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Showing Original Post only (View all)One more time, SS is good thru 2090. The only fix 4 SS is jobs creation and raising the Min Wage [View all]
Assuming job creation, raising the minimum wage occasionally, and moderate slowdown of workforce growth, Social Security is good thru 2090. Most of the country understands that the GOP exaggerates the potential for the SS trust fund to be depleted anytime soon..
The only thing wrong with Social Security, is the recession we've been in for 4 years, and the continued increase in income disparity. Yes, if we have 20 more years of recession, the Social Security trust fund will be depleted sometime in the 2030's.
#HandsOffmySS
Looking solely at GDP growth, 2.8% or better and SS is good thru 2090. If you want to go with the "trust fund will be depleted in 2033", well you just picked 2.1% growth for most of the next 20 years. Yup, a 25 year recession, thats your prediction. First time since the Black Plague killed off half the human race on Earth. Sort of a Mad Max Scenario, but without Mel Gibson.
Looking just at the growth in the civilian workforce, it is slowing down, most predictions estimate it will slow down from about 1% growth to .7% in 2050. If we see this number at .6% or better thru 2033, SS wont be broke. And .7% should get us thru 2090. But if you think the US is going to build fences, and cut immigration down to .2%, well then, oh noes, SS is broke.
Okay, I've had a little fun at the expense of some folks, but the point I want to make is that the assumption that SS will be broke by 2033 is based on some very severe assumptions about the next 20-30 years.
Below is a screen capture of the 2012 Trustees pdf "Trust Fund Ratios",found here.
#HandsOffmySS
Eliminating the current cap of $113k is a drastic solution to a problem that doesnt exist. Whats broken is our economy, fix the economy and SS is very likely good thru 2090. Unfortunately too many Americans buy into the hype that SS is going to go broke in 2033 or sooner. And way too many Democrats are in that group. Too many DUers believe its going to go broke in 2033 or sooner. Once you buy into the falsehood there is a problem, then you start looking at solutions, instead of fixing the economy, creating jobs, raising the minimum wage and reversing income disparity.
I will probably starting a DU group, Social Security Defenders, a companion group to the Daily Kos group Social Security Defenders, in preparation for the #HandsOffMySS blogathon Macrh 25-29.
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One more time, SS is good thru 2090. The only fix 4 SS is jobs creation and raising the Min Wage [View all]
FogerRox
Feb 2013
OP
Well until you are in charge of the Trustee estimates your theories don't make a difference.
dkf
Feb 2013
#2
You are still peddling Cato Institute lies that have been around for over 30 years
duffyduff
Feb 2013
#4
So, if I loan myself my 401(k) funds, replace it with IOU's to myself and piss the money away,
joeglow3
Feb 2013
#6
That appear from thin air, devalue the shit out of the dollar and render the payments worthless
joeglow3
Feb 2013
#9
Your talking about a hypthetical thats never occurred, and since in the US we have fiat money, yes
FogerRox
Feb 2013
#14
gee, and you're not this mad about the bankster bailout? because they created wayyyyy more
HiPointDem
Feb 2013
#17