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==For social security the insolvency date is 2025 according to our own governments accounting. == Without changes, the Social Security system will pay out 79%
by 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 agoDon'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 agoIf 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 agoThe 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-...