there's a lot of talk lately on the health of Social Security...It seems the one

Dec 2011
10
2
#1
sure way to guarantee its future solvency is to increase the income cap on contribution more than the national average wage index...We all know that the national average wages have been pretty stagnant in the past few years now...and the demographics fast changing with huge numbers of baby boomers turning 67 or older.....so why not increase this cap?...why oppose it...everyone seem to worry about the solvency of Social Security these days...
 
Oct 2010
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1,160
#2
Because social security is too much of a cookie jar used for shit it wasn't designed to be used for - like buying votes which is the current scheme to divert social security revenues.

If the system were operated the way it was designed to be operated - basic social security benefits funded by basic social security taxes, it would be fine. That's not what it's being used for and why it's insolvent.
 
Oct 2010
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1,160
#4
There are a lot of aspects to the failure of the program.

If you understand the fundamentals of a basic annuity you will consider a few variables. Income (payments in), benefits paid, life expectancy of beneficiaries and time value of money. I'm not suggesting social security is not complicated but fundamentally this is the formula. Most of these variables are predictable and expected.

We know who will be collecting at what point in time, the downturn in wages paid is an unexpected variable but clearly not the demise of the program over the decades. Where it goes wrong is the addition of other benefits beyond retirement funding and the constant fucking around with the revenues - diverting them to non-social security uses.

More reason to privatize social security. Those funds, incomes should be restricted for the use of social security benefits. They're not, that is the major problem with the insolvency of the program.
 
Likes: sparsely
Dec 2011
10
2
#5
Privatizing Social security would help the corporate interest a lot...and we might have to drop the word "security" from its name....notice how many 401k's are in the toilet after 2008?
 
Dec 2007
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NY
#6
It needs to be privatized... But it won't happen or be solved because it's a wonderful tool for politicians to use.... "Your representatives need to raise the debt ceiling or you won't get your SS check!"
 
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sparsely

Former Staff
Jan 2011
11,585
2,342
Cow, TX
#7
Privatizing Social security would help the corporate interest a lot...and we might have to drop the word "security" from its name....notice how many 401k's are in the toilet after 2008?
Locking away SS would help the people a lot. You know, keep grubby politicians dirty hands off of it. But we might have to drop both words then.
We could call it Old Fuckers Federal Eldery Reserve, or OFFER. Regardless, it's unconstitutional and has become an ethical hazard for politicians. It's a big honeypot for Congress to raid, and when it's jeapordized, they get all huffy and moral about how ending or altering it would force old widows to eat cat food or some lame shit like that.
 
Oct 2011
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Southern California
#8
Because social security is too much of a cookie jar used for shit it wasn't designed to be used for - like buying votes which is the current scheme to divert social security revenues.

If the system were operated the way it was designed to be operated - basic social security benefits funded by basic social security taxes, it would be fine. That's not what it's being used for and why it's insolvent.
That ponzi scheme thingy don't help much either.
 
Jan 2008
32,903
9,708
Vertiform City
#10
sure way to guarantee its future solvency is to increase the income cap on contribution more than the national average wage index...We all know that the national average wages have been pretty stagnant in the past few years now...and the demographics fast changing with huge numbers of baby boomers turning 67 or older.....so why not increase this cap?...why oppose it...everyone seem to worry about the solvency of Social Security these days...
Increase the income cap? You're kidding, right? Give government more money so they can piss it away on failing corporations? I think not!

No, what they ought to do is keep their grubby little paws off the trust fund. Maybe we oughta take their firstborn if we catch 'em at the till, what do you think?

I fully disagree with the concept of "privatizing" in the same manner as 401k's, that's already been shown to be a ripoff unless you're sitting there managing your own funds 24/7. I simply refuse to allow a corporation to have anything to do with my retirement savings. I want Glass-Steagall back, because without that, none of our retirement savings are safe. The way things stand now, it is legal for the banks to gamble with your retirement savings, and that is tantamount to criminal, that is precisely what everyone from Andrew Jackson to Wilson himself warned us about.

Once the banks prove to me they can keep my retirement savings safe, then maybe I'll "save" a little. Till then, the whole damn system can go take a hike, and I'll keep my silver under the mattress. Next to the rifle.