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[Karma Kramer]

I really think its just a broken system... in 2037 who knows how long people will live... seems like this is only just going to get worse and worse

 

[besada]

Or subsidize McDonalds, and everyone can keep dying, only faster!

I'm doing my part for the country by smoking too much and not exercising enough.

 

[laserbeam]

Declining Birth rates and another factor relating to births is thinning the Pool of people paying into SS. Meanwhile more and more people are reaching the age to start drawing from it.

Greying Population means SS is screwed.

 

[UrokeJoe]

Man, why did the world just decide to go mad now?

I need my monies, but now it's all gloom and doom, gloom and doom... everywhere you turn. WTF?

This is America damn it!

 

[empty vessel]

Do what FDR did. When FDR implemented social security life expectancy for the average man was 65. Raise the retirement age to life expectancy in the US.

I'm adamantly opposed to this. The solution is not to punish ourselves. It's to eliminate the cap and tax the wealthy further to make up any difference (or slash the wasteful military budget, or both). If anything, the retirement age should be lowered and benefits increased. (Modernization and the accumulation of social wealth are supposed to make our lives easier over time, not worse. This isn't the 1930's, it's 2009. We should be working less and retiring earlier. And there is no impediment to doing this whatsoever.)

 

[laserbeam]

I'm adamantly opposed to this. The solution is not to punish ourselves. It's to eliminate the cap and tax the wealthy further to make up any difference (or slash the wasteful military budget, or both). If anything, the retirement age should be lowered and benefits increased. (Modernization and the accumulation of social wealth are supposed to make our lives easier over time, not worse. This isn't the 1930's, it's 2009. We should be working less and retiring earlier. And there is no impediment to doing this whatsoever.)

Presidents and Congress have been using the SS Fund for their personal plaything thats the problem as well as fewer people paying in etc. You are right though as technology advances thats supposed to make our life easier etc its sad we seem to be pushing and working harder

 

[i_am_ben]

Australia just raised its retirement age from 65 to 67 in the budget handed down last night.
It wont come into effect for a while though.

 

[speculawyer]

Do what FDR did. When FDR implemented social security life expectancy for the average man was 65. Raise the retirement age to life expectancy in the US.

This.

And people are going to have to get used to the idea of downgrading jobs. If you are old and can't do a job you used to be able to do but are still old enough to work, you are gonna have to take a lesser job.

 

[speculawyer]

Declining Birth rates and another factor relating to births is thinning the Pool of people paying into SS. Meanwhile more and more people are reaching the age to start drawing from it.

Greying Population means SS is screwed.

Well, I hope you are not suggesting that birth rates be greatly increased. That is trying to fix a Ponzi scheme by just getting more suckers at the base of the pyramid.

The system will need to be changed and it will have to be done by making a bunch of adjustments. Remove the cap on FICA, increase the retirement age, means testing, etc.

Cuts will be needed, so spread the pain around.

 

[ronito]

This.

And people are going to have to get used to the idea of downgrading jobs. If you are old and can't do a job you used to be able to do but are still old enough to work, you are gonna have to take a lesser job.

the problem is that in order to fix SS is going to take some radical thinking. It's too easy to sit back and keep saying "raise the retirement age." or "raise taxes." And with this silly "government has no role" people protesting on public roads (lol) it's not gonna get any easier to come up with real solutions.

 

[Neverfade]

It will the whole thing?

Choked on Cap'n Crunch!

 

[Vox-Pop]

Raising the retirement is the stupidest thing I ever heard on GAF. Most people can't work properly at age 65.

 

[mAcOdIn]

America could afford this if we weren't so fucking selfish and fucking going crazy on the national debt.

SS expenditures last year were around 540 billion, interest paid on our debt was around 410 billion. If we weren't debt whores this probably wouldn't even be painful but since we want to lesson the severity of the recession, want to get a UHC now as opposed to later, want, want, want, that interest payment will just grow and it'll be a lot more severe for us when we do have to start paying for everything.

 

[WickedAngel]

Uhn. The people who've paid for years and years and who won't receive benefits would care.

For starters.

So the younger generation should have to continue to keep paying in whilst we know that it won't be there for us?

At least previous generations felt as if they were paying for something useful. We don't even have that luxury.

 

[Banana Kid]

I really just want things to get okay enough that everyone will just lie to me again. Every news story about the economy just scares/depresses me now. Make up some good news and let me feel better.

 

[mAcOdIn]

I really just want things to get okay enough that everyone will just lie to me again. Every news story about the economy just scares/depresses me now. Make up some good news and let me feel better.

11 More years and I'll run for President, if you can hold out that long I'll sort out this bullshit, can I count on your vote in 2020?

 

[Diatribe1974]

How does funds run out when there's no funds to begin with?

 

[legend166]

Compulsory superannuation folks. All employers must pay 9% on top of their employees salary per annum into a retirement account that cannot be touched until the person retires.

Works in Australia.

 

[JayDubya]

Not popular, but eliminate the cap.

Not popular, but eliminate the program.

 

[Diatribe1974]

I believe it was either his 1st or 2nd term, that after Reagan had been elected, he wanted (I believe) the IRS audited. I forget what the commission name was at the time, but essentially it had said that 100% of all taxable revenue that was collected out of each of our paychecks & through income tax, ect, was 100% spent in paying towards our national debt & the interest it was accruing. With this in mind, it makes wonder: If everything the government is collecting is going towards the national debt (if exclusively towards the interest alone or principal & interest), then that naturally means that nothing is being actually paid for our services we think our tax monies are going anywhere. You can say "Well, there's a reason why they take out 2 types of taxes from our paychecks, one is for our Social Security and the other is what you just mentioned. But if that's the case, then that means our nation has been running in debt (1 trillion+ a year) for the last 24-28 years.

You want to bet that the government didn't touch what was supposed to be set aside for our retirements? I bet that, that money was already spent long before it's pulled out of each and every one of my paychecks, all for something not even resembling social security related spending.

 

[perfectchaos007]

Good. Maybe now people will put money into a retirement fund instead relying on socialism to pay for their life after work.

It's called a savings

 

[mAcOdIn]

I believe it was either his 1st or 2nd term, that after Reagan had been elected, he wanted (I believe) the IRS audited. I forget what the commission name was at the time, but essentially it had said that 100% of all taxable revenue that was collected out of each of our paychecks & through income tax, ect, was 100% spent in paying towards our national debt & the interest it was accruing. With this in mind, it makes wonder: If everything the government is collecting is going towards the national debt (if exclusively towards the interest alone or principal & interest), then that naturally means that nothing is being actually paid for our services we think our tax monies are going anywhere. You can say "Well, there's a reason why they take out 2 types of taxes from our paychecks, one is for our Social Security and the other is what you just mentioned. But if that's the case, then that means our nation has been running in debt (1 trillion+ a year) for the last 24-28 years.

You want to bet that the government didn't touch what was supposed to be set aside for our retirements? I bet that, that money was already spent long before it's pulled out of each and every one of my paychecks, all for something not even resembling social security related spending.

Ehh. It's nowhere near 100% yet, as I said interest payments on our debt hasn't even eclipsed Social Security alone yet so there's no way that interest payments are 100% of our governments taxes and we're contributing 100% of our budget straight to credit year after year. It isn't THAT bad by any stretch but it will be eventually if it isn't curbed.

 

[JayDubya]

Eh. Paying down the debt should be the majority of our yearly budgetary expenditures.

 

[Diatribe1974]

Ehh. It's nowhere near 100% yet, as I said interest payments on our debt hasn't even eclipsed Social Security alone yet so there's no way that interest payments are 100% of our governments taxes and we're contributing 100% of our budget straight to credit year after year. It isn't THAT bad by any stretch but it will be eventually if it isn't curbed.

Found it:

Grace Commission (1982) said that every dollar we pulled in through taxes went towards the national debt before a single penny went towards anything else we thought it was paying for (roads, defense, health care, ect)

http://www.uhuh.com/taxstuff/gracecom.htm

While taxes has gone up substantially, government spending has drastically outpaced it.

 

[adamsappel]

Not popular, but eliminate the program.

Immediately? How long would you propose this take? Are you willing to relinquish everything you've paid into it thus far without bitching?

 

[Branduil]

Immediately? How long would you propose this take? Are you willing to relinquish everything you've paid into it thus far without bitching?

We've already relinquished everything we've paid into it. You think you're ever getting that money back? Because I don't.

 

[thefro]

It's funny that someone titled the thread on this, which is still about 30 years away, when Medicare is going to be bankrupt in 8 years.

 

[Joe Shlabotnik]

Good. Maybe now people will put money into a retirement fund instead relying on socialism to pay for their life after work.

It's called a savings

You're not supposed to rely on SS exclusively. That was never the point. It's a baseline of support so that you're not homeless and starving if, oh say for example, your retirement fund drops 40% a few years before you retire. Of course that's a crazy-talk scenario that could never ever ever happen!

 

[empty vessel]

You're not supposed to rely on SS exclusively. That was never the point. It's a baseline of support so that you're not homeless and starving if, oh say for example, your retirement fund drops 40% a few years before you retire. Of course that's a crazy-talk scenario that could never ever ever happen!

Exactly. It's national retirement insurance.

 

[Runus]

We've already relinquished everything we've paid into it. You think you're ever getting that money back? Because I don't.

This. You will never see money at retirement anyways. I don't expect to have any supplemental government money when I retire. If you do then you need to re-evaluate your retirement planning unless you are about to retire in the next few years.

They need to decide what the last year is they will be giving it out with an age requirement on that year and end it. Then once everyone is gone that was using it just eliminate the program and be done with it. 401ks and Roth IRAs are your friends people, don't rely on the government to take care of you.

 

[Hari Seldon]

Raise the age to 70. Problem solved.