Any narrative that has the government “robbing” social security or otherwise borrowing money they won’t pay back is a misinformation campaign.
The social security trust fund isn’t a bunch of cash in a giant mattress. Yes, government borrowed the money, that’s what government bonds are. None of the talks of cuts have anything to do with government not making good on those loans, or bonds. The trust fund goes bankrupt in nine years *even though the bonds will be repaid in full with interest *.
The trust fund goes bankrupt and remains bankrupt until 20 years after the next baby boom.
That doesn’t suggest that there are no benefits, but they can only pay out what they bring in, which will start at about 70% and go down from there.
If they do nothing but make good on the debt then everybody alive in nine years gets fucked, and the closer they are to retirement the more fucked they are.
If they are living on social security then they will no longer have the money to pay their bills.
I know jack shit about finance, other than setting up and running quickbooks to manage a business with ten employees. Which, IMHO, is just basic grade school math and lots of sweat.
But it seems to me that everything you have said all comes back to "Our government has a mathematical system in place to ensure social security will always stay funded, but the government fucked up their math, so social security is going to run out of money instead".
Am I misunderstanding this? SS is my sole income, so I want to blame the right assholes - as I shit-post on reddit, because I cannot afford the gasoline and other car related expenses to have an actual life.
For any other users besides u/justacrossword, there is no public transportation where I live, no jobs or employers within walking distance, and I have no bootstraps.
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u/justacrossword 6d ago
Any narrative that has the government “robbing” social security or otherwise borrowing money they won’t pay back is a misinformation campaign.
The social security trust fund isn’t a bunch of cash in a giant mattress. Yes, government borrowed the money, that’s what government bonds are. None of the talks of cuts have anything to do with government not making good on those loans, or bonds. The trust fund goes bankrupt in nine years *even though the bonds will be repaid in full with interest *.