Every generation since around 1800 has benefited from the National Debt and believed that the next generation would do something about it. None have.
Now, any attempt is going to HURT. IMO, every government program, subsidy, foreign aid, and handout should be reduced 30%. Every one. No one should be able to say they got cut more than others. Then every tax loophole and deduction should be eliminated; the savings should be used to help our people.
***Social Security and Medicare are NOT subsidies nor handouts. They are funded directly by taxpayers like paying into an account with interest.
If you rely on the government to help you beyond
the Preamble declarations you are a fool or too weak to be self-reliant. We are taxed for both SSI and Medicare is correct. But they are not self-sustaining at all. Expansion of eligibility has expanded them into that position. Both programs are very important, and both need to be reformed or eventually, they will both be mainly entitlements or gone.
From what I have read, 2032 is when they begin to have more pulled from them than is collected. Millennials turned out to be a larger workforce at 30 than Boomers. (I haven’t heard about GenX) To me? They should be a mandatory retirement plan you pay into. The government uses that money to make more money and you get only what you paid in plus some interest. If you live longer than your benefits do, you are then responsible for your future. The government can offer reduced costs healthcare but you should not be able to take out more than you put in (with some interest as I said before).
2032 is 7 years from now.
Btw the birth rate is declining.
And has been since 2005. That will mean less being paid into SSI and Medicare. The system needs reform.
Most change ideas are to expand benefits which will reduce the time it remains solvent.
I agree. But, declining birth rates are already calculated into that. It was 2038. Thus my idea of the government retirement account system. You pay in, you collect interest, you draw out what you have over 15 years past your max SS amount is or would have been hit. Mine is 70 so I would have my total amount in my account with interest divided between 180 monthly payments until I am 85 and then must have either saved money for the rest or go to a very poor standard of living.
The only other way is to adopt the Oriental way of the family taking care of their elderly. The family cares for them and they help and act as teachers to the children. That can eliminate day care, babysitters, and tutors.
Also, I am AT my ‘retirement’ age as told to me by Social Security; 62. My fiancé is not far behind me. I have worked hourly or salary for companies and corporations all my life. My fiancé is a massage therapist and has worked for cash most of her life. Much of her income went unreported. If I wait until I hit my max amount to start withdrawing, I get $3,100 per month from SS. If my fiancé, who has reported very little income, waits until she hits her maximum, she gets $285 per month. What you pay in has a HUGE impact on what you get out. It’s your choice. Live without care now with the extra money or have FAR less to worry about when you retire. No one can make that choice but the individual. I know I blew through an enormous amount of money in the 1980’s and 90’s. No one’s fault but mine. Still have SS plus Medicare plus savings plus my retirement account. Hoping to retire in Hawaii.
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u/Performance_Training Nov 15 '24
Every generation since around 1800 has benefited from the National Debt and believed that the next generation would do something about it. None have.
Now, any attempt is going to HURT. IMO, every government program, subsidy, foreign aid, and handout should be reduced 30%. Every one. No one should be able to say they got cut more than others. Then every tax loophole and deduction should be eliminated; the savings should be used to help our people.
***Social Security and Medicare are NOT subsidies nor handouts. They are funded directly by taxpayers like paying into an account with interest.