Social Security and Medicare Are Ticking Time Bombs

[Kamaji]

Social Security and Medicare Are Ticking Time Bombs

Even taking all the money from every billionaire wouldn't cover our coming bankruptcy.

JOHN STOSSEL
5.31.2023

Social Security is toast.

So is Medicare.

Too many of us old people live longer, so there are not enough working people to support us.

Soon both Social Security and Medicare will be broke.

Our politicians don't have the guts to do anything about it. Or even talk about it.

It's easy to see why.

Recently, France's president, trying to keep his country's pension system from going broke, raised France's retirement age from 62 to a measly 64.

People have been protesting ever since.

In America, politicians who even hint at such solutions get screamed at by misinformed seniors: "Don't touch my retirement funds! You took money from my paycheck for years; that's my money I'm getting back!"

But it's not. It's young people's money. People my age rarely realize that most of us now get back triple what we paid in.

When Social Security began, a government retirement plan made financial sense. Most Americans didn't even live until age 65. Social Security was just for the minority who did.

*  *  *

Source:  https://reason.com/2023/05/31/social-security-and-medicare-are-ticking-time-bombs/

[Weird Tolkienish Figure]

Haha luckily our young people vote for people who will probably do whatever it takes and tax whomever they can to save them.

[LMAO]

From the article….

In America, politicians who even hint at such solutions get screamed at by misinformed seniors: "Don't touch my retirement funds! You took money from my paycheck for years; that's my money I'm getting back!"

Ha!!

How many times is that myth  repeated even  on this forum ?

[DefiantMassRINO]

There is one thing both Wall Street and DC can't stand ... a pile of personal savings that they can't get their grubby, covetus hands on.

I fully expect Dems to target private retirement accounts owners as "rich" that need to pay their "fair share" to backfill shortfalls in Medicare and Social Security coffers that are filled with Congressional / Treasury I.O.U.'s.

[jmyrlefuller]

Haha luckily our young people vote for people who will probably do whatever it takes and tax whomever they can to save them.

except themselves.

Social(ist) Security and Medicare are both predicated on taxes that, because there's a cap on how much an individual can be taxed, the solvency is based less on national economic health and more on how many people are paying in comparing to drawing out. During the latter part of the 20th century, because of the baby boom, the system worked great. Such was the surplus SS was drawing that the overall budget was balanced for a brief time in the 1990s, an extremely rare achievement.

But now, by and large, they've stopped having kids. So fewer people are paying into the system as the Boomers flip to the other side of the ledger... and that's how we're where we are at.

So what's the solution?

Perhaps stiff penalties for those who get to retirement age without having children to replace them in the workforce.
"Rich auntie" might think twice about spurning that "incel" to avoid the responsibilities of marriage and family if it's her retirement at stake.

[Cyber Liberty]

except themselves.

Social(ist) Security and Medicare are both predicated on taxes that, because there's a cap on how much an individual can be taxed, the solvency is based less on national economic health and more on how many people are paying in comparing to drawing out. During the latter part of the 20th century, because of the baby boom, the system worked great. Such was the surplus SS was drawing that the overall budget was balanced for a brief time in the 1990s, an extremely rare achievement.

But now, by and large, they've stopped having kids. So fewer people are paying into the system as the Boomers flip to the other side of the ledger... and that's how we're where we are at.

So what's the solution?

Perhaps stiff penalties for those who get to retirement age without having children to replace them in the workforce.
"Rich auntie" might think twice about spurning that "incel" to avoid the responsibilities of marriage and family if it's her retirement at stake.

That is a fascinating perspective I never thought of, @jmyrlefuller.  Truly.

[Fishrrman]

I read an interesting comment elsewhere that postulated the problems currently with Social Security are due to the unusual "demographic bulge" created by the baby boomer generation -- and that once the boomers die off, the problem will resolve itself.

[DefiantMassRINO]

The Boomers aren't dying young enough, fast enough to avoid an actuarial cliff. 

Older generations will have to pilfer wealth from younger generations to fulfill promises made by politicians decades ago when life expectancy was shorter.

Most societies survive and progress by older members making sacrifices to prepare younger generations to supplant their predecessors - succession planning.

Our society, and its Government, is a kleptocratic gerontocracy that will leave a future societies worse off than their own.

 

The only logical outcome ...

I read an interesting comment elsewhere that postulated the problems currently with Social Security are due to the unusual "demographic bulge" created by the baby boomer generation -- and that once the boomers die off, the problem will resolve itself.

[sneakypete]

The problem does not come from mailing monthly checks to  those  who spent their entire working lives paying into it,the problem comes from spending this money to  feed,clothe,house,educate,pay utility bills,pay doctor bills,etc,etc,etc to people who USED to be identified  as "Illegal Aliens",who have never paid even one thin dime into  the system.

We all know this,just like we all now know that nothing will be done to change it because the DNC needs those votes.

[sneakypete]

From the article….

In America, politicians who even hint at such solutions get screamed at by misinformed seniors: "Don't touch my retirement funds! You took money from my paycheck for years; that's my money I'm getting back!"

Ha!!

How many times is that myth  repeated even  on this forum ?

@LMAO

Ok,so what do YOU  call a mandatory retirement system where people work their whole lives and pay into it after being told this money  will be returned to them in the form of SS retirement or disability checks once they get too old and/or too feeble to work?

You are ok with  the government stealing money from citizens as long as you aren't  one of that citizens group?

What would YOU have elderly  AMERICANS who worked and paid into the system their whole lives do,starve to death in the streets or die because they couldn't afford medical care?

[sneakypete]

I read an interesting comment elsewhere that postulated the problems currently with Social Security are due to the unusual "demographic bulge" created by the baby boomer generation -- and that once the boomers die off, the problem will resolve itself.

@Fishrrman

It's not the Baby Boomers as much as it is SS money being spent on illegal aliens,and who  knows what else?

Our gooberment is using SS money to pay for food,clothing,housing,medical care,utility bills,schooling for their children,PLUS monthly SS checks so they will have some spending money.

In exchange  for this,they get serfs that will vote anyway the DNC wants them to vote,and they WILL vote often,and vote early if that is what they are told to do.

Wish I had an answer  that didn't involve the words "shooting and hanging in public",but I don't. I honestly think it has already gone too far to be solved by peaceful means.

[LMAO]

@Fishrrman

It's not the Baby Boomers as much as it is SS money being spent on illegal aliens,and who  knows what else?

False

Demographics is a huge factor in the SS and Medicare insolvency issue

[LMAO]

@LMAO

Ok,so what do YOU  call a mandatory retirement system where people work their whole lives and pay into it after being told this money  will be returned to them in the form of SS retirement or disability checks once they get too old and/or too feeble to work?

Were is it written that you will get the money you paid into SS and Medicare back?

[Kamaji]

@LMAO

Ok,so what do YOU  call a mandatory retirement system where people work their whole lives and pay into it after being told this money  will be returned to them in the form of SS retirement or disability checks once they get too old and/or too feeble to work?

You are ok with  the government stealing money from citizens as long as you aren't  one of that citizens group?

What would YOU have elderly  AMERICANS who worked and paid into the system their whole lives do,starve to death in the streets or die because they couldn't afford medical care?

A bait and switch.  Face it, you were lied to.  Considering that SS and Medicare were socialist programs originally dreamt up by liberals/progs, why would you be in the least bit surprised about the fact you were lied to?

[GtHawk]

Hey what's the panic all about? The dems/socialists(okay they are the same) have a fix already in place, it's called open border and letting millions of workers(my ass) in to work all those open jobs and pay just oodles and oodles of taxes into social security and medicare. Except of course for the tons of them that work under the table and pay no taxes but will be able to get social security and medicare for free courtesy of working Americans just like they get their food stamps, what ever equivalent of free medical like California's MediCal, Section 9 housing, food stamps, clothing allowance, etc., etc.
 And then there all those poor disabled 'migrants'(my ass) that will be given SSD immediately probably also get SSI, oh and lets not forget the elderly migrants who without ever working a day in America will be gifted SS by the democrat/ socialists. Bitchin plan by democrats giving the 'migrants' for free everything that an American and legal immigrant has to bust their nut to earn with a lifetime of blood, sweat and tears for the sole purpose of buying votes.

Yup Medicare and Social Security is screwed!

[LMAO]

The dems/socialists(okay they are the same) have a fix already in place, it's called open border and letting millions of workers(my ass) in to work all those open jobs and pay just oodles and oodles of taxes into social security and medicare.

This is probably one of the unsaid reasons the government is opening the border. They believe that illegal immigrant workers will make up the demographic shortfall for paying into SS and Medicare.

[libertybele]

This is probably one of the unsaid reasons the government is opening the border. They believe that illegal immigrant workers will make up the demographic shortfall for paying into SS and Medicare.

You can't be serious.  With all the freebies they don't need to work.  It's about votes period.

[Smokin Joe]

From the article….

In America, politicians who even hint at such solutions get screamed at by misinformed seniors: "Don't touch my retirement funds! You took money from my paycheck for years; that's my money I'm getting back!"

Ha!!

How many times is that myth  repeated even  on this forum ?

I believe the complete sentiment is that before that is taken, how about shutting down some of the money going to people who never paid in, never worked, still don't, many of whom don't even belong here.

As for Social Security, I have been paying in for 53 years and the only money I got so far is a $225 death benefit when my wife died. She never collected a dime, either.

Now, go check out the retirement packages for those who pissed the money away.

[sneakypete]

False

Demographics is a huge factor in the SS and Medicare insolvency issue

@LMAO

BullBush! You can't possibly be THAT freaking  foolish,so what is motivating you to claim that  crap?

[sneakypete]

Were is it written that you will get the money you paid into SS and Medicare back?

@LMAO  Where is it written that we WON'T?

[sneakypete]

A bait and switch.  Face it, you were lied to.

That's odd. Everybody  I know that paid into it got a monthly check when they retired. Even me.

 

Considering that SS and Medicare were socialist programs originally dreamt up by liberals/progs, why would you be in the least bit surprised about the fact you were lied to?

Blah,blah,bullshit squared. You are PROBABLY mad because your income is so high that you  won't qualify for SS payments after you retire.

After all,it is ALL about YOU,right?

[sneakypete]

This is probably one of the unsaid reasons the government is opening the border. They believe that illegal immigrant workers will make up the demographic shortfall for paying into SS and Medicare.

@LMAO

How are they going to do that when they are going to end up living in welfare housing and drawing AFDC,and maybe even disability?

Which of course,will come from SS even though they  never paid a nickel into the system.

[LMAO]

@LMAO

BullBush! You can't possibly be THAT freaking  foolish,so what is motivating you to claim that  crap?

Don't take my word for it.  Here's the Social Security Administration in their own words

https://www.ssa.gov/policy/docs/ssb/v66n4/v66n4p37.html

[sneakypete]

I believe the complete sentiment is that before that is taken, how about shutting down some of the money going to people who never paid in, never worked, still don't, many of whom don't even belong here.

As for Social Security, I have been paying in for 53 years and the only money I got so far is a $225 death benefit when my wife died. She never collected a dime, either.

@Smokin Joe

So retire and start collecting it.

You don't really expect to collect SS and continue working for pay,do you?

[LMAO]

@LMAO  Where is it written that we WON'T?

So because the law doesn't specifically say that you won't get back everything you paid into SS that means, by default, you're owed that money?? That's the argument you're going with???


LOL!!!!!