Current Events > Was COVID-19 a missed chance to sure up social security?

(+) Yeah! (+)

As we all know social security will run dry in a dozen years now. COVID was deadliest to old people, who collect social security. Did we blow a big chance here?

---

Yikes... but lol

---

iirc it only changed it by a year.

Yikes. And its unfortunate people like TC are the ones with the wealth and power in the country.

GeraldDarko posted...

iirc it only changed it by a year.

the recent news is its going broke a year earlier than expected. If 10% of current recipients died though, I bet that would give us another 10-20 years.

---

Either institute an actual "lock box" mechanism, or cease the delusion that payroll taxes are meaningfully different from any other source of general revenue.

Up

Social security will not run dry that is a myth and a scare tactic. Wait until the baby boomera start phasing out and that will open up more money. Remember people are having less kids these days.

---

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.1 At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future. The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.

But honestly the scare tactic isn't that social security won't run dry, it very well could and will if nothing changes. The scare tactic is that it doesn't matter a whole bunch if it does run dry. They will use debt to pay for it all else fails.

All the poll is asking though is did we miss an opportunity to get another option beyond raising taxes or reducing benefits.

---

KILBOTz posted...

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

But honestly the scare tactic isn't that social security won't run dry, it very well could and will if nothing changes. The scare tactic is that it doesn't matter a whole bunch if it does run dry. They will use debt to pay for it all else fails.

All the poll is asking though is did we miss an opportunity to get another option beyond raising taxes or reducing benefits.

Do you hate old people?

I think the saying is "shore up"

---

If this thread is here longer than 10 minutes then the mods truly dont know what theyre doing.

---

when we turn 65. there will be nothing left for us.
---

kingdrake2 posted...

when we turn 65. there will be nothing left for us.

Wait til the boomers are gone. They will go one by one over the next 20 years. Then the most populous generatuon will be gone freeing up money for the gen x.

---

Njolk posted...

I think the saying is "shore up"

interesting, thanks. turns out another definition for shore is to prop up or prevent sagging.

BeyondWalls posted...

If this thread is here longer than 10 minutes then the mods truly dont know what theyre doing.

its been here 12 hours

---

kingdrake2 posted...

when we turn 65. there will be nothing left for us.

lol, there's not gonna be an american government around by the time i'd turn 65. i give it another 20 years max before everything falls apart.

---