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> 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 ric

> 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.
    - burkaman 3y ago
      But social security has been a constant ~20% of spending for 50 years. Inflation has not been constant at all during that time, and has even dipped below 0. How is that possible if social security is a major contributor to inflation?
    - TheCleric 3y ago
      > inflation is rising rapidly in no small part due to the gov printing money to cover its obligations “US Inflation Rate is at 3.70%, compared to 3.67% last month and 8.20% last year. This is higher than the long term average of 3.28%.” I would hardly call something that’s only slightly above average (and less than half of what it was a year ago) as “rising rapidly“. https://ycharts.com/indicators/us_inflation_rate https://ycharts.com/indicators/us_inflation_rate
- gedy 3y ago
  They've been throwing money left and right for years, they can throw some when we are unable to work.
dragonwriter 3y ago
> This is not true, it's propaganda promoted by rich people who want to get rid of social security. Exactly: “social security is going to be gone by the time you would get it” is a line peddled almost entirely by political activists looking to build support for eliminating social security, and it has been such a line for the entire life span of people who are now old enough to receive SS old age retirement benefits.
- tczMUFlmoNk 3y ago
  Fascinating. Thank you (and siblings) for the correction.

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.
  - burkaman 3y ago
    But social security has been a constant ~20% of spending for 50 years. Inflation has not been constant at all during that time, and has even dipped below 0. How is that possible if social security is a major contributor to inflation?
  - TheCleric 3y ago
    > inflation is rising rapidly in no small part due to the gov printing money to cover its obligations “US Inflation Rate is at 3.70%, compared to 3.67% last month and 8.20% last year. This is higher than the long term average of 3.28%.” I would hardly call something that’s only slightly above average (and less than half of what it was a year ago) as “rising rapidly“. https://ycharts.com/indicators/us_inflation_rate https://ycharts.com/indicators/us_inflation_rate
gedy 3y ago
They've been throwing money left and right for years, they can throw some when we are unable to work.

dragonwriter 3y ago

> This is not true, it's propaganda promoted by rich people who want to get rid of social security. Exactly: “social security is going to be gone by the time you would get it” is a line peddled almost entirely by political activists looking to build support for eliminating social security, and it has been such a line for the entire life span of people who are now old enough to receive SS old age retirement benefits.

tczMUFlmoNk 3y ago
Fascinating. Thank you (and siblings) for the correction.