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The Social Security Administration expects their reserves to run out in 2035.

That’s a different pile of money than most other government functions, and so without either tax increases or legislation that transfers other money to it, payments going out to retirees could actually be cut after that due to not enough income flowing in.

I’m not sure what they’ll do at that point since we don’t even know what things will look like then, but basically 2035 is the next station to see if the train keeps going or not.

This drawdown will represent “intergovernmental” public debt turning into public debt held by either the private sector, foreign sector, or central bank.

Chad Lupkes 1y ago

It's important to point out that what "cutting benefits" means is that the government will only be able to pay out as much as they bring in. It's not going to be cut to zero, but it's going to be significant enough that those of us who are at a retirement age at that point in about 10 years will need to have capital in some other form to generate an income stream so that we can pay our expenses.

The solution that I would prefer is to balance the books. We should have at least as much coming into SSI as we have coming out of SSI to beneficiaries. We could do that, easily. Remove the cap on FICA, and then we can adjust the % that we pay as employees and employers so that SSI can send out the checks and keep their promises.

Oh, and SSI should be buying Bitcoin, not US Treasuries at an absurd low interest rate.

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Discussion

🦊🔫🥩🏴‍☠️⚡ 1y ago

how about the government just stop stealing?

Chad Lupkes 1y ago

So, you would advocate for us to shut down the entire system, letting everyone who has been paying into the system figure it out?

Or are you talking about something else?

🦊🔫🥩🏴‍☠️⚡ 1y ago

print the money and stop deductions...but I wouldn't mind just not paying benefits

Chad Lupkes 1y ago

You're welcome to talk to your congresscritter and suggest that.

🦊🔫🥩🏴‍☠️⚡ 1y ago

Haha, opting out is the only real solution.

Chad Lupkes 1y ago

And it's not a good one. We're trying to build a civilization, not a bunch of isolated houses with people blind to their community.

🦊🔫🥩🏴‍☠️⚡ 1y ago

what percentage theft is necessary for civilization?

Chad Lupkes 1y ago

That really depends on what you want the civilization to look like. And what I want to see is not going to be what you want to see, so we have to find a way to come together and decide that number together. I think the biggest problem is the difference between governance and government. We need governance models that are built into the systems, and don't have to employ millions of people to push paper and run calculators.

Right now the global government expenditure vs. GDP ratio is around 46.3%. That is INSANELY HIGH. But it's also built on a fiat monetary system where we can't trust any of the numbers because they are not real numbers. Our ability to trust each other across the world seems from the media noise like it's at an all time low. But unless all governments just switch over to Bitcoin on January 1st and we see what happens, nothing is really going to change.