Politics

[Red Leg]

I am far enough away from retirement to worry about losing government handouts. Still, those are the programs to be reduced/removed to regain financial health for the country.

I also do not think we should look at Social Security or Medicare as handouts. They may not be run efficiently, but what I draw in social security is a result of forty years of maximum contributions to the program. Medicare premiums (at my income level, not much different in cost than a private sector policy) are deducted from that social security payment.

 

[LivingTheDream]

FYI

Social security is NOT a government handout. I have paid the max each year.

The issue is it is operated as a ponzi scheme.

As someone who has also paided the max for the better part of my career, I am planning as if this is will be completely insolvent in the future.

 

[skydiver386]

FYI

Social security is NOT a government handout. I have paid the max each year.

Unfortunately, there are millions of people in this country who have never paid a nickel into the Social Security fund, yet still collect from it. It has been that way from it's inception.

The very first person to collect SS was Ida May Fuller who paid $22.75 into the system and received $22,888.92.

Whether we want to admit it or not, Social Security IS wealth redistribution aka a government handout.

 

[mdwest]

My daughter and SIL both have Yale undergraduate and Harvard law degrees. Yale strongly discourages its graduates continuing their law education at Yale. Guess they want their law school be more diverse in undergrad degree schools.

Neither needed an MBA.

Pretty common among most schools I think…

Professors in every degree program I’ve ever attended got their masters at one institution and their phd at a different one… way back in the late 90’s I asked a professor that I’d taken several classes from why this was common and why they were pushing grad students to other schools rather than encouraging them to continue their studies at the school they had just graduated from… she told me that they felt academically that it was best for students to get exposure to a wider range of teachers rather than just get a higher lever of training from the same staff.. and they also recognized certain schools were better for certain things… for example Wharton is where all of the big commercial banks look for MBA’s… where Harvard is where Wall Street looks for their MBA’s…

 

[Red Leg]

The issue is it is operated as a ponzi scheme.

As someone who has also paided the max for the better part of my career, I am planning as if this is will be completely insolvent in the future.

I have never agreed with that argument. Yes, it is a "pay as you go" concept, but since it began payouts on the same day that contributions were begun, there really wasn't an optional structure. Second, a Ponzi scheme requires fraudulent intent. Social security is an all too transparent program with the opposite intent. But yes, insufficient contributions due to a shrinking work force are a growing challenge.

 

[Doubleplay]

Unfortunately, there are millions of people in this country who have never paid a nickel into the Social Security fund, yet still collect from it. It has been that way from it's inception.

The very first person to collect SS was Ida May Fuller who paid $22.75 into the system and received $22,888.92.

Whether we want to admit it or not, Social Security IS wealth redistribution aka a government handout

No it's not. The percentage of people who are collecting SS is miniscule compared to people who paid into it.
If we wouldn't have SS we would be looking at a poverty crisis in this country and probably spend billions in tax dollars.
Every civilized country on earth have some kind of social safety net system.
What we have right now is not enough and that's why you see millions of senior citizens still working all over the place to make ends meet unlike any other developed country in the World.
Wealth distribution you mentioned is happening but unfortunately in reverse.
10% holds the majority of the wealth. In 2022, they held 60% of all wealth, a figure that has increased from 56% in 1989.

 

[Altitude sickness]

It’s very frustrating to hear the pundits weeping about Medicaid cuts. and how many rural hospitals will all close.

When asked about non-citizens and able body people dragging the system down. They don’t want them cut either. so as usual, let’s just bankrupt the system and run it into the ground, so nobody has the benefit l

 

[LivingTheDream]

Second, a Ponzi scheme requires fraudulent intent. Social security is an all too transparent program with the opposite intent.

I have actually heard that point of view and I believe if you ask Google it will say SS is not a ponzi because it is a legal government program.

I will agree there is transparency, which is why we know it isn't sustainable in its current form.

 

[BSO Dave]

I am far enough away from retirement to worry about losing government handouts. Still, those are the programs to be reduced/removed to regain financial health for the country.

I planned my retirement with the assumption that I would not be able to count on my social security benefits to make ends meet... I recommend that everyone currently in the work force capable of doing so, plan the same...

While I do agree with others that social security in itself should not be regarded as a government "handout", the federal government has mismanaged the system so poorly, it has become a monster that is now the main driver of the national debt that must be addressed sooner than later...

A wide range of potential solutions have been proposed, including increasing the full retirement age, hiking the payroll tax on wages over a certain amount, and reducing benefits for higher lifetime earner... A tiered system has also been suggested where current contributors in the workforce will pay into the system at the same rate, but receive lower benefits at the time of retirement...

I believe that the solution will ultimately have to be a combination of all of the above... Every group will have to make a sacrifice which of course will likely be the most unpopular piece of legislation ever proposed when that day inevitably comes...

 

[Brent in Az]

Paramount global and CBS, have agreed to pay Trump approx $30 million in an election interference lawsuit, that deceptively edited an interview with Kamala Harris.
Media lapdogs being held accountable.

 

[PARA45]

Unfortunately, there are millions of people in this country who have never paid a nickel into the Social Security fund, yet still collect from it. It has been that way from it's inception.

The very first person to collect SS was Ida May Fuller who paid $22.75 into the system and received $22,888.92.

Whether we want to admit it or not, Social Security IS wealth redistribution aka a government handout.

Exactly, that is one of many sources that is breaking SS. Too many on SS who never contributed a Nickle into the program and are now collecting at retirement age. And who know what else that money is being used for by our elected officials. From what I paid into the program, I don't believe I'm getting back what I should be getting. Oh, and why am I still paying taxes on my SS check?

 

[BSO Dave]

Oh, and why am I still paying taxes on my SS check?

The total elimination of SS tax was one of Trump's agenda items in the original legislation in the BBB... That was unfortunately compromised out and replaced with higher standard deduction for seniors under a certain income... The projection is that 88% of seniors will be able to file a deduction that will exceed their taxable income equating to no income tax paid...

Unfortunately, the higher earners will not be able to use the higher deduction. I believe the rate was set at individuals earning up to $75K, and couples up to $150K, and the deduction benefit expires at the end of 2028...

 

[PHOENIX PHIL]

I have never agreed with that argument. Yes, it is a "pay as you go" concept, but since it began payouts on the same day that contributions were begun, there really wasn't an optional structure. Second, a Ponzi scheme requires fraudulent intent. Social security is an all too transparent program with the opposite intent. But yes, insufficient contributions due to a shrinking work force are a growing challenge.

The road to hell is paved with good intentions so said someone once.

 

[PHOENIX PHIL]

What we have right now is not enough and that's why you see millions of senior citizens still working all over the place to make ends meet unlike any other developed country in the World.

If SS had been managed properly from the start we wouldn't have this issue.

 

[PARA45]

Now that I'm receiving SS, there is no way that someone could live with the miniscule paycheck received, reason why most have to go back to work. Not in this lifetime.

 

[deewayne2003]

Unfortunately, there are millions of people in this country who have never paid a nickel into the Social Security fund, yet still collect from it. It has been that way from it's inception.

The very first person to collect SS was Ida May Fuller who paid $22.75 into the system and received $22,888.92.

Whether we want to admit it or not, Social Security IS wealth redistribution aka a government handout.

Well said sir!

I've paid into SS for the last 27 years and by the time I can collect it I will have paid into it for 48 years..... yet it is set to be insolvent in 2034; 12 years before I am old enough to collect benefits.

Yet I hear from the local elderly population.......

"Well SS was in great shape until (Insert politician they dislike) raided the trust fund!"

Then I ask them how that would be possible when the supreme court ruled in 1938 that the US government didn't have the constitutional authority to operate a trust?

Again, this isn't new - My personal finance professor taught us this in 2003; just like he predicted the subprime crash and housing market collapse.

My question is.... Why are younger people being forced to carry the load for lack of action by politicians that were in office decades before they were born?

We should all take a bite of the shit sandwich NOW and make concessions that will affect young and old equally before the system reaches critical failure point.

 

[BJH65]

No it's not. The percentage of people who are collecting SS is miniscule compared to people who paid into it.
If we wouldn't have SS we would be looking at a poverty crisis in this country and probably spend billions in tax dollars.
Every civilized country on earth have some kind of social safety net system.
What we have right now is not enough and that's why you see millions of senior citizens still working all over the place to make ends meet unlike any other developed country in the World.
Wealth distribution you mentioned is happening but unfortunately in reverse.
10% holds the majority of the wealth. In 2022, they held 60% of all wealth, a figure that has increased from 56% in 1989.

What’s astonishing to me is who in the U.S. thinks they will be able to survive and retire on social security alone? As of January 2025 the average social security retirement benefit is $1,976 a month. It’s shocking to me the complete lack of planning for the future including the silent generation and baby boomers. Of course, your youngest daughter can marry and your son in law can help to financially support you for the rest of your life, that’s an excellent retirement plan that I remind my wife whenever I want to start an argument.

 

[HookMeUpII]

It’s very frustrating to hear the pundits weeping about Medicaid cuts. and how many rural hospitals will all close.

When asked about non-citizens and able body people dragging the system down. They don’t want them cut either. so as usual, let’s just bankrupt the system and run it into the ground, so nobody has the benefit l

The amount of fraud in the Medicaid and SNAP system, even ACA, is wild. Last night, I heard from my wife a particular family member called her saying "she's switching to Dem because Trump took away/cut the Medicaid and SNAP benefits." Meanwhile, she goes on vacation every month, wears all luxury crap, but still gets food stamps, free healthcare, and god knows what else. She lives in FL.

I know of another person, semi-retired but still working, wife semi-retired as well from a hedge fund she still consults for, who gets basically top-tier ACA healthcare for 20% of the cost in NC.

So now you can see why I am particularly pissed about the push back on the SALT cap going to $40k.

That stuff goes on in the system and people are up in arms about the SALT cap going up? Seriously? I pay my taxes, I go to work every day, I get almost no breaks.

 

[HookMeUpII]

It’s shocking to me the complete lack of planning for the future including the silent generation and baby boomers.

I deal with a lot, and I do mean a lot, of those two generations. In their defense, they spent 65-85 years living in that "ecosystem." They also come from a generation of DB plans, pensions, etc. The ecosystem worked well, during that time. The logic was sound, tactics and approaches evolve, etc.

Rates being 18% in the 80's, pensions and the system were banking 18% returns in these plans and SS. The attrition rate was lower than the return and with the boomers, you had them paying a massive (and I do mean massive) amount into the system. With that, you now have a comparatively massive amount drawing on it with rates at ~4%

Stuff works until it doesn't. I hate to put it so crudely but if everyone had a crystal ball, we'd make no mistakes.

 

[bowjijohn]

Pathetic !

This fool is arguably the second most powerful individual in Britain

We be f’cked !

Starmer backs Chancellor Rachel Reeves after tearful appearance at PMQs

A spokesperson for Reeves says it was a "personal matter" - meanwhile, the PM declines to rule out tax rises when pressed by Kemi Badenoch.

www.bbc.co.uk