Comment by Clanan | Hacker News Reader

Comment by Clanan | Hacker News Reader

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There are already unfunded pension plans and systems waiting to blow up in the next decade. This article [0] details the South Carolina government pension plan, covering 550,000 residents, which is currently $24 billion in the red.

Your response is engaging in "political crap" by providing no evidence besides name-calling. For some actual proof of the Social Security situation, here's the SSA report [1] explaining how its Trust Fund will run out in 2035. So yes, Social Security will still exist, but it will rely on short-term funding rather than a big account. That's fine in theory, provided the budget is there. (It likely will be; I imagine the politicians will cut military funding before they hurt SS!)

[0] https://www.marketwatch.com/story/collapsing-pensions-will-f...

[1] https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

Once the trust fund is exhausted, unless the law is changed, SS payouts are made equal to SS payroll taxes. This is projected to settle out to payments being ~70% of what has been promised.

Ok so the next question is whether that should be considered failure or not. Also they'll go below that (because some of their "investments" are government bonds which they won't be allowed to unload, as it would affect the government too much).

For current or future recipients of said benefits, the answer is pretty clear : yes.

And, frankly, the government has promised these people compensation in terms of years or work, and amounts of income after those years of work. It should be illegal to make these claims. (and for the private sector, it mostly is, so frankly these laws are letting government lie on compensation letter, which is low, dishonest)

It wasn't just a promise: they took 15% of my salary for it against my will. If I don't get it back, then it's a tax, and not only that, but it makes the tax on the middle class significantly higher than on the uber rich. The Boston Tea Party ain't nothing compared to what's going to happen in this country if they mess with Social Security.

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