bgkyarcher
12 pointer
Why? Why would the GOP go after social security and medicare? I'm full tilt conservative, but this baffles me. On top of that, why on earth would Mitch announce their plans 2 weeks before mid terms?
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EdLongshanks
12 pointer
It’s a pro active plan. Something needs to be done and they are demonstrating that they want to fix it. Makes sense to me. The debt is continuing to pile up. They need to do something to counter act the obscene amount. Plus I think they have the political capital to get it done. I also think his comments were blown waaaaaay out of proportion
bgkyarcher
12 pointer
Social security and medicare are self funded.
EdLongshanks
12 pointer
Not really. There is not enough money put into the system as compared to what is paid out. They haven’t been properly funded for years. It’s just a terrible communist idea that has never and will never work.
bgkyarcher
12 pointer
OK. maybe I'm just misguided. Please educate me.
EdLongshanks
12 pointer
Although Social Security was intended to be self-sustaining over the long term, its financing is susceptible to factors unforeseen by its creators. As the United States has undergone significant demographic and economic changes over the decades since Social Security’s inception, Social Security’s projected date of insolvency has drawn closer.
Some of the reasons cited by the trustees for these declines over the years have included decreased mortality, lower birth rates, higher incidences of disability, lower economic growth, reduced average hours of work, lower interest rates on the trust fund, and higher inflation. Additionally, legislative changes, such as enhanced and new benefits, have affected Social Security’s solvency.
~heritage foundation.
People retire too young. They live too long. They don’t put enough money in to justify the amount they withdraw.
WildmanWilson
12 pointer
When S.S. was formed you were to start drawing at 65. This was also about the average life expectancy at the time. It wasn't meant to be a retirement plane for living 30 more years.
On top of that the government is horrible at running any program efficiently. There is absolutely zero chance of it surviving the way it is now. The unfunded liability is staggering to what this all will cost. Its mathematically impossible for it to stay viable unless something changes. Even then it probably going to mean continuing raising the retirement age and taking out more from our pay checks.
With the economy rolling and more people paying in it would be a great time to create a real lock box and sock away all the extra revenue rolling in.
On top of that the government is horrible at running any program efficiently. There is absolutely zero chance of it surviving the way it is now. The unfunded liability is staggering to what this all will cost. Its mathematically impossible for it to stay viable unless something changes. Even then it probably going to mean continuing raising the retirement age and taking out more from our pay checks.
With the economy rolling and more people paying in it would be a great time to create a real lock box and sock away all the extra revenue rolling in.
rcb216
12 pointer
^^^^^ Good Points^^^^^
120+
12 pointer
The retirement of baby boomers was the beginning of the end for social security. I'm not counting on it since it will probably be gone or at least cut in half by the time I retire.
reivertom
12 pointer
At first they were, but in the 60s, LBJ and his merry band of raiding Democrats change the rules so instead of the money being protected, it could then be plundered to buy votes with pork belly projects. This is why it's running out of money. If anybody else violated a trust fund like this, he'd be in prison......not in the Swamp!
Wildcat
12 pointer
Don't forget Obama took $700 Million out of Medicare to help start Obamacare with the promise to pay it back. He NEVER paid one dime back.
bondhu
12 pointer
DNC will use Andy's line "leave it alone and it will work itself out"
Gforcetrivers
12 pointer
SS needs to be replaced with a defined contribution plan ( 401k ) style similar to a HSA Health Savings Plan. BUT it will take time to wean the country off of this without to many falling through the cracks.
drakeshooter
12 pointer
The entire point I think is this was a stupid time to bring it up and that ain’t debatable. Thank God the Dimocraps have a lot of excess baggage right now.
The problem is people are living much longer today, when SS was started most died in their 60s now it's 70s and 80s or more , also what workers under 4O are paying in now is being used for retirees there is no lock box or savings acct.. what you pay in now and goes right back out.
