Senators are considering raising the retirement
age to 70 and are looking at a $1.5 trillion
investment fund to overhaul Social Security
and stop funds running out by 2032
Daily Mail (UK),
by
Nikki Schwab
Original Article
Posted By: Imright,
3/1/2023 7:55:19 PM
A group of bipartisan senators is quietly meeting to retool Social Security before funds run out in 2032.
On the table, according to Semafor, is gradually raising the retirement age to 70 and creating a $1.5 trillion sovereign wealth fund, which would invest in stocks.
That fund would be separate from the already existing Social Security Trust Fund. If it underperformed, Social Security would be shored up by increasing the maximum taxable income and payroll taxes.
Leading the efforts are Sens. Bill Cassidy, a Louisiana Republican, and Angus King, a Maine independent who caucuses with the Democrats.
Reply 1 - Posted by:
itsonlyme 3/1/2023 8:25:56 PM (No. 1415080)
A RINO and a D'Rat. Lets call ourselves "Bipartisan"
12 people like this.
Reply 2 - Posted by:
davew 3/1/2023 8:26:21 PM (No. 1415081)
This is a blatant effort to benefit the Senator's corporate donors who own stock by inflating their prices. It also shifts enormous volatility risk to the hapless beneficiaries who are entitled to these government benefits at absolutely no risk. If they want to fix the shortfall problem, they should eliminate the stupid trust fund and accept the fact that it was just a ploy by Roosevelt to get the Congress to vote for the FICA act in 1935. Nobody can predict what the liabilities will be 75 years in the future but this is what their fear mongering deception is based on.
How this? Everyone who qualifies for their entitled benefits gets their benefits because a promise is a promise for ever. Pay for it using whatever funds you need from you friendly Federal Reserve Bank. If you have to restrain your spending to avoid inflation, then cut the stuff that is discretionary and not a promise that people rely on. If you don't agree with that, then run for office on an honest platform of ending Social Security, Medicare, and Medicare. Don't play games with the last years of peoples lives.
12 people like this.
Reply 3 - Posted by:
downnout 3/1/2023 8:26:33 PM (No. 1415082)
There. Is. No. Social. Security. Trust. Fund.
25 people like this.
Reply 4 - Posted by:
minuteman 3/1/2023 8:28:23 PM (No. 1415085)
As long as we can fund Ukrainian pensions that’s all that matters. Who really cares about American citizens anyway?
35 people like this.
Reply 5 - Posted by:
FunOne 3/1/2023 8:39:29 PM (No. 1415090)
How about limiting social security and medicare benefits to ONLY those who have paid into them.
Benefits should not be given to anyone not paying into it but who is identified as a likely democrat voter with the incentive to buy votes.
35 people like this.
Reply 6 - Posted by:
stablemoney 3/1/2023 8:42:14 PM (No. 1415091)
That sovereign investment fund would be immediately taken over by Democrats, and those investments would go for the Democrat agenda. No, to this idea. Investment is the job of citizens and entrepreneurs, not government bureaucrats.
12 people like this.
Reply 7 - Posted by:
KTWO 3/1/2023 8:54:45 PM (No. 1415100)
The changes described don't seem good to me. But we need to face facts. The system can't continue as it is, some sort of reforms will be made. Hope they are good ones.
SS was created when life expectancy was roughly 70 so the payments would be made for perhaps a decade.. Now life expectancy is much higher and large numbers of retirees draw payments for several decades.
4 people like this.
Reply 8 - Posted by:
hershey 3/1/2023 8:57:09 PM (No. 1415102)
Funds wouldn't be running out if they had kept their hands out of the funds in the first place...moving the SS fund to the General fund to fund their favorite vote buying gimmicks...a pox on them all.
22 people like this.
Reply 9 - Posted by:
GoodDeal 3/1/2023 9:05:24 PM (No. 1415112)
Just start vaccination more Old people and they will die before they can collect. That’s money, dude!
8 people like this.
Reply 10 - Posted by:
SALady 3/1/2023 9:29:15 PM (No. 1415120)
For many of us, retirement has been a wonderful chance to go on long road trips to see this beautiful county. Since retiring, my husband and I have seen such beautiful places as Glacier National Park, the Grand Canyon, Olympic National Park in Washington state, and 4 of the 5 national parks in Utah. All absolutely beautiful. We are going to Great Smoky Mountains National Park in April, and hopefully a couple of others before the year is over.
But with the governments mandate to put us all in useless electric cars over the next 10 years, the road trip will be nothing but a fond fading memory. So might as well raise the retirement age to 85, since there won't be anything fun left to do once we can't drive anywhere anymore, and there won't be any money to pay SS anyway...
6 people like this.
Reply 11 - Posted by:
Faithfully 3/1/2023 9:30:55 PM (No. 1415122)
Audit the senators if money is running out.
9 people like this.
Reply 12 - Posted by:
vhs68 3/1/2023 9:40:53 PM (No. 1415133)
Bill Cassidy & Angus King not on your life!! + John Cornyn and dipwad Mitt Romney-- no way.
But if Mike Rounds is involved, there might be something to look at.
5 people like this.
Reply 13 - Posted by:
RobertJ984 3/1/2023 10:11:30 PM (No. 1415159)
How come they never run out of money for welfare?
19 people like this.
Reply 14 - Posted by:
minuteman 3/1/2023 10:53:03 PM (No. 1415175)
Get a government job at 18. Retire at 38 get a pension for the rest of your life.
6 people like this.
Reply 15 - Posted by:
WV.Hillbilly 3/1/2023 10:55:58 PM (No. 1415177)
If you assume that the average worker paid Social Security taxes at the average rate and began receiving benefits at the full retirement age of 67 with the average benefit of $1500/month, it takes approximately 15 years to collect everything they paid into the system.
As of 2021, there were approximately 2.7 workers for every Social Security beneficiary. In 1950 it was 16.5 per retiree. This ratio is is going to continue to decline in the future as the population ages and the number of beneficiaries increases relative to the number of workers.
It's an unsustainable Ponzi scheme.
Think of how much more money you'd have if you had been allowed to invest that money into a 401k type plan.
10 people like this.
Reply 16 - Posted by:
Venturer 3/1/2023 11:35:37 PM (No. 1415198)
One good way to help Social Security is to take the money we are paying to Ukraine pensions and give it to SS.
13 people like this.
Reply 17 - Posted by:
watashiyo 3/2/2023 12:49:51 AM (No. 1415224)
For crying out loud, just CUT the size of our government and STOP FUNDING the entire world!!!
15 people like this.
Reply 18 - Posted by:
mifla 3/2/2023 5:12:41 AM (No. 1415280)
Senator 1: "SS is running out of money."
Senator 2: "Should we cut spending?"
Senator 1: "Don't be ridiculous. We will raise taxes and push eligibility back to the age of 70. That way, millions will die before we have to pay them a penny of the money they put in."
9 people like this.
Reply 19 - Posted by:
Muguy 3/2/2023 6:24:22 AM (No. 1415300)
SS is a government program based on a pyramid scheme. The idea is to have more people paying in than taking out of the fund.
Like car insurance those who have wrecks pay into it while careful drivers pay in but do not reap benefits— the worst part is that people will pay in over their life times and only have benefits for a few years before they die even though people are living longer these days.
Now they want U.S. to pay for ILLEGAL ALIENS who never paid into it, and most recently, for people in UKRAINE??!!!
It’s not a slush fund, but has been treated as one since the 1960’s…. The biggest problem is that benefits paid out are too low to survive Bidenflation which makes the ‘dollars’ paid out more worthless than before sapping purchasing power and they will print up MORE dollars to replace the others down the road hurting the value of the dollars even more!!
5 people like this.
Raising the age to 75.....and removing dependents from receiving benefits.....and stop the practice of giving benefits to those who never contributed....would be even better
2 people like this.
Reply 21 - Posted by:
tootall 3/2/2023 9:12:39 AM (No. 1415417)
The first thing that should happen is ALL Politicians should be forced to retire at 70. Then ... every Government spending program needs to be reviewed every year or so through regular order ... no more Omnibus! As painful as this next one sounds, there needs to be 'means testing' on Social Security and other entitlement programs. No more cost of living increases built in! Sorry. Hold Government officials financially responsible for the laws the were bribed to put in place that hurt the rest of us. If they're dead, their children and grandchildren should be on the hook for that. Politics appears to be mostly a family business anyhow. It gets passed down to kids and grandkids one way or another. Those could be a good start.
0 people like this.
Reply 22 - Posted by:
swarfer 3/2/2023 9:35:55 AM (No. 1415443)
Simple fixes: No limit on payroll tax, why should any wealth be exempt? Transfer funding of all Social Security child dependent support to all taxpayers, the system is supposed to fund retirees not other people’s children.
0 people like this.
Reply 23 - Posted by:
LC Chihuahua 3/2/2023 10:21:11 AM (No. 1415501)
1.5 trillion dollar investment fund===slush fund.
We really need to purge our government. About 90% of our elected officials need to go. Be of the safe side and make it 100%.
Same with our bureaucracy.
0 people like this.
Reply 24 - Posted by:
curious1 3/2/2023 2:24:01 PM (No. 1415707)
Dump benefits to those who never contributed and the 'disabilities' crowd that can scam it from an early age and things would look better fiscally.
0 people like this.
Reply 25 - Posted by:
doctorfixit 3/2/2023 5:26:54 PM (No. 1415822)
Stop the Ponzi scheme and get it over with. Admit that Washington DC has constructed the most monstrous frauds ever invented and give younger generations a chance for a decent life free of Chinese debt slavery.
Bipartisan is more than double the evil. It's both halves of the Uniparty in collusion against the American people.
0 people like this.
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