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I expect to be collecting a pension and social security in the near future and continue to do so for 20 to 30 years. I have funded SS for WW2 veterans and I expect the younger folk to support this Vietnam veteran.
There aren't enough young people to support you baby boomers. The demographics of the country have changed. The politicians who enacted all of these programs were short-sighted. They thought that the population would be forever increasing and able to sustain these entitlement programs.
The only way to avoid insolvency is to lower governmental spending and raise taxes. I ask any of you members of the older generations to look at the cold hard numbers of the fiscal mess that we face in the future, realize the threat, and make an effort to support legislation that will lower your benefits. If you don't then you will destroy this country.
What do you mean the population is not growing. The population of the US was about 250 million when I started working and is now over 300 million. AFAIK even illegals have to pay SS tax.
What do you mean the population is not growing. The population of the US was about 250 million when I started working and is now over 300 million. AFAIK even illegals have to pay SS tax.
The population is not growing enough and in the right demographic ways in order to adequately support Social Security, Medicare, and Medicaid. The Baby Boomers are numerous enough that they will put a massive strain on the system as it is currently set up.
I am 23 and I am planning on not having any money from social security at retirement. Anyone under 30 who thinks they will get a dime out of that (failing) system is foolish.
All money I contribute to social security is money I am sure I will never see again.
I am 23 and I am planning on not having any money from social security at retirement. Anyone under 30 who thinks they will get a dime out of that (failing) system is foolish.
All money I contribute to social security is money I am sure I will never see again.
We'll see some money, but definately not 100% of promised benefits. More like 60% probably. We will also be double-taxed by having to pay normal S.S. taxes and by paying back all of the money that has been looted out of the trust fund over the years.
What do you mean the population is not growing. The population of the US was about 250 million when I started working and is now over 300 million. AFAIK even illegals have to pay SS tax.
It is growing. But much of that growth has come from increases in life expectancy. 30 years ago, people died sooner than they do today, so the population today is higher than it would have been if that variable had been held constant.
The Baby Boomers did not have that many kids, so there are not as many young working people paying into the SS system to keep it solvent.
It is a FLAT TAX, except for the rich, and the money goes to the General Fund. I see no problem with them living within the minimums and maximums set by law.
That's because you're not the one paying for it.
As I asked in my original post....what are YOU personally willing to give up or pay more for????
Endless fighting each other about shifting the costs or taking benefits from the other guy will lead to financial collapse.
We imported other people's children to make up for our decreased birth rate. As I said applying the tax to all income from all sources without any cap will make up the deficit for another generation or two. Then the country can figure out how to stop having imperial wars and importing so much oil. Just the savings from these follies could pay for SS, Medicare and UHC forever.
"I am 23 and I am planning on not having any money from social security at retirement."
If they cut benefits by 20 percent after around 2040, the program would be self-sustaining based on their current models.
The politicians want the public to give up on Social Security because they're raiding the funds for other programs. When they cut benefits and raise taxes to save Social Security yet again, the surplus funds aren't going into Social Security. The politicians will spend the money on other programs that will get them reelected.
Then the country can figure out how to stop having imperial wars and importing so much oil. Just the savings from these follies could pay for SS, Medicare and UHC forever.
We've spent almost one trillion on Iraq and Afghanistan all together. The unfunded liabilities of Social Security, Medicare, and Medicaid are projected to be over 50 trillion. Stopping all military action will save us some money, but nowhere near the amount we need to sustain all three of those programs as they currently exist.
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