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Politics : Politics for Pros- moderated
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Alan Smithee
garrettjax
Maple MAGA
skinowski
THE WATSONYOUTH
To: DMaA who wrote (763758)6/10/2022 11:59:37 PM
From: i-node5 Recommendations  Read Replies (3) of 793800
 
We are living on borrowed time. The SS program will collapse in the early 2030s and there is not a damned thing to be done.

Back in 1981 or thereabouts, when the battle was heating up over the Social Security problem, I was a young CPA and had the energy to read everything. There was an article in the NY State CPA Journal written by a former chief actuary for the Social Security system. It went into great depth about the actuarial issues faces SS, why the system was then in crisis, and the different ideas under consideration.

I don't remember that much about it, but he made a really important point that changed the way I conducted my accounting practice going forward. Social Security was dying and there wasn't a damned thing to do about it. You might slow it down (Reagan did), but at the end of the day, sometime around 2040 the system would be broke. When asked what happened then, he nonchalantly responded, "This will end a tax revolt."

Reagan increased SS taxes massively and it bought us maybe 10 years. But the program is a Ponzi Scheme. Period. No matter what anyone tells you, that is precisely what it is. Every month I get a SS check and it comes right out of my kids' pockets and I know it and tell them at every opportunity I'm spending their money.
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