Social Security pending Insolvency
Moderators: carlson1, Charles L. Cotton
-
Topic author - Banned
- Posts in topic: 1
- Posts: 2593
- Joined: Mon Jul 28, 2014 5:16 pm
- Location: North Dallas
Social Security pending Insolvency
Q: What are the 'odds' that Congress will completely fail to do anything about this? [After all, they're too 'busy' trying to undo the 2016 election results and/or running as 2020 hopefuls.]
A: About the same as the MSM even talking about it.
Starting THIS YEAR Social Security expenses will be greater than revenues [think: payroll taxes, interest income, and from taxing SocSec 'benefits'].
- By 2034-35 Social Security will exhaust it's 'reserves' and officially be insolvent [for politicians read: broke].
But at least the US deficit is out of control, so Americans have that going for them.
- Americans used to save, now they just borrow and spend.
....this will not end well.
A: About the same as the MSM even talking about it.
Starting THIS YEAR Social Security expenses will be greater than revenues [think: payroll taxes, interest income, and from taxing SocSec 'benefits'].
- By 2034-35 Social Security will exhaust it's 'reserves' and officially be insolvent [for politicians read: broke].
But at least the US deficit is out of control, so Americans have that going for them.
- Americans used to save, now they just borrow and spend.
....this will not end well.
"You may all go to H3ll, and I will go to Texas." - Davy Crockett
"Fast is fine, but accuracy is everything." - Wyatt Earp
NRA Life Member
לעולם לא תשכח
"Fast is fine, but accuracy is everything." - Wyatt Earp
NRA Life Member
לעולם לא תשכח
-
- Senior Member
- Posts in topic: 2
- Posts: 26796
- Joined: Wed Jan 16, 2008 12:59 pm
- Location: North Richland Hills, Texas
- Contact:
Re: Social Security pending Insolvency
Deleted reply
“Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”
― G. Michael Hopf, "Those Who Remain"
#TINVOWOOT
― G. Michael Hopf, "Those Who Remain"
#TINVOWOOT
-
- Senior Member
- Posts in topic: 1
- Posts: 248
- Joined: Thu Oct 18, 2018 6:13 pm
Re: Social Security pending Insolvency
The Federal budget as a whole exhausted any surplus a long time ago. Social Security having 'reserves' is irrelevant.Bitter Clinger wrote: Starting THIS YEAR Social Security expenses will be greater than revenues [think: payroll taxes, interest income, and from taxing SocSec 'benefits'].
- By 2034-35 Social Security will exhaust it's 'reserves' and officially be insolvent [for politicians read: broke].
Suppose I have $5,000 in my checking account. Sounds good, right? Now suppose I have $5,000 in my checking account and owe $14,000 in credit card debt and $55,000 in student loans. Further suppose I spend $2700 on monthly expenses and my take home pay is $2500.
But, hey, I have money in my checking account.
Bonnen Lied
Gun Rights Died
Gun Rights Died
Re: Social Security pending Insolvency
I’m counting on social security to pay most,but not all, my property taxes, that is if my property taxes don’t go up too much in the next few years.
This sounds like a bad plan.
This sounds like a bad plan.
-
- Senior Member
- Posts in topic: 1
- Posts: 504
- Joined: Sat Jul 11, 2009 12:31 pm
- Location: In the vicinity of Austin
Re: Social Security pending Insolvency
They'll do something, but they'll wait until the very last minute.Bitter Clinger wrote: ↑Thu May 16, 2019 8:02 am Q: What are the 'odds' that Congress will completely fail to do anything about this?
Any solution will anger some constituents, so the politicians will continue to pass it down the line until it absolutely CANNOT be avoided.
A man can never have too much red wine, too many books, or too much ammunition. — Rudyard Kipling
NRA Endowment Member
TSRA Life Member
NRA Endowment Member
TSRA Life Member
-
- Senior Member
- Posts in topic: 2
- Posts: 26796
- Joined: Wed Jan 16, 2008 12:59 pm
- Location: North Richland Hills, Texas
- Contact:
Re: Social Security pending Insolvency
....at which point they’ll jam through the worst possible solution because now it’s an emergency, and no crisis should be allowed to go to waste.der Teufel wrote: ↑Thu May 16, 2019 4:24 pmThey'll do something, but they'll wait until the very last minute.Bitter Clinger wrote: ↑Thu May 16, 2019 8:02 am Q: What are the 'odds' that Congress will completely fail to do anything about this?
Any solution will anger some constituents, so the politicians will continue to pass it down the line until it absolutely CANNOT be avoided.
“Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”
― G. Michael Hopf, "Those Who Remain"
#TINVOWOOT
― G. Michael Hopf, "Those Who Remain"
#TINVOWOOT
-
- Senior Member
- Posts in topic: 1
- Posts: 7863
- Joined: Fri Apr 01, 2005 9:16 am
- Location: Richmond, Texas
Re: Social Security pending Insolvency
Things will get sporty way before then.
"When democracy turns to tyranny, the armed citizen still gets to vote." Mike Vanderboegh
"The Smallest Minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities." – Ayn Rand
"The Smallest Minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities." – Ayn Rand
Re: Social Security pending Insolvency
I don't worry to much about social security. Tomorrow's not promised and you can't count on or trust government. If I wasn't forced to pay in ss I wouldn't. Have you ever seen anything run by the government that was efficient?
Re: Social Security pending Insolvency
No...but I'm sure they can handle health care and gun confiscation just fine!
Semper Fi!
-
- Senior Member
- Posts in topic: 1
- Posts: 821
- Joined: Mon Jan 11, 2016 10:57 am
- Location: San Antonio
Re: Social Security pending Insolvency
Another way to think of the Social Security trust fund:
You find that when you want to take a vacation, you never have enough money, so you put $20 out of each paycheck into a cookie jar. But as you near the end of each pay period, you find yourself short. To solve that problem, you take $20 out of the jar and replace it with an IOU from yourself.
When vacation time rolls around, you empty the jar and find it contains only IOUs from yourself. At that point, your vacation fund is the same as the Social Security trust fund.
The trust fund has been spent on whatever government spends money on. It consists of special treasury bills that can't be sold. Thus, any spending from the so-called trust fund necessarily must come from current revenue. Just like you would have to fund your vacation out of your current revenue.
You find that when you want to take a vacation, you never have enough money, so you put $20 out of each paycheck into a cookie jar. But as you near the end of each pay period, you find yourself short. To solve that problem, you take $20 out of the jar and replace it with an IOU from yourself.
When vacation time rolls around, you empty the jar and find it contains only IOUs from yourself. At that point, your vacation fund is the same as the Social Security trust fund.
The trust fund has been spent on whatever government spends money on. It consists of special treasury bills that can't be sold. Thus, any spending from the so-called trust fund necessarily must come from current revenue. Just like you would have to fund your vacation out of your current revenue.
-
- Senior Member
- Posts in topic: 1
- Posts: 1904
- Joined: Fri Feb 19, 2016 5:00 pm
- Location: Tomball
Re: Social Security pending Insolvency
Just give everyone back the money they put in plus the interest it has accrued and call it done.
"Jump in there sport, get it done and we'll all sing your praises." -Chas
How many times a day could you say this?
How many times a day could you say this?
-
- Senior Member
- Posts in topic: 1
- Posts: 1534
- Joined: Mon Mar 30, 2015 9:41 pm
- Location: Central Texas
Re: Social Security pending Insolvency
Wait, you mean the pyramid is going to crumble?
In certain extreme situations, the law is inadequate. In order to shame its inadequacy, it is necessary to act outside the law to pursue a natural justice.