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It’s not really extinction that people worry about. It’s insolvency in virtually every social program the government runs. And it really doesn’t take much beca

It’s not really extinction that people worry about. It’s insolvency in virtually every social program the government runs. And it really doesn’t take much because those programs were created with very generous predictions in growth. For social security the insolvency date is 2025 according to our own governments accounting.

moorhosj 7y ago
==For social security the insolvency date is 2025 according to our own governments accounting. == Without changes, the Social Security system will pay out 79% of benefits starting in 2034 [1]. The concept that there will be no money paid out is oft-repeated, but mistaken. Certainly a 21% cut is very significant, but there will still be funds. Obviously, the sooner we make small changes, the better funded it will be long-term. Things like changing the inflation index, removing the income cap or adjusting the full-retirement date could fill the gap entirely. [1] https://www.ssa.gov/policy/trust-funds-summary.html https://www.ssa.gov/policy/trust-funds-summary.html
- toomuchtodo 7y ago
  Don't forget technology deflation. The less dollars you need overall (cheap energy, cheap electric mobility, technology used to make healthcare more efficient) makes a benefits haircut more tolerable (although we are a very wealthy nation and have the means to avoid a benefits haircut). When we get to universal healthcare, if my house is paid off, I have solar on my roof, and I have a paid off electric car, I don't expect my expenses to simply survive to be that high (and could live on less than 50% of my estimated social security benefit).
  - i_am_proteus 7y ago
    If current social security isn't going to be fully paying out in the future, where does the money come for universal health care?
    - toomuchtodo 7y ago
      The 9% of admin overhead waste in the current healthcare system. Don't even need to cut provider pay. https://www.cnbc.com/2017/01/12/shocking-truth-20-of-health-care-expenditures-wasted-in-us-and-other-nations.html https://www.cnbc.com/2017/01/12/shocking-truth-20-of-health-...
deleted 7y ago
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moorhosj 7y ago

==For social security the insolvency date is 2025 according to our own governments accounting. == Without changes, the Social Security system will pay out 79% of benefits starting in 2034 [1]. The concept that there will be no money paid out is oft-repeated, but mistaken. Certainly a 21% cut is very significant, but there will still be funds. Obviously, the sooner we make small changes, the better funded it will be long-term. Things like changing the inflation index, removing the income cap or adjusting the full-retirement date could fill the gap entirely. [1] https://www.ssa.gov/policy/trust-funds-summary.html https://www.ssa.gov/policy/trust-funds-summary.html

toomuchtodo 7y ago
Don't forget technology deflation. The less dollars you need overall (cheap energy, cheap electric mobility, technology used to make healthcare more efficient) makes a benefits haircut more tolerable (although we are a very wealthy nation and have the means to avoid a benefits haircut). When we get to universal healthcare, if my house is paid off, I have solar on my roof, and I have a paid off electric car, I don't expect my expenses to simply survive to be that high (and could live on less than 50% of my estimated social security benefit).
- i_am_proteus 7y ago
  If current social security isn't going to be fully paying out in the future, where does the money come for universal health care?
  - toomuchtodo 7y ago
    The 9% of admin overhead waste in the current healthcare system. Don't even need to cut provider pay. https://www.cnbc.com/2017/01/12/shocking-truth-20-of-health-care-expenditures-wasted-in-us-and-other-nations.html https://www.cnbc.com/2017/01/12/shocking-truth-20-of-health-...

deleted 7y ago

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