If we simply abolish social security we would solve our debt crisis. Boomers dont need another handout.
Wtf is income security
>>62680668Welfare
>>62680662Social Security isn't a handout for boomers though, since they actually paid into the program their entire careers. But you know that, you're just being mommy's little edgyboi on the internet.
>>62680662>get rid of social security checks for old people>keep the social security tax on wagesi would expect nothing less from zion don
>>62680662>>62680771>>62680796Privatize it.Turn it into a privately controlled retirement program (just like a 401k), but force people to pay into it. No access until 65. People that are too retarded to know how to buy mutual funds will just be put into a target-date fund. Phase out social security over a 30 year period.Turn Medicare and Medicaid into a single program. Privatize it, force people to psy into it and turn it into a privately controlled HSA. End subsidies for insurance providers and force them to compete for individual accounts. People below a certain threshold have cash directly deposited into their HSA account once a year and the account can only be used for medical, dental and vision uses.
>>62680853no. just increasing the tax on higher earners will do. >too retarded to know how to buy mutual fundsbecause mutual funds always go up. you realize there is a risk in giving capital to entrepreneurs right? great idea to base social security on that risk. but you sound like youve got it all figured out after reading Jack Bogle's book, dumb nigger.
>>62680875Jack Bogle promoted index funds, not mutual funds...
>>62680771>since they actually paid into the programNo they paid taxes. When you pay taxes you have no guarantee or expectation of receiving the benefits you paid for.
>>62680662I'd rather bankrupt the country by paying white boomers than have a more financially sound empire for the brown hordes to pillage.
>>62680896No they paid into social security separately from taxes. You would know this if you had ever held an actual job and gotten an actual paycheck, you snivelling little shit
>>62680875Quantify the tam of the higher earners
>>62681183Please tell me what the underlined word says
>>62680771>since they paidNo they didn't, that money was already spent and wastef 10x over by zog. It's just a pyramid scheme to continue impoverishing future generations.
>>62680662social security is self funded. it's not the driving force behind the debt crisis. your "education" has failed you again.
>>62680875>advocating for progressive income tax unironicallyPost nose now, jew.
>remove the cap>increase full benefits age to 68>decrease COLA by 1%>increased the required work credits from 40 to 50 work credit hours to qualifyone/multiple of these things will be implemented to save SS.
>>62681242>decrease COLA by 1%kek that would be a death sentence. it's already sub inflationary.
>>62681230thisOP is a retard
>>62680853You're describing social security before the trust was robbed.
>>62681848Not even close.
Notice how all the commies from rebbit immediately started seething when >>62680853 was posted.>nooooooo, workers shouldn't own capital and shares in the businesses in America and around the world!!!>nooooooo, workers shouldn't have beneficiaries for their leftover capital when they die!!!!!>they should just all depend on the government for their retirement, regardless of their value added to society!!!!>and when they die their kids amd beneficiaries should get nothing!!!!! Reeeeeeeeeeee!!!!!!I fucking hate you disgusting bottom-feeders...
>>62680875This. Simply abolishing the cap on contributions solves everything about social security indefinitely.
The Federal government spends about $1.6 trillion on SS benefits per year. But it takes in about $1.4 trillion in SS contributions per year. So eliminating the program would save about $200 billion in direct expenditures versus intake. But SS benefits are subject to income tax and that amounts to about $120 billion in revenue that would be lost. So you would save about $80 billion a year. That's about how much falls behind the copy machine every quarter at the DOD.But wait, there's more! The numbers are not very reliable, but you would not be far wrong saying that 10 million Americans depend on SS benefits for their entire support. They are going to fall hard onto every government "safety net". That will pretty easily absorb that $80 billion.Of course you COULD end the payouts but not the SS tax. I like that idea because it is most likely to cause blood to run in the streets. Even then, it wouldn't balance the budget. You would still be $400 billion in the hole. In short, OP is an idiot.
>>62680662the us doesn't have a debt problem, just look at net assets vs net liabilities. If things get bad with interest a microtax raise would fix the issue immediatly. Stop fear mongering bobos
>>62680771boomers collect more than they ever put in because of automatic CoL increases.like everything else, the system was made by boomers, for boomers. everyone else pays. boomers laugh all the way to the grave.
>>62680662>just let all the old people starveshould they need it? nobut they rely on it nowthe best you can do is say>if you're born after 19xx you don't get itbut then do they still pay for it? that's criminally unfair
>>62681977>boomers collect more than they ever put in because of automatic CoL increases.thats true for the stock market as well, you dumbass
>>62680662I still find it funny that the US could fund an entire second military just from the amount of interest payments it needs to make. Burgerbros, we gotta get the budget sorted out
>>62680853That's antisemitic. It would make it so every American has a stake in the market and every American will have a share in production and capital.
>>62680662You can fix the deficit by raising corp taxes a lot, creating some type of law tying stock buybacks with mandatory wage raises, and taxing everybody more But this means the stock market will go nowhere for 10 years so you gotta decide if you want to enrich the capital or labor side of the economy
>>62681225>going out of your way THIS HARD to deflectThat's really cute, but he's right you've clearly never seen a pay stub in your life. Its called out specifically
>>62680662We would have never had a debt crisis if we didn't use social security as a slush/collateral fund for infinity wars that don't actually help the country or it's citizens in the first place, but obv that's neither here nor there
>>62682470Just because its a separate line item doesnt make it less of a tax. The government puts in a special bucket, but its still legally the government's money. If we did what >>62680853 suggested then it would be legally your money which you have a right to.
>>62680853This is unironically a good idea Too bad boomers and the retarded zoomers would never go for it.
>>62682434>lets just raise taxesmeanwhile every other country with high taxes also has high debtIt's almost like declining industries, mass immigration, low TFR, and rampant socialism are all linked
>>62682491That also doesn't mean you get to change that other anons point. It *is* very explicitly paid out separately, regardless of whatever meaningless semantic point you were trying to morph it into.You can give some grief to boomers about a lot of shit, but they *did* pay into this system for the explicit purpose of having it paid back to them at a later date.
>>62682608They cry about boomers as cope for being lazy losers. Wtf they are crying about meaningless stuff when they could be improving themselves
>>62681971The bond market thinks differently. And it is smarter than you.
>>62682608>having it paid back to themExcept that is not what is happening. Social security is a ponzi scheme. They agreed to pay for their grandparents' retirement, with the expectation that their grandchildren would pay for theirs. They're not receiving anything back, theyre receiving gibs.
>>62682655You're both correct and incorrect1No, that's exactly what's happening2It *is* a ponzi scheme, but only because its a system denominated in fiat, which means it will require constant injections of capital because of inevitable debasement. The idea is semi sound in theory assuming a stable population (most definitely not mass immigration, and not counting for population collapse disasters like disease or war) and, more importantly, denominated in sound money. By the time it ever got mentioned we were never going to have a sound system for which to use social security, so I do agree with you in regards to it being designed to fail by means of ballooning into an albatross of debt
>>62682667>No, that's exactly what's happeningIts literally explicitly not. You pay taxes into a giant trust the government owns. They use this money to pay out current beneficiaries. Your money that you put in effectively revolving doors into someone else's pocket. Its like saying "well I paid into unemployment so I deserve my money back when I quit my job" no that is not what's happening. You are not guaranteed unemployment or food stamps just because you pay taxes. Social security literally is gibs in the same way unemployment or ebt is. I will agree the current system does set up the legally required structure of "pay your taxes for X years and you receive this benefit" but thats not the same as putting your personal money into a retirement fund.
>>62680662>>62680771Fuck the boomersThey fucked this country upThey deserve to face the consequences before they die>>62681230>self funded>is going bankrupt
>>62680771>fell for the ponzi schemeThe money boomers paid into it went to funding the social security of their grandparents generation (who got to receive social security checks while barely paying into it).FDR needed to win the votes of the boomers of his time, and we've all been paying for it since.
>>62682130you seem confused how the stock market works. there is no CoL increase for a security.
>>62682708>They deserve to face the consequences before they diethat would have been covid. you see what they did to the world for sniffles that could kill old people but cause mild or no symptoms in healthy adults and children.
>>62682375>>62682491>>62682503The other thing people are ignoring is, with that idea, you'd have massive amounts of liquid capital flowing into the private sector, which would directly give companies more cash flowing for increased innovation and R&D, business expansion and employment opportunities. You'd in a way be creating a positive feedback loop. >People put their money into the stock/bond markets >businesses now have more capital to do research, expand and employ more people >there's an innovation breakthrough and/or more people are now employed by that business >more people working = more money flowing into the stock/bond marketsIt also in a way, builds in a natural elasticity control.It's the complete opposite of the current system where it's almost completely pay-as-you-go. The estimate is by 2032, it'll literally be a cash-in cash-out system. There will be nothing to invest in, not even the garbage 2% bond market average the government gives you. If the government gets $1 trillion in, $1 trillion is going out to retired people that year. That's it. The pyramid scheme has run it course.
>>62680662Except they paid into it. It's their money. Shut the fuck up.
>>62683534no chud, the money is spent. social security was a tax. no one is entitled to getting their tax back, unless you are seriously about abolishing the income tax and FICA. either all taxation is theft or thats just the price of being in a society.fuck boomers, i hope they live long enough to see their benefits cut by 20pc. they wil at least get a taste of the disappointment that awaits the rest of us.
>>62682708>self funded>is going bankruptit's not going bankrupt. there is currently a reserve that is forecast to be depleted by 2032. by law, payouts will decrease when the reserve is depleted, so as to attain a 1:1 inflow/outflow. it's self funded in this sense.
>>62683534Don't bother anonThey really know how to take the fun out of fungibility itt
I am here to inform you all who do not yet see the plan. The public is being gaslit to think AI can break containment and do harm. This pretense will be used to cause a global financial event where all accessible accounts will be zeroed out causing massive panic worldwide. The banks will step in with a solution to replace everyone’s missing money, but with a govt backed digital dollar with better security. All physical dollars will be phased out over time or simply replaced at a 1 for 1 value. This transition will a new global reserve currency
>>62683811makes sensecan you tell us more?
>>62683817Yes I can. This premise will also be used to soft reset most of the global debt as the currency amounts along with some records will be erased and deemed “unrecoverable”. This means that yes, there will be an absolute meltdown in bonds as many of them will be worthless, but the govt will step in as the magnanimous benefactor and just give everyone the value of the bonds in the new digital currency. This will by necessity extend to many other national currencies which is why many are stockpiling gold under the suspicion that this is the play.
>>62683825Sounds like I should load up on as much debt as possible then
>>62680771Correct they paid into a social program and were rewarded with the cheapest housing of the 20th century and cheapest college. I’d say they got reparations already
>>62683811let me guess, all the bank and investment accounts everyone has will be zeroed out.but credit card, mortgage, student loan, and car loan balances will all remain in place.
>>62683827There’s an argument for that yea, unfortunately I don’t believe that all debts get wiped evenly.>>62683832This anon gets the idea. Private debts will most likely not be the “targets” but rather sovereign debts and large institutional accounts. This guy although a clear schizo does a good job of explaining it https://youtu.be/NZpobX6MQVA?is=lZUlsj_7c2EKmYow
>>62680771>Nooooo you can't stop the wealth transfer to boomers now we need to tax the zoomers and millennials for another 10-20 years then end social security!
>>62680853>Turn it into a privately controlled retirement program (just like a 401k), but force people to pay into it. No access until 65Lee Kuan Yew ahhh shit
>>62683795how do you figure that a certain class of people are not disproportionately benefiting? the cohorts are likely paying in identical inflation-adjusted amounts and the age to collect has been raised since the early 1980s. the cuts to benefits are prospective and are applied equally to all cohorts -- they are not retrospective or specific to cohorts that are collecting more than projected. older retirees drawing on SS will have collected more than younger retirees on SS or would-be retirees who are not yet collecting.
>>62680853>privatize it >that way a giant monopolistic corporation can be skimming profits off the top, thus making the system the most efficient it can possibly bewhat rightards actually believe lol
>>62683915The government stills controls those funds. He's talking about a completely privately managed and individually owned system. It's literally just a 401k, but you can't access it until age 65. Lee Kuan Yew's system is still controlled by the government, including the interest earned, and backstopped by the government. The funds can also be drained early for home ownership and medical bills. The other problem is, homes aren't privately owned in Singapore, so you're using your retirement account to buy government-owned property. Plus, The government mandates that a massive portion of a worker's paycheck (up to 37% combined between employee and employer) is automatically docked into the Central Provident Fund (CPF). That obviously can't happen in the USA. The forced private savings would either be equal to current Social Security (12%), or there would be a hybrid system during the transition (6% private, 6% SSDI).
>>62683927never mind the trend of fewer IPOs and fewer publicly traded companies. i wonder what the stock market would look like if we saw gaynigger big tech go private.
>>62683927Explain this in detail. Because nobody but angry, economically illiterate, envious redditors actually believe your retarded views anymore. The Social Security pyramid scheme is failing in real-time and your retard's only solution to anything is "just take more money from some people and give it to others bro!" While having zero understanding of 2nd and 3rd order effects. You're the same retards that demanded the economy be shutdown to save humanity from a super-deadly virus that kills .015% of people that got it, unless they were already a dying geriatric in hospice. Then you handed out super-duper welfare checks and extra unemployment benefits to save le' world, then had a surprise Pikachu face when inflation went out of control. Then you blamed "muh evil corporations price gouging!" to save face, even though any curious dimwit with a 5 second Google search would learn profit margins on groceries are 1% - 3%, and during the Covid-19 hysteria, millions of chickens were killed, then there was a bird-flu outbreak, but you blamed evil drumpf for egg prices.This shit is both comical, pathetic and depressing, all at once.
The funniest timeline would be the brown fascist/socialist shithole that boomers voted for and allowed to happen, forcibly terminating SS and letting them starve to death
>>62683811>oh no our numbers on a screen went to 0>let's replace it with... numbers on a screen again
>>62680662>>62680771>>62680853all this instead of just avoid giving money to kikes, niggers, and unecessary wars
>>62683923>how about you defend a point you never madeI'm getting very, very tired of this tactic
>>62684014explicitly state your point.
>>62681225tax
>>62680662That's what I say too! It's supposed to be insolvent in the near future. Might as well do away with it now; I don't want to pay into it anymore if it's just going to be gone when it's my turn to draw on it. You can vote for politicians that promise to abolish it or cash it out immediately.A country whose fiscal situation is in decline can't afford unnecessary social support programs anyway. If it isn't SS that's cut, it will be other programs. >noooo social security will last forever even though inflation is run away and the population is declining
