Congress
Related: About this forumOnline Rumor Pelosi wants to shut down SS Administration
and stop SS checks for 2 months. "Use your supplemental retirement funds". Like our big fat 401K's that have crashed into the basement? Excuse me???? Totally FALSE. Clearly Republican fear mongering.
mucifer
(24,828 posts)they finally got them out of that big building.
brewens
(15,359 posts)might fall for it.
Sherman A1
(38,958 posts)That there is an ounce of truth to that rumor.
global1
(25,917 posts)and rely on that check. If anything - they should increase the monthly checks. It would be very easy to do that because the system is already set up to distribute $'s to Seniors.
Those spreading this rumor is only contributing to more stress being foisted on an already stressed Senior population.
Phoenix61
(17,641 posts)Hoyt
(54,770 posts)options considered down the road.
Even before this happened the SS Trust Fund was scheduled to have to cut benefits 24% on average in the 2030s. We kept kicking the can down the road, doing nothing, not even considering discussions of how that might be improved.
Now, a big chunk of young working people -- who actually pay for old folks' SS benefits -- are going to be unemployed, perhaps for long periods. There may be millions more people who become disabled from the C-Virus.
Do the math, and try to project what might happen if we have to throw everything at getting us out of C-virus curse.
stopbush
(24,630 posts)That would make SS solvent in perpetuity.
Hoyt
(54,770 posts)over today's cap.
Plus, if we keep throwing unemployment, personal stimulus checks, bailouts, etc., at this -- which I think we have to -- we are going to have to dramatically increase taxes just to keep that going.
I don't know the exact figure, but I suspect we eliminated $30 Trillion of wealth that would have been available to tax a few months ago. And, it will get worse.
LastDemocratInSC
(3,829 posts)SCantiGOP
(14,238 posts)Is nothing more than spreading Russian, GOP and other troll information.
It is absurd to even discuss this.
Hoyt
(54,770 posts)And, now, the conditions are much worse.
"Conclusion
"Under the intermediate assumptions, DI Trust Fund asset reserves are projected to become depleted in the third quarter of 2023, at which time continuing income to the DI Trust Fund would be sufficient to pay 89 percent of DI scheduled benefits. Therefore, legislative action is needed soon to address the DI programs financial imbalance. The OASI Trust Fund reserves are projected to become depleted in 2035, at which time OASI income would be sufficient to pay 77 percent of OASI scheduled benefits. . . . . . . "
https://www.ssa.gov/OACT/TR/2016/tr2016.pdf
SCantiGOP
(14,238 posts)That a shortfall in 15 years will result in action now in the midst of the greatest crisis since WW2?
This country operates in debt. I really don't think either party wants to guarantee their quick disappearance by taking action to literally kill millions of older Americans.
Hoyt
(54,770 posts)In fact, this "greatest crisis since WWII" could move the automatic cuts up a decade because tens of millions of young people might not be putting money into system.
But, hey, why try to convince folks that the "greatest crisis since WWII" might result in some hardships unthinkable a month ago -- like cutting benefits for those getting $2,000 a month in SS benefits to increase those at the lower end close to $1,000, or even worse.
jpak
(41,780 posts)Ugh
stopbush
(24,630 posts)Thats the give away - running abortion clinics out of pizza parlors, building internment camps in Texas, etc.
TwilightZone
(28,833 posts)SCantiGOP
(14,238 posts)It is specifically designed to keep crap like this out of the (hopefully) serious forums.
Cosmo Blues
(2,759 posts)I know people want to tell people this is untrue. I guess it's a balancing act whether you're giving it a platform or squashing it