Observations on life

Fake “news,” misinformation and easily avoidable ignorance drives me nuts 😡

People pushing their agenda seem to put facts and integrity low on their list of priorities. A prominent example of that is Social Security. At the same time average people make themselves so susceptible to propaganda by remaining uniformed. It’s quite scary. You would think if you know how to use Facebook, you would also know how to Google OASDI Trustees Reports and learn the facts … you would think.

The fact is Social Security benefits will be slashed by 23-25% in 2033 if future benefits are not trimmed in some manner and/or taxes are raised and the longer we wait, the more drastic the changes will be. And by the way, nobody is suggesting slashing benefits for existing beneficiaries.

Nobody, not even government has stripped Social Security to the bone. Roosevelt’s vision was destroyed a long time ago as benefits were improved and demographics changed, but funding was kept inadequate.

Why do seniors “deserve” more than the younger generation?

Illegal residents do not get Social Security but often pay the taxes using phony SS numbers. They actually contribute billions to the trust, but don’t collect.

Members of Congress have been paying Social Security taxes since January 1984.

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8 replies »

  1. Any of you vote for Obama? Any of you vote for Bill Clinton? If so, look in the mirror. You’ll find the person who essentially voted in people who knew the Social Security funding challenge but failed to take action. W Bush proposed action but was rejected.

    Any of you vote for Trump? Any of you vote for Sanders? Those two idiots essentially told you that no changes to Social Security or Medicare were necessary. They LIED.

    In June 2017, the average Social Security benefit was $1,369. About 61 percent of retired workers count on Social Security to provide at least half of their monthly income. So, in 2032 – 2035, when the Trust funds are exhausted, without action, benefits will be reduced to match what can be financed by payroll taxes – reduced about 1/4th. The law DOES NOT say how the reductions will be applied. So, expect a big fight over that one – likely to turn Social Security into a need-based welfare program. This is nothing new – it’s been known since 1983, which was the last time Social Security was reformed. See: https://www.ssa.gov/OACT/TR/2017/tr2017.pdf

    How about Social Security reform proposals over the past 25 years:

    (1) November 5th, 1993: President Bill Clinton, by Executive Order #12878, created the Bipartisan Commission on Entitlement Reform (the Danforth Commission) to evaluate entitlement programs – specifically Social Security and Medicare. The Commission never reached consensus and couldn’t get all members to agree on even an Interim Report. Subsets of the commission members made their own proposals. None gained any traction, nor action. See: http://www.presidency.ucsb.edu/ws/index.php?pid=61571
    (2) February 5, 2005: President George W. Bush made a reform recommendation to add personal accounts and change the COLA. These proposals triggered great criticism, and no action was taken. See: https://georgewbush-whitehouse.archives.gov/infocus/social-security/ See also: https://georgewbush-whitehouse.archives.gov/news/releases/2005/04/20050428-7.html
    (3) April 27, 2010: The bipartisan National Commission on Fiscal Responsibility and Reform (often called Simpson-Bowles) met to recommend fiscal reform, including recommendations to reform Social Security. Despite widespread popular support, the report failed to get enough support to send it to a Democratic controlled Congress and President Obama for approval.
    (4) June 1, 2016: President Obama, nearing the end of this second term, reminded us that Social Security’s finances needed strengthening. “We should be strengthening Social Security… it’s time we finally made Social Security more generous and increased its benefits so that today’s retirees and future generations get the dignified retirement that they’ve earned.” He had nothing to recommend and no proposal was ever made. See: https://obamawhitehouse.archives.gov/the-press-office/2016/06/01/remarks-president-economy

    The biggest risk to retirement by everyday workers in America is our continued failure to take action on Social Security funding. Instead of Tax Reform, or Health Reform, or Immigration Reform, etc. Congress should start first with Social Security funding.

    Unfortunately, many in Government want to keep this in play, delaying action, so they can use it to buy your votes – either by blowing smoke up your ass while promising benefit improvements (like Obama above), or like Pelosi/Reid et.al, who will blame anyone proposing change with adds showing a young guy pushing grandma in a wheelchair over a cliff.

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  2. Social security is the largest government program in terms of those it directly effects: every person employed. I have not heard social security included in an educational curriculum. Considering its importance and impact, and the widespread misunderstanding of it, I believe information about it should be part of the basic education provided by taxpayers.

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  3. I agree with what Debra Blundell said..that the politicians should take a pay cut…we dont need cuts in Social Security…we need raises…and I feel that Social Security should be given in full to those who had to take it early due to financial issues..that when they reach the “retirement age”..they should be allowed to claim the full amt that they would have been getting if they had waited..This is so unfair..the present government..has no idea what its like to live month to month..trying to get by. They need to stop threatening Social Security and Medicare and take their cuts elsewhere…we elders deserve better treatment.

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    • And who will pay for all this? We elders (I’m 74) had a lifetime to prepare for retirement and knew well in advance what Social Security could and could not provide. I think the really unfair part is burdening our children and grandchildren with liabilities that will inhibit their chances for a better life. Politicians pay has nothing todo with any of this. Social Security pays out $109,018,264.84 (that’s million) per hour. Their pay might last a few hours.

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    • What does a retiree do to deserve a rise? I am now retired and I do not contribute to society like I did when I was working. Existing is not a reason for getting a raise. Existing is not even a reason to get welfare.

      My employers and I paid exactly $310,050 into social security (it’s on your annual statement) and at the predicted payout, it will last 7.2 years. Even with great investing, I doubt it could last 10 years. But if I live for 20 years, where will that money come from? OUR CHILDREN’S RETIREMENT!

      I knew in high school in the late 1970’s that social security was going broke. They knew it in the 1980’s when they tried to fix it. So there is no reason why anyone could not prepare for the worst case 45 years later. I only can hope that there will be some money left in 2022 when I start to collect but I have no hope past 2032. When you payout more than you pay in, at some point you run out of money.

      My favorite from above is “Government has no authority over social security”. I wish Mr. Rex Martin could explain to me how the government does not have authority over a government program. Who does he think runs the program? One of Trump’s companies?

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  4. The internet, social media and television are filled with “fake news” stories. It’s human nature to search out and believe the stories that fit your ideology or view of the world. It’s a logical fallacy called confirmation bias. If you read a story that confirms your belief that you are a victim and not responsible for your current condition, then what motivation is there to search any further for a possible alternate explanation?

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