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Old 05-19-2017, 04:02 PM
 
Location: CA & AZ
9,884 posts, read 12,075,786 times
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Quote:
Originally Posted by Boss View Post
SS funds are in Treasury's. The best place to put them. They are backed by all of us.
You just admitted that SS funds exist only as IOUs backed by taxpayers.

Don't forget that $20,000,000,000,000 national debt! Part of it is your very own!
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Old 05-19-2017, 06:57 PM
 
Location: Oklahoma
1,423 posts, read 418,860 times
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Quote:
Originally Posted by Boss View Post
SS funds are in Treasury's. The best place to put them. They are backed by all of us.




The US Gov't has not defaulted, the GOP tried hard a couple of years ago.
Actually, they are not. They are in "special" funds not available to the public. In other words, worthless iou's. And no, they are not backed by us. US citizens are not entitled to the funds by law. The government could shut down the system owing no one.

Additionally, the government has not defaulted until the treasury(regular) market says so. As with a credit card the government can just pay the interest, but we are going to reach a time when we cannot borrow more and cover the interest. Technically, we are the cake walk waiting for the music to stop. Sadly, current americans are wanting to push this disaster onto future Americans. Our founders would be very ashamed of us.
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Old 05-19-2017, 08:31 PM
 
Location: CA & AZ
9,884 posts, read 12,075,786 times
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Quote:
Originally Posted by maat55 View Post
Actually, they are not. They are in "special" funds not available to the public. In other words, worthless iou's. And no, they are not backed by us. US citizens are not entitled to the funds by law. The government could shut down the system owing no one.
We are technically in agreement. The SS funds are worth only the paper they are printed upon, and I wonder if there is really even any paper?

However SS has long been called the "third rail of politics: touch it and you die!" Noting that senior citizens have one of the highest voter participation rates of all age groups, noting that senior citizens are already vested in the system, is seems to me that there could be few politicians who don't understand that messing with SS is bound to lead to political death and blood on the tracks.

Quote:
Originally Posted by maat55 View Post
Additionally, the government has not defaulted until the treasury(regular) market says so. As with a credit card the government can just pay the interest, but we are going to reach a time when we cannot borrow more and cover the interest. Technically, we are the cake walk waiting for the music to stop. Sadly, current americans are wanting to push this disaster onto future Americans. Our founders would be very ashamed of us.
I wonder if we are not there now, or if not now then soon.

Yet the federal government has the power to print money. Can they continue printing their way out of financial disaster? I think that the stock exchanges better continue performing well if the government knows what's good for it. A market crash now would tip the whole bucket into the dust bin. Or a housing crash. Or a world upheaval. Or a butterfly fluttering its wings in Tibet.

At $20,000,000,000,000 national debt maybe a mouse could jump on top and tip the whole mess!
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Old 05-19-2017, 10:52 PM
 
Location: Ohio
15,895 posts, read 11,659,567 times
Reputation: 10800
Quote:
Originally Posted by Boss View Post
It is sustainable. Remove the caps.
https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2015

I just debunked your claim.


Quote:
Originally Posted by Lovehound View Post
What about removing the caps plus means testing during payout years?
Quote:
Originally Posted by maat55 View Post
The current system is not sustainable and if the program were to begin means testing, would make it an abomination to liberty. The proper solution is to transition to a mandated private system, while having three generations slowly reconcile the theft by congress.
Social Security is means tested. You're taxed if you are single and your income is greater than $25,000 annually and you're taxed if you're married filing jointly and your income is greater than $32,000 annually.
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Old 05-19-2017, 11:36 PM
 
Location: CA & AZ
9,884 posts, read 12,075,786 times
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Quote:
Originally Posted by Mircea View Post
Social Security is means tested. You're taxed if you are single and your income is greater than $25,000 annually and you're taxed if you're married filing jointly and your income is greater than $32,000 annually.
Yes, I have noticed my SS is taxed. Sadly, the calculation is AGI not profit. By the time I add deductions and exemptions my taxable income is near zero, sometimes negative. Clearly a sign I need to get out of my present business. I'm workin' on it.

Funny, I have to quit a productive business that supplies a commodity that is much in demand, in order to not take a loss on my taxes. Productive in terms that I'm stimulating the economy and providing jobs, paying taxes, supporting other businesses. But not productive in terms of my earning income. I'll have that fixed by 2020, and others can take over the slack that my vacuum produced.

In the end it all adds up to zero. And once again my SS will not be taxed. I'll join the (slight) majority of Americans who don't pay income taxes. I'll get my lifeline phone back then!
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Old 05-23-2017, 10:03 AM
 
Location: Proxima Centauri
2,539 posts, read 1,068,075 times
Reputation: 2713
Quote:
Originally Posted by Lovehound View Post


Strangely it is many of the public employee systems funded by government dollars that are doing well. They have the reach of bottomless pockets—those of we taxpayers.
So that there is no misunderstanding, thanks to the able stewardship of Tom DiNapoli the New York State Retirement System is self financing.
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