On Mon, 30 Oct 2017 21:00:39 -0400, wrote:

On Mon, 30 Oct 2017 17:37:50 -0500, Vic Smith
wrote:

On Mon, 30 Oct 2017 17:08:50 -0400, wrote:

On Mon, 30 Oct 2017 15:55:38 -0400, Frank "frank wrote:

Voting age should have been raised not
lowered.

So far that has not really been a problem. Older people still do most
of the voting. That is why SS/MC is the 3d rail of politics. If the
kids actually knew what was going on and showed up at the polls they
would have killed this ponzi scheme a decade or two ago when it was
apparent both were going bankrupt and they would be the ones holding
the bag.

Why should they cut their own throats?
SS is all many of them will have when they are too old to work, and
for many SS will provide the bulk of retirement income.

That assumes it will not have bankrupted the country by that time or
not just bled the kids dry while they were working.
You are going to have 2 retirees or fewer for every worker, wanting
COLAs every year, lower co pays on their MC gap policies and the kids
will be funding every dime of it from their meager pay with a first
dollar tax.

If they make no changes to SS, payments will be reduced by 25%.
That will be painful, but doable.
But they have many options for changing that calculation.

This is a massive wealth transfer from the young to the old. The
ironic thing is the ones who get the most are probably the ones who
need it the least, since they are the ones who had jobs good enough to
max out their tax and also a decent pension. The total tax paid was
still a pittance. For example the max tax a person would pay from 1966
to 1996 was about $100,000 (both sides).
I got that back in about 4.5 years (starting at age 64). Statistically
I will collect for over 16 years.
It is a ponzi that was never adjusted for life expectancy and the
excess money collected was never saved anyway. It is just another line
item on the $20T debt we will never pay.

Hey, that's life. Whatareyourgonnado?