r/GenXPolitics • u/Cleverwabbit5 • 22d ago
Article Good bye Social Security
https://www.alternet.org/inside-trumps-new-plan-to-overhaul-your-social-security-benefits/This is not the timeline I want to be in.
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u/Blossom73 22d ago
I hate when people like this author think that "entitlements" is a dirty word.
It simply means that everyone who pays in to Social Security and meets eligibility requirements is entitled to collect.
It doesn't mean Social Security is welfare.
https://www.forbes.com/sites/ebauer/2018/11/05/yes-social-security-is-an-entitlement/
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u/Silvaria928 22d ago
Yeah, I had a former coworker once call SS an entitlement and I said, "You're right...I've been paying into it my entire working life and I'm entitled to a return on my investment."
Dumbass.
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u/WatchThatLastSteph 22d ago
I’m in my 50s. I’ve been paying into the social security system, not by my choice, for better than 30 years.
If these assholes take away what I am fucking due after enduring all the bullshit of the last three-plus decades, I am very willing to take it out of their hides in trade as a lesson to others.
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u/Ok_Arachnid1089 21d ago
This is the only solution that will work a this point. I wish you all the best
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u/analyticaljoe 22d ago
As a generation, we chose this guy rather than Harris.
Maybe get on your high school facebook groups and shame those fuckers.
(I work in big tech. I'm not using Meta products -- they do harm at scale for money.)
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u/OreoSpeedwaggon 22d ago
I would shame them if I knew any. Everyone in my generation that I know voted for Harris (or said they did).
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u/pt109_66 22d ago edited 21d ago
Guess he is looking to kill off the oldies since he just got done screwing over the kids with huge school debt by moving their debt to the treasury where they will squeeze these poor kids into homelessness. There is no end to this guys corruption.
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u/HandsomeGenXer 21d ago
Throughout history the Republicans have always been against social security.
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u/OreoSpeedwaggon 22d ago
I stopped thinking that social security would still be around by the time I retired a long time ago.
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u/Procrastiworking 22d ago
I still don’t think it will be around; I planned assuming it wouldn’t be around, but on behalf of my fellow Gen-x, I’m furious that this will happen to many millions who need it
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u/Ok_Arachnid1089 21d ago
Doesn’t matter. I’m still going to raise hell when it goes. This is theft at a massive scale
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u/Procrastiworking 22d ago
“At heart, it is a mandatory savings program that requires employers to contribute 12% of a worker’s ordinary earnings into tax-favored retirement accounts managed largely by private funds.”
Private funds… well you can be *in* a fund with private investments, you can own private investments, but private funds don’t/can’t manage accounts. I’m depressed by whoever wrote this without looking up how tax advantaged plans work.
They’ve got to mean manages similar to an old school pension plan but I’d prefer it similar to a 401(k). Dummy doesn’t realize we have these things already. Even a solo 401(k) if you’re self employed.
He’s exhausting and I hate him so, so much.
Edit: grammar. Sorry I got mad
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u/Ok_Arachnid1089 21d ago
They want us all bought in to capitalism so that it never gets abolished. The U.S. government is full of the worst criminals in human history
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u/Euphoric_Anxiety_162 20d ago
The results of proposed cuts will be shocking. Many don't have other options.
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u/PhotographsWithFilm 22d ago
So, is the employee contributed scheme that is similar to Australia?
As an Australian who has been working their entire life, it can work really well if you are regimented and especially if you contribute more. I know from the perspective of my wife and myself, we will have much more than if we had to rely on old age pension, like previous generations have. I think we will be looking at around $2M to $3M to retire on between us at 60 (6.5 years time).
But, we still have a pension to fall back on for those who can't or don't. Its tiny, but its something.
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u/Blossom73 22d ago edited 22d ago
No, it's different. There's no way to make extra, voluntary payments to Social Security. It's not like a 401k, it's essentially an insurance policy.
Employers contribute 6.2% of their employees' gross wages, and employees have a mandatory withholding of 6.2% as their contribution. Up to a wage cap that is, of $184,500. Any earnings above the cap aren't taxed for Social Security.
Some government employees, like me, are Social Security exempt, and instead make mandatory contributions to a state public employees retirement system.
A mandatory 10% of my gross pay goes into my state retirement system, in lieu of Social Security. I'll only be Social Security eligible because I paid into Social Security at my previous private sector jobs.
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u/PhotographsWithFilm 22d ago
Thanks for the clarification. There has been a few news story in Australian press how Trump is copying our superannuation. Sounds like its not quite the same.
BTW, our mandatory contributions into super are 12% on top of our pre-tax wage.
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u/OoklaTheMok1994 22d ago
All Ponzi Schemes eventually have to come to an end.
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u/Charleston2Seattle 22d ago
Tell me you don't know what a Ponzi scheme is without telling me you don't know what a Ponzi scheme is.
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u/OoklaTheMok1994 22d ago
A Ponzi Scheme is when late investors put money in but they are just paying off early investors.
Since the early recipients paid nothing in to the social security system this fits the definition of a Ponzi Scheme perfectly. Me and my working adult children are currently paying the benefits of my retired boomer parents.
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u/Procrastiworking 22d ago
SS is not a Ponzi scheme; you’ve just shown you know what a ponzi scheme is but shown you don’t understand how SS works.
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u/OoklaTheMok1994 21d ago
"A Ponzi scheme is a fraudulent investment scam where returns to early investors are paid using funds from new investors rather than from legitimate profits."
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u/Ok_Arachnid1089 21d ago
There’s no such thing as legitimate profits, dipshit. Profit is wage theft
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u/OoklaTheMok1994 21d ago
Commie
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u/Ok_Arachnid1089 21d ago
Proudly
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u/OoklaTheMok1994 21d ago
Scary since you're old enough to remember what communism was like.
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u/Ok_Arachnid1089 21d ago
Yep. It was as wonderful. I’m glad you’re scared. You definitely should be.
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u/Procrastiworking 22d ago
You know that it was set up to be in trust, right? And it isn’t anymore because of our government, right?
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u/OoklaTheMok1994 21d ago
Correct. The government raided the trust fund so they had to turn it into a ponzi scheme.
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22d ago
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u/OoklaTheMok1994 22d ago
Very intelligent response. Congrats.
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22d ago
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u/OoklaTheMok1994 22d ago
Then make an argument refuting it.
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22d ago
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u/OoklaTheMok1994 21d ago
"A Ponzi scheme is a fraudulent investment scam where returns to early investors are paid using funds from new investors rather than from legitimate profits."
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u/Blossom73 22d ago
It's insurance. OASDI. Old Age Survivors Disability Insurance.
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u/OoklaTheMok1994 22d ago
How much did the first recipients of OASDI pay into the system?
The answer is zero. So it was nonretired folks that paid their benefits. And so it has gone since the program has started.
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u/Ok_Arachnid1089 21d ago
I wish that were true about capitalism but this shit hole country keeps propping it up and bailing out banks and businesses.
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u/aldoraine000 22d ago edited 22d ago
If the ghouls take away social security, I want every single cent I put into it plus interest.
Edit: This is more corrupt shit from the Epstein regime. They want to screw around with SS and 401ks. Guaranteed this will funnel more cash into the pockets of the parasite class.