The amount of pure vitriol being spewed, particularly from younger generations towards older generations, who are understandably a bit concerned about becoming destitute, is insane. Minor tweaks to the system will ensure that the safety net, and that’s all it really should ever have been and was originally intended to be, stay secure. That’s not to say that there are not solutions for eventually phasing out Social Security entirely, but I personally think those ideas are being propagated by extreme idealists. There are always going to be a very large contingent of people who are not very capable of managing their own finances and will be reliance in some way or form on the state, managing their affairs and making sure that they don’t wind up on the street. I don’t know what the solution of this is. But I know the solution is not to just simply and coldhearted allow millions upon millions of people wind up on the street because in the short term we’re not willing to potentially add an extra 2% Social Security tax.
Did everyone forget that the WORST CASE with Social Security, if we do NOTHING, is that benefits will be cut by about 20% permanently? Literally just keep paying the same taxes and it’s solvent for as far into the future as they care to project, with a 20% cut. If you make ANY changes like slight tax increase, eliminate age 62 early filing (maybe make it 62.5 or 63 or higher), bring in means testing so that people with $X over some threshold have their benefits further reduced or entirely eliminated until their assets fall below a certain level again, any or a combination would totally solve the problem.
Granted, yes I’d prefer some private option where I can invest my contributions in some type of retirement account that can’t be accessed except as a single or joint life annuity when I’m older. It’s not either or. We can have nuanced solutions so we don’t leave a huge cohort of poor elderly people starving and on the streets.
So many problems with arguments being made against Social Security. I saw some saying “yes we should cut their benefits and let them rely on their kids!” And this is coming from the kids themselves who don’t want to support “boomers.” Same people saying they don’t have the money to pay 6.2% out of their paycheck for Social Security taxes are going to step in for all of the elderly people in their sphere.
Drems retweeted
IBIT will be $100 by Thanksgiving otherwise I will eat 100 hot dogs in one sitting without puking. If I puke at any point, I will give all my followers who like and retweet this .1 Bitcoin and an all expenses paid trip to El Salvador and Bhutan.
@RealMagicDave Neither do I. Until I got an email about your tweet. It's been 8 months dude...