Washington, we have a problem

[nitro]

It is beyond belief that no one is asking about Social Security in the 2016 debates - the single most popular social program in US history. With the cost of living skyrocketing, something like 10% of Americans with any sort of savings, destroyed 401k plans if you are lucky to have one, and social security benefits that are not going up because of the CPI scam run by the US government.

So get this straight, millennials can't find jobs, so they move in with their parents. The graying of America is coming upon us at a remarkable rate, with huge numbers of people that are going to rely on SS, which won't cover costs, so the elderly will have to move in with their children.

Jesus H. Christ.

Harvard Study: Social Security In Far Worse Shape Than Official Numbers Show


Janet Novack ,

Forbes Staff

I write from D.C. about tax and retirement policy and planning.

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• Over the last 15 years, the Social Security Administration’s Office of the Chief Actuary has consistently underestimated retirees’ life expectancy and made other errors that make the finances of the retirement system look significantly better than they are
• the Actuary has overestimated the birth rate—meaning the number of new workers who will be available to pay baby boomers their benefits 20 years from now

Over the last 15 years, the Social Security Administration’s Office of the Chief Actuary has consistently underestimated retirees’ life expectancy and made other errors that make the finances of the retirement system look significantly better than they are, a new study by two Harvard and one Dartmouth academics concludes. The report, being published today by the Journal of Economic Perspectives, is the first, the authors say, to compare the government agency’s past demographic and financial forecasts with actual results.

In a second paper appearing today in Political Analysis, the three researchers offer their theory of why the Actuary Office’s predictions have apparently grown less reliable since 2000: the civil servants who run it have responded to increased political polarization surrounding Social Security “by hunkering down” and resisting outside pressures—not only from the politicians, but also from outside technical experts. “While they’re insulating themselves from the politics, they also insulate themselves from the data and this big change in the world –people started living longer lives,’’ coauthor Gary King, a leading political scientist and director of Harvard’s Institute for Quantitative Social Science, said in an interview Thursday. “They need to take that into account and change the forecast as a result of that.”

In its annual report last July, Social Security predicted its old age and disability trust funds, combined, would be exhausted in 2033 and that after that point the government will have enough payroll tax revenues coming in to pay only about three quarters of promised benefits. King said his team hasn’t estimated how much sooner the fund might run out, but described it as in “significantly worse shape” than official forecasts indicate....

http://www.forbes.com/sites/janetno...shape-than-official-numbersshow/#6b2d355043cc

 

[achilles28]

Who gives a shit. If Clinton wins, I hope Social Security goes bankrupt.

Fuck the old people. They fucked us and voted offshoring the last 30 years.

So fuck em. Let them enjoy the fruits of their "labor".

That's my honest opinion.

It'll be nice to see the bewildered Liberal geriatrics roll up Walgreens stone-faced and leave empty handed. Fucking dummies.

 

[java]

How is a 401K destroyed? Who has a destroyed 401k? You might be able to find a few extreme examples but anybody who has been dollar cost averaging into their 401k for the last 5 years or decades is doing quite well.

 

[Scataphagos]

Who gives a shit. If Clinton wins, I hope Social Security goes bankrupt.

Fuck the old people. They fucked us and voted offshoring the last 30 years.

So fuck em. Let them enjoy the fruits of their "labor".

That's my honest opinion.

It'll be nice to see the bewildered Liberal geriatrics roll up Walgreens stone-faced and leave empty handed. Fucking dummies.

We old people (1) collectively aren't smart enough to understand off-shoring until we lose our jobs, and (2) we didn't vote for it. Our greedy, elected politicians and corporate leaders did it to us also.

SS will go bankrupt, and the Boomers will get hosed as well. The generation which "made out" on SS was the one before the Boomers. Everybody else is going to take it in the shorts. That's the fault of the politicians also!

 

[Zzzz1]

those elderly you are belittling are the ones who stood up for world peace that you are now enjoying. They willingly accepted and in fact voted to pay a price in exchange for peace and nation building. Would we have had forefathers of your kind we would either be living in caves right now, killing each other with stones, or we would all be dead under a rubble of nuclear waste after having annihilated the entire world population. Belittle Obama's and Clinton's efforts as much as you like but they stood up to push back against tyrants like Putin and North Korea. With Trump we either all kill each other within the next 5 years or go back to the caves.

Who gives a shit. If Clinton wins, I hope Social Security goes bankrupt.

Fuck the old people. They fucked us and voted offshoring the last 30 years.

So fuck em. Let them enjoy the fruits of their "labor".

That's my honest opinion.

It'll be nice to see the bewildered Liberal geriatrics roll up Walgreens stone-faced and leave empty handed. Fucking dummies.

 

[Zzzz1]

how slick you did not go to vote, else you could possibly been held accountable for those elected politicians. Last time I heard it was American citizens who vote for house and senate members and indirectly for the government administration and not some turtles or monkeys.

We old people (1) collectively aren't smart enough to understand off-shoring until we lose our jobs, and (2) we didn't vote for it. Our greedy, elected politicians and corporate leaders did it to us also.

SS will go bankrupt, and the Boomers will get hosed as well. The generation which "made out" on SS was the one before the Boomers. Everybody else is going to take it in the shorts. That's the fault of the politicians also!

 

[Clubber Lang]

How is a 401K destroyed? Who has a destroyed 401k? You might be able to find a few extreme examples but anybody who has been dollar cost averaging into their 401k for the last 5 years or decades is doing quite well.

Agree java.
The problem is that the responsible and productive who have been saving and planning for their futures will have their 401(k)s confiscated by the government and distributed to the masses.
The U.S. has gone so far left in the last decade, I shudder to think how bad it will be in 15-20 years.

 

[Scataphagos]

how slick you did not go to vote, else you could possibly been held accountable for those elected politicians. Last time I heard it was American citizens who vote for house and senate members and indirectly for the government administration and not some turtles or monkeys.

So... you presume the politicos reveal the greedy evil things they are going to do... and then we old people evaluate that and vote for them? Are you f'n kidding? People are stupid enough to vote for Hellary because Trump used some bad words... ignoring all the hugely bad things she's DONE!

You cast blame like it's only the old people who vote. Doesn't your generation and others also vote in our bad politicos?

 

[Zzzz1]

Maybe it has all to do with majorities. You are part of a minority, hence you don't get to choose. But I thought that's what kids learn in elementary school.

So... you presume the politicos reveal the greedy evil things they are going to do... and then we old people evaluate that and vote for them? Are you f'n kidding? People are stupid enough to vote for Hellary because Trump used some bad words... ignoring all the hugely bad things she's DONE!

You cast blame like it's only the old people who vote. Doesn't your generation and others also vote in our bad politicos?

 

[Scataphagos]

Maybe it has all to do with majorities. You are part of a minority, hence you don't get to choose. But I thought that's what kids learn in elementary school.

That argument doesn't fly. The old people are a minority too. Collectively the younger generations are much larger.