2
2
0
I saw this on FB. I think we can all agree that it is failing. How can we fix it?
Posted 11 y ago
Responses: 9
2
2
0
There is an alternative taking place, but very limited. The Feds can't do it or won't because of the money they owe the SS fund.
http://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/
http://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/
How Three Texas Counties Created Personal Social Security Accounts and Prospered
Three Texas counties opted out of Social Security 30 years ago by switching to personal accounts, and those workers have made money every year.
(2)
(0)
Capt (Join to see)
Cpl (Join to see) I was going to bring this up as well. I watched a documentary on it. Great stuff.
(1)
(0)
Cpl (Join to see)
In 2013 the government owed the SS Fund $2.7 Trillion. They would have to borrow that amount plus to buy back the treasury backed assets that aren't even close to maturity. Charles Ponzi ain't got nothin' on the Social Security.
On top of that, the $2.7 Trillion added to the public debt would still have to be payed back by the tax payer. The amount of debt added in a short period of time would be catastrophic on our current fiat economy. John/Jill Q Public would have to pay 12.4% for the same retirement they pay at 6.2% now. The self employed rate would have to increase to 24.8% for the same payout at their current rate of 12.4%.
Ponzi scheme = "a fraudulent investment operation where the operator, an individual or organization, PAYS RETURNS to its investors FROM NEW CAPITAL paid to the operators by new investors, RATHER THAN FROM PROFIT EARNED by the operator."
On top of that, the $2.7 Trillion added to the public debt would still have to be payed back by the tax payer. The amount of debt added in a short period of time would be catastrophic on our current fiat economy. John/Jill Q Public would have to pay 12.4% for the same retirement they pay at 6.2% now. The self employed rate would have to increase to 24.8% for the same payout at their current rate of 12.4%.
Ponzi scheme = "a fraudulent investment operation where the operator, an individual or organization, PAYS RETURNS to its investors FROM NEW CAPITAL paid to the operators by new investors, RATHER THAN FROM PROFIT EARNED by the operator."
(1)
(0)
SPC David Hannaman
Or the Railroad Retirement Board, benefits are twice what Social security pays...
http://en.wikipedia.org/wiki/Railroad_Retirement_Board
http://en.wikipedia.org/wiki/Railroad_Retirement_Board
Railroad Retirement Board - Wikipedia, the free encyclopedia
The U.S. Railroad Retirement Board (or 'RRB') is an independent agency in the executive branch of the United States government created in 1935[1] to administer a social insurance program providing retirement benefits to the country's railroad workers.
(1)
(0)
2
2
0
I think the first step is to stop allowing the federal government to "borrow" from the SS fund. Whoever started that nonsense? I remember it being a topic in the news years ago, and it needs to stop.
Second, maybe privatize SS? I'm not sure of the details, but that seems like a good idea. Grandfather the older folks, and maybe give the younger folks an option ... Just some random thoughts.
Second, maybe privatize SS? I'm not sure of the details, but that seems like a good idea. Grandfather the older folks, and maybe give the younger folks an option ... Just some random thoughts.
(2)
(0)
SFC (Join to see)
CW5 (Join to see) It has been brought up numerous times, but it lost the spot light. Wars, VA, gun control, civil disorder, and so on... I guess Americans have ADD.
(1)
(0)
0
0
0
0
0
0
I would gladly forfeit any future Social Security benefits if I was allowed to contribute what is deducted from my paycheck to a Roth IRA and the cap on annual contributions was removed.
(0)
(0)
CPT Barbara Smith
I wish I knew this answer. The first recommendation that I have is to lessen their workforce to help with making them more efficient. My second recommendation is to improve their leadership and customer service training and education. The department must have healthcare experts to include mental health and scientific researchers as part of their team. Finally, please evaluate the waste that this agency engages in (e.g. volumes of paper being mailed on a daily basis). I defer to the psychologists, psychiatrists, sociologists, economists, and political science experts. Thank you.
(0)
(0)
0
0
0
I saw a news show whereas the irs by their own admission paid out benefits to multiple people of the same social security number, people who would be 140 years old by now, and other crazy stories. And all true. Scary. We pay out more in scammed funds than actual real people with real payouts. It is a broken system.
(0)
(0)
0
0
0
The only way to fix it is to pass a law making it illegal to borrow from Social Security. I don't want to sound to simple but in essence the government is like the bank. Its not the banks money, its the customers money, but the bank has an agreement with the customers to "use the money in the bank" to make loans to other customers and the loans are paid back with interest so the bank makes money from the money it lends. Yes some loans are defaulted upon so there is a small margin for error. But with the government they borrow the money, spend it on something else and then fail to pay it back that's why those geniuses are always crying wolf about SS going broke. SS is hurting but its not quite broke because the American worker keeps paying in.
(0)
(0)
0
0
0
We start by making congress pay back what they illegally took. Then tell the government, this an entitlement to those that payed into it, not a damn benefit for illegals.
(0)
(0)
PO1 Glenn Boucher
Its not only illegals who are getting benefits from SS, its legal residents who are getting monthly supplemental allowances and yet they never worked a day in the US nor paid into the system.
(0)
(0)
0
0
0
Social Security Is Late Again -- Should You Worry?
By law, the Social Security trustees are supposed to issue their annual report on the state of Social Security by April 1 of every year. April 1 has come and gone, and the Trustees' report for 2015 has not yet been published.
(0)
(0)
0
0
0
Just give me the money I put in and let me invest it. Problem solved.
The Government bonds that the SS Fund purchases pay a lousy 2% or so annually. Barely ahead of inflation.
And that assumes the feds ever figure out how to actually repay the money they withdrew.
The Government bonds that the SS Fund purchases pay a lousy 2% or so annually. Barely ahead of inflation.
And that assumes the feds ever figure out how to actually repay the money they withdrew.
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google