I’ve posted my concern before but many said it would never happen. Now, it IS happening.
The privatization of SS means our monthly checks fluctuates cuz it is dependent on the stock market
& economy. For example, if the system was privatized in early 2000’s as suggested by Republicans (& voted down by Congress), then the 2008 financial crisis would have seen all of our monthly checks decrease by thousands (that is, u receive a $2400 check monthly that then would have dropped to $1000 monthly (or less!) for the next 10 years which is how long it took for the stock market to recover. No bailouts for SS but only for big corporations in that Congress after the crash protected CEOs & not the people.)
This isn’t hyperbole – this is our reality today. Once the SS nominee is appointed, SS will crash. We need to tell Congress to restore SS as it was. It worked & never missed a payment! So please, call your Senator to reject DOGE & the nominee. We r running out of time & options.
Comments
Stop it. You don’t have a crystal ball. Stop spreading fear.
Chicken Little much?
It is never going to be privatized. Jesus. You should ask what intellectual behemouths thought robbing the fund decades back was a good idea when it had a surplus. Did not one single politician think to themselves.. "wow, we have SO many boomers paying into social security right now that we have a massive surplus! Let’s rob it to pay for illegals, and deadbeats who can’t/won’t work!" Then realize. "Wait, ALL those boomers will be retiring at roughly the SAME TIME, so we will NEED all that money"
I’m still trying to imagine how those middle class single moms will respond to their parent(s) asking to move in with them as soon as they can’t make their rent/mortgage that first time ! It will be the most well-deserved politician bloodbath in US history ,and not one with an "R" after their name will be safe just to appear in public ,let alone have any chance for re-election ! ( The word purge comes to mind. )
Ss is already in trouble in about 10 years with funding. I feel bad for the folks who need it for day to day expenses.
i swear this shit is being normalized in a way that it hasnt before. Pure propaganda to get us all riled up. If this happens we need to take to the streets
I don’t think there is anything we can do to stop it. Social security won’t be the only thing destroyed. Unlike the people declaring it will never happen, you see the writing on the wall. So you prepare for it. Squirrel away any amount you can for savings. Get medical care now while medicare still exists. Look for a cheaper place to live or have an alternative plan if something happens to your living situation. Look for a small job or a way to cut your budget if needed.
The Canadian pension plan invests its funds. it’s well-managed and exceptionally profitable.
No, that is not how privatizing SS works.
No law has been passed allowing privatization of social security
It is not possible that the Senate would pass such a law
Investing a portion of the social security into the stock market as state government employee pensions do would allow social security to pay out full benefits after 2035. I am pessimistic about that happening
I’ve always thought that the way the system works is inherently unfair and that it was poorly designed for the long term and I haven’t seen anything to change that for the last 50 years. My memory may be incorrect but I seem to remember reading something along the way that it was never meant to be around this long and was intended as a short term solution. The design of the program would make more sense in that case.
During my career I’ve worked in different places that had employers contributing to the 401K for their employees. University of Michigan actually matched 2:1 for the first 5% and many of my friends who stuck around had well over $1M in their retirement accounts after 20 years. By the time they retire they will have many times that. Other employers are not quite that generous but they still let you accumulate a lot of money in the plan.
I’ve put in a lot of money into SSA. I’m under no illusions that the money is “mine” in spite of being sent statements about “contributions to my account”. If I retire today I can get about $2K per month/$24K per year. That’s it. But if I had added that to my retirement account and gotten to keep the capital gains for the last 50 years I’d be making way more than $2K per month. Even if the income were taxed I would still be way ahead.
That’s why we keep coming back to the conversation about privatization. On one hand we have all the people who are dependent on the money because they had it taken away from them in exchange for a promise of being taken care of and on the other hand we have a dwindling population supporting them. To add to that pressure that dwindling population is way more plugged in to the various investment vehicles available and are looking at SSA as a bad thing in the best case and a Ponzi scheme ready to collapse in the worst.
How is your financial situation? Hope for the best but prepare for the worst.
Fight back politically but also brainstorm and be creative with your life with an eye towards your retirement.
I regularly imagine a future where I won’t have social security to keep me on track financially.
How about you? How are your retirement savings?
Gen X has wished for this for decades.
Please link the proof of your statement. Because all I’ve heard is hearsay.
You want influence? Buy a politician. They’re actually pretty cheap.
"I like my politicians the way I like my women. Bought and paid for."/s
Not much we can do at this point. We have sycophants at all levels of the government. They’re all complicit and Congress isn’t going to meaningfully challenge Trump’s EOs. The only thing we can do is vote these asshats out of office, and I think everyone in this thread knows the likelihood of that happening.
Unfortunately my senator drew up plans to sunset SS. Then had the nerve to say he did no such thing. Looking at you, Rick Scott, you lying f*ck.
The SS fear mongering is endless
Fucking riot in the streets is what.
I plan to collect until I’m 130 yr old! ———— / ———— But on a serious note, this issue will turn the tide among an older constituency of voters (who statically show up to vote in larger numbers.) Any disruption will likely flip enough R’s or their seats at succeeding elections to send the entire project 2025 agenda to the dustbin of history.
This takes legislation, which is very unlikely to pass. They can talk, they can cut staff, etc, but congress makes the laws, not talking heads on TV
I mean, the Yale professor who wrote the book on how fascism takes over has just left the country and migrated to Canada.
Shit is real. It is happening. The young and able-bodied need to represent right now.
This won’t likely occur.
Unless ALL ethnic groups are involved where physical protesting is happening, meaning OLD WHITE PEOPLE, this will not matter.
It will also go bankrupt in a heartbeat from bad investing. The only one that will profit from privatization are the corporate CEOs who will get multimillion dollar paychecks and multimillion dollar corporate umbrellas and use our money like they are playing monopoly with it.
Also, the only thing different about privatization is that our government writes checks to the private corporation, who then does whatever they want with the money. Which means buying members of congress to ensure they keep getting more and more money to benefit them, not us! This will not reduce government spending. It will just get reclassified as something different. We are about to find out about the trump business plan. Start a corporation, bleed it dry, pay no one, pockets millions for yourself, and then declare bankruptcy when too many start demanding their share! Then, go to the government to bail you out. Nobody profits but one.
Get into the streets.
But how can a few people make massive profits in the current system? As the Vulcan saying goes; The needs of the wealthy outweigh the needs of the poor.
Where are you getting these ideas?
Why do people keep posting this crap on a non political sub. Social security isn’t being privatized and isn’t going anywhere.
I know, downvote me all you want (I was downvoted yesterday for posting a similar sentiment here), but I really wish people would get a grip.
Mods- please stop allowing political posts per the rules.
ETA: I’m no fan of trump, I think he’s dangerous. But we’re going to survive the next four years and hopefully vote in a democrat in ‘28. And all this fear mongering doesn’t do anyone any good.
The monthly benefit wouldn’t be based on the portfolio total value. Annually they would do the math and adjust benefit amounts.
We’ve had stressful times before. In ’83 they made serious changes. Wouldn’t you know its’ during Dumb-o’s stretch it comes up.
thats what they voted for, business first
ANY change in Social Security payments or even “privatization” requires a 60-vote majority in the Senate.
In other words, it’s not happening.
It’s called the Byrd Rule.
Please google and everyone calm down and carry on.
r/50501 has info on local protests and calls to action. The GOODS UNITE US app has info on which businesses support Trump.