How long, and under what conditions, do you think SS will last?

You mean CBS? @JustBonee When I googled natl eve news that's what I got. Anyway, they always love panic.
 

Pepper said:
You mean CBS? @JustBonee When I googled natl eve news that's what I got. Anyway, they always love panic.
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An important thing to understand is that to a certain degree, elected political leadership offers protection from dangers: vote for them, and they will protect you from X.

Currently, in the cynical age in which we live, they frequently manufacture dangers, or threaten dire results, unless you vote for them.

In short, they make up a lot of stuff, and a big challenge for those living in current times is figuring what's real and what's BS, as best you can. You can't ask them, or the media, you have to do it yourself by using common sense and the years of experience that you should have gained, plus bread crumbs left out there.

Then, do your level best...the thing we've got that others don't, is experience. They substitute "studies", and since you can essentially buy any result you want, the consulting firm will give them what they want to hear. Hence they are often working from flawed assumptions.

I sincerely pity anyone who does not know this, and would ask: "Were you asleep all these years?"
 
I'm kinda thinking the older I get the less I'll be spending. Finally, if I'm in a nursing home I probably won't care at all.
 
If or when they cut benefits for those already collecting social security I would love to see some sort of tax forgiveness for retirement account withdraws. Such as if my benefit is cut $10k a year I can pull that money from my 401(k) or IRA tax free. Or eliminate any SS tax if other income or withdraws puts income over current thresholds.

I think that's more beneficial than tuition forgiveness.
 
C50 said:
If or when they cut benefits for those already collecting social security I would love to see some sort of tax forgiveness for retirement account withdraws. Such as if my benefit is cut $10k a year I can pull that money from my 401(k) or IRA tax free. Or eliminate any SS tax if other income or withdraws puts my over current income thresholds.

I think that's more beneficial than tuition forgiveness.
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You aren't looking for some kind of fairness, I hope, because all that will matter is which voting block is larger: SS recipients or those paying SS taxes and possibly with a student loan.
 
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StarSong said:
Those cuts and shortages will occur if nothing is done to shore up Social Security between now and 2034. It's hard to imagine a scenario that won't bring some or all of these changes:

1. Raising the SS eligibility age or further financially penalizing those who draw at younger ages
2. Increase the SS age for maximum benefits from 70 to 72, or perhaps older.
3. Increase the SS and Medicare tax from the combined 7.65% (currently 6.20% for SS and 1.45% for Medicare)
4. Dramatically increase the maximum SS taxable earnings per year from 2023's $160,000 to a much higher ceiling.

If the federal government does nothing, allowing SS to have a shortfall of 23% - 24%, they'll be punished swiftly and mightily by voters. A whole new crew will be elected immediately based on promises to restore promised benefits.

Picture the political ads featuring real-life stories of suddenly destitute grandmas and grandpas whose government didn't deliver on its promises, that then shift to photos of lazy, uncaring, do-nothing politicians who made sure they'll get generous government pensions that are unaffected by SS cuts. but couldn't be bothered to take care of this vulnerable group?

Memes of Chris Christie on the beach would be child's play compared to what would be hurled at them.

In Washington, politicians may threaten to reduce SS or allow it to falter, but are well aware that they'll be slitting their own political throats by doing so.
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The government clearly doesn't care about struggling senior citizens or anyone else who's struggling to get by for that matter. They also seem to have an "untouchable" air about them...like anything we do (or don't do) is okay. We've seen it time and time again. Someone else here feels that solutions that "save the day" will be enacted at the 11th hour. I hope the both of you are right!
 
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Pepper said:
A national sales tax will kill people, literally, and the rich will not pay it. So if you want to be a sucker support this bill. Even talking this little about it makes my head burst.
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It will also ratchet up the underground economy, encourage bartering at levels not seen since colonial days, put retailers out of business, and slow the general economy to a crawl. What a foolish, foolish idea.

Edited to add: Overall sales tax in Los Angeles would clock in at 39.5%. :eek:
 
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Just read that House Speaker McCarthy opposes abolishing the IRS and implementing a 30% federal sales tax. Several GOP congressmen have already stated they'd vote against it should it come to the floor.

Happy to say, this bill is all but dead in the water.
 
The Canadian Pension plan is fully funded for the next 40 years. Unlike the US SS system, the CPP invests the funds that employers and their employees pay into the fund. The Canada Pension Fund management board OWNS hundreds of retail and commercial properties in over 60 countries around the world. It also owns a railway in Australia , 2 cargo shipping companies, and substantial investments in gold mining and natural gas fields. link. CPP Investments JimB.
 
jimintoronto said:
The Canadian Pension plan is fully funded for the next 40 years. Unlike the US SS system, the CPP invests the funds that employers and their employees pay into the fund. The Canada Pension Fund management board OWNS hundreds of retail and commercial properties in over 60 countries around the world. It also owns a railway in Australia , 2 cargo shipping companies, and substantial investments in gold mining and natural gas fields. link. CPP Investments JimB.
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Congratulations.
 
Sawfish said:
You aren't looking for some kind of fairness, I hope, because all that will matter is which voting block is larger: SS recipients or those paying SS taxes and possibly with a student loan.
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I'm not sure the issue is fairness, I'd like to think someone in the government has the good sense....
.....and suddenly my thoughts are paralyzed.

The government doesn't seem capable of every having "good sense" solutions(sigh). Sawfish you speak the truth, the only thing that matters to our elected officials is staying in power, and that means appeasing the largest blocks of voters.

Fairness and common sense be damned.
 
You wrote: "The government doesn't seem capable of every having "good sense" solutions(sigh)" You got that right ! I swear I've seen suggestions about how problems could be solved by every day people like us that make much more sense than what politicians come up with! I read a post that said the government will come up with a plan in time to protect seniors from poverty (not verbatim). IMO politicians don't care about us...they don't care about middle class and poor people.
 
I think it’s likely they will raise the taxes on SS payments for higher income folk. And raise the full retirement age
to 70. But, only when they have to do so.. until then the American people will continue to be victims of their unholy political war. We elect these people.
 
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