4 ms·

Huh. As a member of a generation that has grown up tacitly understanding that social security will very likely be insolvent/cancelled by the time that we're old

Huh. As a member of a generation that has grown up tacitly understanding that social security will very likely be insolvent/cancelled by the time that we're old enough to qualify for it, and thus we shouldn't rely on it whatsoever—it's surreal to consciously connect these two concepts. For me, "social security number" is just the name for the ID number that so many of us have and are used to writing everywhere. The name is just a string of symbols. It sounds silly, but I've never thought about it in relation to social security. Thanks for the mind-bender. :-)

SonicScrub 3y ago
There's an interesting story about how the social security number evolved to being much more than just for social security. Quick 5 minute primer: https://m.youtube.com/watch?v=Erp8IAUouus&pp=ygUYY2dwIGdyZXkgc29jaWFsIHNlY3VyaXR5 https://m.youtube.com/watch?v=Erp8IAUouus&pp=ygUYY2dwIGdyZXk...
- askiiart 3y ago
  Short link without tracking id (si=): https://youtu.be/Erp8IAUouus https://youtu.be/Erp8IAUouus
dragonwriter 3y ago
> As a member of a generation that has grown up tacitly understanding that social security will very likely be insolvent/cancelled by the time that we're old enough to qualify for it Is it “tacitly understanding” when you've been bathed your whole life in active propaganda promoting an idea? Because, on this, if you are in any cohort from Gen X, or maybe the trailing edge of thr Boomers, on, you have been.
- jcadam 3y ago
  Nah, we'll get our SS checks - the Fed will turn the money printer up to 11 if they have to cover the program. Inflation will make them worthless, but we'll get our checks :)
  - dragonwriter 3y ago
    SS benefits are indexed to a wage index (which has been greater than inflation consistently since thr mid-1980s) over working life and to inflation from retirement on. Cranking the money printer just drives up nominal social security benefits to compensate (for current retires) or more (because easy money drives higher wages).
burkaman 3y ago
> social security will very likely be insolvent/cancelled by the time that we're old enough to qualify for it This is not true, it's propaganda promoted by rich people who want to get rid of social security. It could be eliminated for political reasons, but spreading this idea that it's going to "run out of money" only makes that more likely. The government cannot run out of its own money. It can cause inflation, but continuing to pay social security benefits is not going to suddenly cause massive inflation. The only way social security could end is if politicians and voters decide they don't want it anymore.
- cheeseomlit 3y ago
  >The government cannot run out of its own money. It can cause inflation, but continuing to pay social security benefits is not going to suddenly cause massive inflation. Social security is a massive portion of federal spending, indefinitely printing money to fund it is not sustainable and will cause significant inflation
  - burkaman 3y ago
    Why hasn't that happened yet? Also, the government is going to continue indefinitely printing money whether or not we have social security.
    - cheeseomlit 3y ago
      It has, inflation is rising rapidly in no small part due to the gov printing money to cover its obligations, of which social security is one of the largest and will only become larger as the cost of living increases due to said inflation- a vicious cycle. If contributions don't cover the payouts (which they don't, and never will unless you tax the younger generations to death) then the difference has to be made up with printing, which will of course cause inflation You are right that they will continue printing money regardless, and at this point it's too late for a 20% reduction to fix anything. Might as well just take the checks while you can and make the most of it, not much else you can do. But that doesn't mean its sustainable or will last forever.

SonicScrub 3y ago

There's an interesting story about how the social security number evolved to being much more than just for social security. Quick 5 minute primer: https://m.youtube.com/watch?v=Erp8IAUouus&pp=ygUYY2dwIGdyZXkgc29jaWFsIHNlY3VyaXR5 https://m.youtube.com/watch?v=Erp8IAUouus&pp=ygUYY2dwIGdyZXk...

askiiart 3y ago
Short link without tracking id (si=): https://youtu.be/Erp8IAUouus https://youtu.be/Erp8IAUouus

dragonwriter 3y ago

> As a member of a generation that has grown up tacitly understanding that social security will very likely be insolvent/cancelled by the time that we're old enough to qualify for it Is it “tacitly understanding” when you've been bathed your whole life in active propaganda promoting an idea? Because, on this, if you are in any cohort from Gen X, or maybe the trailing edge of thr Boomers, on, you have been.

jcadam 3y ago
Nah, we'll get our SS checks - the Fed will turn the money printer up to 11 if they have to cover the program. Inflation will make them worthless, but we'll get our checks :)
- dragonwriter 3y ago
  SS benefits are indexed to a wage index (which has been greater than inflation consistently since thr mid-1980s) over working life and to inflation from retirement on. Cranking the money printer just drives up nominal social security benefits to compensate (for current retires) or more (because easy money drives higher wages).

burkaman 3y ago

> social security will very likely be insolvent/cancelled by the time that we're old enough to qualify for it This is not true, it's propaganda promoted by rich people who want to get rid of social security. It could be eliminated for political reasons, but spreading this idea that it's going to "run out of money" only makes that more likely. The government cannot run out of its own money. It can cause inflation, but continuing to pay social security benefits is not going to suddenly cause massive inflation. The only way social security could end is if politicians and voters decide they don't want it anymore.

cheeseomlit 3y ago
>The government cannot run out of its own money. It can cause inflation, but continuing to pay social security benefits is not going to suddenly cause massive inflation. Social security is a massive portion of federal spending, indefinitely printing money to fund it is not sustainable and will cause significant inflation
- burkaman 3y ago
  Why hasn't that happened yet? Also, the government is going to continue indefinitely printing money whether or not we have social security.
  - cheeseomlit 3y ago
    It has, inflation is rising rapidly in no small part due to the gov printing money to cover its obligations, of which social security is one of the largest and will only become larger as the cost of living increases due to said inflation- a vicious cycle. If contributions don't cover the payouts (which they don't, and never will unless you tax the younger generations to death) then the difference has to be made up with printing, which will of course cause inflation You are right that they will continue printing money regardless, and at this point it's too late for a 20% reduction to fix anything. Might as well just take the checks while you can and make the most of it, not much else you can do. But that doesn't mean its sustainable or will last forever.