Hank the Grifter said:
Hullabaloonatic said:
Sims said:
Hullabaloonatic said:
carl spacklers hat said:
I never celebrate Socialism. There are no freebies, somebody, somewhere is paying. Bad New Mexico.
You don't celebrate Social Security, Medicare, or Medicaid?
War on Poverty...somehow we've spent over $30,000,000,000,000 to help people take care of themselves and here we are still...
In the history of our nation, no program has lifted more people out of poverty than Social Security. By almost every metric, SS is arguably the most successful government policy the nation has ever created. A program that by design funds itself through FICA and has no impact on the deficit, budget, or debt.
And will be insolvent in just a few years.
You're batting 1.000 today buddy!
There is a difference between Social Security (the program) and the Social Security Trust Fund. The Fund is basically an account that was created to hold all the surplus money the government collected in FICA taxes above what they had to pay out in benefits for a given year. That money is used to cover any deficits for years where the government doesn't pull in enough taxes to cover the existing benefits.
Once the Fund is depleted (what you're referring to), it means the only money that can be paid out is the money brought in that same year. So if benefits exceed income, there will be a shortfall; the government won't be able to pay all the benefits it owes. To distribute this shortfall "fairly," the government would cut everyone's benefit by about 20%. If you were entitled to $1k per month, you'd receive only $800 per month. You'd still get something, but not as much as you're entitled to under the current formula.
Again, SS will still exist.