Why Congress Needs to Cut Your Social Security Benefits
ฝัง
- เผยแพร่เมื่อ 14 ต.ค. 2024
- Will Congress Cut Your Social Security or Can They Fix It and Make Someone Else Pay?
►Why is Social Security Going Broke?
►Here's What Most People Believe about Social Security and it's WRONG
►Where you can find the truth about Social Security
►The two demographic problems with Social Security that cannot be fixed
►Link to Social Security Trustees Report www.ssa.gov/oa...
►See the video on how Social Security Really Works • How Social Security Wo...
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Great video! Thanks for the info
Another TH-camr covered the SSA trustees report. It is 270+ pages. It had some interesting insights.
Interesting I agree, but with a stroke of the pen it can be fixed making the report irrelevant.
The report assumes no change by Congress and Congress can easily mathematical fix Social Security (the political ramifications of making people unhappy is the problem)
What happens to the monies paid into S S from family and friends that passed away before collecting a dime? I paid into it for 47 yrs. my hubby 57 yrs.
Some people will die before they collect what they paid in. They are far outnumbered by the people who get far more than they paid in. People have no "account" with money in it that they are owed. Social security is a tax and that tax is distributed unevenly to social security beneficiaries. The system is not necessarily "fair" as you might see it.
Just vote out any politician who mentions they may not be able to fund social security. If we can provide billions in aid to other countries without a blink of an eye, they can find money they took from citizens with an agreement it would be given back.
The same thing happens with Social Security as with all insurance
What happened to the premiums from term life insurance if you don't die?
What happens if you get car insurance and don't get in an accident?
Insurance is pooled risk
They stole my money out of my paycheck, now what ?
No one "stole" your check. You were taxed to support other beneficiaries. Don't be so selfish.
@@walterknox5953 no they were taxed for there insurance from death, disability and old age
@@johngill2853 The money you receive today comes from the taxes young people are paying. What you did or did not pay in SS taxes is irrelevant. That is why it is Federal welfare.
@@walterknox5953 that is how insurance works
You pay for term life insurance and if you die the insurance company pays you
You buy health insurance and if you get cancer the health insurance company pays you
You pay social security and you are covered for death, disability and old age
That is why the tax is called OASDI( old age, survivors and disability insurance)
@@johngill2853 John, our children pay SS taxes to the Federal government. We receive a monthly check, which comes from the taxes they pay. This undeserved monthly check is Federal welfare. no need to make it complicated. Your ego can handle this, trust me.
Congress doesn’t need to cut benefits. Congress needs to fix it by raising the amount of money that is subject to the tax.
Bet it is not me or anyone currently receiving payments ... VERY UNLIKELY Congress will have the courage to make people who could vote them out of office PAY THE BILL ...
That’s just the basic way ss is funded. It’s taken away from your paychecks and when you are old you get your retirement checks and the succeeding young people will pay. But the government pay the shortage.
So what you're saying is all those people that work here doing lawn work and other agricultural jobs no American wants to do should be US Citizens so they pay in SS, or we just Logan's Run the solution. Even crazier maybe the top 10% could pay their serfs a little more. So ya vote for people who want the people who enjoy all the benefits of being wealthy on the backs of others to pay their fair share.
We shouldn't tax the benefits received and this could be remedied if they would work to get better than 8.6% back as revenue to the fund from investments.
You really shouldn't use the term, "Ponzi scheme" as that is something much more complicating and nefarious than what goes on with SS.
It is not that SS suffers from a bad design. When it started in the 30's, they could not have foreseen changing demographics and the causes behind those changes. As we have seen in the past, Congress has made changes to the program to strengthen the trust fund and make it last longer. Those have not always been popular changes but the SS program itself remains hugely popular (despite most people not understanding how it works).
I am glad you address the absurd notions of politicians stealing money from the program though. You should also cover the other ways the SSA receives revenue (income taxes on benefits and interest on their securities holdings). It is good to see some practical explanations about how SS works.
What about survivor's benefits? I have another year before I can apply for survivor benefits. I figure I have paid into the system for 42 years and now I will need benefits. It is getting harder to find employment at this point. I know the money will be coming from younger people who are currently working, but I figure I paid for others who worked before me. Why not raise the taxable income from 160K?
What happens to the money that was taken from someone who dies before age 67 (most households are two income so don't reply it goes to the survivor)? Also what was the percentage of money taken out for social security when it started compred to the present? Funny they can find billions for other countries without a problem, I disagree with you on so many levels. Any politician who mentions cutting social security, I will vote against and donate to and campaign for the opposing candidate regardless of party.
I completely agree ! There's ALWAYS plenty of money available to fund endless wars, pork projects, and other money laundering schemes DC dreams up such as the recent Biden suggestion that US funding could be used to support Ukrainian pensions. And then we find videos such as this... Unbelievable !
The money is in the trust fund, so eventually it will be used to pay some of the benefits of other people who receive social security benefits.
Just found this analysis from the Urban Institute. It shows the amount people pay in and the amount they get out from Social Security and Medicare. Obviously, the system can only go, broke when it pays out more than it takes in. www.urban.org/sites/default/files/publication/103243/social-security-and-medicare-lifetime-benefits-and-taxes-2020_0.pdf#page=19
It's currently paying out more than it takes in.
Broke? You mean shortfall
And the shortfall can easily be fixed. It's not a mathematical problem it's a political problem (who pays for it)
@@andrewgeissinger5242 but the key word is "currently". All they have to do is either adjust payments or revenue too fix it. It's not a mathematical problem but a political decision on who pays
Social Security might be a ponzi scheme, but then also is also welfare, a pension and insurance program. Social Security is an inter-generational wealth transfer from young workers to retirees. Social Security should be renamed the Social Welfare Assurance Agency. I think Social Security should be fully funded even at the cost of Medicare coverage. When the program was created it didn't include healthcare coverage, and due to how healthcare is run in the United States, Medicare and Medicaid and Obamacare are bigger problems than fixing Social Security which can be fixed with some minor changes that include raising taxes to include all income, earned and unearned with no cap, tweaking the formula on how Social Security is calculated, and allowing for limited borrowing to cover shortfalls. I am opposed to raising the retirement age, as this disadvantages people who die younger while in retirement just to benefit healthier older adults. It's unfair to someone who is in poor health being forced to work until they are dead, so that someone in good health can retire later and collect more money. The problem is both the right and the left use rhetoric to energize their base by only focusing on one small aspect of the problem without offering a complete solution. This creates inaction which is worse than no action at all to fix the issue even if only a partial fix. I know raising taxes won't fix the problem, but waiting to raise taxes which is an absolute must only makes the problem worse. Not fixing healthcare costs only limits borrowing to cover future shortfalls. It might take things like reducing Cola's which I know hurts the oldest, but those are also the people who have collected way more than average due to longevity. I am not suggesting these are the only options, but we need to get real, we have to fund it because as a society we are socially obligated to provide for the general welfare of the aged.
Not a welfare by any common measurement
They will also not tell you that you are not legally entitled to the money that you have paid in.
Most people get far more than they paid in because the amount they actually receive is very loosely related to what they paid in. That is why the system is running out of money as people get more in benefits than they paid in. The amount you get is based on how long you live and other factors such as being married, or single, or widowed, etcetera. Some people get less than they paid in such as single people who die early.