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Thread: Better retire Soon

  1. #31
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    Quote Originally Posted by Standing Wolf View Post
    I don't recall the particulars, but I remember that Bush 42 attempted to get some kind of change made in how Social Security funds are invested - so that every dollar would be funneled through certain banks, who would take a small percentage of it to do exactly the same job, invest in exactly the same funds, as were being utilized then. It was an obvious gift to a few well-connected financial institutions at the taxpayers' expense and didn't ever come to anything.
    Bingo! Thanks for the information. That's why the right is lying so much about it; it'll be a bonanza for Wall Street. I'm glad that right is on it's way out. The Dems need to set up a conga line of leadership that'll last for the next forty years. It's the only way we'll be able to sort all this out.

  2. #32
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    Quote Originally Posted by carolina73 View Post
    The story is pensions not Social Security. Social Security is empty. They are borrowing to keep it afloat.
    Don't tell me that you think there is a lock box? LOL There is not even a separate bank to hold it. It is a line item on the governments books and as much of a fraud as saying that taxpayers funds are not being used for abortions.

    If Social Security was a private fund then they would close it down and arrest all of the managers for financial fraud.
    Wrong again. https://www.cbpp.org/research/social...ocial-security


    The trustees estimate that, if policymakers take no further action, Social Security’s combined Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust fund reserves will be depleted in 2035 — one year later than predicted in last year’s report.
    • While most of Social Security’s benefits are funded by the payroll taxes collected from today’s workers, the program has also accumulated nearly $2.9 trillion in trust fund reserves over the past three decades. During that period, Social Security’s income exceeded its costs, and the program invested the surplus in interest-bearing Treasury securities. Over the next 16 years, those reserves will make up the difference between Social Security’s income and costs.

  3. #33
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    Quote Originally Posted by Peter1469 View Post
    And the boomers are retiring. There aren't enough workers to cover fully covering starting in 2035.



    You get a yearly statement from Social Security- read it. It says the cuts are coming.
    The Boomers ARE retiring. The Western Conference of Teamsters Pension fund has over 29 billion in assets and is 98% funded. The liabilities always have to stay just ahead of the assets in order for it run right. Social Security is based on the very same principal: the funds that you contribute are paying for the one behind you who is drawing. Thus it is with SS. A long as congress leaves it - as is - which is what the Republicans want, THEN SS will meet a short fall. IF congress does it's job the trusts can be fully funded.

  4. #34
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    Quote Originally Posted by jet57 View Post
    The Boomers ARE retiring. The Western Conference of Teamsters Pension fund has over 29 billion in assets and is 98% funded. The liabilities always have to stay just ahead of the assets in order for it run right. Social Security is based on the very same principal: the funds that you contribute are paying for the one behind you who is drawing. Thus it is with SS. A long as congress leaves it - as is - which is what the Republicans want, THEN SS will meet a short fall. IF congress does it's job the trusts can be fully funded.
    I have said the cuts in 2035 are with the status quo.

    The question is will Congress do something, and if so what?
    ΜOΛΩΝ ΛΑΒΕ


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    carolina73's Avatar Senior Member
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    Quote Originally Posted by jet57 View Post
    There is no fund to invest. There is nothing in the bank. The US government owes it 5 trillion that will never be paid back.

    That is why Trump wants to put it in the general fund. It's only reserves were stolen by a bad debtor.

    https://www.investors.com/politics/c...nnual-deficit/

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    Quote Originally Posted by carolina73 View Post
    There is no fund to invest. There is nothing in the bank. The US government owes it 5 trillion that will never be paid back.

    That is why Trump wants to put it in the general fund. It's only reserves were stolen by a bad debtor.

    https://www.investors.com/politics/c...nnual-deficit/
    There are two trust funds that will be drawn from in 2035 if congress does nothing now. Which presidents have "borrowed" from the trust funds?

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    Quote Originally Posted by jet57 View Post
    There are two trust funds that will be drawn from in 2035 if congress does nothing now. Which presidents have "borrowed" from the trust funds?
    Zero.

    Congress does it.
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    Quote Originally Posted by Peter1469 View Post
    Zero.

    Congress does it.
    Uh, ya' better check Ronald Reagan's record on that...

  10. #39
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    Quote Originally Posted by jet57 View Post
    Uh, ya' better check Ronald Reagan's record on that...
    No thanks.
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  11. #40
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    Quote Originally Posted by Peter1469 View Post
    No thanks.

    You don't want to be embarrassed again do you?

    better check

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