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Outlays have not declined yet, but it's a certainty that they will in real dollar terms. There is no use in arguing that social security will somehow escape the demographic problems that were hatched years ago, and are continuing now.
No but the workforce has been declining since its near peak in 2000 while life expectancy has increased.
These are also not the only factors influencing SS funds.
I have been hearing this same concern over SS for years.
There is actually one very simple solution to SS. You lift the income cap and restrict the pay outs to an fixed monthly amount. Problem solved.
Maximum payout is already there. If you're suggesting it should be fixed at what it is based on the current max payment pegged to inflation, then sure. bill gates shouldn't get 500K a month in social security
Lifting the income cap would solve its problems I suspect 100% as you indicate.
I dont think we will see movement on that until social security is really hurting though.
That doesn’t fix the problem. Mircea, wherever he’s gone off to, has beaten that horse to death.
It doesn't fix the problem forever. But it fixes the problem at least for the next decade. But the underlying dynamic of a declining labor force will eventually catch up with it and we will be facing the same problem.
Outlays have not declined yet, but it's a certainty that they will in real dollar terms. There is no use in arguing that social security will somehow escape the demographic problems that were hatched years ago, and are continuing now.
And even if OASDI exhaust all of the trust funds they can still pay out 73% (that might have changed for the hush hush reason related to COVID) for the foreseeable future.
Edit:
Oh, it has changed…
Quote:
The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement and survivors benefits, will be able to pay scheduled benefits on a timely basis until 2034, the same as reported last year. At that time, the fund’s reserves will become depleted and continuing tax income will be sufficient to pay 76 percent of scheduled benefits.
That doesn’t fix the problem. Mircea, wherever he’s gone off to, has beaten that horse to death.
LOL. I would disagree. And boy have me and Mircea gone the rounds on it. I miss them a lot-they really were actually interested in a factual debate, hopefully they will show up some more.
you could also just apply social security taxes to capital gains as well for example.
Maximum payout is already there. If you're suggesting it should be fixed at what it is based on the current max payment pegged to inflation, then sure. bill gates shouldn't get 500K a month in social security
Lifting the income cap would solve its problems I suspect 100% as you indicate.
I dont think we will see movement on that until social security is really hurting though.
Either that or at some point the American Taxpayer has to subsidize SS payments. I think in countries like the Netherlands and Germany this is already happening.
So we just keep importing more and more immigrants?
Yes, if we don't produce enough bodies domestically, we have no other choice. Unless of course we are starting to change our economic system. But I don't see that happening anytime soon.
Yes, if we don't produce enough bodies domestically, we have no other choice. Unless of course we are starting to change our economic system. But I don't see that happening anytime soon.
Somehow I don’t think Humanizing the Debt™ will go over too well.
“We know you’ve been oppressed by the most oppressive country in the world but, please, come in droves to help us pay off our debt and support our aging white supremacists.”
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