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The idea of putting SS into stocks is a joke. Those funds which were involved in the Stock and derivative markets were so far underwater in 2008 that many failed. Just ask say a lot of coal miners in WV and Kentucky. Those funds were also raped by those nice mortgage backed securities. States were able to cut payments into their retirement plans based on the fake value of those plans.
SS is funded by purchasing US Treasury bonds. As of right now the safest investment you can have.
Unless POTUS decides to declare bankruptcy to lower debt.
The idea of putting SS into stocks is a joke. Those funds which were involved in the Stock and derivative markets were so far underwater in 2008 that many failed. Just ask say a lot of coal miners in WV and Kentucky. Those funds were also raped by those nice mortgage backed securities. States were able to cut payments into their retirement plans based on the fake value of those plans.
SS is funded by purchasing US Treasury bonds. As of right now the safest investment you can have.
Unless POTUS decides to declare bankruptcy to lower debt.
There is a stark difference between investing in Stocks and Derivatives linked to mortgages.
SS contributions (almost sounds voluntary huh?) go into the general fund to pay todays bills, there is no mythical lock box or bonds to ensure payments for tomorrow. The perpetuation of the scheme requires a negative return for the contributors. Its a welfare ponzi and if it were offered from the private sector the state would shut it down for fraud.
I laugh watching both teams argue the finer points of the rip-off scheme, like slaves arguing over the length of their chains.
You are correct yet the risk was taken by many Pension Funds both Public and Private.
I agree that was stupid. Pension funds serve a large pool of pensioners who are retiring early and living a long time. The pressure to keep them sustainable is immense and leads to risk and stupidity.
If you have a physical job, do you really want to be working until 75??
Exactly, and it should not be 75. It's painful to see some of my coworkers trying to get around at my work, after 20+ years on the job. And I'm talking about people in their 40s and 50s and a few in their mid to late 30s. Many have knee problems, back problems, foot issues, carpal tunnel, and other strains and pain. I have a coworker who is still out on medical from a hip replacement surgery, and he is not even 50 yet.
SS contributions (almost sounds voluntary huh?) go into the general fund to pay todays bills, there is no mythical lock box or bonds to ensure payments for tomorrow. The perpetuation of the scheme requires a negative return for the contributors. Its a welfare ponzi and if it were offered from the private sector the state would shut it down for fraud. I laugh watching both teams argue the finer points of the rip-off scheme, like slaves arguing over the length of their chains.
This.
And per the highlighted, I'd rep it x1,000 if I could, but the forum won't let me.
No keep it the way it is, just like getting rid of caps on spending. They need to get rid of the Cap on SS taxes. I also understand the male life expectancy has dropped to 73 or so.
If the cap on SS tax is eliminated, the cap on SS benefits also has to be eliminated. By law, that's how SS works. That would actually be even worse because as of now, everyone but low-income earners LOSE money on SS. Make that no longer true, and SS implodes even faster.
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