Social Security And Medicare Insolvency Questions…

[OutdoorDad]

This it?

Dems Target Private Retirement Accounts

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

www.carolinajournal.com

nope

 

[jedi]

nope

.gov confiscated all the physical gold it's citizens had so they could do this and may need to in order to reset the system as the current system can't last forever at its current rate.

 

[OutdoorDad]

.gov confiscated all the physical gold it's citizens had so they could do this and may need to in order to reset the system as the current system can't last forever at its current rate.

but thats not what the article says. even though it has more spin than a top.

 

[BehindBlueI's]

Yes on that link you are correct.
The original idea for USA is total confiscation of the 401k to reset the system.

It was on the web 10 years ago but I can't find it now. The articles have been scrubbed as it's not an idea they want well know till it's ready.

The mass panic would not be good.

This it?

Dems Target Private Retirement Accounts

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

www.carolinajournal.com

Still nope, unless you trust a media source to get it right and not create controversy for monetary gain. Click through to the source document. Absolutely nothing on "confiscation" and actually discusses ongoing 401k, etc. Instead it's an attempt to change the loss of private pensions in exchange for 401ks because it was cheaper for employers. Tax credits for IRA and 401k would be altered, SSI would go back to being supplemental income instead of main retirement income, and most workers without a pension would have to enroll in the GRA. It would be up the employer if they wanted to offer a pension or have their employees participate in GRAs, which is how SSI is as well (though there's no back dating with SSI, the employer had to exist and make the decision when SSI came in to being).

None of this is to say it's a good idea, or was ever political feasible, but is still not confiscation. I could see the idea gaining steam immediately post-Enron when a lot of folks got wiped out by investing solely in their own employer. I think whatever steam it ever had is long gone now, given how much more widespread retirement investing is, automatic 401k authorization, etc.

FWIW, I won't draw diddly-dick for SSI precisely because I do have a pension and an employer who opted out 'back in the day'. I have enough quarters from other jobs to get something, assuming I live long enough, but it'll be very low.

 

[rbhargan]

Social Security has always been a Ponzi scam, but it is a scam that everyone is forced to be invested in, and no politician is going to point out the obvious - that it is not self-sustaining.

But the SS Ponzi is nothing compared to the national debt. Our entire financial system is a house of cards that only stands because enough people still believe in it. If (when) people realize that the dollar is worthless, the collapse will be sudden and massive. I just hope that I am no longer alive when that happens.

Even if fiscal conservatives were put in total control of the budget, I don't think they could do anything to prevent an eventual financial collapse. That Rubicon was crossed some time ago, and there is no going back.

That is all a given (IMHO). What will be interesting, is what diversions will be manufactured by the powers-that-be to distract the now bankrupt masses from venting their anger against the people in power.

 

[BigRed]

American taxpayers are funding Ukrainian pensions regardless.

 

[Flash-hider]

I first started paying into the SS system in 1971. At 16 years old I hated having to do that. It seemed at that time talk was it was going to run out of money eventually. I was giving it 25-30 years but here we are. All I ever thought SS was, was just a backdoor way for the federal gov't to tax income giving the fed's another revenue stream to spend foolishly. Which they have and have been using it as a campaign issue to scare the crap out of retiree's every election cycle for decades and claiming they will fall on the pointy end of a stick to save the system from going broke yet will turn around and raid the SS fund. Wash, rinse, repeat.

 

[BehindBlueI's]

Social Security has always been a Ponzi scam, but it is a scam that everyone is forced to be invested in, and no politician is going to point out the obvious - that it is not self-sustaining.

It actually is. *IF* they would stop raiding it for non-SSI uses.

For all their issues, it's one of the biggest reasons I continue to support Indiana Republicans at the state level. They understand math.

 

[BigRed]

It actually is. *IF* they would stop raiding it for non-SSI uses.

If ifs and buts were candy and nuts, it would be Christmas every day.

 

[tim87tr]

Social Security has always been a Ponzi scam, but it is a scam that everyone is forced to be invested in, and no politician is going to point out the obvious - that it is not self-sustaining.

But the SS Ponzi is nothing compared to the national debt. Our entire financial system is a house of cards that only stands because enough people still believe in it. If (when) people realize that the dollar is worthless, the collapse will be sudden and massive. I just hope that I am no longer alive when that happens.

Even if fiscal conservatives were put in total control of the budget, I don't think they could do anything to prevent an eventual financial collapse. That Rubicon was crossed some time ago, and there is no going back.

That is all a given (IMHO). What will be interesting, is what diversions will be manufactured by the powers-that-be to distract the now bankrupt masses from venting their anger against the people in power.

Excellent summary. Fiat currencies fail all over the world regularly yet with the US fiat dollar being the reserve currency, it has survived 52 years. While the scam lasts, it's nice for the US .gov to print money or borrow/bond and purchase goods from the world. When this fails, people will have a much lower standard of living.

The US .gov printing money creating inflation while at the same time borrowing into oblivion is unsustainable. Yes we're at the end. That's why the extra capital gains and tax talk is ongoing because there's obviously not going to be less deficit spending. Complete insanity by a bunch of psychopaths.

Yes they've wanted into the 401 type accounts for a couple decades at least. Only thing left to do is own things of value, be prepared and consider precious metals as monetary. This used to be the standard.

Many states (TX, OK, AR, TN & MO) already are setting up bullion depositories and tax laws in order to transact with PMs. So there's a push at the state level to create an infrastructure for communities to use PMs.

I did see that SD Bullion now has sent up an independent depository to store PMs and will also facilitate an IRA transfer to purchase PMs. I learned about this watching Yankee Stacking YouTube videos.

That is all a given (IMHO). What will be interesting, is what diversions will be manufactured by the powers-that-be to distract the now bankrupt masses from venting their anger against the people in power.

The answer to this is most likely war. TPTB want it bad as anyone can see with what they're doing with Ukraine and Israel. How convenient will it be to blame another country due to war when the US gov defaults on it debt. They won't have to pay back anyone and already blame Russia and China as an excuse to many of their idiotic decisions. They've already stolen $300 billion in Russian money. Seems like a classic neocon move towards war.

 

[Leadeye]

The gardener humors me when I explain how guns are just another retirement investment. It's a tough sell these days as we are retired but as she asks, why I'm still investing.

 

[spencer rifle]

Even if fiscal conservatives were put in total control of the budget, I don't think they could do anything to prevent an eventual financial collapse. That Rubicon was crossed some time ago, and there is no going back.

The majority of our consumers seem to be taking their guidance from the gov. If our "leaders" see no upside to paying off our debt, why should consumers pay off their credit card debt? Just keep putting off the reckoning forever. The credit card companies are happy to keep sucking up the finance charges, because they always have someone else (us) to stick with the bill, until they don't.

The gardener humors me when I explain how guns are just another retirement investment. It's a tough sell these days as we are retired but as she asks, why I'm still investing.

SWMBO remains concerned, even though the RPKs I sold did better than any of our other investments.

 

[OutdoorDad]

Social Security has always been a Ponzi scam, but it is a scam that everyone is forced to be invested in, and no politician is going to point out the obvious - that it is not self-sustaining.

But the SS Ponzi is nothing compared to the national debt. Our entire financial system is a house of cards that only stands because enough people still believe in it. If (when) people realize that the dollar is worthless, the collapse will be sudden and massive. I just hope that I am no longer alive when that happens.

Even if fiscal conservatives were put in total control of the budget, I don't think they could do anything to prevent an eventual financial collapse. That Rubicon was crossed some time ago, and there is no going back.

That is all a given (IMHO). What will be interesting, is what diversions will be manufactured by the powers-that-be to distract the now bankrupt masses from venting their anger against the people in power.

Nope it isn't a Ponzi Scheme. Nor a Ponzi Scam.
It is an unfunded pension.
The dollar is not worthless. If you actually believe that, give me all of yours. You won't. Because it isn't.
You don't have to participate in Social Security. There is a HUGE carve out if you structure your business correctly. I don't think Mitt Romney has ever paid SS taxes. Nor Trump, until he became president.

 

[Mij]

Read all 3 pages, never seen any better reason for owning land. No matter the tax rate, you are 99.999% sure of at least cash renting it out to cover the taxes. Then metal, gold may go up and down in small increments but historically it’s never gone down over centuries.

I’m also worried about my SS and other pensions after I’m gone. But my land and metal, not so much. JMO