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I just read on yahoo finance that social security could be drastically cut by 2028-2034 if nothing changes. Like at what point do we simply refuse to pay into t
by seiferteric 9y ago
I just read on yahoo finance that social security could be drastically cut by 2028-2034 if nothing changes. Like at what point do we simply refuse to pay into the system if were are going to be shafted?
- sjg007 9y agoOnly if you vote for congressional reps who want to defund it or otherwise take it away.
- bpodgursky 9y agoIt's going to get defunded, either now or when it runs out of money. So you can either raise the retirement age now, cut benefits now, or get totally screwed when it runs out of money in a couple decades.
- mercutio2 9y agoOr, you know, pay out of the general budget, which is what will actually happen and everything will be fine. Governments aren’t like households. They get to print their own money, so budgeting freak outs that apply to one don’t really apply to the other.
- ganoushoreilly 9y agoPrinting your own money doesn't solve the problem, it brings more along with it.
- bpodgursky 9y agoCan you name one example in history where a government printed its way out of debt without causing inflicting massive harm on the general public?
- sjg007 9y agoTax receipts will pay 77% of it in the worst case. You could also increase payroll taxes and remove the income limit.
- rlanday 9y agoThat's the worst case, huh? You're sure that people aren't going to continue living longer past retirement age, having fewer kids, and entering the workplace later and later since a Master's degree is rapidly becoming the new high school diploma? Also, removing the income limit would be a massive tax hike (12.4 percentage points, split between employee and employer). The taxes already went up this year for sufficiently-high income individuals in that the income limit was raised from $118,500 to $127,200 (a 7.3% increase).