Social Security On the Ropes

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Watcher
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Social Security On the Ropes

Seems like this year Social Security will pay out more money than it has coming in so it will have to start paying benefits out of the reserve. The SS Fund is now expected to be depleted in about 16 years unless Congress changes some things.

Our vaunted Medicare plan will be bankrupt in about 8 years.

These Ponzi schemes were not designed for the type of population we have now and it will only get worse.

SS is dying

Toolsmith
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The reported huge drop in

The reported huge drop in births post-2008 is making things worse for the future.

The lack of on-the-books income (and jobs) for so many millennials is making it worse right now.

The pay outs depend on pay ins, and that's in trouble. It was an upside down pyramid before 2008, now even more lopsided.

Melvin Udall
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Won't "Medicare for Everybody

Won't "Medicare for Everybody" make things better?

Muttsie? Mattzine? Bueller?

Watcher
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Toolsmith....you are correct

Toolsmith....you are correct that the lower birthrate, especially among whites, affects SS because we have fewer workers paying into the system. The bigger problem is that a system which was intended to pay a few bucks to people whose average age at death was 61.7 in 1935 is now paying lots more money to people who live to an average of 80 years. It is true that Americans who live longer pay more into the system but it is also true that more Americans live long enough to collect than ever imagined.

Melvin Udall
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Would this be an example of

Would this be an example of "unexpected outcomes" for government programs?

Wow.....the first time that's happened!

Let's not forget the SDI component, which is an industry segment in itself.

Watcher
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Another odd benefit is the

Another odd benefit is the one where both my wife and I worked and thus, we both get SS. She dies before we start our SS. Read this inane and arcane paragraph from our government....

You can collect a monthly survivor benefit as early as age 60, but at this age you will only receive about 70% of the amount you could get if you wait until your survivor full retirement age (which is age 66 for people born in 1945-1956 and will gradually increase to age 67 for people born in 1962 or later.) Note: full retirement age to qualify for survivor benefits uses a different date of birth table than full retirement age to qualify for your retirement benefit.

If you are disabled, you can collect a Social Security survivor’s benefit as early as age 50.
You can collect at any age if you are caring for a child of the deceased spouse who is under the age of 16.

Ugenetoo
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No wonder the scumbag GOP/e

No wonder the scumbag GOP/e and poverty pimp democrat plantation owners want to import and naturalize more foreign "donors" by giving them amnesty.
Somebody's got to take responsibility for all the IOUs.

anonymous_coward
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"Again, I think if we just

"Again, I think if we just increase defense/border spending and cut taxes, everything will be better b/c we'll grow our way out of this."

- No economist or anyone with the head outside of their ass, ever

Bruce Libby
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It will help if the more

It will help if more liberals removed there heads out of ass on spending also.

anonymous_coward
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"It will help if more

"It will help if more liberals removed there heads out of ass on spending also."

So liberals are supposed to be the guardians of fiscal responsibility?

Bruce Libby
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Yes ,but to often that comes

Yes ,but to often that comes after other things.
Republicans try to guard it but all to often do not know what they are guarding.

Melvin Udall
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The key is to put in place a

The key is to put in place a gradual transition spread across the age cohorts. Don't let go of the trapeze until you have your hand safely on the next one.

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