Posted on 05/15/2014 7:01:56 AM PDT by SeekAndFind
For full benefits? Yes. For reduced benefits (which should still be pretty decent considering what skilled roofers/techs make), retire when they need to, or shift to a job that is less physical. Right now, the average person on social security is being supported by five active workers (5:1). That is projected to drop to 3:1 in 2040, and 5:2 by 2080. It's not sustainable unless we raise the age, probably to age 75 by 2080.
Yes, what he and Moynihan accomplished helped, but also created the huge problem of the untrustworthy trust funds. The trust fund approach masked the damaging accounting deficits we were creating, by making the annual cash flow deficits much smaller than the accrual deficits.
Yep, we have to revisit it. And I know it’s a blink of an eye but that was thirty years ago for a massive system.
Sure Social Security needs to be “fixed.” But only after gold-plated government retirement/medical benefits programs are “fixed” first.
What do you think of life and health insurance?
I'm no fan of social security but it was sold as an insurance program and that is how many folks look at it.
It is a socialized pension insurance scheme, but the benefits are absolutely already skewed in favor of those who have paid in the least, not to mention the taxability of the income for those who have other income in retirement further adding to the progressivity of the system.
But if you look at an actual opinion poll you’ll also see it’s one of the most popular programs of the government, including among 40-50 year olds. It’s not going away, but it needs to be adjusted, very slightly and very slowly, to put it on an actuarially sustainable footing.
Nope, they will have to fund their own retirement, which is most likely going to happen anyway, leaders should have the courage to be honest.
What they do not factor in is that legalizing the legals will increase unemployment among current employed. It will open the gates to more illegals, because the newly legalized employees cost too much. The newly arrived illegals will then need to be legalized ... lather, rinse, repeat.
Eventually everyone will be on SSI disability (permanent unemployment benefits).
Sounds magical. Now all they need to do is create the money.
It’s what they did with TARP. Yea, it’s pulling money out of nowhere. But it’s better to do that and get rid of a negative-running balance, then to let SS get even more into the red.
And of course, bonus points if we can pay off the (one-time) payment with permanent cuts elsewhere ;)
TARP was half a bil.
SS is 12 tril.
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