Boosting Social Security

[trottigy]

This could be good news or bad news ...

 

https://www.aol.com/many-americans-died-covid-boosting-194831599.html

 

Quote

Premature deaths related to COVID mean Social Security will not make retirement payments to those individuals in the future, reducing payments by about $294 billion, the researchers found.

 

At the same time, some of that gain is offset by the lost tax revenue from those individuals, as well as increased survivor benefits to spouses and children of the deceased, resulting in an estimated $205 billion less in future outlays.

 

I knew there were solutions to making SS more solvent ......

 

We are just one more pandemic away from total solvency.

[Ludwika]

25 minutes ago, trottigy said:

This could be good news or bad news ...

 

https://www.aol.com/many-americans-died-covid-boosting-194831599.html

 

 

I knew there were solutions to making SS more solvent ......

 

We are just one more pandemic away from total solvency.

Who knew? You don't get retirement pay after you die? 🤣

[trottigy]

Interesting side note about "solvency"

 

Quote

On Wednesday, Social Security’s new acting commissioner, Lee Dudek, acknowledged recent reporting about the number of people older than age 100 who may be receiving benefits from Social Security. “The reported data are people in our records with a Social Security number who do not have a date of death associated with their record. These individuals are not necessarily receiving benefits.”

 

“I am confident that with DOGE’s help and the commitment of our executive team and workforce, that Social Security will continue to deliver for the American people,” Dudek said.

https://apnews.com/article/social-security-payments-deceased-false-claims-doge-ed2885f5769f368853ac3615b4852cf7

 

Well, Musk did say sometimes he'd be wrong.

[Cushi]

I read something months back stating that one of the reasons Social Security is facing a solvency issue is because so many babies that were aborted decades earlier aren’t live working adults who can pay into it…

Edited Thursday at 10:07 PM by Cushi

[Witness1970]

After WWI, there were a lot of babies born.  That was known as the Baby Boomers.  In later years couples started having fewer children for economic reasons.  Many couples avoided pregnancy during those years.

 

Around 1990, the large number of Baby Boomers started retiring.  The ratio of working people paying into the system compared to the number on social security was reduced.  {I don't know the exact ratio of workers to retired persons.)  Back in the 1970's workers paid on the first $8,000 they made each year.  If you earned more, you did not have to keep paying into the system.  That cap has been moved up to $400,000.00.  People who make millions of dollars each year do not have to pay on anything above $400,000.00.  If that cap was totally eliminated, the SS system would have far more money.   If the fund is totally depleted everyone's SS check will drop to about 75% of what they make now.  (Or at least that was the estimate that I heard.)  All of the money would be coming directly from the amount workers would be putting in.

 

But who really cares?   This system has many problems that will never be solved by human governments.  God's Kingdom is the only answer. 

[Fallbrookian]

5 hours ago, Witness1970 said:

After WWI, there were a lot of babies born.  That was known as the Baby Boomers.

You mean after WW2...

[just1-4all]

19 hours ago, Ludwika said:

Who knew? You don't get retirement pay after you die? 🤣

I was thinking of the same thing, lol

[just1-4all]

5 hours ago, Witness1970 said:

All of the money would be coming directly from the amount workers would be putting in.

Years ago I was listening to a talk show on the post-WWII economy and the financial boom that ensued for the United States in particular (as indicated by rising household incomes, GDP, etc, or some other metric economist use). The program was taking calls for comment and someone astutely pointed out that post-WWII, the U.S. economy had just the right circumstances after the war to develop economically for creating jobs and increased productivity: infrastructure intact (bridges, roads, railroad), the manufacturing industry intact, women became skilled in manufacturing jobs due to men (or mostly men) called away to Europe and the South Pacific, etc. The caller used a phrase that caught the program host's attention (and stuck in my mind ever since also), that there was occuring back then a 'sweet-spot' of history, where the 'just right' conditions peace-time (temporary of course), new technologies, and demand for consumer goods all came together like a symphony to produce economic success. He referred to it as 'the sweet-spot of history' from a productivity and economic standpoint.

 

5 hours ago, Witness1970 said:

If the fund is totally depleted everyone's SS check will drop to about 75% of what they make now.

So current current retirees whose SS income gets reduced might be accused (by some) of not planning enough financially to maintain their standard of living, If as a consequence of reduced income they were to find themselves struggling to meet basic needs ... then out of retirement they'll need to go—that is, if someone is willing to hire the person to accommodate their limits due to aging factors (i.e., allowing for their physical 'productivity' limits , mental decline, limits due to health-related issues, and so on).

[trottigy]

23 minutes ago, just1-4all said:

 The caller used a phrase that caught the program host's attention (and stuck in my mind ever since also), that there was occuring back then a 'sweet-spot' of history, where the 'just right' conditions peace-time (temporary of course), new technologies, and demand for consumer goods all came together like a symphony to produce economic success. He referred to it as 'the sweet-spot of history' from a productivity and economic standpoint.

 

 

This is the "sweet-spot" I expect to see again .... just before they "cry of peace and security" for the final time. But, time will tell.

[jps]

8 hours ago, Witness1970 said:

After WWI, there were a lot of babies born.  That was known as the Baby Boomers.  In later years couples started having fewer children for economic reasons.  Many couples avoided pregnancy during those years.

 

Around 1990, the large number of Baby Boomers started retiring.  The ratio of working people paying into the system compared to the number on social security was reduced.  {I don't know the exact ratio of workers to retired persons.)  Back in the 1970's workers paid on the first $8,000 they made each year.  If you earned more, you did not have to keep paying into the system.  That cap has been moved up to $400,000.00.  People who make millions of dollars each year do not have to pay on anything above $400,000.00.  If that cap was totally eliminated, the SS system would have far more money.   If the fund is totally depleted everyone's SS check will drop to about 75% of what they make now.  (Or at least that was the estimate that I heard.)  All of the money would be coming directly from the amount workers would be putting in.

 

But who really cares?   This system has many problems that will never be solved by human governments.  God's Kingdom is the only answer. 

fever babies born has also affected the future servants/elders pool,

especially here in sweden..

 

Edited 19 hours ago by jps

[Cool.As.Ice]

By the time I get to that age, I won’t be able to collect SS until I’m like 75. 

[Witness1970]

I did mean to put WWII instead of WWI.  I don't know what happened to the second roman numeral.   I probably forgot to put it in there.

 

Fewer babies being born after the baby boom has caused a lot of changes.  Some manufacturers were selling fewer baby items and had to cut back.  The work force became smaller.

 

If you live very frugally now the impact of the reduced income due to SS problems will be less of a problem.  I live far below my income right now.  No waste and strict watch over discretionary spending.  I once thought I would by a motor home when I retired and travel.  That idea was shot down.