vastly predominant reason for wealth disparity is, it is SS.
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Old 12-04-2018, 11:33 AM
 
7,245 posts, read 6,796,983 times
Reputation: 5448
Quote:
Originally Posted by maat55 View Post
Btw, when I pay my personal tax and SS contributions, they go to the same place(us treasury).
Silly, the Treasurer is the entity that collects and disburses funds for governments. You make payments to Treasurer but they go to the various departments and agencies. It is the same at the federal, state, and local levels.

Social Security still runs a positive cash flow. Some or all of the principal and interest payments on the non-marketable treasury obligations held by the trust fund are used to finance operations. That which is not currently needed is issued as more treasury obligations held by the trust fund.

The main reason wealth disparity is QE and other active stock market supports. Almost half of the income for the top 10 percent comes from realized gains in the markets. That doesn't account for the vast amount that is held till death as unrealized gains and passed on to heirs.
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