is still pretty concerning for those of us not close to retirement age
It’s even more concerning for those of us who are close. Even most of us with savings are pretty reliant on that for retirement
Comment on Keep in mind that social security is set to run out in 10 years time.
Mikesomething@lemmy.world 11 months agoIs it though?
(From Bard) “The Social Security trust funds are projected to run out of money by 2034. This means that the Social Security administration will only be able to pay out 77% of a retiree’s full benefits.”
Which I get isn’t exactly the same as what OP is claiming, but it is still pretty concerning for those of us not close to retirement age
AA5B@lemmy.world 11 months ago
UFODivebomb@programming.dev 11 months ago
Isn’t “exactly” still means the statement “bankrupt” is false. Don’t move goalposts in the claims. That’s disingenuous and only adds to the misinformation.
dx1@lemmy.world 11 months ago
Read any SS Trustee’s report. It doesn’t have “money”, it has debt instruments, which are essentially a document saying “the government (us) owes SS (us) money”.
Asafum@feddit.nl 11 months ago
Don’t they pull from SS funds to pay for other things but then “give it back” at some point? I feel like I read something about that, maybe what’s being paid back isn’t “cash” but bonds?
dx1@lemmy.world 11 months ago
In effect, the bonds I mentioned are just inverted loans. The Treasury takes in $1k from payroll taxes for these programs, issues a bond to the trust fund saying “I owe you $1k plus interest”, spends the $1k on whatever (I guess primarily the discretionary budget) and eventually has to somehow generate money to pay it back with interest.
In terms of whether or not bonds were “borrowed” - this wouldn’t exactly matter in a meaningful sense, but I’m not clear this ever actually happened in the first place. There was some claim about, when the trust fund was mixed with the general fund 1968-1990, maybe the government took bonds out of the program, but you have to remember that inside the government, that’s not something of value, that’s just an obligation the government has to pay to itself, it’s a big nothing burger.