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Old 11-13-2016, 02:44 PM
 
Location: R.I.
977 posts, read 605,084 times
Reputation: 4232

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Quote:
Originally Posted by Hollytree View Post
Trump's proposed 13.5% across-the-board cut in federal spending would result in a cut to Social Security that would reduce the average monthly benefit by $182, from $1,360 in 2017 to $1,177.

If you are a retiree who voted for him- did you not know what his policies were?
As a fellow Rhode Islander I think you may want to refocus your retirement financial concerns locally which may have a far greater impact on your retirement finances. Rhode Islanders just approved a number of high cost bonds which interest to be paid on these bonds over the next two decades equals $550 annually for every man, woman, and child resident compared to every other state which is roughly $300. Over spending with minimal economic growth equals high taxes and this is what is driving so many R.I. retirees to get out of Dodge. The voters this time around could have lessened the state's debt burden by voting down some of these bonds because I for one am not looking forward to paying higher state taxes than I already do.

President elect Trump's main platform that he ran on was enhancing economic growth which aim is to preserve many programs which includes social security. So you may want to sit back and chill for a bit and see what he does before throwing him under the bus.

Hopefully Governor Gina will have the smarts enough but I am not holding my breath to reach out to President elect Trump to get some constructive ideas on how improve R.I.'s economic growth because this state is in desperate need of it.

 
Old 11-13-2016, 02:49 PM
 
Location: Living rent free in your head
31,054 posts, read 13,591,379 times
Reputation: 22128
Quote:
Originally Posted by Nightengale212 View Post
President elect Trump's main platform that he ran on was enhancing economic growth which aim is to preserve many programs which includes social security. So you may want to sit back and chill for a bit and see what he does before throwing him under the bus.
well...here's his tax plan. I guess if you believe that supply side economics stimulates economic growth you will be pleased with it: What Is Donald Trump's Tax Plan? An Analysis Of Whom It Will Benefit : NPR
 
Old 11-13-2016, 03:05 PM
 
Location: WA
5,395 posts, read 21,395,985 times
Reputation: 5893
Quote:
Originally Posted by Hollytree View Post
Trump's proposed 13.5% across-the-board cut in federal spending would result in a cut to Social Security that would reduce the average monthly benefit by $182, from $1,360 in 2017 to $1,177.

If you are a retiree who voted for him- did you not know what his policies were?
The federal debt has doubled to 20 trillion over the last eight years while SS funding was not touched. What makes you think a change to taxes that should increase economic activity will threaten SS funding?

There has been amazing poor budgeting and massive misapplication of federal funds for over the last twenty years without SS benefit reductions. Find something else to worry about right now.
 
Old 11-13-2016, 03:43 PM
 
Location: Living rent free in your head
31,054 posts, read 13,591,379 times
Reputation: 22128
Quote:
Originally Posted by cdelena View Post
The federal debt has doubled to 20 trillion over the last eight years while SS funding was not touched. What makes you think a change to taxes that should increase economic activity will threaten SS funding?
You are far more hopeful than I am that the supply side economic tax plan proposed by Trump will work any better than the ones we endured in the past.
 
Old 11-13-2016, 04:26 PM
 
2,443 posts, read 2,071,602 times
Reputation: 5690
Quote:
Originally Posted by 2sleepy View Post
You are far more hopeful than I am that the supply side economic tax plan proposed by Trump will work any better than the ones we endured in the past.
I foresee a lot of deficit spending. Same ol same ol
 
Old 11-13-2016, 06:06 PM
 
Location: Living rent free in your head
31,054 posts, read 13,591,379 times
Reputation: 22128
Here's the latest statement by Ryan on the "plan" to privatize medicare Ryan Plans to Phase Out Medicare in 2017
 
Old 11-13-2016, 07:41 PM
 
Location: NC Piedmont
3,911 posts, read 2,878,179 times
Reputation: 6291
Quote:
Originally Posted by 2sleepy View Post
You are far more hopeful than I am that the supply side economic tax plan proposed by Trump will work any better than the ones we endured in the past.
I doubt it will do any better. The corporations and top 1% are awash in cash now; explain to me why they need incentive to invest it. But to paraphrase the post you replied to, recent administrations have been far more willing to go further in debt than break the SS promise. There have been plans to privatize floated which make us absorb losses instead of the government while paying fees for the privilege. In bull markets that can be tantalizing to a lot of voters though. What is missing in that idea is that the fund is an accounting treatment - it's in treasury bonds that pay out this years SS expenses that are beyond this year's revenues; there is no money to roll over and privatize. So they would have to start diverting revenues and the bonds would have to pay out faster, pushing the deficit to new records (the current record is the last Bush budget, though to be fair he did get Obama's buy in on the stimulus after the election).
 
Old 11-13-2016, 09:04 PM
 
785 posts, read 389,243 times
Reputation: 2052
As a 'millennial' (though I'm in my 30s), I chuckle when people still think Social Security will still be a thing in like 40 years. If people stopped expecting the government to take care of them, they wouldn't be able to steal your money and promise you that your golden years will be worry free.
 
Old 11-13-2016, 09:33 PM
 
Location: Living rent free in your head
31,054 posts, read 13,591,379 times
Reputation: 22128
Quote:
Originally Posted by anonimuso View Post
As a 'millennial' (though I'm in my 30s), I chuckle when people still think Social Security will still be a thing in like 40 years. If people stopped expecting the government to take care of them, they wouldn't be able to steal your money and promise you that your golden years will be worry free.
Don't chuckle too hard you might find it very difficult to save enough in 30 years to provide for your retirement and the costs of your healthcare without medicare.
 
Old 11-13-2016, 09:37 PM
 
Location: Wisconsin
21,539 posts, read 44,002,416 times
Reputation: 15140
Quote:
Originally Posted by anonimuso View Post
As a 'millennial' (though I'm in my 30s), I chuckle when people still think Social Security will still be a thing in like 40 years. If people stopped expecting the government to take care of them, they wouldn't be able to steal your money and promise you that your golden years will be worry free.
They 'stole' my money for 52 years and I have a very nice benefit as do many retirees on this board. You should expect the same.

Social Security worked fine until the number of workers to recipient was cut in half thanks to inversion, outsourcing, technology, and The Great Recession - so now that same smaller pool of workers is working for less relative to the pool as a whole 20 years ago.

That said, raising the income cap would go a long way to restoring revenues. Further, there are tons of add-ons in the program (like SSDI) that didn't exist when it was first begun. Reducing those is harder.
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