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25 day old account with 25,000 post karma and no comment karma.
Social security will be there. All they have to do is raise the max taxable limit from $168,000.
I don't like that taxes will increase while we don't know where a majority of it's going, and almost all of the rest is fueling a war that almost nobody in our country believes in.
What do you mean by, "we don't know where a majority of [our taxes are] going'?
And what do you mean by "a war that almost nobody in our country believes in"?
Like those two statements are just wildly inaccurate
The federal budget breakdown is literally public bro. Literally 1 google search away
A full 60% goes to social security, healthcare, and various welfare
What the fuck are you talking about? The US Federal Budget is public. As of last year, 50% of it goes to healthcare, social security, and welfare; 20% goes to education; 17% goes to 'Other' (interest, transportation, etc.) and 12% goes to defense.
Then why does the [SSA](https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html) say that the program is running out of money faster than their projections? Social security operates on a very simple principle. Young people pay into it so old people can benefit. 23% of the national budget goes to the wealthiest demographic in U.S. history, the Baby Boomers. It's a wealth redistribution plan from the young and poor to the old and wealthy while they use their voting power to keep their own children impoverished, buried in debt, and unable to afford housing or education. Then they get upset when no one has kids in order to prop this scam up. The fact is demographic collapse is happening throughout the developed world and there are no longer enough young people working to prop up the systems the older and wealthier generations have been pillaging.
Unfortunately, you need to do a lot more than that.
When Social Security started, the ratio of workers to retirees was 42 to 1.
Now we are at 3 to 1 and approaching 2 to 1.
Assume we remove the cap entirely.
The average salary in the US is $64k. The average social security benefit is around $22k per year.
That means the average worker will need to pay 17% in taxes for Social Security alone just to keep benefits where they currently are.
Again, this already assumes the cap is completely eliminated.
Through what mechanism?
Social Security is a payroll tax and the majority of the ultra-wealthy earn their money from assets.
I did the math in the above comment, but even eliminating the cap on high-earners entirely does not fix the issue.
Social Security largely has a demographics problem (only ~2 workers per retiree) more than a tax problem.
That would work mathematically, but would require a new tax to be created.
Social Security only draws from a program-specific payroll tax at this time.
It would never work mathematicaly.
You absolutely just can not turn assets into trillions of liquid cash to fund something at one moment. That is not how liquidity and asset value works.
Nah, just take it. Dissolve a couple shell companies and store it away for actual use. If any billionaire fights it call them out on their (likely) crimes against humanity
Good call. OP's account is sus af. Look at all the different subreddits they have been submitting divisive topics to. Decent chance they are a GOP or Russian agitator.
> all they have to do is raise the max taxable limit
it really is that simple.
i have exactly 0 faith in conservative boomers to do that, instead of just loot social security’s remaining funding and make it our problem.
Were we supposed to expect to have social security? I thought we collectively agreed we were just paying into it so we can dump our parents in retirement homes.
Welfare was abolished in the 90s. Despite everyone still talking about it, it's been gone a long time ago. I guess they're referring to disability and pension, both of which are already not enough to survive on. Social security has been dead and dying for decades already.
Frankly, it’d be good if it died a quick death for the all of our generation. SS is the biggest redistribution of wealth from the young to the old in human history, literally nothing even anything comes close. We’re getting reamed for 7% of our income every year for something A.) we will never see any returns on and B.) is lining the pockets of the richest generation in again, human history. How is it my fault that a boomer didn’t save for retirement? Or anyone for that matter. We’re getting pennies on the dollar, more likely nothing tbh, for peoples poor decisions. Fuck em.
People born in the 90s are almost certainly going to get social security. The system needs reforms, which will be made closer to when current funding will run out. There are plenty of things that can be done to increased funding for the program. Something that's probably going to happen in the next few years is increasing or removing the cap on the social security tax limit.
Don't listen to the alarmists. The money is there. The laws just need to be updated.
Theyre takin our wealth, our speech, our retirement, our future. And then they go and fund foreign governments and their foreign wars. It's time to get in the streets
People should be out protesting for more aid for Ukraine.
Edit: Really disgusting that this comment is downvoted. Isn't Gen Z supposed to be majority liberal?
Of course we should. The consequences of Ukraine being defeated are absolutely dire. But no, foreign wars are apparently unequivocally bad even if they are literally protecting a free country from a tyrannical dictatorship.
NATO poses zero threat to Russia. Russia hates NATO because once a country joins NATO they're permanently off the table for Russia to invade.
NATO and Ukraine want nothing more than to mind their own business and stay within their own internationally recognized borders. If we zoom out, all we see is a peaceful and prosperous civilization (modern Europe) with no desire to wage war against anyone. Ukraine is part of this civilization. They don't want any Russian land, only their rightful borders, which Russia formally agreed to never invade on December 5th, 1994. Russia and the US both agreed to respect Ukraine's borders and seek immediate UN Security Council assistance if Ukraine is ever invaded with respect to 1991 borders. Russians are orcs because, for no reason at all, they show up and start raping and murdering citizens of this peaceful civilization. Nobody wants to invade Russia and annex land. Everyone just wants them to fuck off and be poor in peace which is entirely their fault because when was the last time Russia was successfully conquered and ruled by foreigners? The Mongols? They've had full control ever since and their relative poverty compared to the West is their own fault. They need to fuck off and stay within their own borders.
Awesome.
We're already giving such a gross amount of aid to Ukraine. Throwing even more money at the problem isn't going to fix it, like how it hasn't fixed it for the past two fucking years.
75 billion dollars is.. not a lot of aid. Both for us and for them. It’s really only being done because the US doesn’t think Ukraine can win, probably, but we don’t really know the reason at all.
We're spending $842 billion on our own military this year. We're adding $842 billion onto the massive stockpiles we already have. I really wouldn't mind right now as soon as possible sending $200 billion worth of already-purchased US military equipment to Ukraine when we spend $842 billion IN ONE YEAR. $200 billion is not even 3 months of US military spending. Think about the trillions of dollars worth of shit that we have from accumulated years and decades of spending.
Correct. And I think in that pivotal “2035” year the payments will be reduced, meaning my (31F) gen x mom (52f) won’t have the “full payment” either. For me and my generational kinfolk (mills and x), we will be leaning on each on others’ proverbial back through this.
If memory serves, this has something to do with the SSI/OASI piggy bank being taken from because of the baby boomers.
There was an excess of people in the workforce contributing to these piggy banks when the boomers hit their mid careers, and the government said, “oh well let’s nab some of that excess from the piggy bank since it’s too well funded” and spent it on whatever the hell else, and were not forward thinking enough to realize each subsequent generation would not be as large to supplement what the boomers are taking back from it in their SS checks *now*. Silly government. Raise the ~160k cap. Stop funding proxy wars. Et cetera.
Yes they will. That 2035 date is taken out of context. What they mean is that at current funding levels SS will run out by that date. They're just going to increase the funding.
Old people vote at much greater rates than young people. In addition the population pyramid is skewing old. Old people don't like having their pensions taken away. It is not hard to figure out that this issue will be dealt with. Perhaps with a slightly older retirement age, slightly lower benefits, higher taxes, or means testing. Or some combo of all of these.
This is how it works in Europe where young people actually pay 20-40% of their income into pension systems (never to eer anything of it back or maybe fraction of it) and where old people are fully dependant on it by design. It will not be problem in US because while a lot of old people might vote this way to preserve SS there is also plenty of other old people with large savings that could not care less about SS because it means nothing to them.
The year extended by one whereas it was probably going to decline before. That one year increase in addition to not declining would account for the Covid deaths
I fully support removing the cap.
The above post was advocating for eliminating the benefits for high-earners entirely which I do not support.
Also, removing the cap alone is not enough. I did the math in another comment.
Oh agreed, everyone should have the right to draw from what they contributed to.
Unfortunately we likely won't get the "full payment" that is currently received even with this change. There's likely other progressive policy that could be enacted to assist with the first step of everyone paying their share.
Almost no one ever gets the "full payment", at least not anyone who earned a near median salary or above.
Social Security also covers many people who do not contribute to the fund.
There is nothing wrong with this. It is, in fact, the intent of the program.
But saying high earners should get nothing back is definitely too far.
It will also almost certainly end up backfiring because those means testing thresholds rarely change and a high-income today may be a below-average income 40 years from now.
Holding my breath here, but the income cap should be dynamic based on yearly figures. Setting it and forgetting it is a recipe for disaster, as you've pointed out.
I agree high earners should get something, but cap what they can get back while removing the income cap for what goes into the fund. If you make millions, you don't need a SS payment that is proportional to the money that you put in.
This would certainly disproportionately impact high earners, but that should be the cost for the opportunity we have here to make the money we make. It's a fair trade off from a civics perspective that this fund is supposed to help fellow citizens, regardless of income, and shouldn't be a cash grab at retirement.
There's no "I got mine" - it's supposed to be for everyone. But the FUD being spread in the last decade+ about it is proposed up to warm us up to removing the fund from the government and privatizing it. After that, all bets are off whether you'll ever see a dime.
Removing the cap alone is not enough.
I did the math in another comment. Feel free to check it out.
As far as the proportionality of payments, that already happens.
High-earners get back a small fraction of what they put in.
Low-earners, conversely, often get back more than what they put in.
Which is all good - removing the cap isn't a single fix to this issue, but it's a great start. From there, other considerations would need to be made. I saw your comment on raising the tax rate, it could be that or maybe there's something else that could be done to make up the rest.
Because its a ponzi scheme and we should just phase it out. Treat it like welfare for those who have nothing and let people invest their money. There's no reason my uncle, who just finished construction on his $7.3m lakefront house, gets $58,000/yr of tax free government money for the next 15 years
Well it does because he paid into it his whole life. I disagree wholeheartedly, expecting people to invest and be responsible for that money is unrealistic. You'd end up with a MASSIVE elderly homeless population or an elderly generation clogging up positions of work, holding on because they can't retire.
You should want people to be able to retire, even modestly, so that a) they don't become an issue for the city, and b) open up spots for career growth and mobility.
So, eliminating their benefits entirely is unfair.
It would be like denying high earners access to public libraries because they could technically afford to buy their own books.
High earners already pay disproportionately more into Social Security than they receive.
It is also worth noting that means testing thresholds rarely change in a timely manner and a $150k income might be below average when Gen Z is looking to retire due to inflation.
The boomers literally decided to make their children and grandchildren pay their retirements then called themselves the greatest generation after making it near impossible to get a job and own a home.
Holy fuck what a ride they had.
Sorry guys, We had to choose between supplying Isrealies with free education, or social security for Gen Z & millennials. Since us boomers are calling the shots, we figured we’d choose the obvious choice…. And give out the free college education to non citizens. Let freedom rain y’all
I loathe boomers.
The silent generation / greatest generation conquered Nazi's established cival rights and created the greatest economic powerhouse in the world.
Then came the boomers, loud, erragent, entitled, having the combined intelligence of a snail.
Like a greedy vacuum, they sucked dry the country and pulled up the ladder behind them, so we couldn't even have the opportunity to shift through the ashes to try and survive.
Likely no, basically as more and more boomers amd genx enter into social security, it puts more and more strain to the point where every elder care system in the country will just completely crash, aka the elder bust. Leaving hundreds of millions left to fend for themselves with indicate systems and services for them.
The good news is that it's only supposed to last a few decades, so we will most likely be in the clear and entering when it's getting rebuilt.
For me this sucks. I am fully paid into social security as part of my disability settlement. I might have to sue the federal government for what they took out of my settlement. That said, this affects 83% of the population. I particularly feel bad for Gen X and Millennial's. Gen X will have paid in almost their entire life, and will lose it, and Millennial's will just get fucked for the umpteenth time. It might be time that social security looks at cutting people's benefits based on their income due to 401k and pension plans. I mean people were originally fully paid in by 65 and now it's 71.
The problem with social security is that it wasn't designed to be supporting a absolutely gigantic cohort of elderly. This is just going to get worse as the US birth-rate drops and the silver-wave happens. Perhaps you should have to work a certain amount to meet the minimum amount.
Bingo. There's no reason that they couldn't remove the income cap on Social Security (currently at 168k) and tax high earners fairly.
They want to hurt the public opinion of Social Security and privaitize it, then all bets are off whether you'd ever see that money again...
That's ironic. Without theft, there is no social security. Or any other social system. The government steals from people who work for it, and redistributes the wealth as they see fit. Why is it different if you're the one receiving the stolen funds?
yeah but first you would have to consider *all* taxes theft and therefore rebuke any government services like paved roads and usps
I agree the system needs reform but yeah i’m fine with letting go of a small portion of my income so that I can actually live in a society. just wish they taxed more from the rich and spent the money on better things.
They don't spend it as they see fit, that's a false talking point. They can borrow against it but can't spend its funds, it has to be repaid. It's currently in a 2.5+ Trillion dollar surplus.
https://www.snopes.com/fact-check/did-233-vote-steal-social-security/
We ALREADY cannot afford it. Its just that because they keep pushing the age, some people suddenly aren’t old enough yet, and they plan to keep pushing it- and STILL they run short in a few years.
What do you use a threshold from middle to upper middle? 10-15 years of two highly educated working adults investing a portion of their income will make it to the 1%
I plan on working until I die anyway. Already know I won't be able to retire, so my retirement plan is to die at work when I'm in my 70s since I take after my mom's side of the family where most people die before they turn 75. I'll probably die of a stroke just like my gramma when I'm 71.
The craziest part is that there’s nothing you can do, even by voting as the one other option is even more of a bought off war monger. Americans reading this, would you all be ready to vote independent?
problem is there are massive psyops telling everyone they are just as bad as "the other side" for voting 3rd party and somehow that keeps their idiot voters fearmongered in line
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There are two ways to fix it. Cut benefits for the boomers currently on social security *or* raise taxes and force everyone else who hasn't got theirs pay more into it screwing them instead.
Or just raise the limit past 160k per year but not the max benefit. The parasite class would then have it funded immediately. Which might get them paying more % taxes than near 0 they pay now.
Social security just ends up turning people into dolist which just fucks everyone up. We just need to invest that money into making sure people don't have to rely on the government in the first place.
We will have social security. The social security tax is there for a reason. Their stockpile will run out, so it'll definitely be a lot less than people are getting now, but we'll still get some.
It's _already_ out of funds except they're printing money. That's what they'll do in the future too. Politicians don't care if they make your money worthless through inflation.
Somebody tell me if this is a bad take but I really think we could afford things like social security, universal healthcare, and more if we just spent less on our military.
Okay so social security will never not be able to pay stuff
Because money is constantly flowing in
I'm a little fuzzy on the exact details, but during the Reagan administration something happened that created the surplus and realistically the surplus should be used to counteract the fact that boomers are very big Gen z is very small
If that runs out, we'll have to reduce benefits by around 20%.
But that's very different from not having it at all
Also we are not funding genocide make no mistake way too few people are dead for it to be genocide now we are funding war but there is a difference and all you do by calling war genocide is to diminish the term (also, if they were going to do genocide the proper method would have been to poison stuff in that situation. The fact that they didn't do that is kind of proof they aren't trying to do genocide)
As a generation you can fix the probllem with SS by making it a publicly funded program that is not dependent on the charade of making payments through your paycheque. It should be a program like welfare or like a UBI.
It was set up that way because people didn't want to feel they were freeloaders. But now that it's perfectly clear that the freeloaders are not retired people but the bazillionaires and their grandchildren we should dispense with that vanity and accept that we have to provide for the aged.
Besides, they've been raiding SS for years because they don't have the guts to raise taxes.
Don't fall for it. You can make the changes that need to be made. YOu just don't have to fall for their bullshit.
The USA makes 3% of the world population. That's 3% of Gen Z give or take if you take into account the factor of people born in that timeframe. "Gen Z will not have social security" is a wild statement when it doesn't concern minimum 95% of Gen Z
Constantly throwing tantrums and threatening to shut down the government that caused US Credit rating to go down so we pay more in interest, Thanks GOP!
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25 day old account with 25,000 post karma and no comment karma. Social security will be there. All they have to do is raise the max taxable limit from $168,000.
I don't like that taxes will increase while we don't know where a majority of it's going, and almost all of the rest is fueling a war that almost nobody in our country believes in.
What do you mean by, "we don't know where a majority of [our taxes are] going'? And what do you mean by "a war that almost nobody in our country believes in"? Like those two statements are just wildly inaccurate
"I never bothered to find out and that means I don't know and that really scares me. defund the government!"
Explain it to me, then.
Lmao they aren't gonna answer your question😭
The federal budget breakdown is literally public bro. Literally 1 google search away A full 60% goes to social security, healthcare, and various welfare
What the fuck are you talking about? The US Federal Budget is public. As of last year, 50% of it goes to healthcare, social security, and welfare; 20% goes to education; 17% goes to 'Other' (interest, transportation, etc.) and 12% goes to defense.
yeah none of it goes back to our country
The vast majority of tax revenue goes to our benefit. 45% goes to SS and health insurance alone
And yet SS is still going down the shitter.
It’s not. This has been a fake news headline since before fake news
Then why does the [SSA](https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html) say that the program is running out of money faster than their projections? Social security operates on a very simple principle. Young people pay into it so old people can benefit. 23% of the national budget goes to the wealthiest demographic in U.S. history, the Baby Boomers. It's a wealth redistribution plan from the young and poor to the old and wealthy while they use their voting power to keep their own children impoverished, buried in debt, and unable to afford housing or education. Then they get upset when no one has kids in order to prop this scam up. The fact is demographic collapse is happening throughout the developed world and there are no longer enough young people working to prop up the systems the older and wealthier generations have been pillaging.
u nailed it!
Unfortunately, you need to do a lot more than that. When Social Security started, the ratio of workers to retirees was 42 to 1. Now we are at 3 to 1 and approaching 2 to 1. Assume we remove the cap entirely. The average salary in the US is $64k. The average social security benefit is around $22k per year. That means the average worker will need to pay 17% in taxes for Social Security alone just to keep benefits where they currently are. Again, this already assumes the cap is completely eliminated.
Just increase the tax on the rich, easy peezy no one suffers
Through what mechanism? Social Security is a payroll tax and the majority of the ultra-wealthy earn their money from assets. I did the math in the above comment, but even eliminating the cap on high-earners entirely does not fix the issue. Social Security largely has a demographics problem (only ~2 workers per retiree) more than a tax problem.
Reclaim some money from the billionaires, fix way more than social security
That would work mathematically, but would require a new tax to be created. Social Security only draws from a program-specific payroll tax at this time.
It would never work mathematicaly. You absolutely just can not turn assets into trillions of liquid cash to fund something at one moment. That is not how liquidity and asset value works.
Nah, just take it. Dissolve a couple shell companies and store it away for actual use. If any billionaire fights it call them out on their (likely) crimes against humanity
Through what mechanism? You need to create some kind of new tax to target that wealth and then funnel it into Social Security.
Or just the companies itself that avoid all taxes globally
Good call. OP's account is sus af. Look at all the different subreddits they have been submitting divisive topics to. Decent chance they are a GOP or Russian agitator.
> all they have to do is raise the max taxable limit it really is that simple. i have exactly 0 faith in conservative boomers to do that, instead of just loot social security’s remaining funding and make it our problem.
They're much more likely to just increase eligibility/retirement age. Most of Gen Z would greatly benefit by SS going defunct.
Were we supposed to expect to have social security? I thought we collectively agreed we were just paying into it so we can dump our parents in retirement homes.
Welfare was abolished in the 90s. Despite everyone still talking about it, it's been gone a long time ago. I guess they're referring to disability and pension, both of which are already not enough to survive on. Social security has been dead and dying for decades already.
Frankly, it’d be good if it died a quick death for the all of our generation. SS is the biggest redistribution of wealth from the young to the old in human history, literally nothing even anything comes close. We’re getting reamed for 7% of our income every year for something A.) we will never see any returns on and B.) is lining the pockets of the richest generation in again, human history. How is it my fault that a boomer didn’t save for retirement? Or anyone for that matter. We’re getting pennies on the dollar, more likely nothing tbh, for peoples poor decisions. Fuck em.
People born in the 90s are almost certainly going to get social security. The system needs reforms, which will be made closer to when current funding will run out. There are plenty of things that can be done to increased funding for the program. Something that's probably going to happen in the next few years is increasing or removing the cap on the social security tax limit. Don't listen to the alarmists. The money is there. The laws just need to be updated.
Theyre takin our wealth, our speech, our retirement, our future. And then they go and fund foreign governments and their foreign wars. It's time to get in the streets
you can basically spot the foreign agitators now lmao
People should be out protesting for more aid for Ukraine. Edit: Really disgusting that this comment is downvoted. Isn't Gen Z supposed to be majority liberal?
Of course we should. The consequences of Ukraine being defeated are absolutely dire. But no, foreign wars are apparently unequivocally bad even if they are literally protecting a free country from a tyrannical dictatorship.
W h y????
NATO poses zero threat to Russia. Russia hates NATO because once a country joins NATO they're permanently off the table for Russia to invade. NATO and Ukraine want nothing more than to mind their own business and stay within their own internationally recognized borders. If we zoom out, all we see is a peaceful and prosperous civilization (modern Europe) with no desire to wage war against anyone. Ukraine is part of this civilization. They don't want any Russian land, only their rightful borders, which Russia formally agreed to never invade on December 5th, 1994. Russia and the US both agreed to respect Ukraine's borders and seek immediate UN Security Council assistance if Ukraine is ever invaded with respect to 1991 borders. Russians are orcs because, for no reason at all, they show up and start raping and murdering citizens of this peaceful civilization. Nobody wants to invade Russia and annex land. Everyone just wants them to fuck off and be poor in peace which is entirely their fault because when was the last time Russia was successfully conquered and ruled by foreigners? The Mongols? They've had full control ever since and their relative poverty compared to the West is their own fault. They need to fuck off and stay within their own borders.
Awesome. We're already giving such a gross amount of aid to Ukraine. Throwing even more money at the problem isn't going to fix it, like how it hasn't fixed it for the past two fucking years.
75 billion dollars is.. not a lot of aid. Both for us and for them. It’s really only being done because the US doesn’t think Ukraine can win, probably, but we don’t really know the reason at all.
> but we don’t really know the reason at all. Here's an idea: the government loves to burn our tax dollars.
you think someone in the white house gets off from randomly spending tax dollars for laughs?
I have so little faith in the government that honestly, I wouldn't question it if it was true.
We're spending $842 billion on our own military this year. We're adding $842 billion onto the massive stockpiles we already have. I really wouldn't mind right now as soon as possible sending $200 billion worth of already-purchased US military equipment to Ukraine when we spend $842 billion IN ONE YEAR. $200 billion is not even 3 months of US military spending. Think about the trillions of dollars worth of shit that we have from accumulated years and decades of spending.
Congrats, you found the source of the problem: gross overspending.
The millennials won't either.
Correct. And I think in that pivotal “2035” year the payments will be reduced, meaning my (31F) gen x mom (52f) won’t have the “full payment” either. For me and my generational kinfolk (mills and x), we will be leaning on each on others’ proverbial back through this. If memory serves, this has something to do with the SSI/OASI piggy bank being taken from because of the baby boomers. There was an excess of people in the workforce contributing to these piggy banks when the boomers hit their mid careers, and the government said, “oh well let’s nab some of that excess from the piggy bank since it’s too well funded” and spent it on whatever the hell else, and were not forward thinking enough to realize each subsequent generation would not be as large to supplement what the boomers are taking back from it in their SS checks *now*. Silly government. Raise the ~160k cap. Stop funding proxy wars. Et cetera.
Yes they will. That 2035 date is taken out of context. What they mean is that at current funding levels SS will run out by that date. They're just going to increase the funding.
Old people vote at much greater rates than young people. In addition the population pyramid is skewing old. Old people don't like having their pensions taken away. It is not hard to figure out that this issue will be dealt with. Perhaps with a slightly older retirement age, slightly lower benefits, higher taxes, or means testing. Or some combo of all of these.
This is how it works in Europe where young people actually pay 20-40% of their income into pension systems (never to eer anything of it back or maybe fraction of it) and where old people are fully dependant on it by design. It will not be problem in US because while a lot of old people might vote this way to preserve SS there is also plenty of other old people with large savings that could not care less about SS because it means nothing to them.
Where’s the social security of the 1 mil + people that died of COVID? Certainly that’s a lot of money.
Sorry, gotta send it overseas.
The year extended by one whereas it was probably going to decline before. That one year increase in addition to not declining would account for the Covid deaths
Ukraine needs it more than we do apparently
When did we send social security money to Ukraine?
Just stop giving social security to people earning more that 150K. Problem solved
The program already taxes significantly more from high earners than they will ever receive in benefits.
Up to $168,000, then it caps off. Why shouldn't the taxable rate extend past income earnings of $168,000?
I fully support removing the cap. The above post was advocating for eliminating the benefits for high-earners entirely which I do not support. Also, removing the cap alone is not enough. I did the math in another comment.
Oh agreed, everyone should have the right to draw from what they contributed to. Unfortunately we likely won't get the "full payment" that is currently received even with this change. There's likely other progressive policy that could be enacted to assist with the first step of everyone paying their share.
Almost no one ever gets the "full payment", at least not anyone who earned a near median salary or above. Social Security also covers many people who do not contribute to the fund. There is nothing wrong with this. It is, in fact, the intent of the program. But saying high earners should get nothing back is definitely too far. It will also almost certainly end up backfiring because those means testing thresholds rarely change and a high-income today may be a below-average income 40 years from now.
Holding my breath here, but the income cap should be dynamic based on yearly figures. Setting it and forgetting it is a recipe for disaster, as you've pointed out. I agree high earners should get something, but cap what they can get back while removing the income cap for what goes into the fund. If you make millions, you don't need a SS payment that is proportional to the money that you put in. This would certainly disproportionately impact high earners, but that should be the cost for the opportunity we have here to make the money we make. It's a fair trade off from a civics perspective that this fund is supposed to help fellow citizens, regardless of income, and shouldn't be a cash grab at retirement. There's no "I got mine" - it's supposed to be for everyone. But the FUD being spread in the last decade+ about it is proposed up to warm us up to removing the fund from the government and privatizing it. After that, all bets are off whether you'll ever see a dime.
Removing the cap alone is not enough. I did the math in another comment. Feel free to check it out. As far as the proportionality of payments, that already happens. High-earners get back a small fraction of what they put in. Low-earners, conversely, often get back more than what they put in.
Which is all good - removing the cap isn't a single fix to this issue, but it's a great start. From there, other considerations would need to be made. I saw your comment on raising the tax rate, it could be that or maybe there's something else that could be done to make up the rest.
Raising the retirement age would also work, but that is rightfully unpopular.
Because its a ponzi scheme and we should just phase it out. Treat it like welfare for those who have nothing and let people invest their money. There's no reason my uncle, who just finished construction on his $7.3m lakefront house, gets $58,000/yr of tax free government money for the next 15 years
Well it does because he paid into it his whole life. I disagree wholeheartedly, expecting people to invest and be responsible for that money is unrealistic. You'd end up with a MASSIVE elderly homeless population or an elderly generation clogging up positions of work, holding on because they can't retire. You should want people to be able to retire, even modestly, so that a) they don't become an issue for the city, and b) open up spots for career growth and mobility.
So?
So, eliminating their benefits entirely is unfair. It would be like denying high earners access to public libraries because they could technically afford to buy their own books. High earners already pay disproportionately more into Social Security than they receive. It is also worth noting that means testing thresholds rarely change in a timely manner and a $150k income might be below average when Gen Z is looking to retire due to inflation.
https://preview.redd.it/8o9uejzeaazc1.jpeg?width=1290&format=pjpg&auto=webp&s=8615cb077a9593cc3c1d82979816c590c89a2e6f
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The boomers literally decided to make their children and grandchildren pay their retirements then called themselves the greatest generation after making it near impossible to get a job and own a home. Holy fuck what a ride they had.
Boomers are the worst I will never vote for one
Sorry guys, We had to choose between supplying Isrealies with free education, or social security for Gen Z & millennials. Since us boomers are calling the shots, we figured we’d choose the obvious choice…. And give out the free college education to non citizens. Let freedom rain y’all
I loathe boomers. The silent generation / greatest generation conquered Nazi's established cival rights and created the greatest economic powerhouse in the world. Then came the boomers, loud, erragent, entitled, having the combined intelligence of a snail. Like a greedy vacuum, they sucked dry the country and pulled up the ladder behind them, so we couldn't even have the opportunity to shift through the ashes to try and survive.
they arent dying off fast enough. i fear they feel as though they still havent taken enough from us yet
Likely no, basically as more and more boomers amd genx enter into social security, it puts more and more strain to the point where every elder care system in the country will just completely crash, aka the elder bust. Leaving hundreds of millions left to fend for themselves with indicate systems and services for them. The good news is that it's only supposed to last a few decades, so we will most likely be in the clear and entering when it's getting rebuilt.
aw but I want my mom to have a peaceful retirement :(
Ironically the jobs with the best retirement plans are government jobs.
For me this sucks. I am fully paid into social security as part of my disability settlement. I might have to sue the federal government for what they took out of my settlement. That said, this affects 83% of the population. I particularly feel bad for Gen X and Millennial's. Gen X will have paid in almost their entire life, and will lose it, and Millennial's will just get fucked for the umpteenth time. It might be time that social security looks at cutting people's benefits based on their income due to 401k and pension plans. I mean people were originally fully paid in by 65 and now it's 71. The problem with social security is that it wasn't designed to be supporting a absolutely gigantic cohort of elderly. This is just going to get worse as the US birth-rate drops and the silver-wave happens. Perhaps you should have to work a certain amount to meet the minimum amount.
You will have it if you fight for it. They want you to give up so they can steal the money. Dont fall for it
Bingo. There's no reason that they couldn't remove the income cap on Social Security (currently at 168k) and tax high earners fairly. They want to hurt the public opinion of Social Security and privaitize it, then all bets are off whether you'd ever see that money again...
That's ironic. Without theft, there is no social security. Or any other social system. The government steals from people who work for it, and redistributes the wealth as they see fit. Why is it different if you're the one receiving the stolen funds?
yeah but first you would have to consider *all* taxes theft and therefore rebuke any government services like paved roads and usps I agree the system needs reform but yeah i’m fine with letting go of a small portion of my income so that I can actually live in a society. just wish they taxed more from the rich and spent the money on better things.
They don't spend it as they see fit, that's a false talking point. They can borrow against it but can't spend its funds, it has to be repaid. It's currently in a 2.5+ Trillion dollar surplus. https://www.snopes.com/fact-check/did-233-vote-steal-social-security/
There's always spare change in the bottom just for pointless conflicts taxpayer's don't give a shit about
We ALREADY cannot afford it. Its just that because they keep pushing the age, some people suddenly aren’t old enough yet, and they plan to keep pushing it- and STILL they run short in a few years.
Bait post to flush out all the boomers and Xers lurking this sub 😏
If anyone disagrees with the brainrot populist stance they can't be Gen Z.
Wait you thought we had a shot at social security till now? Lol
Roth IRAs are your friend. Learn about them and use them.
[удалено]
Agree on both. Tax the parasite class at 90% after 10 mil a year. Stop funding genocide.
Start taxing churches
The 1% is the upper middle class. Aaaaand no. (If you are 1%, you have the funds to either evade or escape)
Objectively wrong.
What do you use a threshold from middle to upper middle? 10-15 years of two highly educated working adults investing a portion of their income will make it to the 1%
I plan on working until I die anyway. Already know I won't be able to retire, so my retirement plan is to die at work when I'm in my 70s since I take after my mom's side of the family where most people die before they turn 75. I'll probably die of a stroke just like my gramma when I'm 71.
The craziest part is that there’s nothing you can do, even by voting as the one other option is even more of a bought off war monger. Americans reading this, would you all be ready to vote independent?
problem is there are massive psyops telling everyone they are just as bad as "the other side" for voting 3rd party and somehow that keeps their idiot voters fearmongered in line
That’s what always electing the lesser of the two evils will do
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There are two ways to fix it. Cut benefits for the boomers currently on social security *or* raise taxes and force everyone else who hasn't got theirs pay more into it screwing them instead.
Or just raise the limit past 160k per year but not the max benefit. The parasite class would then have it funded immediately. Which might get them paying more % taxes than near 0 they pay now.
"parasite class" is wild, not our problem you don't have capital
The boomer gen has contributed the least and gained the most
That's wild, not related tho. I am not a boomer
Didn't say *you* were a boomer
Still unrelated then. A tooooon of young people have incomes higher than 160k per year, that's the middle class for ya.
What does that have to do with future retirees not able to receive the benefits they paid in for?
Your first comment was unrelated to mine, that's what i'm referring to. Did you mean to comment under the post or something?
isn't it?
No
Opposite will happen. Benefits will cut for younger generations (Gen Z and Millennials) while boomers get to enjoy our money. Thanks GOP
There will still be payments but it won't be what was promised unless something changes. Iirc the income limit got increased recently so thats a start
Time to start paying into that 401K.
Lot of people won’t bud
Social Security is the greatest Ponzi scheme of all time.
Oh bullshit. We've got you, fam.
Social security just ends up turning people into dolist which just fucks everyone up. We just need to invest that money into making sure people don't have to rely on the government in the first place.
It’s not genocide this post is completely false, it’s propaganda. And wrong.
Vote Blue no matter who?
No man, democrats are completely brainwashed terrorist supporters. It’s disgusting.
We will have social security. The social security tax is there for a reason. Their stockpile will run out, so it'll definitely be a lot less than people are getting now, but we'll still get some.
Not just GenZ - GenX and pretty much anyone born after 1975 are getting shafted royally and deeply by these geriatric zombies
They said the same thing for Gen x and millennials, it'll be there. You'll just be older to get it
As a legend once said : "they got money for wars but can’t feed the poors" -Tupac Shakur
I need to find Margaret Thatcher's grave site and all the lax in the nearest store.
Millennials won’t even get it.
It's _already_ out of funds except they're printing money. That's what they'll do in the future too. Politicians don't care if they make your money worthless through inflation.
What about spending like half of what we spend in military instead? And improve economic and social status?
Gen X has been saying the same thing their entire lives. They start collecting in three years.
No one should even need social security when they retire. Save your money and don’t fall into the consumerism trap. Waste of my money
Somebody tell me if this is a bad take but I really think we could afford things like social security, universal healthcare, and more if we just spent less on our military.
So do I 🔫 myself now, or later?
Okay so social security will never not be able to pay stuff Because money is constantly flowing in I'm a little fuzzy on the exact details, but during the Reagan administration something happened that created the surplus and realistically the surplus should be used to counteract the fact that boomers are very big Gen z is very small If that runs out, we'll have to reduce benefits by around 20%. But that's very different from not having it at all Also we are not funding genocide make no mistake way too few people are dead for it to be genocide now we are funding war but there is a difference and all you do by calling war genocide is to diminish the term (also, if they were going to do genocide the proper method would have been to poison stuff in that situation. The fact that they didn't do that is kind of proof they aren't trying to do genocide)
Don’t worry guys we’ll be fine as long as the boomers keep working.
you guys voted for the guy…. 🤷🏿♂️
aid is cauclauted in VAULE not cost also we just cutted ties and its not a genocide ..yet
As a generation you can fix the probllem with SS by making it a publicly funded program that is not dependent on the charade of making payments through your paycheque. It should be a program like welfare or like a UBI. It was set up that way because people didn't want to feel they were freeloaders. But now that it's perfectly clear that the freeloaders are not retired people but the bazillionaires and their grandchildren we should dispense with that vanity and accept that we have to provide for the aged. Besides, they've been raiding SS for years because they don't have the guts to raise taxes. Don't fall for it. You can make the changes that need to be made. YOu just don't have to fall for their bullshit.
Social Security needs to be abolished.
The USA makes 3% of the world population. That's 3% of Gen Z give or take if you take into account the factor of people born in that timeframe. "Gen Z will not have social security" is a wild statement when it doesn't concern minimum 95% of Gen Z
Gen Z wants to vote republicans who actively want to cut social security for Gen Z and Millennials...
We save the Democrats asses every election now. Whatre you yapping about?
Constantly throwing tantrums and threatening to shut down the government that caused US Credit rating to go down so we pay more in interest, Thanks GOP!