Harry Stone said:

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Marcus Brutus said:

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Highway6 said:

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A is A said:

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It is one of the worse government programs of all time.

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It was fine until the politicians started to use it as a slush fund to buy votes

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No , it was fine until technology started increasing the average life expectancy. If people lived as long (or as short) as they did back in FDR's day, it would still be OK.

Life expectancy in 1940 was 60. Its almost 80 now. That's a huge number of people to support that are not working.

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this is correct. just like minimum wage, the age for getting social security should also increase. it should be about 72 or 73 now.

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no offense but scr@w you bro!

I have been working for 23 years and deserve my social security at the age it was promised. you are just stealing from the people who ACTUALLY PAID INTO THE SYSTEM if you raise the age- because that means most will never even recover what they paid in to the system as they die off before age 85

Ponzi scheme

Social Security was one of the best executed examples of manufacturing money for political support in history. It taxes the working generation to pay the retirees, so the true cost of it is called an "investment", even though, as stated earlier, it is just a ponzi scheme. And just like other ponzi schemes, if you are in on it early, you get the benefits of it looking like it works. The first generation collecting Social Security made out pretty well. As the years go by, though, the deal gets worse and worse, but you can't deny it to anyone, because they paid into the system their whole working lives, so it is owed to them.

The voters this system was created to pay are LONG dead, and so are the politicians that bought them, but now we are stuck with this system. GW ran his first campaign on privatizing SS, and while he won, he was lambasted for trying to mess with peoples Social Security.

It is a loser for us in the long run, and the longer we wait to deal with it, the harder it will be to fix, but it is also never going to get fixed until after it goes broke due to politics.

Paul Ryan was the one who was trying to throw grandma in the wheelchair off the cliff

SS is a government welfare program packaged prettier

Its Texas Aggies, dammit said:

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maroonthrunthru said:

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I like the extra $50k a year "fun" money…

Thanks kiddos !!!

Now, Get off my lawn and pull your pants up !!!

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Comments like that are why COVID was called the boomer remover.

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Is anyone really collecting $50k a year on social security?

In all seriousness, when I was a young working stiff, I used to ***** about it, too…. However, I learned to ignore it, plan around it, and now I get that nice financial surprise every month…

It truly is FUN money, because I figured I'd never actually see any of it…

And, BTW, Medicare is ALSO the BOMB !!!

Eliminatus said:

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I don't see a single politician, D or R, daring to even attempt to touch Social security in order to weaken/abolish it. We will ride that anchor doen until the nation collapses.

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Let people opt out and it will take care of itself.

Yes… $50k for my wife and I…

Because of covid, I estimate that we are saving about $25 billion per year in SS distributions.

Thanks China!

1939 said:

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Its Texas Aggies, dammit said:

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maroonthrunthru said:

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I like the extra $50k a year "fun" money…

Thanks kiddos !!!

Now, Get off my lawn and pull your pants up !!!

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Comments like that are why COVID was called the boomer remover.

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Is anyone really collecting $50k a year on social security?

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Not an individual, no.

Social Security should be abolished today, period. Now, those that have paid into it, there is nothing we can do about not honoring the obligation, though I would suggest an accelerated lump-sum payments to get the debt off the books ASAP.

The federal government has no authority or authorization to take your $$ and set it aside for your retirement..... which is not what is actually happening at all, they are taking my $$ to give to others for their retirement, and will take others $$ to give to me for my retirement, etc.

There should be no social security, no SS administration, etc.

Medicaid and Medicare should also be axed.

LMCane said:

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Harry Stone said:

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Marcus Brutus said:

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Highway6 said:

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A is A said:

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It is one of the worse government programs of all time.

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It was fine until the politicians started to use it as a slush fund to buy votes

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No , it was fine until technology started increasing the average life expectancy. If people lived as long (or as short) as they did back in FDR's day, it would still be OK.

Life expectancy in 1940 was 60. Its almost 80 now. That's a huge number of people to support that are not working.

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this is correct. just like minimum wage, the age for getting social security should also increase. it should be about 72 or 73 now.

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no offense but scr@w you bro!

I have been working for 23 years and deserve my social security at the age it was promised. you are just stealing from the people who ACTUALLY PAID INTO THE SYSTEM if you raise the age- because that means most will never even recover what they paid in to the system as they die off before age 85

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No offense but I've been working for 13 years less than you, and fully expect to never see a dime of this money stolen from both of us. You should too.

SS has turned into a slush fund for politicians...

Quote:

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It's way past time to privatize social security.

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That's true, but when George W. Bush tried to do this the AARP fought him tooth and nail. Remember the commercials showing a couple deciding to bulldoze their house and build over it because of some minor issue like a light bulb was burned out? And that's why AARP will never get one single penny of mine.

NonReg85 said:

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NoahAg said:

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A is A said:

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It is one of the worse government programs of all time.

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redundant

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Mercury and Apollo were govt programs.

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so you agree....Apollo killed some astronauts through ineptitude if you recall...you're just bolstering his argument.

sicandtiredTXN said:

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Longest running Ponzi scheme in history

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nope, Ponzi scheme's require you to give your money voluntarily.

The last time any serious reform was talked about was W's presidency. He proposed giving the taxpayer the option of taking 2% and diverting it a "private security" account, that you would own and be able to invest in some predetermined acceptable methods. This is still not ideal, but a lot better than what exited and still exits. OF course, Congress did not seriously consider it.

Marcus Brutus said:

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Highway6 said:

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A is A said:

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It is one of the worse government programs of all time.

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It was fine until the politicians started to use it as a slush fund to buy votes

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No , it was fine until technology started increasing the average life expectancy. If people lived as long (or as short) as they did back in FDR's day, it would still be OK.

Life expectancy in 1940 was 60. Its almost 80 now. That's a huge number of people to support that are not working.

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Life expectancy has gone up b/c infant mortality has gone way down.

LMCane said:

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Harry Stone said:

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Marcus Brutus said:

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Highway6 said:

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A is A said:

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It is one of the worse government programs of all time.

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It was fine until the politicians started to use it as a slush fund to buy votes

---

No , it was fine until technology started increasing the average life expectancy. If people lived as long (or as short) as they did back in FDR's day, it would still be OK.

Life expectancy in 1940 was 60. Its almost 80 now. That's a huge number of people to support that are not working.

---

this is correct. just like minimum wage, the age for getting social security should also increase. it should be about 72 or 73 now.

---

no offense but scr@w you bro!

I have been working for 23 years and deserve my social security at the age it was promised. you are just stealing from the people who ACTUALLY PAID INTO THE SYSTEM if you raise the age- because that means most will never even recover what they paid in to the system as they die off before age 85

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I've been working the same amount of time as you and know it is not promised to me. social security was designed to help people when they reach an age in which they just can't work anymore, back when the average life expectancy was significantly lower than it is now. we have just too many people eligible for social security and that fund is getting depleted much faster than when you will be able to receive it. had they increased the age of eligibility to a more in-line age to life expectancy over the years, then we'd have a chance to receive it when we hit that age. but as of now, don't expect any to be left by the time you hit 66. you'll just have to continue working anyways with no hope of ever seeing a penny of it.

It is the definition of a ponzi scheme. Why shouldnt my family get the full amount I am owed if I die early?

1939 said:

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6.2% with employer match. My 401k is matched to 6.0%. Its nothing more than an additional income tax redistributed to those at the bottom. I'd be able to retire 15 years earlier if that money went into a personal retirement account. It's way past time to privatize social security.

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You might as well realize it's is a 12.4% tax, although your employer pays 6.2% that amount is a reduction in the wage you could have demanded if the tax wasn't in place at market equilibrium. The only SS tax incidence that fall on employers is for employees at minimum wage were a reduction of 6.2% isn't possible because of the minimum wage floor.

Maybe raise the age of social security and consider tying it to politicians age limit. If Trump and Biden can serve as president in their 70s, should the age for receiving benefits really be 60?
Make the age limit for serving in office of President or Congress the same as the social security eligibility age.

Marcus Brutus said:

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Would you be ok with severe limitations on it? If you are free to invest it however you please, then it won't work.

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Won't work? Won't work for whom? At one point in time, it would have worked very well for me. Just like the OP, it would have allowed me to retire years earlier. Now I'm too old, but still not at retirement age.

OP sounds like
Me 41 years ago. I'd have gladly opted out but since it has been a Ponzi scheme for decades that was always improbable.

I'm still waiting on my 2020 refund.

Pols and bureaucrats are horrible managers. Many talk a good game. Most Pols in D.C. say what leadership tells then to say and they vote as they are told to vote. And CBO "over ten years" estimates are largely laughable. Static analysis applied long term is ridiculous.

agracer said:

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NonReg85 said:

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NoahAg said:

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A is A said:

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It is one of the worse government programs of all time.

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redundant

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Mercury and Apollo were govt programs.

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so you agree....Apollo killed some astronauts through ineptitude if you recall...you're just bolstering his argument.

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If you aren't impressed with what Mercury and Apollo accomplished while only losing 3 astronauts, I don't know what to tell you. You would have a point if I mentioned the shuttle program as it was less aggressive and lost more astronauts. I'm not making a blanket defense of government programs and I agree that the vast majority of them are disastrous...Social Security being chief among them. But, to pretend that no government program has ever been successful is disingenuous at best.

If only we could still get the Ida Mae Fuller deal.

$24.75 in
$22,888.92 out

I'd take a 925% return on my paid in capital. How about you?

agracer said:

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NonReg85 said:

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NoahAg said:

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A is A said:

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It is one of the worse government programs of all time.

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redundant

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Mercury and Apollo were govt programs.

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so you agree....Apollo killed some astronauts through ineptitude if you recall...you're just bolstering his argument.

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Not that I'm hoping for this at all, but just wait until something goes wrong on a SpaceX or Blue origin flight. I guarantee you the government will demand we stop allowing private space exploration.

sicandtiredTXN said:

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Longest running Ponzi scheme in history

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meh. A lot of Ponzi schemes would "work" if you kept them growing and never let people out of them.