Not my bank accounts. They are growing, even with the current piddly interest rates. BUT if my bank accounts started to drain... I wouldn't need to be reminded. Interest on the S.S. fund has filled the deficit of income/expenses for the past 4 years. Beginning this year or next... the balance will start to drain. A responsible congress should have long ago removed the cap on Payroll taxes and none of this would be in question. We do not have a responsible congress and time is getting very short... and I am not referring specifically to S.S. That I do very much care about.
There is no "fund," Harry. There is just a budget item. The government simply takes our money during our working life and gives some of it back when we reach the age of retirement. Some people collect none of it, others more than what they paid in, and still others who haven't paid anything into it nevertheless collect. It is no more insolvent than is the government as a whole, so as long as they can afford other things, they can afford to honor their promises to seniors.
@Harry Havens Have you any information on the little-known, deeply hidden Monetary Reform Act signed by Reagan? I've tried to find information, but got led in various directions seemingly with bogus information. Fact is, and I saw the wording myself back then, that several provisions of that law ought to be grave cause for alarm. The President can, at his discretion, freeze all personal checking and savings accounts. All banks having personal funds on deposit can under Congressional Authority require 30 days prior notice before releasing funds. The United States Currency can be re-issued with new currency, released at any monetary ratio to the old currency. That one produced a rash of controversial discussion after one Senator Tower leaked news about a "Rainbow Money", purportedly new colorful designs, it having already been printed and stored at Fort Knox. Indeed, colorful currency began to appear, later, after a firestorm of protest was begun. (2002) "The U.S. Treasury Department recently testified before Congress about the need to change U.S. currency to keep ahead of growing counterfeit operations. And one security feature that may be added to the bills is what the U.S. Bureau of Engraving and Printing (BEP) terms "a subtle background color"." "Color and additional changes are the latest attempts by the Treasury to thwart counterfeiting. Bills were changed in 1996 to include larger, off-center portraits of the presidents and a watermark visible when bills are held up to the light. Those bills were known as the "NCD" (New Currency Design) notes; the newer bills are known as the "NexGen" (Next Generation) notes." The above quote refers to the introduction of new bill designs under Clinton. Introduced at a rate of 1:1, the argument was put forth that they were being put in circulation because they cannot be counterfeited. Utter balderdash, I've always believed the original plan as written would have caused a second Civil War. Kinda hoped it would, might finally really drain the swamp. Open a savings account today, read the papers you will sign. Amongst the "fine print" is the statement that the institution "may require 30 days prior notice for any withdrawal". I've read it. I have NO MONEY in the bank... Frank
I have no knowledge of this act. I have read articles on monetary reform, but we are way too far down the rabbit hole for any of those ideas to work, imo. The destruction of our economy would be the most likely result of any ideas I have seen, so we might as well let the current economy collapse on itself, which will lead to monetary reform. I will be long gone (maybe, but not so sure), but I do worry about my kids and grandkids.
I didn't say they would, I said they can, and they will as long as the pressure is off. If enough people just assume and accept that they are going to be cheated out of their Social Security or Medicare, then they probably will be. The same will happen to your savings if enough people decide that it's okay. As Frank has pointed out, they have the right to take it.
@Ken Anderson But they God-damned do NOT have the RIGHT to take it, other than the fact that THEY declare they can. What about the moral issue here? THEY declared that right. We are being manipulated in no way different than puppets on strings by these bastards, and unless I miss my guess, Americans' apathy as interpreted by the govvy's smart tanks, has correctly predicted that U.S. citizens will bow out of any really serious disputes. FWIW, I'll keep my gun handy..... Frank
In the way that Harry believes they have the right to take your Social Security and Medicare, they do. He thinks that as long as they put that on their website and tell you in advance that they are probably going to have to take your savings, then it's okay and you should have prepared better and hid it under your mattress instead. As far as I am concerned, they should not and must not, although they may have the power to do so. You are absolutely right. They only have that right because they declared it, which is not so different than the man who is holding a gun to your head as he tells you he needs your wallet.
@Ken Anderson Well said, my friend, but we all are in a bind, unable to change conditions imposed except by menial means: vote, demand reform, march for that, donate to appropriate causes (?), make demands, make more demands, pray, then prey, but all to no avail. The "chance" has been lost. I see the future as totalitarian, much as I hate to express the thought, having been born here, raised here, and educated here. Fortunately for me, having no kids to be worried about, turning 76 in 2 weeks, WTH should I be worried for? Self indulgent, sure. Why not, though? What comes next, I'll not be "privileged" to witness, having been dead before. Frank
There have been attempts in the past to cut Social Security and, to a lesser extent perhaps, Medicare. They don't want to cut Medicare altogether because it's a government-operated healthcare program, which is what they want, except that they'd like us to pay more. Previous attempts to cut Social Security have failed largely because seniors tend to vote. Hence, the constant warnings about the program becoming insolvent, with ever-changing end dates, intended to prepare us to accept cuts without complaint. Social Security has been cut before, though. Extending the date upon which a person can file completely cuts out those who die before they become eligible and decreases the time in which people are collecting from the program. You may also have noticed that Social Security adjustments don't come close to matching the actual cost of living increases (although I am sure they have put something on their website that will contradict that), and the minuscule raises that we get are accompanied by corresponding increases in Medicare premiums. They give it to you and they take it back in one movement. Politically, no one is on our side. Democrats like to pretend that they are for the little guy. They wouldn't give you a sandwich if you were starving to death, but they tend to vote against Social Security and Medicare cuts for the same reason they vote for increases in welfare programs - they like big government, and people who are dependent upon government tend to vote Democrat. Still, when they can pass an Omnibus bill in the dead of night that includes so much other stuff that no one is likely to figure it out, or who did what, they might. Republicans are every bit as fond of big government as the Democrats are but they'd rather give it to corrupt leaders overseas, to large corporations, and to weapons manufacturers. Both political parties spend lavishly on themselves, their families, and their friends. Republicans like people to think that they are for small government but, of course, the only cuts they are willing to make are to American citizens. No matter which party is in power, government never gets smaller. Usually, Republicans fumble the ball whenever they have it. They are not good at being in charge, which is why there are always enough Republicans willing to go with the Democrats. Trump is not a conservative, nor is he truly a Republican or Democrat, and that is what's driving them nuts on both sides. But Trump doesn't always do what he says he is going to do, either. He signed the last Omnibus bill, which was awful, so he might sign whatever they come up with this time. You are right. We have very little power in the larger scheme of things. But we have none at all if we willingly accept the worst as inevitable.
I always "thought" my knowledge of Social Security machinations pre-dated the internet, but as you know how my mind works, is there really any point in my participating any further in this conversation? lol
“Guess I'm lucky...I never paid into theses programs being a stay at home mom. It's all a nice freebie for me, so I don't complain no matter what it's called....more of an entitlement for me really. My husband did pay into it though and I'm using part of that....but I'm not worried about it.” I think that it depends on how you look at this, @Chrissy Cross . You might not have been part of the workforce that was earning money and contributing to your SS fund; but you were the one taking care of the housework, raising your children, and making the meals for your family. Like most of us who were housewives, we had fulltime jobs, and actually were “on-call” 24 hours per day. My mother didn’t have SS either, but she shared my father’s pensions from SS and his work, just like most women of that time did. I was also a wife that stayed home and raised my kids, and did the housework while my husband was out working and earning an income. Difference was that after he left, I lost what should have been my share of his SS and work pension, unlike my mother, who shared my fathers pensions, or you, who received your widows benefits (which you also earned).
Very true @Yvonne Smith ....even if I had worked outside the home, I think I would have opted for a portion of my late husband's SS instead of my full amount whatever that may have been. He got the max or darn near it. Mine would have been less...I think.