2020 Election

[vantexan]

Wrong. The money has already been borrowed . In fact Bush II borrowed nearly 1.5 trillion from SS. How else was he going to pay for two wars as well as his own tax cuts ? That's right. Bush cut taxes during his time in office as well. And like Trump's cuts who benefited the most from the Bush tax cuts? Why the wealthiest of Americans of course. And whether you're young or old if you have a federal income tax liability you will continue to pay it. In fact a person on Social Security depending on their total income can pay federal income tax on as much as 85% of their Social Security benefits. I should know. Last year I paid federal income tax on 85% of my benefits. That's an unpleasant pill to swallow because being self employed I paid both the employer and employees share of FICA taxes.

Why did you take it early then?

 

[El Correcto]

What is being discussed and repeat simply being discussed is a gradual increase in FICA from the current 15.30% which has been in place since 1990 to around 16.80% over a period of several years. So what you're talking about is the first percentage increase in nearly 25 years.

I think it should be lowered to 0% and @vantexan can go bake bricks for bread in Afghanistan with the rest of the simple minded.

 

[vantexan]

I think it should be lowered to 0% and @vantexan can go bake bricks for bread in Afghanistan with the rest of the simple minded.

I think all the sucking has addled your brain. You will be very happy such programs are in place when you get too old to work.

 

[bacha29]

Why did you take it early then?

Spinal stenosis, a double hip joint replacement and a BPH prostate. Given those conditions and my age at the time (63)the advice given to me by qualified individuals was to go for disability .My first and only application was unexpectedly approved in a nearly unheard of time of just 3 months.

 

[El Correcto]

I think all the sucking has addled your brain. You will be very happy such programs are in place when you get too old to work.

Yes friend, I can’t wait to receive my IOU’s in the mail.

Thanks.

 

[vantexan]

Spinal stenosis, a double hip joint replacement and a BPH prostate. Given those conditions and my age at the time (63)the advice given to me by qualified individuals was to go for disability .My first and only application was unexpectedly approved in a nearly unheard of time of just 3 months.

So you're on SS Disability. Stop working, move overseas, live well.

 

[newfie]

Most people don’t have discipline. Hence the stat that 45 percent of boomers have little or no retirement savings (what a disgrace, but I covered that in a thread some months back).

Giving people the power to invest their payroll taxes would be a total disaster.

and thus the socialist argument . the people are too stupid to do for their selves so the government will have to manage for them.

Bernie Saunders has never demonstrated that he can actually run anything and generate a profit yet we are supposed to trust that he will somehow learn when he manages a two trillion dollar budget?

do you see the insanity in your argument?

 

[newfie]

If you money is in CD's . But how many people are going to invest their retirement savings in CD's especially given the current interest rate environment not mention "The Chosen One's" demand for a full 1% cut in rates which would move rates back to near zero?

not sure what you're jibbering about . go back to the point about self managed accounts and penalties for early withdrawls.

then try to tell me why the government is a smarter investor then the average person when the government is running 20 trillion in debt?

 

[newfie]

SS currently holds nearly 3 trillion dollars worth of treasury bonds which begins to mature starting next year which will allow it to pay full benefits until 2035 How old you will be in 2035 and what the future holds for Medicare I can't say.

what happens in 2035? not quite as oppotomistic as you are. i guess you know something they dont?
Analysis of the 2019 Social Security Trustees’ Report

• Social Security Will Be Insolvent in Only 16 Years. Social Security cannot guarantee full benefits for current retirees. The Trustees project that on a theoretical combined basis, the trust funds will run out by 2035. That means the program will be insolvent when today’s 51-year-olds reach the retirement age and today’s youngest retirees turn 78. At that point, all beneficiaries will face a 20 percent across-the-board benefit cut, which will grow to 25 percent over time.
• Social Security Faces Large and Rising Imbalances. The Social Security program will run cash deficits of nearly $1.8 trillion over the next decade, the equivalent of 1.8 percent of payroll or 0.6 percent of GDP. Program deficits will rise to 3.3 percent of payroll (1.2 percent of GDP) by 2040 and 4.1 percent of payroll (1.4 percent of GDP) by 2093. Social Security’s 75-year actuarial imbalance totals 2.78 percent of payroll, which is nearly 1 percent of GDP and $14.8 trillion in present value terms.

 

[newfie]

So if Social Security is not the "ponzi scheme" you referring to then just exactly what is the one you're referring to?

it definitely is the ponzi scheme i am referring to, not sure why you're confused?

 

[vantexan]

it definitely is the ponzi scheme i am referring to, not sure why you're confused?

But 75% of benefits isn't exactly the same as being insolvent.

 

[BrownArmy]

Lmao, Bob and Tex are arguing over SS.

Only here on the BC can we be witnesses to such complete fkitrdation.

 

[DriveInDriѵeOut]

What is being discussed and repeat simply being discussed is a gradual increase in FICA from the current 15.30% which has been in place since 1990 to around 16.80% over a period of several years. So what you're talking about is the first percentage increase in nearly 25 years.

You did not answer the question.

 

[vantexan]

Lmao, Bob and Tex are arguing over SS.

Only here on the BC can we be witnesses to such complete fkitrdation.

LOL, typical Dem ridiculing what he can't control.

 

[BrownArmy]

LOL, typical Dem ridiculing what he can't control.

That’s rich, coming from you.

Stick to your lane.

 

[vantexan]

That’s rich, coming from you.

Stick to your lane.

OK control freak!

 

[moreluck]

Washington Gov. Jay Inslee

Jay Robert dropped out of the race for the 2020 Democratic presidential nomination on Wednesday.

 

[DriveInDriѵeOut]

Washington Gov. Jay Inslee

Jay Robert dropped out of the race for the 2020 Democratic presidential nomination on Wednesday.

Who?

 

[moreluck]

Who?

That's what I said !!!

 

[bottomups]

Comments from a person who obviously fears change.

The old guy can't even change his underwear.