Can we save Social Security?

The congressional retirement plan is welfare. S.S is theft. I will never get back what I paid in.

Sure it does, unless you are also going to raise the cap on what can be paid out.

Should have been made a saving system in the 1980’s.

You could have had an account with 14% of all you made over your working life in it…

Are you sure? Maybe if you retire late in life and don’t live long, then you would be correct. But if you live long, you may get out more than you paid in when a moderate interest rate is used for the contribution period and using social security cola.

I used a return rate of 6% and then used a cola of 2.25% and made my SS contributions back in about 20 years. A more conservative 5% saw break even in 16 years.

And SS also provides insurance for death and injury which isn’t being paid for in my analysis. Including that would have break even even earlier.

You forget that SS is about 15% of a person payroll cost. Not 6%.

We steal SS from the young. It’s makes them much poorer and hurts their ability to save.

No, the 6% is the rate of return on investing your SS contribution (instead of giving it to the govt).

Disparate impact on minorities not a concern for you?

from CDC: Life Expectancy of Black Men Has Dropped by Three Years | Atlanta Daily World

Non-Hispanic Black males now have the lowest life expectancy of any group. The new data shows that African Americans on average live six years less in life expectancy than Whites. The Covid-19 pandemic hit Black and Americans harder than any other group of Americans. Underlying health issues and lack of health care were a factor.

Yes, they may not get all they put into it. Do you think we should have a race-based SS?

I think people should own their money.

Before Social Security, the rate of elderly poverty was much higher than it is today. It doesn’t appear that your solution worked that well.

1 Like

Should any reduction in S.S. be accompanied by an equal reduction in congressional retirement?

I didn’t realize they were required to set aside money for retirement in a 401k.

No, they were not so it’s likely the poverty rate would not be as bad today as pre-SS if we got rid of SS today. That’s actually a good point but 401k usage covers only about 30% of US workers. That still would leave a lot exposed if SS was suspended.

Not if you simply made it mandatory in the same way SS contributions are. So what do you say? Time to stop stealing black men blind?

I doubt this would be simple. Following the experience with Obamacare there will be battles over the legality and prudence of having the government mandate that citizens purchase a product from the private sector.

It does seem that SS underperforms similar privately managed investment products. But it is not clear to me that moving the program to a mandatory private sector investment product will be simple or will realize the predicated growth performance.

I’m not dead set against it, but it will be complicated legislation and in the current environment that means crappy legislation and loopholes designed by profiteering lobbyists.

1 Like

Well, like I said in the OP, I would be willing to compromise on that, yes.


I can’t believe the English language has a word for this.


1 Like

Congressfolk pay into and collect Social Security like anybody else, so I’m not sure you’re working from a valid premise…