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Trump & Social Security/Medicare

This is a discussion on Trump & Social Security/Medicare within the Political News and Topics forums, part of the General Discussion category; Originally Posted by chiefster23 stopping ss withholding for 4 months will not affect ss at all....... Not one iota! Ss does not have a piggy ...

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Thread: Trump & Social Security/Medicare

  1. #131
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    Quote Originally Posted by chiefster23 View Post
    stopping ss withholding for 4 months will not affect ss at all....... Not one iota!
    Ss does not have a piggy bank full of cash, stocks, and other tangible assets. Ss assets are only us government debt obligations promising to pay at some future date. And the government always pays because they simply create cash out of thin air by raising the debt limit and issuing more debt, otherwise known as printing more money. So what if they stop collecting? They simply plug the hole with more phoney debt. Big deal!
    bingo
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  2. #132
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    Quote Originally Posted by Redneck View Post
    The dems don't have to do anything. By law, that money has to be paid. It would require a new law to allow these deferred taxes to be forgiven. I do not think Congress can agree to that. We will see.
    i never really used the word obtuse i regards to a person before, but this feckless ability you have to shake a dry bone in your mouth and hold onto it like a dog that has not eaten in 5 days is getting me close
    Be a Berean

  3. #133
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    Quote Originally Posted by Chiefster23 View Post
    Stopping SS withholding for 4 months will not affect SS at all....... not one iota!
    SS does not have a piggy bank full of cash, stocks, and other tangible assets. SS assets are only US government debt obligations promising to pay at some future date. And the government always pays because they simply create cash out of thin air by raising the debt limit and issuing more debt, otherwise known as printing more money. So what if they stop collecting? They simply plug the hole with more phoney debt. Big deal!
    You might want to read the following.

    https://www.ssa.gov/policy/docs/ssb/...v70n3p111.html

    Here is the first of it:

    The concepts of solvency, sustainability, and budget impact are common in discussions of Social Security, but are not well understood. Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75 percent of scheduled benefits. This increase in cost results from population aging, not because we are living longer, but because birth rates dropped from three to two children per woman. Importantly, this shortfall is basically stable after 2035; adjustments to taxes or benefits that offset the effects of the lower birth rate may restore solvency for the Social Security program on a sustainable basis for the foreseeable future. Finally, as Treasury debt securities (trust fund assets) are redeemed in the future, they will just be replaced with public debt. If trust fund assets are exhausted without reform, benefits will necessarily be lowered with no effect on budget deficits.
    inceptor likes this.

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  5. #134
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    Quote Originally Posted by Maine-Marine View Post
    i never really used the word obtuse i regards to a person before, but this feckless ability you have to shake a dry bone in your mouth and hold onto it like a dog that has not eaten in 5 days is getting me close
    Take a pill & get over it. We are just having a discussion. If you are so upset, stop reading my thread.
    Last edited by Redneck; 08-10-2020 at 11:29 AM.
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  6. #135
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    Quote Originally Posted by Redneck View Post
    Help them by not putting that money into their retirement fund? I NEVER said forgiveness of these deferred taxes would kill these programs. I did say it would hurt them The date that the fund can't meet its requirements just gets that much closer, meaning retired folks Social Security check will get smaller sooner. The less revenue going into the fund just brings that day closer. The pandemic slowdown in the economy has already brought the day closer than projected. This just does it even more.
    Your SS contributions do not go into “your retirement fund”. Those monies go into the general fund and are spent on all kinds of other crap. Your contributions are then replaced with a government debt obligation. An IOU promising to pay sometime in the future. It’s all a phoney scam. You pay your money, the government spends your money and gives you an IOU that will then get paid off with more debt. As long as the fed has printing presses and ink, SS benefits will never be reduced. Until, of course, the whole system crashes at which time your SS check will be the least of your worries.

  7. #136
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    Quote Originally Posted by Redneck View Post
    You might want to read the following.

    https://www.ssa.gov/policy/docs/ssb/...v70n3p111.html

    Here is the first of it:

    The concepts of solvency, sustainability, and budget impact are common in discussions of Social Security, but are not well understood. Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75 percent of scheduled benefits. This increase in cost results from population aging, not because we are living longer, but because birth rates dropped from three to two children per woman. Importantly, this shortfall is basically stable after 2035; adjustments to taxes or benefits that offset the effects of the lower birth rate may restore solvency for the Social Security program on a sustainable basis for the foreseeable future. Finally, as Treasury debt securities (trust fund assets) are redeemed in the future, they will just be replaced with public debt. If trust fund assets are exhausted without reform, benefits will necessarily be lowered with no effect on budget deficits.
    Ya, ya, ya. Trust fund assests are only IOUs. US government promises. There are no real assests in the SS trust fund. Of course we all know the government would never lie to us!
    stevekozak and Kauboy like this.

  8. #137
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    Quote Originally Posted by Chiefster23 View Post
    Ya, ya, ya. Trust fund assests are only IOUs. US government promises. There are no real assests in the SS trust fund. Of course we all know the government would never lie to us!
    Social Security was designed primarily as a “pay-as-you-go” system. Instead of prefunded accounts for individuals, such as individual retirement accounts (IRAs), contributions from current workers have always paid for most of the benefits. For the most part, money going into the system each year almost immediately goes out to pay for benefits.

    When Social Security’s receipts from payroll taxes and other sources exceed program costs, as when the baby boom generation dominated the workforce and had not yet started retiring on Social Security, excess funds purchased interest-bearing special-issue US Treasury bonds. In effect, the Social Security trust fund lent money to the general fund.

    Where does the money go? When the non–Social Security part of government is running deficits, any Social Security surplus funds other government activities, reducing the size of the unified fund deficit. When the trust funds themselves run deficits, however, they add to these other non–Social Security deficits to produce an even larger unified fund deficit. Because these special-issue bonds are essentially both sold and held by the government, aren’t publicly traded like other financial assets, and represent IOUs from the government, some people believe that the trust funds are nothing more than an accounting fiction.

    Another factor confuses the issue. Because the trust funds represent an asset to one side of government (the Social Security Administration) and a liability to another side of government (the general fund), some accounting presentations based essentially on cash flows make the effect of the trust funds on the budget look “neutral.” In fact, future obligations are also liabilities to be paid but are not counted in that trust fund ledger.

    So, are the trust funds real? Yes. They have legal consequences for the Treasury and are backed by the full faith and credit of the federal government, just like other Treasury bonds. When the Social Security Administration redeems the bonds, the government has a legal obligation to pay the money back with interest, with no additional appropriation by Congress required.

    The trust funds are not a free lunch for taxpayers. Money from the general fund used to repay debts to the trust funds cannot be used for other purposes, like building roads or providing for national defense. And as an additional outlay for the government, those general fund payments increase the Treasury’s need to borrow from the public, increasing federal deficits and adding burdens on future taxpayers.

    For all the heat about whether the trust funds are “real,” the debate misses a larger issue: the long-term fiscal challenges posed by Social Security and Medicare are not caused by inadequate trust funds, which will be depleted after only a few years of drawdown, but to decades-long imbalances between promised benefits and the revenues required to fund those benefits.
    inceptor likes this.

  9. #138
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    I’m done arguing. Believe what you want. Vote for Biden and see what happens to you taxes and small business. I’m out.
    hawgrider and Maine-Marine like this.

  10. #139
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    Quote Originally Posted by Chiefster23 View Post
    I’m done arguing. Believe what you want. Vote for Biden and see what happens to you taxes and small business. I’m out.
    Make sure you convince your 20 employees to not vote for Trump also.
    hawgrider and Redneck like this.
    "Orwell's Animal Farm, and 1984 were supposed to be warnings, not instruction manuals."

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  11. #140
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    Quote Originally Posted by Chiefster23 View Post
    Stopping SS withholding for 4 months will not affect SS at all....... not one iota!
    SS does not have a piggy bank full of cash, stocks, and other tangible assets. SS assets are only US government debt obligations promising to pay at some future date. And the government always pays because they simply create cash out of thin air by raising the debt limit and issuing more debt, otherwise known as printing more money. So what if they stop collecting? They simply plug the hole with more phoney debt. Big deal!
    If that be the case, why not stop collecting all together? After all, They can just create more digits out of thin air, right?

    @Redneck has brought up some great business points that are beyond political arguments.

    Here’s a question. I have a job. I get paid. Nothing has changed for me. How would deferring SS taxes make a difference to people with jobs? How would it help those who are now unemployed?
    Redneck and inceptor like this.
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