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View Diary: Hell, No! Social Security Contributes Nothing To Deficit (119 comments)

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  •  good points as well, (2+ / 0-)

    but again, with the number of workers set to nosedive, revenues based on jobs aren't going to cut it.

    boomers = 79 million or so
    gen x = 53 million or so
    millennials = 70-some million
    gen z = less than gen x

    boomers retire; gen x and millennials already in the workforce replace them.  no new net jobs.

    the rest of the millennials will be in the workforce within 10 years; gen x will start retiring within 20.  still no new net jobs, as the boomers will have finished retiring in 10 years.

    then gen z starts working, only they, so far, don't have the same numbers as gen x.  net loss of workers, and payroll tax revenue, for the millennials' retirement.

    the population drop from boomers to gen x wreaked havoc on SS; the drop between millennials and gen z will be worse.  

    peace

    Please don't dominate the rap, Jack, if you got nothin' new to say - Grateful Dead

    by Cedwyn on Mon Apr 08, 2013 at 04:11:41 PM PDT

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    •  Baby boomers, though, were the reason (11+ / 0-)

      for the SS fix in the 1980s.  Payroll taxes went up to create a trust fund for the baby boomers;  that is, baby boomers and others had to not only pay for current recipients, but to fund their own in advance.  Once the boomers fade into the sunset, SS is supposed to return to paying benefits with incoming revenue.

      There already is class warfare in America. Unfortunately, the rich are winning.

      by Puddytat on Mon Apr 08, 2013 at 04:15:55 PM PDT

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      •  yes; they fixed it regressively (0+ / 0-)

        by raising the payroll tax.  but again, gen z will have fewer people than gen x did.

        and i think i confused myself above and wrote "gen y" when i meant "gen z."  gen y is the millennials.

        anyhoo:  fixes that depend on people working won't do the trick if the ratio of workers to retirees gets any lower.  it's barely at 2:1 right now.  when the program started, it was 40:1.  and the boomers still kicked its ass.

        Please don't dominate the rap, Jack, if you got nothin' new to say - Grateful Dead

        by Cedwyn on Mon Apr 08, 2013 at 04:29:15 PM PDT

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      •  That's right (14+ / 0-)

        And boomers like me paid those extra taxes for many years to create a surplus and we did it willingly. And, now these bastards want to take it away from those of us who paid for it.

        The only trouble with retirement is...I never get a day off!

        by Mr Robert on Mon Apr 08, 2013 at 04:49:17 PM PDT

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      •  Perhaps it's semantics but I don't see it that way (0+ / 0-)

        at all.  The fix in the 1980's could have helped fund the boomers retirement benefits but the money raised was spent instead.  If it was in some Gore-like "lock box" then Bernie Sanders and this diary would be correct.  But it was spent.

        Now, when the "trust fund" is needed we will either need to raise taxes, cut benefits or increase the national deficit in order to pay for the money to cover those additional costs.  From everything I know about the system, to state otherwise is not exactly reality based.

        We cannot solve our problems with the same thinking we used when we created them. Albert Einstein

        by theotherside on Tue Apr 09, 2013 at 07:12:12 AM PDT

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        •  Only thing that need be done (0+ / 0-)

          Is to replace debt to SS with debt to the public in a 1:1 ratio.

          Zero change to the national debt, zero demand for new revenue, zero demand for benefit cuts.

          The headline deficit for a combined budget would increase, but this is no more real than GWB's presentation of $500 billion annual increases in the national debt as $250 billion deficits.

          Fake candidates nominated by the GOP for the recalls: 6 out of 7. Fake signatures on the recall petitions: 4 out of 1,860,283.

          by GeoffT on Tue Apr 09, 2013 at 06:53:59 PM PDT

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