Should Generation X,Y and Z pay into social security and medicare?

[Bunz]

Lets just end the payments. Obviously the system is broken. If they were in a career where they werent able to save enough money out of thier wages, then they should have got spent more on thier education. If they were promised a pension and the company went under, they should have worked harder and not let that happen.
Once people are no longer able to work, and provide for themselves they are nothing but a burden on society. Let them fend for themselves.

 

[citizenzen]

Lets just end the payments. Obviously the system is broken.

It's not obvious that it's broken. If the people make it a priority, then it can be fixed. I believe in American can-do.

Let them fend for themselves.

Apparently, caring for other members of society is not a priority for you. That's okay. I can always work a little harder.

 

[Bunz]

It's not obvious that it's broken. If the people make it a priority, then it can be fixed. I believe in American can-do.

Its much easier to just think what Rush and Glenn tell me to.

Apparently, caring for other members of society is not a priority for you. That's okay. I can always work a little harder.

Ill let the free market determine that.

 

[Pandora]

Its much easier to just think what Rush and Glenn tell me to.

Ill let the free market determine that.

Then you should listen to Rush and Glenn. Neither of them have said what you just said. Why make up crap and call it theirs?



They can not take away SS for those currently getting it. Those people paid into the pyramid scheme and its too late for them to fix it. But there is no reason to force the incoming work force to pay a life time for something they wont get.

 

[citizenzen]

But there is no reason to force the incoming work force to pay a life time for something they wont get.

What would you propose for people like me? I'm 49years old, and have been paying into the system for over 30 years.

If you were to set up a system that ended contributions, you have to create some method for paying back the money already put into it. But don't worry, in a handful of decades you'd get all of us contributors out of the system and finally achieve the bootstrap retirement plan you seek.

 

[Pandora]

What would you propose for people like me? I'm 49years old, and have been paying into the system for over 30 years.

If you were to set up a system that ended contributions, you have to create some method for paying back the money already put into it. But don't worry, in a handful of decades you'd get all of us contributors out of the system and finally achieve the bootstrap retirement plan you seek.

I dont know. Its easy to see the problems and much harder to see the solutions.

I am younger than you are but also have been paying into it for years. There is no chance there will be any SS for me when I get 70 or what ever age they up the retirment to when and if I should get that old. I knew at 21 the system was broken and started a TSA and another alternative retirement plan. I also have PERS but that wont be able to keep its head above water either.

I dont know the whole solution but here are some ideas.

No matter what the government IE Tax payers must continue help to those ready for retirment or at retirement. Its too late for them to have an alternative solution.

They should crack down on those getting SSI for really stupid reasons. You would be shocked to see some of the people getting it and the reasons why. There are some who get it and its all valid reasons but others are bleeding the system.

People my age and yours should get an option. Either eat what they have already put into it and never be forced to put in any more but also get no bennys from it. Or stay with the system and hope there is something for you when you get old.

Young people should be exempt from the system unless for some reason they think it is a good investment and want to pay into it.

Make the system more efficient so there are less federal employees having to be paid to work for SS, leaving more money for pay outs.

That would not solve the problem but its at least a start.

Also, there are wealthy people who do not need their SS checks but they paid into it and they get a check. Make a tax write-off
for those willing to waive their checks.

 

[always]

My answer to this is NO! We shouldn't, I mean my generation is already being told that by the time we retire we're not going to get anything in regards to SS and Medicare. So why should we pay into it? I mean the BabyBoomers are next to suck it up dry after grandma and grandpa. This is a legit question and I look forward to some intelligent responses from both sides of the isle.

YES ,Social Security is an F.D.R., democrat party PONZI SCAM!! WE WERE TAKEN and politicians from ALL parties came to realize this YEARS AGO and DID NOTHING but INCREASE BENEFITS and ADD and EXPAND COVERAGE!!

HERE is WHAT MUST BE DONE AND PROMPTLY!!

STOP SOCIAL SECURITY Payroll deductions at once!!! FREEZE FUTURE PAYMENTS to all under the age of 40, REFUND to them as a CREDIT against future INCOME TAXES all S.S Payroll taxes paid to date if they use the refund to start or increase a personal IRA PLAN.
Guarantee all over the age of 40 they will collect S.S. payments as per their earnings when they retire at age 70. NO retirement earlier than age 70 , except for health or mental problems.
Pay for the S.S. from current balance after refunds , which will be nil, BORROW each year from our TREASURY to FUND ALL PAYMENTS DUE, JUST like we do to send our MONEY overseas to our allies, our enemies, and all others. Let Us DO FOR OUR SENIORS WHAT WE DO FOR THE REST OF THE WORLD!!! Take it out of our TOTAL BUDGET or BORROW and pay back as our S.S. debt is lessened by natural death!!
NOT A PERFECT PLAN!! BUT IT IS WORKABLE and BETTER than anything our useless politicial leaders have come up with!
How about YOU improving on this base plan and make it successful! THINK!

 

[Revere]

Social Security and Medicare only empower government.

 

[GenSeneca]

Deficit spending this year: 1.6 TRILLION

Cutting $500 billion from the defense budget would reduce our DEFICIT by less than 1/3.

Total US debt: $12 Trillion

Total Unfunded liabilities: $106 Trillion

Even if we abolished the military, we would not have enough money to "fix" the problems with SS & Medicare/Medicaid.

I see a lot of rhetoric, finger pointing, people pushing fairy tales about having a "Can-Do" attitude as all we need to fix the problem...

Would anyone like to actually deal with the facts and face reality?

If we continue on our current course, the entire country faces financial collapse, all the government programs will end abruptly and whether or not you are around to face the hardships, your children and grandchildren will be. It's their futures you are mortgaging to continue providing government services to current generations... and you dare call me selfish and greedy for not wanting to expand the current programs while adding new ones.

"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson

 

[BigRob]

Because it fulfills a social contract. We pay in today, we get back in the future.

The problems can be fixed, if we are committed to providing for the citizens instead of wasting our money trying to dominate the world.

You don't actually get your money back. CATO did a study that showed you will get a return of 0.86% and be fully repaid if you live until you are 92. (If you are born in 2000)

Given inflation, you are losing a lot of money paying into this system. Even with interest rates what they are today (very very low) you can get a return of easily around 2% in an FDIC insured savings account.

It would be better to just put your money in that. Really, we have three options, Raise taxes, cut benefits, or make current payments go further.

I think we can make payments go further with a personal retirement account program. Both CATO and Heritage have done studies on this, and we can maintain the system in part for those who have been paying in for years, and start to phase it out for those who are younger.

Either way, in 2037, Social Security will be basically bankrupt.

 

[citizenzen]

Deficit spending this year: 1.6 TRILLION

Cutting $500 billion from the defense budget would reduce our DEFICIT by less than 1/3.

Total US debt: $12 Trillion

Total Unfunded liabilities: $106 Trillion

Even if we abolished the military, we would not have enough money to "fix" the problems with SS & Medicare/Medicaid.

Sorry I missed this scintillating post. So, considering you dire prediction, does that mean we should continue spending as much as we do in the military and hasten our economic collapse?

It's as if you're saying that since you maxed out ten credit cards, what does it matter if you max out a few more.

 

[GenSeneca]

Sorry I missed this scintillating post. So, considering you dire prediction, does that mean we should continue spending as much as we do in the military and hasten our economic collapse?

It's as if you're saying that since you maxed out ten credit cards, what does it matter if you max out a few more.

Did you have anything of substance to add to the discussion or are you just here to make snide comments?

 

[GenSeneca]

Either way, in 2037, Social Security will be basically bankrupt.

Excellent post... But you did forget to mention that Medicare is going bankrupt in 2018.

 

[BigRob]

Sorry I missed this scintillating post. So, considering you dire prediction, does that mean we should continue spending as much as we do in the military and hasten our economic collapse?

It's as if you're saying that since you maxed out ten credit cards, what does it matter if you max out a few more.

The economic benefits brought about by the Untied States military are far reaching. It helps that we can protect sea lanes and foster trade, etc etc.

Having the military that we do brings us a lot of economic benefits... what economic benefits are derived from Social Security?

 

[citizenzen]

Did you have anything of substance to add to the discussion or are you just here to make snide comments?

I tried to save you $500 billion dollars a year.