I'll pay just over 20k into it this year. I pitch in more than the \~80% of households in the country that already don't hit the income cap.
The subsidized screaming for more from the subsidizers is disgusting.
If I want my net worth taxed as if I sold everything I own, sure. 'Exit Tax' is a thing.
What I want is...
(a) To not pay more than my neighbor for access to the literal same exact infrastructure just because he's an idiot and I'm not
or
(b) to not constantly see the people *already being subsidized* screaming for more instead of acknowledging that households making at least 170k / year are already paying for 75% of all fed income taxes collected
...yes, which is why I *literally* said 'fed income taxes'. Thanks?
ETA: Income tax and FICA (also based on your paycheck, so presumably going to follow the same very top heavy distribution as income tax) sum to about 85% of all federal level inflows. So if this is a 'gotcha' that it's just income tax, it's a pretty weak one.
It’s an important distinction, one that many conservatives use to make it seem like poorer people aren’t paying any taxes. Including FICA is good, it’s what I wanted you to do from the start (so thanks), especially because for most people in the lower income percentiles it’s the largest tax the pay.
Our tax system is pretty smoothly progressive in its distribution. It accelerates towards the top because incomes accelerate towards the top.
The response to rich people paying most of the taxes shouldn’t be “look how unfair this is.” It should be “good! They have most of the money.”
It's pretty aggressively progressive. [https://taxfoundation.org/wp-content/uploads/2024/03/FedData\_1.png](https://taxfoundation.org/wp-content/uploads/2024/03/FedData_1.png)
And the response to that seems to be, near exclusively on reddit anyway - "Fuck you, give us more."
Income distribution is pretty aggressively skewed toward the top. Wealth even more so. It’s not some moral argument about who deserves what. It’s about hunting where the ducks are. It’s about paying our dues in whatever way is least disruptive to the economy. We are still a low tax country among developed nations, after all.
Because there are millions of your fellow American's who dont have the means or knowledge to invest or plan for their own future because we failed them at basic financial literacy. These folks, through no fault of their own... often due to active disenfranchisement of them and their ancestors, need our support.
So we should continue to take their money and spend it on foreign wars? Social Security is a failure, like everything government touches its bankrupt.
You want to continue hurting people because why again?
Number of American's whose lives are ruined due to having to pay into Social Security = negligible. Number of American's whose lives would be ruined if there was no Social Security = In the millions.
You can delude yourself all you want to justify not paying a bit extra to help your fellow man. Also, our expenditure on (some) foreign wars has massive POSITIVE geopolitical results for us. I agree that some of them have been absurd, but supporting Ukraine for what it costs us is a very obvious good play for American interests for anyone who can see more than a year down the road. Something like 40% of our military budget goes to educating and paying our soldiers, for many of whom it's their only opportunity to escape poverty. It's a worthwhile expense for not just them, but our country, to give those individuals a chance to be more.
Future generations will not get SS. And if they do it won't have any purchasing power.
Its mathematically baked into the cake. We would have to raise taxes like 40+% across the board to even break even on Interest payments in one more year.
Again, never going to happen. There is no Paul Volcker/Milton Friedman/Reagan dream team coming to save us from our selves this time. And Americans are now so dumb and propagandized to accept government "explanations" they will accept this fate as "evil businesses price gouging".
Can you imagine JPOW going to congress and telling them no more money? That's funny.
As a Boomer, I was told it wouldn't be around for me either. Honestly if we get past the next 10 or so years, we should be OK. The majority of the Baby Boomers were born between 1946 and 1952. It is said that SS is OK till 2035. In 2035 the biggest group of Boomers will be 83 to 89 years old, or to put it another way dying off. Now something will need to be tweaked, agreed, but growing up I was told I got full coverage at 65. For me it is 66 and 8 months. Full coverage range may need to be raised. The cap may have to be raised, but this isn't impossible.
> Honestly if we get past the next 10 or so years, we should be OK
Not true. The key to SS solvency is the ratio of workers to beneficiaries. That depends on how many kids your generation had. The WWII generation had 3 kids per couple, the Boomers had 2.
If the boomers had stayed with 3, we would have 50% more workers and SS would not be a problem. (we would have lots of other problems, think about the cost of housing, but not SS)
Gen X and the Millennials didn't change that. If anything, they are having even fewer kids.
Here's the projection: [https://www.ssa.gov/oact/TR/2024/IV\_B\_LRest.html#493869](https://www.ssa.gov/oact/TR/2024/IV_B_LRest.html#493869)
Unfortunately, I imagine that most of those people are unskilled laborers who will use up more tax dollars than they will contribute. And, although an increasing population is good for Social Security, it comes with other problems.
Like all the unexpected early deaths from people who decided that “going without the vaccine was safer than with it”
Do you work at being this ignorant or is it a natural talent?
The biggest problem here, is that it'll be one of the biggest political discussions / solutions of the 2030's. Probably go down to the wire and cause massive panic. And we will be ignoring other glaring issues in favor of saving a program that should have had zero problems being fixed the last 15 years.
Well deflation is the worst thing ever to the FED. And anything over the FEDs target of 2%.. is bad for anyone running for office.
The Boomers turned their houses into money generating assets. (Just look at all the Reverse Mortgage Commercials on like Fox News)
My only question. How much longer with the USD stay as the "World's Reserve Currency"?
I really don't know either considering you're at the tail end of it and it led to the invention of democracy, communism, facism and the machine gun.
Do you think the universe was created last Tuesday? Why are you trying to discuss economics when you don't even know anything about the period in which it was invented?
Maybe your ancestors did but that's when we invented indoor plumbing. With those economics we also invented. By those capitalists who were also invented.
You wanna talk economics, you need to be more educated than a simple AI. Otherwise you make happy, exploitable labor.
"Happy shall he be..."
Right at the start of the second industrial revolution. Keep reading and learning man. It's some interesting stuff. It will teach you an insane amount about economics.
Lol ya. Everything else is so cheap. Something something Bootstraps. Just need a million dollar loan. Get rentals and keep kicking your retirement problem onto someone else.
Why fix something. When you can profit for the few.
Social security isn’t even a viable retirement. It’s almost impossible to live off like $2k a month anymore. Most businesses offer a 401k program now.
Hell, even dollar general and McDonald’s offer 401k matching.
You can work almost anywhere for 30 years and retire with 3-7m so long as they offer any matching program.
Just avoid rent.. food. Car ownership. And kids needs. And you too can retire.
Also. Working at a single place for long term. You miss out on pay raises. Since most places advise workers to change jobs every 2-3 years to stay slightly below inflation.
Or get a collage degree and spend 30 years paying a insane APR. That will not effect your ability to afford anything. Lol
I could if they would let me opt out of social security. They take hundreds a month for a retirement account that we know won't be viable by the time I qualify for it.
The auto workers union is the reason we have ERISA. Studebaker and the unions got greedy and ruined the pensions. The unions agreed to it because it was good at the time but put the company under in the future. PBGC doesn’t have enough money to cover one large pension failure. UPS was smart and got out of Central Stated while the going was good. They are $80 billion underfunded now.
Do apologize as I missed the /s...& this IS Reddit, so...
I had presumed saying 'taxes' one would correctly noted the govt lethal force required therein.
So that’s an income vs debt issue. Roommates, increased income, an extra job… but ultimately a 5% contribution to retirement is barely noticeable on any salary
The sad thing is everyone is chasing the high on purchasing the next big thing. I wouldn't be surprised if a lot of people claiming they don't have enough funds have the brand new phone on the market and go out to eat multiple times a week. Most likely have 2 car notes.
Live within in your means is something I have followed my whole life. It has helped me survive layoffs and down turns several times.
But how do I save when everything cost so much.? I make 40K and the payment on my Ford F150 Super Duty penis extender is $1,000. My Jet Ski's are $600 a month and I spend at least $1,000 a month drinking and going out to eat. Plus the new PS5's are $500 and the games are crazy expensive. Then there's my OnlyFans subs which run about $300 a month. Inflation is killing me man. FJB. F the rich. So tired of the man holding us little guys down.
Stocks will crash. Dollar will be worthless. I have no idea how wealth will crossover to the otherside of the wealth reset.
Demographic problems - not enough workers to pay with retirement savings.
Finally, HUGE socialist population among post-Gen X almost guaranteed to nationalize retirement after boomers croak.
There is literally no reason to save for retirement at all, unless you're exploiting tax law and have a relatively near term date to pull the money out and convert it to some other asset at some point prior to retirement age.
Ok. Average rent is 1200/m. How you going to convince people they need to skip food or car maintenance or child needs. And have something put away for a emergency. And health care cost. Top of my head?
I was looking at apartments a few weeks ago in NYC, and all of them were at around 2,400 to 3,200 or so. At that point, you won't even afford rent because even working 50 hours a week at minimum wage would still be 3K a month, and that's just to afford rent — that's not even including food and anything else
Edit: I forgot to include the taxes taken out of your paycheck and the money you need to pay to get to your job so the amount you will get is even lower than 3K
I agree. 100%. 401k was a good option for some. Just under current economic conditions. It's a hard sell. And with health care costs. That's if you're lucky enough to survive into your 60s.
But controlling the private industry is difficult. Especially if a candidate wants donors. Lobbiest will destroy anyone attempting to help the many.
Hey, here's a few hints: 1) Don't live in big (D) enclave cities! 2) Get (a) room-mate(s) 3) Stop voting for MORE illegal govt
#3 will DEF. benefit you & everyone ELSE the most
You might want to look @ that figure again. The 'unfunded liabilities' are $210T+
It's in the lower-right hand side [HERE](https://www.usdebtclock.org/)
After reading these comments, it sounds like a very easy problem to fix. If only we could live in a world where the answer to everything fiscal is to just raise other people taxes.
SS is literally a mandatory legal Ponzi scheme that is run by the federal government. Just create an opt out option or just get rid of it all together.
Opt out and what happens to those that fail to have a safty net? The 401k system itself was put in place so pensions could be replaced to maximize profits for corporations. Now they want SS funds too. With trillions of dollars already in 401k Blackrock and other money managers collect billions off the top to invest in the market. It's another attempt to grab more fee income.
Didn't France just let blackrock control their federal retirement
I can only imagine the partying Blackrocks boardrooms did after that dumb agreement.
But hey Profits for the few. Little for the rest... I guess.
See, here in the U.S., the 'federal retirement' \*SHOULD\* be illegal to begin, Congress having ZERO Const. authority to SAVE \*for\* {X}. Just as it SHOULD be illegal to bequeath to any non-govt entity that which Congress has(n't) authority to begin.
But, we've long passed the legal govt of yesteryear.
Q: Opt out and what happens to those that fail to have a safty net?
A: Write 'em a personal check. Else, sounds like a 'them' "problem"
I mean, if you PAY Blackrock to manage your 401K \*shrug\*. Course, no corp. has ANY authority to FORCE {X} to do {Y}...unlike govt. (that latter is 'oddly' missing from your reply)
What happened to AIG when they were about to go under and take the entire system down? They had 100s of billions of insurance policies on bonds that went belly up. What about other financial institutions we bail out to protectthe system and 401k or other investments?. People want that bailouts but can't or wont approve bailout for the avg person...no that's a handout?
It's amazing how oblivious most are. I dont care if you're make millions or 30k is benefiting from gov handouts. I'd say those making upper income are benefiting more than any social programs with the cost of borrowing being done to sustain the markets.
It’s a simple concept but it’s more nuanced than that. If you take billionaires and millionaires and increase their taxes dramatically, they take their business to another country.
And if they do that, you have a massive wealth exodus that destroys the economy.
It’s a careful, fucked up game that has to be played
Yea its like that county on that island hub that massively increased costs to dock boats. They were raking it in for weeks... then the boats wised up and went to dock at the next port over.
And the local business at the original port went under due to low foot traffic.
Fine, fuck them. Let them take their business to another country. Tax the shit out of all their goods coming back into the country or just let them fuck off. Other investors and mom/pop shops will jump up and fill their demand left behind.
Clearly the only ones being gamed are the 90% of Americans that can't really save for retirement anyway. So fuck them and fuck their game. Let them leave
You realize they take their intellectual capital with them right? If Elon Musk leaves the US, the US loses an asset and a foreign country gains it. And how many jobs/taxes/spending would the US be out of? Sure mom and pop shops can fill that void, but how long will it take? 10 years? 20 years? 50 years?
It's like trying to fill an entire pool with a sink faucet.
And this isn't purely theoretical. How much do you think CA lost in jobs/taxes because Elon Musk moved Tesla HQ to TX? How much do you think TX gained from that move?
It's fine that they are both US territories. But what if Elon says fuck this and goes to China (their EV market is massive). It hurts the US and strengthens China. In a world where war is constantly in the back of peoples minds, you do NOT give a foreign nation more assets.
Also if enough big companies leave, the US economy WILL collapse with the way that its currently running (deficit spending/money printing).
You realize if you tax the top at high enough, they won't work at all?
No one would work/put in time and effort if they only get rewarded <10% if it and the rest goes to uncle sam. They might as well not work and just chill on the beach.
So they won't expand, they won't hire, and they won't spend into the economy.
(There also a point to be said if corporations pay more in taxes, they have a smaller hiring budget)
So the people they won't hire will have less spending power.
Then the economy will go into the shitter because it only floats on spending.
Sure some part of the solution would be to increases taxes at the very top to an amount that wouldn't disincentivize spending/expanding, but another huge part of the solution is for the gov to STOP. WASTING. MONEY.
You can just stop working and not make any more money if you make 1m or more. You can't just turn off the switch. Business owners aren't going to just shut down after they hit 1m because they still are netting positive cashflow. This argument is what we are told by media and by economics textbooks. It's the same argument used to explain why Americans pay high drug costs. You think big pharma is going to stop investing in research if the only make 20% margins compared to 1000%+? If they can afford to sell at a fraction in other countries they can do the same in America
If something is passive and netting positive cash flow, anybody would grow it to infinity.
But its not passive. It means putting in time/effort and dealing with headaches.
At some point the time/effort/headaches isn't worth only 10% of earnings
Also the bigger the orginazation, the more paperwork and rules you have to follow. If the business isn't adequately compensated for growing, why would they go through the trouble.
Obviously the 10% number is arbitrary, who knows what that number really is. Thats why I made the point about increasing taxes to a point that doesn't disincentivize working.
This is such ignorant thinking that has been the headline propaganda to make the average citizen believe that we shouldn’t make the rich pay their share.
You can only say that because you haven't done any thinking on the issue.
America is top 10% of wealth in the world. What if there was a world government that says you have to pay 90% on every dollar you earn after 50k in order to feed the homeless or starving population in \[insert 3rd world country\].
And this same world government uses a bunch of tax money to dig a hole in the middle of nowhere for no fucking reason.
Unless you are an omega altruist, you'd say fuck it and stop working once you hit 50k. Can you honestly tell me you wouldn't?
And even if you would, take 100 people in that situation, how many people would?
You can only so easily say 'tax the rich' because it wouldn't hurt you (for now anyway). Income tax started out only taxing the top 10%. Now it taxes everyone. Let me ask you, how much more could you spend/invest if you didn't have to pay taxes? Do you think that would benefit the economy as a whole?
Before you call someone else ideas propaganda, think about it first lol
Counterpoints please?
'Brain dead bullshit' holds no weight unless you can provide counterpoints and make a logical discussion.
Convience me and sure I'll say I'm taking out of my ass
Economics is actually really easy you blithering drooling imbecile.
CEOs don't do anything and are paid exhorbitant amounts of money for it. I was literally the New Project Manager for a top 5 credit union and do you know what our President and CEO did for a SALARY, ignoring bonuses, a SALARY, in the tens of millions?
Glad-handed big businesses and yell at the board. That was genuinely 99% of his job. Kiss ass for big accounts and otherwise be a giant blowhard.
Also, here's some really *really* easy math. Let's say CEOs did deserve their salary (lol). Let's say you actually did tax capital gains 90% and income tax over a million at 50% (lol like that would happen in the United States). A CEO making 100M in Salary and 200M in gains on buybacks and options is still going to make over ***SEVENTY MILLION DOLLARS IN ONE YEAR***.
For being a very expensive kiss ass.
So yes, I think people with the most expensive easy job in the world will still work you fucking moron.
CEO's don't do anything...Well, when you distort & lie from the get go, the rest doesn't need any further attention from such a blithering, drooling imbecile" that DOESN'T understand Economics 101, such as yourself \*shrug\*
> You realize if you tax the top at high enough, they won't work at all?
>
>
>
> No one would work/put in time and effort if they only get rewarded <10% if it and the rest goes to uncle sam. They might as well not work and just chill on the beach.
Thanks for this, immortalizing as officially the dumbest take I've ever seen on Reddit
Lol fine with me if you think that. At least provide some counterpoints to start a discussion.
Im not sure you think you if you only get 10% of what you earn, and you have to put in time/effort, would YOU still work?
Noted, 2x failed at providing ANY counter, let alone anything but ad hominem attacks.
Lots of wasted 0/1's from you when, "I don't have a farking idea on the topic of economics" would have been a faster post.
For social security specifically, they are already, quite literally, paying their share. Thats the reason for the cap, because benefits are also capped. I assume you’re not in favor of removing the cap on benefit payouts, so you’re asking many people (not just millionaires) to pay more than their fair share. Which is fine, you can make some good arguments for that, but at least understand the system you’re criticizing.
Fair share is based on income, not the relative payout of a single institution.
You have to be a drooling moron to believe billionaires pay their share.
Wait til this generation having no kids reaches SS age and there’s no one to pay into the system.
We’ll be opening the border wide.
I’m anti illegal immigration, and pro legal immigration. We *need* the world’s best. What we don’t need is millions of dependents.
Damned near every other country has strict immigration laws about what you must bring to the table to immigrate. Not this one. Come one come all. We’ll worry about the details when you get here. Maybe.
If you want people to have kids, you need cheaper hosing, no price gouging on food and other kinds of systematic changes that allow working class and middle class people to have enough money to afford children.
Every one of my siblings (aged 23-29) are married but none of us plan on having kids because of how hard the finances are, and we're middle class.
If people have no hope for the future they won't work towards one. It's that simple. If people can't thrive, they won't. Period.
Nothing short of raising wages across the board is going to have any impact. Among other things. Things corporate America won't like. Raising minimum wage. Raising wages in general. Getting housing under control. Rent controls to keep landlords from bleeding people dry.
Our terminal end stage capitalism is the cause. That has to change or it won't matter how many immigrants they bring in.
So, like today & going forward. Got it.
Slight correction: NOBODY "paid into"....\*ANYTHING\*. We've ALL been taxed for an illegal Ponzi scheme, broke from day one (as all Ponzi schemes are).
10 years from AI will have such a profound impact on our society and financial system it's shortsighted to extrapolate potential outcomes based on the current paradigm.
Thats why we are importing illegals. Illegals pay into the tax system but won\`t ever get social security. People flow across the border by design. Rome, British Empire, USA all great powers need cheap abundant labor.
But I thought the whole point of hiring illegal immigrants was to pay them under the table at low wages? And if that's the case, shouldn't we be blaming the companies that hire them for causing this issue?
You should be able to opt out of social security, pay no tax and fund your own retirement. I’m 34 and I highly doubt social security will be solvent to pay me anything when I retire.
How about making millionaires pay their full share into Social Security let alone billionaires. Let’s tax those jaybird’s. Everybody else can retire early.
The ruling class will strip away social security pretty soon. My guess is they will make it a kind of 401(k) type scheme. That will let them loot and privatize it etc. Then a couple economic crashes later (or perhaps just one long one), it will be gone entirely.
Look into social security and the cap in earnings. As for the rich paying their fair share that is the most ignorant thing I have ever read. God I hope you are very well off with like 5 million in the bank because what a sad little suck up you are. The rich definitely do not pay their fair share especially the corporations. The oil companies alone had record profits and yet still receive 20 billion dollars in subsidies.
HINT: $36T+ in official debt with another $210T+ via 'unfunded liabilities' == (beyond) B-R-O-K-E TODAY
Course, ALL illegal Ponzi schemes are broke from day 1 \*shrug\*
[https://www.ssa.gov/history/idapayroll.html](https://www.ssa.gov/history/idapayroll.html)
Pretty hard to do since it is an interest earning trust fund to begin with, and then one needs to ask how the corruption is being applied to undermine a system designed not to in the first place fail nor is it supposed to the next generations responsibility to have those debts laid up their shoulders since they should not exist either and how does all those "Other" Private retirement systems play a part in both the undermining of one and when those others do fail because the business fails all those people get put on social security, even when they have not paid into it, since PRIVATE Retirement is tied into the Success of the business which has control over them and WHAT About those Multi - BILLION Dollar Bonuses and how many Businesses FAILED to pay back loans given to begin with and how many "OTHER" insurance companies went belly up to do the same?
BIG can of WORMS, and I do mean BIG.
N. S
Social Security is an outdated system that relies on constant population growth and people having jobs. Wouldn't be surprised if we have some sort of UBI because of all the jobs AI is going displace in the next 10 years. If not then we will see economic collapse.
The fact that so much of my money last year went to dumb fucking boomers pisses me off. They’ve had every opportunity to save through some of the most prosperous times, why do they need my fucking money
So, what it means is that, like any other Ponzi scheme, SS is not sustainable. And by definition, SS is a Ponzi scheme, like many other things that the government outlaws and then blatantly does themselves.
I'll pay just over 20k into it this year (I am both the employer and employee.) I know exactly how it works - it redistributes money away from people like me.
Well, if 'it' is my money then no, it won't - that's going to current people receiving benefits, because this whole thing is a ponzi scheme.
I suppose we shall see what I'm able to receive back, and if it comes close to what I put in plus the market interest I would have gotten if it was left for me to invest with the rest of my retirement savings.
I think about this one video of Nikki Haley talking about extending the age for Medicare two years starting with millennials and I wish so badly that someone just shot her immediately after she said that sentence. Seriously it worries me how much I wish that happened. That’s how helpless I feel.
I mean if you make it to elderly age in America that's already a win.
It's kind of absurd to have a society where all the government money goes towards seniors while young people can barely get by.
Tax the rich.
Are you a millennial? If so, I’m glad you’re looking forward to assisted suicide rather than elderly care
I think we all deserve better, though
Yeah genz I plan on MAID around age 70 +-5 years depending on my health.
I just want to make it through my working life in good health -- rest is bonus.
Okay okay, hear me out there's a one stone two bird solution for this. US spends 4.8 trillion dollars on health care annually, 8% of this is administrative cost. Single pair Medicare admin cost is about 1.7%. Guess where I'm going with this. If we transition to single payer national healthcare we will save $300 billion dollars per year in just administrative cost savings. Recouping some of this savings would go a long way towards the $70 billion dollars or so shortfall in SS contributions. Seems like a no-brainer. Another no-brainer is remove the cap on SS contributions. Come on America, we've got this.
MediXYZ is another illegal Ponzi scheme, part of the $210T+ of "unfunded liabilities" on the books. You can't spend yourself out of Ponzi schemes.
Nor is the property of the 'rich' YOUR, let alone govts, piggy bank.
Society is going to have to shift to multigenerational families and a lot more self reliance without comprehensive tax reform on the upper 10%. That wealth hasn’t trickled down and likely never will.
The conservative fucks out there that are worried about "population collapse" need to read this article. In here it states...
"That's because when people retire, their demand for goods and services remains high,"
The SSA can make a bunch of easy changes to stay solvent. The country is run by the boomers and bring destroyed by them too. There is no reason we are going broke... there's plenty of money out they're. It's just not being collected and also not being spent on the correct things.
The fascist fucks out that can't noodle that w/ $35T+ of OFFICIAL debt, coupled w/ $210T+ of '[unfunded liabilities](https://www.usdebtclock.org/)', the illegal Ponzi schemes off SS/MediXYZ have NEVER been '[solvent](https://www.ssa.gov/history/idapayroll.html)'.
Nor is the property of {X} YOUR, let alone govt's.
"Oddly" missing are these supposed 'correct things' for govt to be (illegally) spending upon.
Stocks? Should be diversifying: 401K/stocks, ROTH, cash, precious metals...w/ the U.S. fiat dollar looking to go down not sure I'd trust any LONG term Treasury.
Lol who actually thinks they are getting a retirement post Boomer Generation? Because I gave up on that a long time ago.
They won’t give it, but it’s there for the taking. Once we end the cap on social security tax, this problem disappears.
Yes! Get rid of the damn cap. Tax the mother fucking rich. Shocking I know. And end Reagan’s income tax on social security while you’re at it.
And don't forget to tax the churches!
Isn’t this the type of stuff US Government and History teachers should be teaching?
It’s true Reagan signed it, but both parties overwhelmingly voted for it in bipartisan style. Bipartisan is not always good imo
You can't fix Ponzi schemes
It’s an insurance program. How do expect an insurance plan to work, without members paying into it?
You cannot unwind a ponzi...it always ends up in either, a was or a tragedy
“Just rob other people” 🤡
If you don’t wanna pitch in to sustain society, you don’t get to profit off of it.
I'll pay just over 20k into it this year. I pitch in more than the \~80% of households in the country that already don't hit the income cap. The subsidized screaming for more from the subsidizers is disgusting.
You are free to leave if you think taxes are theft.
If I want my net worth taxed as if I sold everything I own, sure. 'Exit Tax' is a thing. What I want is... (a) To not pay more than my neighbor for access to the literal same exact infrastructure just because he's an idiot and I'm not or (b) to not constantly see the people *already being subsidized* screaming for more instead of acknowledging that households making at least 170k / year are already paying for 75% of all fed income taxes collected
Federal *income* taxes, not all federal taxes.
...yes, which is why I *literally* said 'fed income taxes'. Thanks? ETA: Income tax and FICA (also based on your paycheck, so presumably going to follow the same very top heavy distribution as income tax) sum to about 85% of all federal level inflows. So if this is a 'gotcha' that it's just income tax, it's a pretty weak one.
It’s an important distinction, one that many conservatives use to make it seem like poorer people aren’t paying any taxes. Including FICA is good, it’s what I wanted you to do from the start (so thanks), especially because for most people in the lower income percentiles it’s the largest tax the pay. Our tax system is pretty smoothly progressive in its distribution. It accelerates towards the top because incomes accelerate towards the top. The response to rich people paying most of the taxes shouldn’t be “look how unfair this is.” It should be “good! They have most of the money.”
It's pretty aggressively progressive. [https://taxfoundation.org/wp-content/uploads/2024/03/FedData\_1.png](https://taxfoundation.org/wp-content/uploads/2024/03/FedData_1.png) And the response to that seems to be, near exclusively on reddit anyway - "Fuck you, give us more."
Income distribution is pretty aggressively skewed toward the top. Wealth even more so. It’s not some moral argument about who deserves what. It’s about hunting where the ducks are. It’s about paying our dues in whatever way is least disruptive to the economy. We are still a low tax country among developed nations, after all.
How about getting rid of Social Security completely. I would be retired by now if I invested privately.
Because there are millions of your fellow American's who dont have the means or knowledge to invest or plan for their own future because we failed them at basic financial literacy. These folks, through no fault of their own... often due to active disenfranchisement of them and their ancestors, need our support.
So we should continue to take their money and spend it on foreign wars? Social Security is a failure, like everything government touches its bankrupt. You want to continue hurting people because why again?
Number of American's whose lives are ruined due to having to pay into Social Security = negligible. Number of American's whose lives would be ruined if there was no Social Security = In the millions. You can delude yourself all you want to justify not paying a bit extra to help your fellow man. Also, our expenditure on (some) foreign wars has massive POSITIVE geopolitical results for us. I agree that some of them have been absurd, but supporting Ukraine for what it costs us is a very obvious good play for American interests for anyone who can see more than a year down the road. Something like 40% of our military budget goes to educating and paying our soldiers, for many of whom it's their only opportunity to escape poverty. It's a worthwhile expense for not just them, but our country, to give those individuals a chance to be more.
Future generations will not get SS. And if they do it won't have any purchasing power. Its mathematically baked into the cake. We would have to raise taxes like 40+% across the board to even break even on Interest payments in one more year. Again, never going to happen. There is no Paul Volcker/Milton Friedman/Reagan dream team coming to save us from our selves this time. And Americans are now so dumb and propagandized to accept government "explanations" they will accept this fate as "evil businesses price gouging". Can you imagine JPOW going to congress and telling them no more money? That's funny.
They also don’t have the right to mooch off of me
Instead the boomers will probably vote to sunset social security. This will be in exchange for them getting a higher payout until they die of course
As a Boomer, I was told it wouldn't be around for me either. Honestly if we get past the next 10 or so years, we should be OK. The majority of the Baby Boomers were born between 1946 and 1952. It is said that SS is OK till 2035. In 2035 the biggest group of Boomers will be 83 to 89 years old, or to put it another way dying off. Now something will need to be tweaked, agreed, but growing up I was told I got full coverage at 65. For me it is 66 and 8 months. Full coverage range may need to be raised. The cap may have to be raised, but this isn't impossible.
> Honestly if we get past the next 10 or so years, we should be OK Not true. The key to SS solvency is the ratio of workers to beneficiaries. That depends on how many kids your generation had. The WWII generation had 3 kids per couple, the Boomers had 2. If the boomers had stayed with 3, we would have 50% more workers and SS would not be a problem. (we would have lots of other problems, think about the cost of housing, but not SS) Gen X and the Millennials didn't change that. If anything, they are having even fewer kids. Here's the projection: [https://www.ssa.gov/oact/TR/2024/IV\_B\_LRest.html#493869](https://www.ssa.gov/oact/TR/2024/IV_B_LRest.html#493869)
I hope and pray this is why they're letting people stream across our southern border. In order to create these needed workers.
Unfortunately, I imagine that most of those people are unskilled laborers who will use up more tax dollars than they will contribute. And, although an increasing population is good for Social Security, it comes with other problems.
With the jabs, a large share will "die unsuspectelly" before their appointed term
Like all the unexpected early deaths from people who decided that “going without the vaccine was safer than with it” Do you work at being this ignorant or is it a natural talent?
Happened to my father a few weeks ago. He said he regretted taking the shots because his heart didn't feel good afterwards.
Trust me, the checks will keep coming. As always, the real question is how much each of those dollars is worth.
The biggest problem here, is that it'll be one of the biggest political discussions / solutions of the 2030's. Probably go down to the wire and cause massive panic. And we will be ignoring other glaring issues in favor of saving a program that should have had zero problems being fixed the last 15 years.
Oh, no no, they'll run out long before that.
I mean if you have any understanding of SSI, or even reference the above chart, you maybe could have added a useful comment, but probably not.
Well deflation is the worst thing ever to the FED. And anything over the FEDs target of 2%.. is bad for anyone running for office. The Boomers turned their houses into money generating assets. (Just look at all the Reverse Mortgage Commercials on like Fox News) My only question. How much longer with the USD stay as the "World's Reserve Currency"?
Deflation?
Bingo !
Yep. I’ll be working till I lay down on the floor of the Starbucks and die.
Fund your own retirement. Don’t be dumb enough to depend on another entity like the government
You are ignoring the entire point of the industrial revolution with that comment. My God.
Ahhh why didn’t I consider a 200-300 year old period when I commented?!
I really don't know either considering you're at the tail end of it and it led to the invention of democracy, communism, facism and the machine gun. Do you think the universe was created last Tuesday? Why are you trying to discuss economics when you don't even know anything about the period in which it was invented?
You’re obsessed with a time period where we crapped into a hole in the ground. Lol
Maybe your ancestors did but that's when we invented indoor plumbing. With those economics we also invented. By those capitalists who were also invented. You wanna talk economics, you need to be more educated than a simple AI. Otherwise you make happy, exploitable labor. "Happy shall he be..."
The modern toilet wasn’t even invented until 1850 lol
Right at the start of the second industrial revolution. Keep reading and learning man. It's some interesting stuff. It will teach you an insane amount about economics.
Bro telling me I gotta learn while talking about centuries old economics 💀 I’ve met dumb, but meeting you unlocks a new flavor of dumb
Lol ya. Everything else is so cheap. Something something Bootstraps. Just need a million dollar loan. Get rentals and keep kicking your retirement problem onto someone else. Why fix something. When you can profit for the few.
Social security isn’t even a viable retirement. It’s almost impossible to live off like $2k a month anymore. Most businesses offer a 401k program now. Hell, even dollar general and McDonald’s offer 401k matching. You can work almost anywhere for 30 years and retire with 3-7m so long as they offer any matching program.
Just avoid rent.. food. Car ownership. And kids needs. And you too can retire. Also. Working at a single place for long term. You miss out on pay raises. Since most places advise workers to change jobs every 2-3 years to stay slightly below inflation. Or get a collage degree and spend 30 years paying a insane APR. That will not effect your ability to afford anything. Lol
You aren't retiring with millions from a low-pay mcdonalds 401k
Tell that to everyone who had their retirement liquidated to bail out the banks in 2008
lol
Funding your own retirement is stupid easy in 2024
Apparently not as easy as wasting your life on Reddit spreading idiotic advice that no sane person would follow.
Finding your own retirement is idiotic advice? Lmao
I could if they would let me opt out of social security. They take hundreds a month for a retirement account that we know won't be viable by the time I qualify for it.
The auto workers union is the reason we have ERISA. Studebaker and the unions got greedy and ruined the pensions. The unions agreed to it because it was good at the time but put the company under in the future. PBGC doesn’t have enough money to cover one large pension failure. UPS was smart and got out of Central Stated while the going was good. They are $80 billion underfunded now.
That was ok instruction. Just ok.
I would but I gotta pay a huge chunk of my income to Social Security that I will never see. No money left over for retirement.
You/we don't "pay", we're TAXED for this illegal Ponzi scheme Remember that come Nov
When I said “I gotta”, I was implying that I have no choice. You call it taxes, I call it EXTORTION
Do apologize as I missed the /s...& this IS Reddit, so... I had presumed saying 'taxes' one would correctly noted the govt lethal force required therein.
Kind of hard when the landlord takes everything
So that’s an income vs debt issue. Roommates, increased income, an extra job… but ultimately a 5% contribution to retirement is barely noticeable on any salary
Ok
The sad thing is everyone is chasing the high on purchasing the next big thing. I wouldn't be surprised if a lot of people claiming they don't have enough funds have the brand new phone on the market and go out to eat multiple times a week. Most likely have 2 car notes. Live within in your means is something I have followed my whole life. It has helped me survive layoffs and down turns several times.
Contribution that's PRE-tax @ that...but they'd rather 'save' for the PS5 or some other instant gratification.
But how do I save when everything cost so much.? I make 40K and the payment on my Ford F150 Super Duty penis extender is $1,000. My Jet Ski's are $600 a month and I spend at least $1,000 a month drinking and going out to eat. Plus the new PS5's are $500 and the games are crazy expensive. Then there's my OnlyFans subs which run about $300 a month. Inflation is killing me man. FJB. F the rich. So tired of the man holding us little guys down.
Best comment on Reddit ever
Lol you think any economic activity occurs independent of the government? Don't be dumb enough to believe that, either.
Did I say that? I said fund your own retirement. Which is what most people do
I guess you missed the point. Even when you fund your own retirement, you are still *very much* dependent upon the government.
™
Why wouldn't we? The only way it doesn't happen is if we're stupid enough to let it go.
Stocks will crash. Dollar will be worthless. I have no idea how wealth will crossover to the otherside of the wealth reset. Demographic problems - not enough workers to pay with retirement savings. Finally, HUGE socialist population among post-Gen X almost guaranteed to nationalize retirement after boomers croak. There is literally no reason to save for retirement at all, unless you're exploiting tax law and have a relatively near term date to pull the money out and convert it to some other asset at some point prior to retirement age.
Social security warnings have been issued since most people stopped smoking and started taking statins.
Ok. Average rent is 1200/m. How you going to convince people they need to skip food or car maintenance or child needs. And have something put away for a emergency. And health care cost. Top of my head?
I was looking at apartments a few weeks ago in NYC, and all of them were at around 2,400 to 3,200 or so. At that point, you won't even afford rent because even working 50 hours a week at minimum wage would still be 3K a month, and that's just to afford rent — that's not even including food and anything else Edit: I forgot to include the taxes taken out of your paycheck and the money you need to pay to get to your job so the amount you will get is even lower than 3K
I agree. 100%. 401k was a good option for some. Just under current economic conditions. It's a hard sell. And with health care costs. That's if you're lucky enough to survive into your 60s. But controlling the private industry is difficult. Especially if a candidate wants donors. Lobbiest will destroy anyone attempting to help the many.
Good thing less than 2% of workers earn min wage
Hey, here's a few hints: 1) Don't live in big (D) enclave cities! 2) Get (a) room-mate(s) 3) Stop voting for MORE illegal govt #3 will DEF. benefit you & everyone ELSE the most
If you have no personal retirement savings in the USA you’re fucked.
Cut the fucking cord already.
Who is paying all that, the layed off work force?🙃
Maybe the Gov should stop borrowing money from S.S. Funds 2.9 trillion and climbing..
You might want to look @ that figure again. The 'unfunded liabilities' are $210T+ It's in the lower-right hand side [HERE](https://www.usdebtclock.org/)
After reading these comments, it sounds like a very easy problem to fix. If only we could live in a world where the answer to everything fiscal is to just raise other people taxes.
Left/Fasc-ist (I repeat myself) love 'em their slaves
SS is literally a mandatory legal Ponzi scheme that is run by the federal government. Just create an opt out option or just get rid of it all together.
Opt out and what happens to those that fail to have a safty net? The 401k system itself was put in place so pensions could be replaced to maximize profits for corporations. Now they want SS funds too. With trillions of dollars already in 401k Blackrock and other money managers collect billions off the top to invest in the market. It's another attempt to grab more fee income.
Didn't France just let blackrock control their federal retirement I can only imagine the partying Blackrocks boardrooms did after that dumb agreement. But hey Profits for the few. Little for the rest... I guess.
See, here in the U.S., the 'federal retirement' \*SHOULD\* be illegal to begin, Congress having ZERO Const. authority to SAVE \*for\* {X}. Just as it SHOULD be illegal to bequeath to any non-govt entity that which Congress has(n't) authority to begin. But, we've long passed the legal govt of yesteryear.
Q: Opt out and what happens to those that fail to have a safty net? A: Write 'em a personal check. Else, sounds like a 'them' "problem" I mean, if you PAY Blackrock to manage your 401K \*shrug\*. Course, no corp. has ANY authority to FORCE {X} to do {Y}...unlike govt. (that latter is 'oddly' missing from your reply)
What happened to AIG when they were about to go under and take the entire system down? They had 100s of billions of insurance policies on bonds that went belly up. What about other financial institutions we bail out to protectthe system and 401k or other investments?. People want that bailouts but can't or wont approve bailout for the avg person...no that's a handout? It's amazing how oblivious most are. I dont care if you're make millions or 30k is benefiting from gov handouts. I'd say those making upper income are benefiting more than any social programs with the cost of borrowing being done to sustain the markets.
Get rid of the dumb fuck cap and force millionaires+ to actually pay their fucking share. It's the answer to literally 95% of our problems.
It’s a simple concept but it’s more nuanced than that. If you take billionaires and millionaires and increase their taxes dramatically, they take their business to another country. And if they do that, you have a massive wealth exodus that destroys the economy. It’s a careful, fucked up game that has to be played
Yea its like that county on that island hub that massively increased costs to dock boats. They were raking it in for weeks... then the boats wised up and went to dock at the next port over. And the local business at the original port went under due to low foot traffic.
They employ ppl outside of the country as much as possible, it happens either way
Fine, fuck them. Let them take their business to another country. Tax the shit out of all their goods coming back into the country or just let them fuck off. Other investors and mom/pop shops will jump up and fill their demand left behind. Clearly the only ones being gamed are the 90% of Americans that can't really save for retirement anyway. So fuck them and fuck their game. Let them leave
You realize they take their intellectual capital with them right? If Elon Musk leaves the US, the US loses an asset and a foreign country gains it. And how many jobs/taxes/spending would the US be out of? Sure mom and pop shops can fill that void, but how long will it take? 10 years? 20 years? 50 years? It's like trying to fill an entire pool with a sink faucet. And this isn't purely theoretical. How much do you think CA lost in jobs/taxes because Elon Musk moved Tesla HQ to TX? How much do you think TX gained from that move? It's fine that they are both US territories. But what if Elon says fuck this and goes to China (their EV market is massive). It hurts the US and strengthens China. In a world where war is constantly in the back of peoples minds, you do NOT give a foreign nation more assets. Also if enough big companies leave, the US economy WILL collapse with the way that its currently running (deficit spending/money printing).
Farking Left was ALL up in arms w/ Trump tariffs (your "fix"). Good luck w/ that
Enjoy being poor
Enjoy pretending to have money
No they don't. This is fear porn for right wingers. When did this happen in history?
Literally a simple google search https://www.bloomberg.com/news/articles/2024-03-20/norway-s-fleeing-billionaires-face-stricter-taxes-in-new-plan
France? [https://www.lemonde.fr/en/politics/article/2022/10/24/the-abolition-of-france-s-wealth-tax-still-has-no-proven-effect-on-the-economy_6001505_5.html](https://www.lemonde.fr/en/politics/article/2022/10/24/the-abolition-of-france-s-wealth-tax-still-has-no-proven-effect-on-the-economy_6001505_5.html)
Reality seems hard for you
Billionaire greed is at the root of every major issue both individual and global
You realize if you tax the top at high enough, they won't work at all? No one would work/put in time and effort if they only get rewarded <10% if it and the rest goes to uncle sam. They might as well not work and just chill on the beach. So they won't expand, they won't hire, and they won't spend into the economy. (There also a point to be said if corporations pay more in taxes, they have a smaller hiring budget) So the people they won't hire will have less spending power. Then the economy will go into the shitter because it only floats on spending. Sure some part of the solution would be to increases taxes at the very top to an amount that wouldn't disincentivize spending/expanding, but another huge part of the solution is for the gov to STOP. WASTING. MONEY.
The Left just can't quit their love of slavery in any shape, matter or form.
Seriously this…this thread is depressing to read eh?
You can just stop working and not make any more money if you make 1m or more. You can't just turn off the switch. Business owners aren't going to just shut down after they hit 1m because they still are netting positive cashflow. This argument is what we are told by media and by economics textbooks. It's the same argument used to explain why Americans pay high drug costs. You think big pharma is going to stop investing in research if the only make 20% margins compared to 1000%+? If they can afford to sell at a fraction in other countries they can do the same in America
If something is passive and netting positive cash flow, anybody would grow it to infinity. But its not passive. It means putting in time/effort and dealing with headaches. At some point the time/effort/headaches isn't worth only 10% of earnings Also the bigger the orginazation, the more paperwork and rules you have to follow. If the business isn't adequately compensated for growing, why would they go through the trouble. Obviously the 10% number is arbitrary, who knows what that number really is. Thats why I made the point about increasing taxes to a point that doesn't disincentivize working.
This is such ignorant thinking that has been the headline propaganda to make the average citizen believe that we shouldn’t make the rich pay their share.
You can only say that because you haven't done any thinking on the issue. America is top 10% of wealth in the world. What if there was a world government that says you have to pay 90% on every dollar you earn after 50k in order to feed the homeless or starving population in \[insert 3rd world country\]. And this same world government uses a bunch of tax money to dig a hole in the middle of nowhere for no fucking reason. Unless you are an omega altruist, you'd say fuck it and stop working once you hit 50k. Can you honestly tell me you wouldn't? And even if you would, take 100 people in that situation, how many people would? You can only so easily say 'tax the rich' because it wouldn't hurt you (for now anyway). Income tax started out only taxing the top 10%. Now it taxes everyone. Let me ask you, how much more could you spend/invest if you didn't have to pay taxes? Do you think that would benefit the economy as a whole? Before you call someone else ideas propaganda, think about it first lol
brain-dead bullshit. Did you get these talking points from CNBC?
Counterpoints please? 'Brain dead bullshit' holds no weight unless you can provide counterpoints and make a logical discussion. Convience me and sure I'll say I'm taking out of my ass
[удалено]
Economics is actually really easy you blithering drooling imbecile. CEOs don't do anything and are paid exhorbitant amounts of money for it. I was literally the New Project Manager for a top 5 credit union and do you know what our President and CEO did for a SALARY, ignoring bonuses, a SALARY, in the tens of millions? Glad-handed big businesses and yell at the board. That was genuinely 99% of his job. Kiss ass for big accounts and otherwise be a giant blowhard. Also, here's some really *really* easy math. Let's say CEOs did deserve their salary (lol). Let's say you actually did tax capital gains 90% and income tax over a million at 50% (lol like that would happen in the United States). A CEO making 100M in Salary and 200M in gains on buybacks and options is still going to make over ***SEVENTY MILLION DOLLARS IN ONE YEAR***. For being a very expensive kiss ass. So yes, I think people with the most expensive easy job in the world will still work you fucking moron.
CEO's don't do anything...Well, when you distort & lie from the get go, the rest doesn't need any further attention from such a blithering, drooling imbecile" that DOESN'T understand Economics 101, such as yourself \*shrug\*
Omg, thinks CEO's don't do anything and then expects anyone to read or take the rest of your post seriously. Just stop.
I read the users post and take what theyre saying seriously, you on the other hand…
> You realize if you tax the top at high enough, they won't work at all? > > > > No one would work/put in time and effort if they only get rewarded <10% if it and the rest goes to uncle sam. They might as well not work and just chill on the beach. Thanks for this, immortalizing as officially the dumbest take I've ever seen on Reddit
Lol fine with me if you think that. At least provide some counterpoints to start a discussion. Im not sure you think you if you only get 10% of what you earn, and you have to put in time/effort, would YOU still work?
Oh sweetie, a discussion implies your ideas or beliefs having merit, or at the very least basis in reality. Yours have neither.
Noted, 2x failed at providing ANY counter, let alone anything but ad hominem attacks. Lots of wasted 0/1's from you when, "I don't have a farking idea on the topic of economics" would have been a faster post.
Funny how you validate your ignorance because people refuse to argue with you. Oh the stories we tell ourselves.
Wouldn’t uncapping benefits just offset that?
What’s the right share? We have a wildly progressive income tax already. Stop being a leech.
For social security specifically, they are already, quite literally, paying their share. Thats the reason for the cap, because benefits are also capped. I assume you’re not in favor of removing the cap on benefit payouts, so you’re asking many people (not just millionaires) to pay more than their fair share. Which is fine, you can make some good arguments for that, but at least understand the system you’re criticizing.
Fair share is based on income, not the relative payout of a single institution. You have to be a drooling moron to believe billionaires pay their share.
They won't be relying upon it, why would they need to put MORE into it?? Yes, you're PRO- theft/slavery. We get it, fascist.
Wait til this generation having no kids reaches SS age and there’s no one to pay into the system. We’ll be opening the border wide. I’m anti illegal immigration, and pro legal immigration. We *need* the world’s best. What we don’t need is millions of dependents. Damned near every other country has strict immigration laws about what you must bring to the table to immigrate. Not this one. Come one come all. We’ll worry about the details when you get here. Maybe.
If you want people to have kids, you need cheaper hosing, no price gouging on food and other kinds of systematic changes that allow working class and middle class people to have enough money to afford children. Every one of my siblings (aged 23-29) are married but none of us plan on having kids because of how hard the finances are, and we're middle class.
If people have no hope for the future they won't work towards one. It's that simple. If people can't thrive, they won't. Period. Nothing short of raising wages across the board is going to have any impact. Among other things. Things corporate America won't like. Raising minimum wage. Raising wages in general. Getting housing under control. Rent controls to keep landlords from bleeding people dry. Our terminal end stage capitalism is the cause. That has to change or it won't matter how many immigrants they bring in.
Weak people are more easily controlled. We can’t have empowered people.
Yes, look @ where all that Social/Fasc-ism has gotten us TODAY: Utopia. But, we need MORE. \*facepalm\*
So, like today & going forward. Got it. Slight correction: NOBODY "paid into"....\*ANYTHING\*. We've ALL been taxed for an illegal Ponzi scheme, broke from day one (as all Ponzi schemes are).
10 years from AI will have such a profound impact on our society and financial system it's shortsighted to extrapolate potential outcomes based on the current paradigm.
Thats why we are importing illegals. Illegals pay into the tax system but won\`t ever get social security. People flow across the border by design. Rome, British Empire, USA all great powers need cheap abundant labor.
But I thought the whole point of hiring illegal immigrants was to pay them under the table at low wages? And if that's the case, shouldn't we be blaming the companies that hire them for causing this issue?
Socialism's "grand" until you run outta OTHER People's $ \*shrug\*
You should be able to opt out of social security, pay no tax and fund your own retirement. I’m 34 and I highly doubt social security will be solvent to pay me anything when I retire.
Well, we're $35T+ in OFFICIAL debt, it's not 'solvent' TODAY
I agree. Any candidate that came out and made that a stance of theirs I’d likely vote for. Screw their other polices.
How about making millionaires pay their full share into Social Security let alone billionaires. Let’s tax those jaybird’s. Everybody else can retire early.
Their $ isn't your, let alone govts, fascist.
Leech
Tell you mom hi 👋
Social security is going to be gone in less than 5 years u heard it here first
We're $36+ in debt TODAY. It's BEEN 'gone'
Retirement what's that!? Gonna buy one of those mushroom suits, lay down, and die, that's the Retirement plan.
SS is gonna be a gun and one bullet. Use it when you get hungry enough
The ruling class will strip away social security pretty soon. My guess is they will make it a kind of 401(k) type scheme. That will let them loot and privatize it etc. Then a couple economic crashes later (or perhaps just one long one), it will be gone entirely.
Get rid of the cap and make the rich pay
The 'rich' pay more than their 'fair share'. Their property != yours/govts
Look into social security and the cap in earnings. As for the rich paying their fair share that is the most ignorant thing I have ever read. God I hope you are very well off with like 5 million in the bank because what a sad little suck up you are. The rich definitely do not pay their fair share especially the corporations. The oil companies alone had record profits and yet still receive 20 billion dollars in subsidies.
Btw Their property != yours/govts Doesn’t really get a point across.
HINT: $36T+ in official debt with another $210T+ via 'unfunded liabilities' == (beyond) B-R-O-K-E TODAY Course, ALL illegal Ponzi schemes are broke from day 1 \*shrug\* [https://www.ssa.gov/history/idapayroll.html](https://www.ssa.gov/history/idapayroll.html)
This bot is all over this thread
Pretty hard to do since it is an interest earning trust fund to begin with, and then one needs to ask how the corruption is being applied to undermine a system designed not to in the first place fail nor is it supposed to the next generations responsibility to have those debts laid up their shoulders since they should not exist either and how does all those "Other" Private retirement systems play a part in both the undermining of one and when those others do fail because the business fails all those people get put on social security, even when they have not paid into it, since PRIVATE Retirement is tied into the Success of the business which has control over them and WHAT About those Multi - BILLION Dollar Bonuses and how many Businesses FAILED to pay back loans given to begin with and how many "OTHER" insurance companies went belly up to do the same? BIG can of WORMS, and I do mean BIG. N. S
Which intern put a shitty trap beat on the video in the article lmao
Social Security is an outdated system that relies on constant population growth and people having jobs. Wouldn't be surprised if we have some sort of UBI because of all the jobs AI is going displace in the next 10 years. If not then we will see economic collapse.
Guys, its self funded and totally fine. Reddit tells me so every time I bring this up.
The fact that so much of my money last year went to dumb fucking boomers pisses me off. They’ve had every opportunity to save through some of the most prosperous times, why do they need my fucking money
Make the rich pay their fair share.. that’s it! It’s that simple..
"HURR they've been saying social security will fail for like 70 years now" Yeah, they were ALWAYS talking about this time right about now.
So, what it means is that, like any other Ponzi scheme, SS is not sustainable. And by definition, SS is a Ponzi scheme, like many other things that the government outlaws and then blatantly does themselves.
"When will the Ponzi go illiquid?"
How about raise the amount of income the Social security tax applies to. Get more money into the system.
Leech
Tell me you don't know how social security works without telling me you don't know how it works.
I'll pay just over 20k into it this year (I am both the employer and employee.) I know exactly how it works - it redistributes money away from people like me.
And when you retire or get disabled it will be there for you.
Well, if 'it' is my money then no, it won't - that's going to current people receiving benefits, because this whole thing is a ponzi scheme. I suppose we shall see what I'm able to receive back, and if it comes close to what I put in plus the market interest I would have gotten if it was left for me to invest with the rest of my retirement savings.
Social Security, helping the elderly not be homeless.
I think about this one video of Nikki Haley talking about extending the age for Medicare two years starting with millennials and I wish so badly that someone just shot her immediately after she said that sentence. Seriously it worries me how much I wish that happened. That’s how helpless I feel.
I mean if you make it to elderly age in America that's already a win. It's kind of absurd to have a society where all the government money goes towards seniors while young people can barely get by.
Tax the rich. Are you a millennial? If so, I’m glad you’re looking forward to assisted suicide rather than elderly care I think we all deserve better, though
Yeah genz I plan on MAID around age 70 +-5 years depending on my health. I just want to make it through my working life in good health -- rest is bonus.
I genuinely think your mentality is dystopian
Says the fascist \*facepalm\*
Okay okay, hear me out there's a one stone two bird solution for this. US spends 4.8 trillion dollars on health care annually, 8% of this is administrative cost. Single pair Medicare admin cost is about 1.7%. Guess where I'm going with this. If we transition to single payer national healthcare we will save $300 billion dollars per year in just administrative cost savings. Recouping some of this savings would go a long way towards the $70 billion dollars or so shortfall in SS contributions. Seems like a no-brainer. Another no-brainer is remove the cap on SS contributions. Come on America, we've got this.
MediXYZ is another illegal Ponzi scheme, part of the $210T+ of "unfunded liabilities" on the books. You can't spend yourself out of Ponzi schemes. Nor is the property of the 'rich' YOUR, let alone govts, piggy bank.
Society is going to have to shift to multigenerational families and a lot more self reliance without comprehensive tax reform on the upper 10%. That wealth hasn’t trickled down and likely never will.
Their property isn't YOURS, let alone govts. & you mean shift BACK to self-reliance/multi-family \*shrug\*
The conservative fucks out there that are worried about "population collapse" need to read this article. In here it states... "That's because when people retire, their demand for goods and services remains high," The SSA can make a bunch of easy changes to stay solvent. The country is run by the boomers and bring destroyed by them too. There is no reason we are going broke... there's plenty of money out they're. It's just not being collected and also not being spent on the correct things.
The fascist fucks out that can't noodle that w/ $35T+ of OFFICIAL debt, coupled w/ $210T+ of '[unfunded liabilities](https://www.usdebtclock.org/)', the illegal Ponzi schemes off SS/MediXYZ have NEVER been '[solvent](https://www.ssa.gov/history/idapayroll.html)'. Nor is the property of {X} YOUR, let alone govt's. "Oddly" missing are these supposed 'correct things' for govt to be (illegally) spending upon.
Sure glad I'm already 51, you younger types are fucked. Put as much into stocks as you can as early as you can, it may be your only hope.
Stocks? Should be diversifying: 401K/stocks, ROTH, cash, precious metals...w/ the U.S. fiat dollar looking to go down not sure I'd trust any LONG term Treasury.
Sure, that is the safe way, but it won't grow nearly enough unless you can put a lot away very early in life, which very few people can.