Social Security headed for insolvency sooner than expected (1 Viewer)

[DaveXA]

Something worth keeping an eye on. Covid is pushing us closer to Social Security running out of money sooner than expected. Probably not too surprising, but I'll be 62 in 12 years. Pretty disturbing trend.

Social Security trust funds now projected to run out of money sooner than previously expected due to Covid, Treasury says

Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says

The financial outlook for Social Security and Medicare, two of the nation's preeminent safety net programs, has deteriorated over the past year due to Covid.

www.cnbc.com

 

[Paul]

Just do it like the federal workforce. There are tiered salary and pay levels. A GS-15 in Lafayette doesn't get the same as a GS-15. The same should hold true for federal minimum wage rates. The minimum wage in DC would/should be much higher than the minimum wage in Jackson, Mississippi.

There's already a format they can follow. Just do that, and tie the federal minimum wage to inflation and call it a day.

I rather let the market decide those issues. The market is wiser than a bureaucrat with an agenda. This sort of planned thinking does not allow for employees to aspire and move upwards. In the old days employees were expected to buy a house and raise children. The birth rate in urban centers is as low as in Europe and Japan. Not good for the SS fund. The likes of Google are relentlessly collecting data on America to plan the next generation where as someone said above workers will be expected to fulfill functions such as the McDonalds employee. The gathered data will condemned many to a life of servitude. The data will be use to market to the masses and the oligarchs (the owners of social media) will get even richer.

 

[DaveXA]

I rather let the market decide those issues. The market is wiser than a bureaucrat with an agenda. This sort of planned thinking does not allow for employees to aspire and move upwards. In the old days employees were expected to buy a house and raise children. The birth rate in urban centers is as low as in Europe and Japan. Not good for the SS fund. The likes of Google are relentlessly collecting data on America to plan the next generation where some as someone said above workers will be expected to fulfill functions such as the McDonalds employee. The gather data will condemned many to a life of servitude. The data will be use to market to the masses and the oligarchs (the owners of social media) will get even richer.

Lmao, you're so off the reservation it's comical. The current minimum wage is useless and has never been tied to inflation or any sort of cost of living index. Social security, disability and other things are tied to cola or inflation. There's no reason not to do that for minimum wage laws. The only reason it's not is so that politicians have another issue to campaign on. The market does just fine with healthy minimum wage laws in place.

 

[J-DONK]

I rather let the market decide those issues. The market is wiser than a bureaucrat with an agenda. This sort of planned thinking does not allow for employees to aspire and move upwards. In the old days employees were expected to buy a house and raise children. The birth rate in urban centers is as low as in Europe and Japan. Not good for the SS fund. The likes of Google are relentlessly collecting data on America to plan the next generation where some as someone said above workers will be expected to fulfill functions such as the McDonalds employee. The gather data will condemned many to a life of servitude. The data will be use to market to the masses and the oligarchs (the owners of social media) will get even richer.

Any time you run into a free market Andy. My first thought is how do you feel about labor strikes, and organized labor?

 

[Paul]

Any time you run into a free market Andy. My first thought is how do you feel about labor strikes, and organized labor?

I see nothing wrong with organized labor and strikes in a free market.

 

[DaveXA]

I see nothing wrong with organized labor and strikes in a free market.

So, do you see anything wrong with regulations that protect consumers and workers?

 

[Paul]

So, do you see anything wrong with regulations that protect consumers and workers?

Capitalism needs to be regulated. Otherwise, the little guys have no chance. It would be like the Lion King killing Bambi in the wild.

As for consumers:

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer. ADAM SMITH

 

[DaveXA]

Capitalism needs to be regulated. Otherwise, the little guys have no chance. It would be like the Lion King killing Bambi in the wild.

As for consumers:

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer. ADAM SMITH

Wouldn't you agree that minimum wage is a form of protection for employees? It's also a regulatory guardrail for capitalism?

 

[Paul]

Wouldn't you agree that minimum wage is a form of protection for employees? It's also a regulatory guardrail for capitalism?

There should some form of protection for the little guy. I have no disagreement. Pure capitalism is evil. Capitalism works best when part of the wealth generated by capitalism is used for the benefit of ALL.

It is the highest impertinence and presumption… in kings and ministers, to pretend to watch over the economy of private people, and to restrain their expense... They are themselves always, and without any exception, the greatest spendthrifts in the society.

There is no art which one government sooner learns of another than that of draining money from the pockets of the people. ADAM SMITH