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From the point of view of the Social Security trust funds, the holdings of "special" government bonds are an investment that returned 5.5% to the trust funds in 2005.
Now, 5.5% of $2.5 trillion is $137 billion/year which should cover the shortfall.
Yes, its a bookkeeping game in a sense but SS is not insolvent. Its up to the government to honor its debt by either raising taxes or, preferably, reducing expenditure elsewhere.
From the point of view of the Social Security trust funds, the holdings of "special" government bonds are an investment that returned 5.5% to the trust funds in 2005.
Now, 5.5% of $2.5 trillion is $137 billion/year which should cover the shortfall.
Yes, its a bookkeeping game in a sense but SS is not insolvent. Its up to the government to honor its debt by either raising taxes or, preferably, reducing expenditure elsewhere.
Correct. And until then SS has to borrow to make their monthly payments.
And what is worse is that payroll taxes are lower this year which is even less going to SS by taxpayers.
And it ends up being a big circular game between the Fed, the Treasury and all the agencies.
Correct. And until then SS has to borrow to make their monthly payments.
And what is worse is that payroll taxes are lower this year which is even less going to SS by taxpayers.
And it ends up being a big circular game between the Fed, the Treasury and all the agencies.
The GOP is going after SS too.
Quote:
In the name of deficit reduction, House Republicans are going back to the Social Security well, offering budget proposals similar to those President George W. Bush proposed after his 2004 re-election that would privatize Social Security accounts and reduce cost of living adjustments.
I'd love to be able to privatize a portion of my SS. I'm self employed, paying 15% to it and I'll never see that money back. Even in a no interest bank account I'd be in better shape than the % I lose contributing to SS.
I'd love to be able to privatize a portion of my SS. I'm self employed, paying 15% to it and I'll never see that money back. Even in a no interest bank account I'd be in better shape than the % I lose contributing to SS.
I guarantee this won't be the case for privatizing Medicare!
I'd love to be able to privatize a portion of my SS. I'm self employed, paying 15% to it and I'll never see that money back. Even in a no interest bank account I'd be in better shape than the % I lose contributing to SS.
Well it's obvious your a victim of right wing propaganda.
But let me ask you this....Since your money is now going into your private account. How are current retirees going to get their money? Because they rely almost 95% on what you pay into SS to fund their retirement now.
Don't tell me.......................You want to borrow Trillions from China to fund your scheme?
Wrong. The "trust fund" is non negotiable Treasury bonds.
Notice I posted "bonds" and not "notes".
The SS trust fund does not hold any marketable assets..they have nothing to sell. They are private, unsellable claims against the Treasury.
How would it be different than Medicare Advantage Plans? THey were privately controlled but followed govt regulations and gave better services to the policyholder. No need to buy a private Medicare supplemental policy which all Medicare holders need to do now. So we have private insurance companies making more money now due to Obamacare outlawing Medicare Advantage Plans. Are you angry about that as well, making seniors pay more money for less coverage?
Also since Obamacare is supposedly going to control premium costs and prevent excessive adminstration costs, what would be the difference between private insurance and public?
Good clear guidance on what must be covered and what isn't is what is desperately needed for people to decide which policy they want to purchase.
The social entitlement programs (paid for and free) cannot be sustained anymore.
Less people are working for less money. The labor workforce is only 63% of Americans.
It will only get worse..boomers start turning 65 this year. Those who are 62 and can't get jobs will be putting in for their early money as well.
I give the system 2 more years at most before it implodes.
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