Read about Francis Perkins, the 1st Female cabinet member in U.S. history, and the person who brought us social security, child labor laws, a 40 hour work week, and more. FDR gets credit for her work.
Not true. It’s all one big pot. The deficit creates inflation, reducing the value of Social Security yearly. Until the debt and deficit are fixed, Social Security is at risk. Sure, you may get a $3,000 check, but if the median home costs $500,000 and gas is $10, your money becomes meaningless.
Not true. The taxes collected under Social Security Tax are deposited into the OASDI Trust Fund. Those funds are then invested 100% in US Treasury Securitiess.
Social Security Taxes are Not mixed into a “pot” where all other funds are accumulated. They remain separate from all other funds.
Let’s say I’m the government and give you a $200,000 check, and you keep it. But then I print $100 trillion in one day out of thin air—that money would be devalued. So no, it’s not just one pot. Keep dreaming. If you want a real retirement plan, buy some farmland.
djt was exposed to trillion$ in funds for ALL federal agencies in 2017. But the adults in the room stopped him from #stealing it all. Again he will have access, this time with an oligarch cabinet. They'll"eliminate" agencies & take the 💰 AND all resources from taxpayers-Russia 2.0. (PROJECT 2025).
I love to explode rightie heads by explaining to them the largest portion of the national debt is owned by, and owed to, us. They tend to try and insist that the Chinese own it all.
(stops sharpening axes)
Ohhhhhhh that's so sweet! What a beautiful family, simply delicious.
I'll be over later... I'll let myself in.
Merry Christmas 🎄
It's called an #entitlement because you paid into it and you're ENTITLED to it. Don't let the bastards make that a dirty word. You paid for it and it belongs to you! (Says the retiree)
#socialsecurity
The entitlement is not equally distributed. Some need to work until 70 and die at 72. They get a bad deal. Some marry 4 people over 10 years each and their families get 200% more payout ; before gay marriage was federally legalized, the benefits of marriage were only for heteronormatives
I've been saying this for years. There is absolutely nothing wrong with the work ENTITLEMENT. It's a federal accounting term. People need to stop spreading those memes which are simple disinformation. We can't be like them.
That’s Donald Fart’s specialty. Borrowing and not ever paying back or just paying in general. That’s what maga morons don’t understand. They don’t care who gets scammed as long as is not them.And even when it’s them, they don’t realize it. It takes at least one neuron in the brain to figure that out
Isn’t that the truth. That is also why the COLAs are always substandard and 1/4 to 1/2 what the real inflation rate is. Started getting screwed up during Reagan when food and housing were removed from calculations of inflation rate.
I see a bunch of posts in the comments section here of people that desperately need to be blocked (namecalling, posting false figures, not seeing the forest, or even the trees). I sure wish there was a mechanism to simply "block all without mental acuity" 🚫
$2.5 trillion is the amount that's in the Social Security trust. Currently, about 17% of SS payments are paid out from the trust, and it's currently projected to run out in 2035, assuming nothing changes.
but republicans give farm and oil subsidies to their supporters and tax cuts to millionaires and welfare to religions which are just businesses paying NO taxes.
I would only add that both parties have raided social security over the years. Any fix to the system (like raising the cap on SS contributions) should prevent future raids.
Some other fun facts: since 2021, payments have exceeded revenue, and it is expected to deplete the reserves by 2033. You also have no legal right to receive payment (Fletcher V Nestor) and investing in the S&P produces a higher return. It also does contribute to the debt, so that’s just a lie.
The money in the Social Security account is money that the workers paid! Keep your hands off of it or you will see a day of love with millions of people attending!
Years ago, I remember Randi Rhodes talking about Social Security being the last traunch of money that they had not yet gotten their hands on. And that they would never stop trying to get it.
Exactly. Entitlement is defined as having the right to something. We are entitled to our money. So please don't anyone buy into the GOP's efforts to make entitlement a bad word.
Precisely. Unfortunately, this requires multi-level thinking and basic math to understand... skills of which Americans are deficient to the tune of 77 million.
I was waiting for something like this. Nice, easy to read in big font and clear.
The GOP have been conflating the two since the 1990s.
Just another area where the Democrats missed an easy score.
The Democrats are also trying to destroy Social Security. Obama almost pulled it off but the Republicans didn't want to give him a "win." This not understanding the Dems are not on our side is how we got here.
The Clinton administration did this too. He also signed off on the deregulation that caused the housing collapse in 2007. But to be fair, there was a Republican dominated Congress at the time. No one has clean hands when it comes to screwing the American people.
This is NOT why SS is looking at a deficit- the money borrowed from SS is being repaid and will be paid in full by 2032.. The issue is too few workers paying in after all Boomers retire by 2032 to support full benefits..
Yes! And let’s remember that Al Gore wanted to out it in a famously named “lock box”. Nope. Bush barely won by .05% and let us straight into a war with Iraq. Every vote matters. SNL has a funny skit on the Bush vs Gore debate.
This post is misleading. Social Security is funded by payroll taxes but may be depleted by 2033. Funds are invested in Treasury securities, not “stolen.” Proposed cuts address solvency, not avoiding repayment. Linking it to wars or tax cuts misrepresents federal budgeting. Let’s focus on facts.
You first Mr "financial planner". I asked about this on another post recently. Please detail to us when the stock market "average" jumped from 7% to 10%
The historical S&P 500 average hasn't "jumped" - different time periods show different returns. The 150-year average is 9.35%, while more recent 10-year periods show higher returns around 12.86%. When adjusted for inflation, the long-term real return is closer to 7%.
This picture is misleading. We pay more in benefits than we collect in tax, so the surplus is being drained. Within 10 years, we will only be able to pay 80% benefits. The surplus is lent out (by buying t-bills), but that’s irrelevant: it has to be paid back unless we default on all US debt.
Don't worry it is because of the boomers. They will eventually die off and then it will again be balanced. I am a boomer, biggest population blip that brought you all the surplus in the first place. 🙂
Well, for values of "has to be" that don't include changing the laws that govern payouts. (Or revenue.)
Increases in retirement age or cuts in the benefit formula could lead to the surplus never being paid back without a default.
My point is that if no borrowing had happened, we’d still be exactly as close to insolvency as we are now. Borrowing just reduces our short-term need to borrow from private investors.
But as for how to address the insolvency, yes, we could either cut/delay benefits (👎) or raise taxes (👍).
The American people are the ones who have paid for Social Security - NOT THE GOVERNMENT. I don’t recall the government asking if we would give THEM money. WE worked all these years and paid in advance for these benefits. Just a way to rid America of elderly and chronically ill citizens. GENOCIDE!
Hasn't the S.S. trust fund interest been milked for decades by the federal reserve and the federal reserve, forcing their useless bonds to replace S.S. trust fund interest?
Social Security Taxation is 3% of wages up to $180,000 taxable earnings annually or $5,400 is paid in by those earning $180,000+ annually they pay nothing above this amount in Social Security taxation. Unless the amount increased. Typically limited by US Congress.
Put into Social Security Trust Fund which is not to be borrowed upon by anyone.
Republicans borrowed and borrowed to reduce the volume of available cash inside trust fund.
Do not know is this trust fund is attached to my trust which if upon further borrowing additional funds will be deposited.
Borrow as you like.
I will deposit another $17 trillion next year.
Republicans apparently think it is a slush fund for DOD.
They want to forgive trillions of dollars of loans to the uber rich to build more castles snd yachts but dont want to forgive a student loan to a social worker making min wage
Another fun fact: undocumented immigrants pay into social security (30 BILLION per year) and Medicare. Removing 22 million immigrants from the U.S. economy would seriously harm these programs. Get the facts: https://jhzimm1.substack.com/p/immigration?r=4pdp5g
Comments
Social Security Taxes are Not mixed into a “pot” where all other funds are accumulated. They remain separate from all other funds.
Lol and agree with the sentiment, but love your handle /bows
Ohhhhhhh that's so sweet! What a beautiful family, simply delicious.
I'll be over later... I'll let myself in.
Merry Christmas 🎄
#socialsecurity
https://www.cbpp.org/research/the-legacy-of-the-2001-and-2003-bush-tax-cuts
The Trust Fund is invested in US Treasuries by design.
https://reason.com/2024/11/14/abolish-social-security/
https://www.usatoday.com/story/news/factcheck/2023/02/08/fact-check-social-security-does-contribute-federal-deficit-debt/11185952002/
https://www.cato.org/commentary/social-security-vs-stock-returns-no-contest
Leave my Social Security alone. I started paying into it in 1959, at 14! I earned it. It's mine, not Congress'!
The GOP have been conflating the two since the 1990s.
Just another area where the Democrats missed an easy score.
https://www.cbo.gov/publication/60392
https://www.fool.com/retirement/2024/05/12/fact-fiction-congress-stole-from-social-security/
Increases in retirement age or cuts in the benefit formula could lead to the surplus never being paid back without a default.
But as for how to address the insolvency, yes, we could either cut/delay benefits (👎) or raise taxes (👍).
Congress OWES EVERYONE who paid into Soc. Sec.!
Let them Cut THEIR Lifetime Benefits THEY receive after being in Congress doing Part-Time work for ONLY 15-years!
Who else but CONGRESS gets Bene’s like THAT?
Republicans borrowed and borrowed to reduce the volume of available cash inside trust fund.
Borrow as you like.
I will deposit another $17 trillion next year.
Republicans apparently think it is a slush fund for DOD.