undefined | Better HN

0 pointsPaulDavisThe1st2y ago0 comments

How has it been badly managed?

0 comments

Really? In the next 20 years less money will be taken out for current employees than needed to meet current obligations. The “trust fund” is a lie.

Either taxes will have to be raised on workers or benefits cut. Social security taxes have been used as part of the current general budget since the 70a

PaulDavisThe1stOP2y ago

Also, see myth #4 here: https://www.ssa.gov/history/InternetMyths.html

and myth #5 here: https://www.aarp.org/retirement/social-security/info-2020/10...

scarface_742y ago

Well, I said it was a myth that it was trust fund. The fact is that if you look at current demographics, the number of working age people to retirees that there is no mathematical way that current tax rates can support the commitments.

And why would you want more of your taxes going toward current government spending that you have no control over like social security does?

PaulDavisThe1stOP2y ago

This was known from the beginning.

I'm not a fan of the PR that surrounded the introduction of SS in the USA, but the technical aspects of how it was intended to work have not changed, and have worked as intended thus far. Fixing the demographic issues is relatively easy: just remove or increase the cutoff for SS taxes.

scarface_742y ago

So it’s easy, just give the government more of your money instead of controlling it yourself?

You know if you increase the amount of income that is eligible for social security that means you also increase the benefit amounts.

How is paying more taxes that the government can use for whatever it wants better than saving your own money?

1 more reply

j / k navigate · click thread line to collapse

0 comments

scarface_742y ago

Really? In the next 20 years less money will be taken out for current employees than needed to meet current obligations. The “trust fund” is a lie.

Either taxes will have to be raised on workers or benefits cut. Social security taxes have been used as part of the current general budget since the 70a

PaulDavisThe1stOP2y ago

Also, see myth #4 here: https://www.ssa.gov/history/InternetMyths.html

and myth #5 here: https://www.aarp.org/retirement/social-security/info-2020/10...

scarface_742y ago

And why would you want more of your taxes going toward current government spending that you have no control over like social security does?

PaulDavisThe1stOP2y ago

This was known from the beginning.

scarface_742y ago

So it’s easy, just give the government more of your money instead of controlling it yourself?

You know if you increase the amount of income that is eligible for social security that means you also increase the benefit amounts.

How is paying more taxes that the government can use for whatever it wants better than saving your own money?

1 more reply

j / k navigate · click thread line to collapse