General Discussion

Igel

(37,108 posts)

40. Anything that draws down the Trust Fund more quickly does the same thing.

Thu Jul 24, 2025, 08:12 PM

Jul 24

The Social Security Fairness Act did the same thing. Increased outlays. Income's fixed, savings are a fixed amount. Simply put, anything that drains assets faster hurts seniors in the not so very long-run. (But it helps current seniors receiving OASDI who are experiencing the urgency of now, of course.)

Inflation did a number, too--yes, it makes the base for the FICA tax higher, but it increased payouts even more.

As for the "per several estimates," Axios cites one--just one--which apparently is so important it achieves "royal they" status. And it's from 2004, with the cuts predicted to occur when the trust fund runs out in, uh, 2039. Not, um, 2032 or 2033. (Yes, the estimate, because of inflation and increased outlays has advanced by 6-7 years. Don't know what that means for the poverty rate among seniors in 2032-3--higher, lower, or the same as predicted in 2004.)

/snark off.

If we'd fixed the problem back in 2004 the fixes would have to be far less extreme.

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SickOfTheOnePct

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Social Security Recipients Set to Get Benefit Cuts [View all] applegrove Jul 24 OP

That 50 billion and rural white American still won't help.................... Lovie777 Jul 24 #1

We are all fucked Hornedfrog2000 Jul 24 #8

I respect you for taking in your parents. markodochartaigh Jul 24 #19

This message was self-deleted by its author PeaceWave Jul 24 #2

I remember when Obama tried to do something about looming SS deficits. He was bashed mercilessly by GOPers and Dems. Silent Type Jul 24 #3

Republicans will not do anything with Social Security. Wiz Imp Jul 24 #13

So, they'll do nothing and around 2033 SS will be cut by 20% automatically. Silent Type Jul 24 #24

No way. Cooler heads will prevail. How could they not? nt babylonsister Jul 24 #46

I'd like to agree but.... Bettie Jul 24 #50

There are no cooler heads in the GOP. Irish_Dem Jul 25 #58

Is this sarcasm? NickB79 Jul 25 #66

I remember when Al Gore proposed markodochartaigh Jul 24 #20

Like many things, Gore was right. Climate progress under his admin would have been a huge step forward. Alas... Evolve Dammit Jul 24 #29

The supremacist court markodochartaigh Jul 24 #43

And the people bussed down to disrupt the recount included Bolton and Stone. Evolve Dammit Jul 25 #61

It isn't failure honor the US debt the Trust Fund holds that is the problem exboyfil Jul 25 #60

I remember Al Gore in 2000 trying to protect social security mdbl Jul 25 #64

They need to just lift the cap n/t SickOfTheOnePct Jul 24 #4

So simple Rebl2 Jul 24 #6

The corporate lobby against raising the cap is probably fierce. Lonestarblue Jul 24 #14

I thought Rebl2 Jul 24 #16

I think state employees like teachers and police do not pay SS because they have state pensions. Lonestarblue Jul 24 #17

Correct Rebl2 Jul 24 #18

Most teachers do pay SS taxes except in 15 states where they are exempt wishstar Jul 24 #32

But if they ever worked any other jobs with FICA deductions , they will get benefits. Pres Joe Biden signed the Social ancianita Jul 24 #21

Federal employees Ananda62 Jul 24 #22

Was a Fed from 1970 to 1985 and then did not pay in to SS. PufPuf23 Jul 25 #56

Some do Some Do Not TBA Jul 25 #62

No chance, other than a small increase. If we can increase taxes by 12 percentage points by removing cap, we need Silent Type Jul 24 #25

Sorry, but if they lift the cap on Social Security taxes... SickOfTheOnePct Jul 24 #35

Well, yeah, if they do. Point is if Congress can increase taxes by 12 points, it needs to go to many things. SS is not Silent Type Jul 24 #42

Well, they wouldn't be increasing it by 12 points on everyone SickOfTheOnePct Jul 24 #45

A Second Thing To Do ProfessorGAC Jul 24 #26

I think the outlays would have to go up some... SickOfTheOnePct Jul 24 #37

No, they just need to cut benefits for mothers, raise retirement ages, and shift money to private accounts lostnfound Jul 24 #36

Maybe my calculations are off... SickOfTheOnePct Jul 24 #39

The criteria to achieve maximum benefits lostnfound Jul 24 #49

That's not what it said at the link but ok n/t SickOfTheOnePct Jul 25 #52

Great... Mr.Bee Jul 24 #5

Well, I guess I'll just have to live it up until I run out of money. The Madcap Jul 24 #7

More tax breaks for the rich! Kid Berwyn Jul 24 #9

And it would happen because of the massive growth in income inequality not fooled Jul 24 #10

After 22 years on SS at140 Jul 24 #11

Agreed!!! Stargazer99 Jul 24 #41

I've already had to go back to work part time when Biden was in office Kaleva Jul 24 #12

"Ha ha. Senior Suckers. Ha ha!" - G.O.P. BoRaGard Jul 24 #15

Republicans will rightfully get crucified at the polls I hope and maybe in real-life as well. cstanleytech Jul 24 #23

Hope you are right, because we will literally need to have a blue trifecta in 2028 GoodRaisin Jul 25 #53

Take with a grain or two of salt - the cited analysis is from CPRFB, Ocelot II Jul 24 #27

Thanks. applegrove Jul 24 #28

Yep... Smokster Jul 24 #44

Four high level Democratic officials - in their 2024 SS Trustees report projected a 2035 depletion date progree Jul 25 #69

...Not going to happen, in my view. whathehell Jul 24 #30

Some day, when I am long dead, we'll learn the Trump presidency was illegitimate...and, thus, so was this bill. Joinfortmill Jul 24 #31

My H worked for the State of NY. He paid into SS and receives a pension. Ditto for my mother who was a teacher Raftergirl Jul 24 #33

Of course. Fascists have no use for seniors or retirement. All they want is for people to drop dead so they can penny Karasu Jul 24 #34

And why do retirees so stupidly vote R, year after year? FakeNoose Jul 24 #38

Turkeys voting for Thanksgiving dinner. Irish_Dem Jul 25 #59

Because they don't believe THEIR benefits will ever be cut. Mariana Jul 25 #70

Anything that draws down the Trust Fund more quickly does the same thing. Igel Jul 24 #40

1+ Norrrm Jul 24 #47

Bullshit. valleyrogue Jul 24 #48

Thank you! Shines a different light on this -eom vanessa_ca Jul 25 #63

Are there no prisons? DBoon Jul 25 #51

GOP: "so what, they're just going to die anyway" Jack Valentino Jul 25 #54

Gen X is smallest cohort so we will get screwed IbogaProject Jul 25 #55

Take it from the goddamned billionaires any way we can. Give nothing back, by G-d. rickyhall Jul 25 #57

They need to lift the cap. patphil Jul 25 #65

CFRB wants cuts to SS and other entitlement programs pbmus Jul 25 #67

I'm sorry, but I don't believe any "non partisan" organization whathehell Jul 25 #73

You think people need to vote.....................after there parents come to live with them.............. turbinetree Jul 25 #68

And you turn your livingroom into their bedroom applegrove Jul 25 #72

Hey fuckheads. Stop yelling woe is me and come up with a plan. twodogsbarking Jul 25 #71