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Old 03-12-2013, 07:44 AM   #41
casino is no lie
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That's pretty low. That's significantly lower than what most engineers make right out of school.
Times are getting tough. Guess what I'ma do?
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Old 03-12-2013, 07:49 AM   #42
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what about the people that didn't blow their paychecks on cars and toys?
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Times are getting tough. Guess what I'ma do?
Hustle hard? Better yet go on unemployment.
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Old 05-10-2015, 09:11 PM   #43
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Update: still worse than you think

http://www.msn.com/en-us/news/money/...qJjz?ocid=iehp
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Old 05-10-2015, 09:55 PM   #44
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It should be privatized and administered by a friend of the Bush family - STAT.
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Old 05-10-2015, 10:36 PM   #45
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Can somebody legitimately explain why SS funds are coming up short? Like what the root cause is?
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Old 05-11-2015, 06:46 AM   #46
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Can somebody legitimately explain why SS funds are coming up short? Like what the root cause is?
Demographic changes and backdoor political borrowing, among other factors.

Its still one of the easier issues to rectify, but 2030-2033 is a millennia away as far as politicians are concerned, so they wont address it until the last minute, I would imagine.
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Old 05-11-2015, 07:07 AM   #47
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SS - dead
climate change - not happening
obamacare - dead

anything else we missed in republican land?
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Old 05-11-2015, 08:54 AM   #48
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Racism - dead
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Old 05-11-2015, 09:22 AM   #49
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Yup....still the 2031 timeline vs. the 2033.
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Old 05-11-2015, 09:51 AM   #50
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Racism - dead
No, you're keeping it alive and well
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Old 05-11-2015, 10:26 AM   #51
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No, you're keeping it alive and well


Isn't it time for you to post your weekly black-hate thread?
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Old 05-11-2015, 11:51 AM   #52
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Can somebody legitimately explain why SS funds are coming up short? Like what the root cause is?
People are living longer, so they have more years from retirement to death to draw $s out of the pot than was forecast way back when.

The system is built on a certain expected ratio of contributors (still working and paying in) to beneficiaries (retired and drawing). Obviously you need a few workers for each retiree. For that to work, you need a steadily growing population. But the baby boomers represent a bulge in the graph that's skewing the contributors:beneficiaries ratio in the coming years.

For those two reasons, there is a forecast shortfall in SS $s. We've known about it for some time, but it's a political minefield.

There are only 4 fixes. Go back in time 40 years and increase the birth rate to ensure there are enough contributors following the baby boomers to pay for them. Cut back on benefits. Increase contributions. Borrow the money to cover the shortfall.

I didn't see any articles about a flux capacitor being invented yet, so the first choice is off the table.

Seniors/retirees do not want their benefits cut. To be fair, they spent many years planning their retirement finances with a certain amount of promised SS factored into the plan. And many of them simply cannot go back to work to make up the difference. On the flip side, they are the ones that elected the govts over and over that created this situation.

Workers do not want to increase their contributions to pay for what they percieve as a govt failure to forecast correctly and seniors/retirees failure to save and invest better. Increasing current workers contributions will not increase current workers benefits, the $s will be spent on current or soon-to-be retirees. On the other hand, current workers still have time left in their earning years to adjust for the increased financial burden.

Borrowing money is just a dead end because the money to pay back the loan has to come from somewhere.

Any solution is unpalatable to at least a large segment of the population and politicians generally lack the spine to deal with it head-on. GWB at least tried to take action on it, but was met by a firestorm of opposition. Obama has formed a committee and basically done nothing. Congress is useless, as usual.

Each year we put it off, the eventual solution just gets more and more painful for whoever it will be inflicted upon. But we all keep kicking the can down the road.

The problem with socialism is at some point you run out of other people's money.
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Old 05-11-2015, 11:56 AM   #53
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Or..we could just repay all the money that was "borrowed" from the SS trust and not pretend like it wasn't viable in the first place.
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Old 05-11-2015, 11:58 AM   #54
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Or..we could just repay all the money that was "borrowed" from the SS trust and not pretend like it wasn't viable in the first place.
After the republicans privatize it?
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Old 05-11-2015, 11:59 AM   #55
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Originally Posted by Xcelratr View Post
People are living longer, so they have more years from retirement to death to draw $s out of the pot than was forecast way back when.

The system is built on a certain expected ratio of contributors (still working and paying in) to beneficiaries (retired and drawing). Obviously you need a few workers for each retiree. For that to work, you need a steadily growing population. But the baby boomers represent a bulge in the graph that's skewing the contributors:beneficiaries ratio in the coming years.

For those two reasons, there is a forecast shortfall in SS $s. We've known about it for some time, but it's a political minefield.

There are only 4 fixes. Go back in time 40 years and increase the birth rate to ensure there are enough contributors following the baby boomers to pay for them. Cut back on benefits. Increase contributions. Borrow the money to cover the shortfall.

I didn't see any articles about a flux capacitor being invented yet, so the first choice is off the table.

Seniors/retirees do not want their benefits cut. To be fair, they spent many years planning their retirement finances with a certain amount of promised SS factored into the plan. And many of them simply cannot go back to work to make up the difference. On the flip side, they are the ones that elected the govts over and over that created this situation.

Workers do not want to increase their contributions to pay for what they percieve as a govt failure to forecast correctly and seniors/retirees failure to save and invest better. Increasing current workers contributions will not increase current workers benefits, the $s will be spent on current or soon-to-be retirees. On the other hand, current workers still have time left in their earning years to adjust for the increased financial burden.

Borrowing money is just a dead end because the money to pay back the loan has to come from somewhere.

Any solution is unpalatable to at least a large segment of the population and politicians generally lack the spine to deal with it head-on. GWB at least tried to take action on it, but was met by a firestorm of opposition. Obama has formed a committee and basically done nothing. Congress is useless, as usual.

Each year we put it off, the eventual solution just gets more and more painful for whoever it will be inflicted upon. But we all keep kicking the can down the road.

The problem with socialism is at some point you run out of other people's money.

Increasing FRA could also help, along with COLA modifications.
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Old 05-11-2015, 12:34 PM   #56
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Or..we could just repay all the money that was "borrowed" from the SS trust and not pretend like it wasn't viable in the first place.
That wouldn't fix it. The basic formula is based on a forecast that hasn't come true.

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Increasing FRA could also help, along with COLA modifications.
COLA mods face the same political objections. Yes, it would make a difference, but beneficiaries will break out the pitchforks.

Don't know about FRA, must go read.
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Old 05-11-2015, 12:42 PM   #57
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That wouldn't fix it. The basic formula is based on a forecast that hasn't come true.



COLA mods face the same political objections. Yes, it would make a difference, but beneficiaries will break out the pitchforks.

Don't know about FRA, must go read.
Yes it would, we would only need the surplus *(which did exist)* to cover the ageing boomer population for est. 30 years - and even then the amount we would be taking in would supply up 75% of the benefits being paid out.
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Old 05-11-2015, 12:49 PM   #58
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That's funny, figures I heard earlier had us a lot worse off. Start killing people at 80? I mean, who wants to live past 80 anyway.
Someone who 81st birthday is tomorrow.
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Old 05-11-2015, 12:51 PM   #59
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That wouldn't fix it. The basic formula is based on a forecast that hasn't come true.



COLA mods face the same political objections. Yes, it would make a difference, but beneficiaries will break out the pitchforks.

Don't know about FRA, must go read.
Any change, big or small, is not without political objection, unfortunately.

FRA, or full retirement age, is currently 67 for most people that have yet to take SS. Take a 31 year old middle class earner....bump up their FRA to a higher age and it will equal eventual cost savings.

Also, limit the amount of spousal beneficiaries. Currently, if someone is married for 10+ years, their divorced spouse is entitlted to roughly half of the higher earners SS. Now, if that person were a serial marrier, he could have multiple ex's out there each earning 50%-ish of his SS benefit.
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Old 05-11-2015, 01:02 PM   #60
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Increasing the SS cap rate from ~$113K to $150K (just an arbitrary figure) will have zero effect on a person earning $60K regardless of their location, which is why I stated it didn't matter in this context.
I always hear rich people extolling the splendid virtues of flat taxes, so why not just set the SS tax at X% with no cap at all.

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