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Subject: Meanwhile, while we talk about Impeachment... rss

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Andre
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https://www.cnn.com/2019/04/22/politics/social-security-medi...

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The combined trust funds of Social Security and Medicare will be tapped out by 2035, according to an annual report released Monday by trustees of the government's two largest entitlement programs. That's one year later than last year's report projected.
The latest projection doesn't mean retirees will no longer get checks in 16 years. But the program will at that point only have enough revenue coming in to pay three-quarters of promised benefits through the end of 2093.

Also, Social Security's total cost is projected to exceed its total income in 2020 and continue that way through 2093.

In terms of Medicare, the trustees project that the trust fund for Part A, which covers hospital and nursing home costs for seniors, will be depleted in 2026, the same as last year's projections.
But the trust funds for Medicare Part B, which covers doctors' visits and outpatient services, and Part D, which offers prescription drugs coverage, will remain adequately financed into the "indefinite future." They are paid for by a combination of enrollees' premiums and money from general federal revenue. The law requires automatic financing of them.


There is only one bright star in that paragraph above. But don't end up having to go to the hospital, or a nursing home. You may be out of luck then. Has visions of an much older working America, where seniors are basically working until they keel over, dead. shake





 
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Steve Vondra
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Social Security can be saved simply by removing the cap. As of Jan. 1, 2019, all payroll earnings over $132,900 pay no Social Security taxes. So Bill Gates pays the same dollar amount as a mid-level exec., but a much lower percentage of his income.
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AJ Cooper
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Oh come on, 2093? That includes benefits paid to people who aren't even born yet. Why spend effort projecting far beyond any reasonable chance of accuracy?

But yes, the fixes are not rocket science. It is simply a matter of who controls the decision making.
 
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Xander Fulton
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cooler king wrote:
Social Security can be saved simply by removing the cap. As of Jan. 1, 2019, all payroll earnings over $132,900 pay no Social Security taxes. So Bill Gates pays the same dollar amount as a mid-level exec., but a much lower percentage of his income.


I really don't understand the reason for the cap, it should have been gone a very long time ago.
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Andre
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Talmanes wrote:
Oh come on, 2093? That includes benefits paid to people who aren't even born yet. Why spend effort projecting far beyond any reasonable chance of accuracy?

But yes, the fixes are not rocket science. It is simply a matter of who controls the decision making.


Laughs, your statement depends on WHEN you are allowed to collect, or even IF you are allowed to collect, by 2093. But I agree that that length of forecast can't be too accurate.
 
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AJ Cooper
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abadolato01 wrote:
Talmanes wrote:
Oh come on, 2093? That includes benefits paid to people who aren't even born yet. Why spend effort projecting far beyond any reasonable chance of accuracy?

But yes, the fixes are not rocket science. It is simply a matter of who controls the decision making.


Laughs, your statement depends on WHEN you are allowed to collect, or even IF you are allowed to collect, by 2093. But I agree that that length of forecast can't be too accurate.

Indeed, unknown variables, all the more reason the forecast is absurd.
 
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Josh
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XanderF wrote:
cooler king wrote:
Social Security can be saved simply by removing the cap. As of Jan. 1, 2019, all payroll earnings over $132,900 pay no Social Security taxes. So Bill Gates pays the same dollar amount as a mid-level exec., but a much lower percentage of his income.


I really don't understand the reason for the cap, it should have been gone a very long time ago.


Rich people like it.
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Rich Shipley
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XanderF wrote:
cooler king wrote:
Social Security can be saved simply by removing the cap. As of Jan. 1, 2019, all payroll earnings over $132,900 pay no Social Security taxes. So Bill Gates pays the same dollar amount as a mid-level exec., but a much lower percentage of his income.


I really don't understand the reason for the cap, it should have been gone a very long time ago.


There is a limit to how much you can get from SS, so they limited how much you have to pay. That said, I agree it is time to get rid of the cap in order to pay for the program.
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mortego
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Off-Topic but somewhat related: was there an actual borrowing of money from Social Security a couple decades ago?
 
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Rich Shipley
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killerjoe1962 wrote:
Off-Topic but somewhat related: was there an actual borrowing of money from Social Security a couple decades ago?


The SS surplus was/is invested in Treasury bonds, which how the government borrows money.
 
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