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[sneoh]

Many will find data presented at this URL interesting - http://www.ssa.gov/oact/progdata/assets.html

I think the data is trustworthy.  In combination, the two SS Trust Funds are lately not accumulating assets at as good a rate as they were 1999 to 2009.  And beginning at around 2009, outgo have occasionally exceeded income and I think this is what panicked a lot of people.  As to how much the SS check in 2036 will really get you, hard to say but I have to think considerably more than a loaf of bread.  Remember, one of the Fed Reserve's main roles is to maintain price stability, which means to keep a (relatively) low inflation rate.

[M_Sprague]

SS needs to be need based. If I have a couple million or more in the bank, other assets and no mortgage, I don't think I should be collecting. That should help extend its viability a little. I don't know how we can handle the age limit. if you are a white collar worker, then working until 68 or even 70 seems plausible if needed, but are we supposed to make a roofer work until 70? 

Then, we need very basic fully socialized medicine. It should have nothing to do with your employment. Businesses should be running their business, not worrying about all the paperwork and expense of health insurance. If you want to get any of those ridiculously expensive end of life operations or crazily expensive drugs to extend your life 6 months when you are already 80, pay for it on your own by buying extra insurance if you wish. A huge percent of our medical costs are for the last 6 months of life. It may sound harsh, but no, those last moments of life, hooked up to machines are not "priceless". I sure don't want society to spend the resources to keep me gasping and rotting for 6 months when it could be used to give 3 people a good education, save a crag or build a house for a young family who could use it for the rest of their lives.

[apbt1976]

Dam,

I could not have voiced that set of thoughts better myself.

Only thing i will add is that the only part of the past election i was a bit disappointed by was Mass not voting in the " Death With Dignity" bill......

SS needs to be need based. If I have a couple million or more in the bank, other assets and no mortgage, I don't think I should be collecting. That should help extend its viability a little. I don't know how we can handle the age limit. if you are a white collar worker, then working until 68 or even 70 seems plausible if needed, but are we supposed to make a roofer work until 70? 

Then, we need very basic fully socialized medicine. If you want to get any of those ridiculously expensive end of life operations or crazily expensive drugs to extend your life 6 months when you are already 80, pay for it on your own by buying extra insurance if you wish. A huge percent of our medical costs are for the last 6 months of life. It may sound harsh, but no, those last moments of life, hooked up to machines are not "priceless". I sure don't want society to spend the resources to keep me gasping and rotting for 6 months when it could be used to give 3 people a good education, save a crag or build a house for a young family who could use it for the rest of their lives.

[DWT]

http://online.wsj.com/article/SB10001424052702303561504577497442109193610.html


Look around the political landscape folks.  You see any leaders?

[DWT]

SS needs to be need based. If I have a couple million or more in the bank, other assets and no mortgage, I don't think I should be collecting. That should help extend its viability a little. I don't know how we can handle the age limit. if you are a white collar worker, then working until 68 or even 70 seems plausible if needed, but are we supposed to make a roofer work until 70? 

Then, we need very basic fully socialized medicine. It should have nothing to do with your employment. Businesses should be running their business, not worrying about all the paperwork and expense of health insurance. If you want to get any of those ridiculously expensive end of life operations or crazily expensive drugs to extend your life 6 months when you are already 80, pay for it on your own by buying extra insurance if you wish. A huge percent of our medical costs are for the last 6 months of life. It may sound harsh, but no, those last moments of life, hooked up to machines are not "priceless". I sure don't want society to spend the resources to keep me gasping and rotting for 6 months when it could be used to give 3 people a good education, save a crag or build a house for a young family who could use it for the rest of their lives.

The voice of reason.  You'd never make it in politics

[JBrochu]

SS needs to be need based. If I have a couple million or more in the bank, other assets and no mortgage, I don't think I should be collecting. That should help extend its viability a little. I don't know how we can handle the age limit. if you are a white collar worker, then working until 68 or even 70 seems plausible if needed, but are we supposed to make a roofer work until 70? 

Then, we need very basic fully socialized medicine. It should have nothing to do with your employment. Businesses should be running their business, not worrying about all the paperwork and expense of health insurance. If you want to get any of those ridiculously expensive end of life operations or crazily expensive drugs to extend your life 6 months when you are already 80, pay for it on your own by buying extra insurance if you wish. A huge percent of our medical costs are for the last 6 months of life. It may sound harsh, but no, those last moments of life, hooked up to machines are not "priceless". I sure don't want society to spend the resources to keep me gasping and rotting for 6 months when it could be used to give 3 people a good education, save a crag or build a house for a young family who could use it for the rest of their lives.

The voice of reason.  You'd never make it in politics

Yes but, ZOMFG DEATH PANELS!!!

[Admin Al]

Then, we need very basic fully socialized medicine. It should have nothing to do with your employment. Businesses should be running their business, not worrying about all the paperwork and expense of health insurance.

+++

[strandman]

The only problem with need -based is what about the money you paid in for x number of years

The end of life thing is a tricky subject, i know my father would not have wanted to spend the last months the way he did with parkinson's. if my mother had not been around......

Personally, i think every American citizen deserves access to health care, Fund it by getting the hell out of the  sand boxes of the world

[eyebolter]

Many will find data presented at this URL interesting - http://www.ssa.gov/oact/progdata/assets.html

I think the data is trustworthy.  In combination, the two SS Trust Funds are lately not accumulating assets at as good a rate as they were 1999 to 2009.  And beginning at around 2009, outgo have occasionally exceeded income and I think this is what panicked a lot of people.  As to how much the SS check in 2036 will really get you, hard to say but I have to think considerably more than a loaf of bread.  Remember, one of the Fed Reserve's main roles is to maintain price stability, which means to keep a (relatively) low inflation rate.

Sure, you can trust the government. On paper, there is plenty of money in the "trust fund," but as I stated previously there might as well be zero.  A treasury bill is hardly an asset to the government that issued it.  When the Treasury bills in the "trust fund" come due to make up the SS shortfall the government will need to:
1. Raise taxes; 2. Cut SS benefits; 3. Borrow even more money (getting much harder for them to do); and 4. Create money digitally.  The Fed is already doing the latter in order to make up the SS and other budgetary shortfalls (hence QE1, QE2, and now QE infinity).  If the T bills did not exist in the so called "trust fund" the government would do exactly the same things.  Hence, the "trust fund" is an accounting gimmick, nothing more.

And "price stability?"   Since the fed was created in 1913, the dollar has lost more than 95% of its value.  One shudders to think what it would be like if we didn't have stable prices, lol.

[JBrochu]

If the dollar is so worthless and has lost so much purchasing power how come most of us are driving fairly new cars and own our own houses with a large screen TV in every room and a garage larger than most 3rd world apartment buildings?



edited: to be less of a smart arse.

[frik]

Hey you trying to "pass"? I don't believe you even have a garage, you social climber you!
 

 

[eyebolter]

If the dollar is so worthless and has lost so much purchasing power how come most of us are driving fairly new cars and own our own houses with a large screen TV in every room and a garage larger than most 3rd world apartment buildings?



edited: to be less of a smart arse.

I read your original post, and you can be a wise ass all you want.  I know that I often am!

You are confusing two issues.  The dollar clearly has lost most of its value.  As an example, in 1913 rich people used $20 gold pieces.  The "melt" metal value (not the actual value) of those 20 dollar gold pieces right now is $1,667.  And 99% of Americans don't own any gold right now (good luck to you).  Silver was used in our coinage until 1965; a dime in 1964 is worth $2.35 melt now (source: coinflation.com).    My parents bought a house and barn on four acres in southern Rhode Island in 1964 for $10,000; a similar property now would be a steal at $250,000.  No, the property, silver and gold are not "more expensive" than they were; the dollar has lost that much value over time due to the Federal reserve and their money creation.

People in this country enjoy a high standard of living because, as I have posted previously, the US dollar is still the world's "reserve currency."  If you want to buy oil from OPEC you need to convert your currency into dollars; if you don't we invade and kill you.  This makes the US dollar the best looking cow in line at the glue factory.

When the dollar is no longer the world's reserve currency, we will be just another cow at the glue factory and the dollar's value will plunge accordingly.

And one final point:  Most Americans' don't own their own home; they own their own mortgage.  Many Americans now owe more than their home is worth.  Especially great when you realize that the bank didn't have the money you "borrowed" in the first place; you created it by the act of borrowing (Google "fractional reserve banking").  Of course, if you can't make the payments then they will own your home that you bought with money that they didn't lend you.  A wonderful system. For them.

[strandman]

I'm glad i own silver and gold

[JBrochu]

If the dollar is so worthless and has lost so much purchasing power how come most of us are driving fairly new cars and own our own houses with a large screen TV in every room and a garage larger than most 3rd world apartment buildings?



edited: to be less of a smart arse.

I read your original post, and you can be a wise ass all you want.  I know that I often am!

You are confusing two issues.  The dollar clearly has lost most of its value.  As an example, in 1913 rich people used $20 gold pieces.  The "melt" metal value (not the actual value) of those 20 dollar gold pieces right now is $1,667.  And 99% of Americans don't own any gold right now (good luck to you).  Silver was used in our coinage until 1965; a dime in 1964 is worth $2.35 melt now (source: coinflation.com).    My parents bought a house and barn on four acres in southern Rhode Island in 1964 for $10,000; a similar property now would be a steal at $250,000.  No, the property, silver and gold are not "more expensive" than they were; the dollar has lost that much value over time due to the Federal reserve and their money creation.

People in this country enjoy a high standard of living because, as I have posted previously, the US dollar is still the world's "reserve currency."  If you want to buy oil from OPEC you need to convert your currency into dollars; if you don't we invade and kill you.  This makes the US dollar the best looking cow in line at the glue factory.

When the dollar is no longer the world's reserve currency, we will be just another cow at the glue factory and the dollar's value will plunge accordingly.

And one final point:  Most Americans' don't own their own home; they own their own mortgage.  Many Americans now owe more than their home is worth.  Especially great when you realize that the bank didn't have the money you "borrowed" in the first place; you created it by the act of borrowing (Google "fractional reserve banking").  Of course, if you can't make the payments then they will own your home that you bought with money that they didn't lend you.  A wonderful system. For them.

I understand inflation. Things cost a lot more--but we also make a lot more money too so it's relative. When I get done paying back the bank I will actually own a physical home and piece of property.

I mentioned this before, but I'm still curious why the smart money didn't run from the dollar when India and China announced they were going to drop the dollar when it comes to oil? 

 

[sneoh]

I'm glad i own silver and gold

+1, Good move to divest some into precious metals ..... just GLD for me.

When the dollar is no longer the world's reserve currency, we will be just another cow at the glue factory and the dollar's value will plunge accordingly.

+1, Ward.  For a while there, the Euro looked like it might treathened the Greenback.
Looked at the Swiss Franc lately?  Or the SIN Dollar?   But there is not enough of either to be a viable reserve currency for the world.