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Social Security really does find itself with its neck in noose. What sorts of changes do you see?

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Stinky The Clown Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 07:50 AM
Original message
Social Security really does find itself with its neck in noose. What sorts of changes do you see?
No one (frighteningly) is saying "Leave it the fuck alone, already."

Everyone pandering for votes says it needs cuts. They disagree only on degrees.

Only us left wing nutjobs and fruitcakes want to simply lift the cap on FICA taxes.




What do you think will happen? Will cat food futures be the next hot investment? What do you think the final deal on SS will look like?
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CTyankee Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 07:54 AM
Response to Original message
1. I think it's more likely to be raising the retirement age.
It's probably the lesser of two evils, as viewed by the general populace, not us here on DU.
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 07:59 AM
Response to Reply #1
5. While that is likely to happen, it's a moot point if employers continue to lay off people 45 & older
Edited on Wed Apr-06-11 07:59 AM by SoCalDem
If you lose your "good job" at 45, and have no pension or health care, it's not much difference to you if retirement is 66 or 68 or even 70..

The "fix" is to buy as little as possible, to owe little or nothing, and to pay off your house (if you are buying one)..

Make yourself as solvent as possible, as soon as possible.

Don't buy stuff on credit..
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CTyankee Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:14 AM
Response to Reply #5
8. You might be caught in the bind I am in: can't pay off the house because it was suck up every dime
I have in annuities and what is left in money invested for growth. Plus, my house is right next door to a bank owned foreclosure that is trying to sell it below what I currently owe on mine --- an unbelievable drop from just last year.

With no investment in growth, how can my current earnings be sufficient down the line? Costs will continue to rise; my income will remain the same, even if I were totally undebted, which except for our mortgage (not a big one)is nothing (no car, credit card, etc debt).

It's really no "fix" at all...
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:19 AM
Response to Reply #8
9. Last year there were SEVEN foreclosed houses on our block
and of course the one right next door to us was the vandalized one :(

People will have to start renting out rooms to help pay the costs, or walks away & rent if they are seriously underwater. It makes no sense to pour what limited funds are available, into a losing proposition.. :(
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CTyankee Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:24 AM
Response to Reply #9
11. If you walk away from your mortgage, you risk your credit rating.
I don't know about your area, but here in New Haven, you have to have good credit to RENT! Not kidding...I've been looking into rental apartments and this is apparently a requirement...
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:26 AM
Response to Reply #11
13. You have to rent BEFORE you leave..
and once you get older, the almighty credit rating is not as big of a deal..

Ours is hovering near 800, and we don't buy anything on credit..and don;t plan to.. We keep our Discover for when we travel, but no others except of Sears, since we have had that account since 1969, and my husband is a tool-addict :)
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CTyankee Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:47 AM
Response to Reply #13
14. So you're saying rent the apt. and then start not paying your mortgage?
Wouldn't the bank holding our mortgage simply force you to liquidate any investments you may have?
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:50 AM
Response to Reply #14
15. I don't think the bank can do more than take back the house
Edited on Wed Apr-06-11 08:52 AM by SoCalDem
Now if you declare bankruptcy, I think the court could make you liquidate some stuff.. When my friend lost her house, they just took the keys to the bank (Chase) and said, here ya go..we're done!

I loaned her $2200.00 so she could rent a house..her ratbastard husband moved in with his new girlfriend..good riddance
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 07:55 AM
Response to Original message
2. If you are 20-something, you better save like you never saved before
and be prepared to have your parents & inlaws living with you for a long time as they age.. If your parents are 40- 50 now, they are likely to be the "tip of the spear" for all the shenanigans that will come along. They will likely be the first to feel the pain, and they may be needing to rely on YOU.
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90-percent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 07:57 AM
Response to Original message
3. SS
What I see is a tremendous amount of MISINFORMATION AND PROPAGANDA about the health of SS.

It's my understanding that SS will need to be tweaked in 25 years or so. It is one of the healthiest government programs that ever existed.

But, for example, my wife's MIT grad cousin is convinced SS won't be there in 13 years when she retires.

We Dems are amazing that we can be losing when ironclad facts, logic, reason and even science are on our side.

It is a concern, but it seems like we have 25 years before we even have to lift a finger to fix? Don't we have problems that are NEXT DAY URGENT compared to the decades away SS "problem".

I don't understand the arguments that the govt pooled the SS money into the general fund and some conservative pols are going; "Yup, we spent it. Tough luck. It's all gone. Now you working people will have to get more SS taken from you that you paid into because we got our hands on it and spent it!" that argument wouldn't fly with a pair of eight year olds, yet...


-90% Jimmy



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Stinky The Clown Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 07:59 AM
Response to Reply #3
6. You are SO right!
NO ONE seems to be on the people's side in this one, facts and public sentiment notwithstanding.

Gotta feed those insurance companies.
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Bonhomme Richard Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 07:58 AM
Response to Original message
4. They are going to leave the 55's and older alone because they vote hoping that.....
they sell out their kids.
Simple as that. And you know what? They will. I have very little faith in the electorate in this country.
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reformist2 Donating Member (998 posts) Send PM | Profile | Ignore Wed Apr-06-11 08:06 AM
Response to Original message
7. Unfunded liability to 2080 is $5.7 trillion, but nation's current wealth in $57 trillion.
Edited on Wed Apr-06-11 08:07 AM by reformist2
Here's another stunner: Total household income going out to 2080 is on the order of $1,000 trillion. And they say we can't fully fund Social Security??? Total BS.

You know they say it's easy to lie with statistics? It's easier to scare people with big numbers.
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90-percent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:23 AM
Response to Original message
10. As a a baby boomer
I apologies to young people over the damage my generation has wrought upon their lives.

It's been wrought on me personally lately also!

What my generation has done to the future is the work of greedy self absorbed unhappy pricks! Like the guys that run my former employer who decided two weeks ago to cease manufacturing operations in Connecticut entirely and outsource the entire product line! 17 months out of work. Finally got another job, Made a go of it for 7 months and actually enjoyed it a lot. I love working on CNC Machines!

Now off to unemployment and see where I stand with COBRA.

-90% Jimmy
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DrDan Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:25 AM
Response to Original message
12. age for claiming benefits will rise for those below a certain age - maybe 50 or 55
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