US Debt Clock

[elysiantraveller]

Originally Posted by Tom

Guess that leave you out. Mot my fault you can't keep track of the threads.

Got any more selfies to share?

How do you run a deficit Lennie?

[Actor]

There is a theory among some economists that there is no limit to how much the U.S. government can run up the national debt. I have begun to think there may be something to this. What is certain is that both political parties behave as though it is true. Both cut taxes and increase spending.

[porchy44]

Originally Posted by Actor

There is a theory among some economists that there is no limit to how much the U.S. government can run up the national debt. I have begun to think there may be something to this. What is certain is that both political parties behave as though it is true. Both cut taxes and increase spending.

Don't let deaf ears fool you or the "living in the moment mentality". At the bottom of our Social Security Statements, they say. "They will only be able to pay 77% of scheduled benefit in year 2034. (15 years away). In other words they are tapped out and the true pyramid scheme is on. We all know how pyramid schemes inevitably end. Get ready to riot from your wheelchairs.

[Actor]

Originally Posted by porchy44

At the bottom of our Social Security Statements, they say. "They will only be able to pay 77% of scheduled benefit in year 2034.

I have my Social Statement in hand. There is no such notice on it.

[Actor]

Originally Posted by porchy44

In other words they are tapped out and the true pyramid scheme is on.

See Flemming v. Nestor (1960).

[TJDave]

Originally Posted by Actor

I have my Social Statement in hand. There is no such notice on it.

It’s written in small print, in Spanish.

[porchy44]

Originally Posted by Actor

I have my Social Statement in hand. There is no such notice on it.

Your exactly right. I was looking at an older statement. It is on "Your Estimated Benefits" . (People who have not retired yet). And it changes constantly.
My newest statement says:

* Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2035, the payroll taxes collected will be enough to pay only about 80 percent of scheduled benefits

[davew]

Originally Posted by porchy44

Your exactly right. I was looking at an older statement. It is on "Your Estimated Benefits" . (People who have not retired yet). And it changes constantly.
My newest statement says:

* Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2035, the payroll taxes collected will be enough to pay only about 80 percent of scheduled benefits

wordplay -> just saying the pay-outs will be more than receipts by 20%

[elysiantraveller]

Originally Posted by davew

wordplay -> just saying the pay-outs will be more than receipts by 20%

Meaning either:

1) Benefits will be cut. (We should. To hell with boomers.)

Or...

2) Its basically welfare because younger workers are paying your retirement out of Government Tax Revenue.

[jimmyb]

The government continues to steal the SS funds, replace it with paper and prefer not to pay it back. Government is throwing out propaganda on raising taxes to repay the stolen funds.



Divide, conquer and stiff.

[Actor]

Originally Posted by elysiantraveller

Meaning either:

1) Benefits will be cut. (We should. To hell with boomers.)

Or...

2) Its basically welfare because younger workers are paying your retirement out of Government Tax Revenue.

I think that in "Flemming v. Nestor" SCOTUS said it's #2.

[Tom]

Not welfare at all.
People were FORCED into an agreement with the government that many DID NOT WANT to be in. WE had no choice.
OUR money was taken from us every paycheck.

Everyone who have $$$ taken out is entitle to the government living up to its responsibilities.

The government is the one who took the $$$ out of the SS Fund and used it. Their stupidity is not our fault.

If anyone thinks it is welfare, the how about a do-over - REFUND every cent stole from us over our lifetimes and we will take care ourselves when the time comes.

[RunForTheRoses]

It is a government run Ponzi scheme.

[RunForTheRoses]

Originally Posted by Actor

There is a theory among some economists that there is no limit to how much the U.S. government can run up the national debt. I have begun to think there may be something to this. What is certain is that both political parties behave as though it is true. Both cut taxes and increase spending.

You must be referring to MMT.

https://en.m.wikipedia.org/wiki/Modern_Monetary_Theory

This is a cogent article against:

https://mises.org/library/upside-down-world-mmt

[Actor]

Originally Posted by Tom

Not welfare at all.
People were FORCED into an agreement with the government that many DID NOT WANT to be in. WE had no choice.

No kidding. That's the way governments work. Forced? Yes. Agreement? None.

The Vietnam war was fought by draftees who were "forced" into the army. They did not "agree" to it.

Originally Posted by Tom

OUR money was taken from us every paycheck.

Everyone who have $$$ taken out is entitle to the government living up to its responsibilities.

I think there is a SCOTUS decision that says otherwise. Whatever. What you expect and what you get are seldom the same thing.

Originally Posted by Tom

If anyone thinks it is welfare, the how about a do-over - REFUND every cent stole from us over our lifetimes and we will take care ourselves when the time comes.

The purpose of our government is to "promote the general welfare." It's in the preamble to the Constitution. Look it up.