The Coronavirus thread

I know there's arguments for investing in the stock market. But people on the margins might not be happy eating cat food if the market is down for a long period and their payments are lowered. For lots of us it's just extra money in retirement, but it wasn't created for people who were better off. And if the market collapses, even worse.

Quote: rxwine

Most people get more money out than they put in and the ratio of workers to retirees has fallen. That's not a model for private business, unless you mean businesses with failed pension funds.

And if we're going to subsidize another private industry with government funds we might as well keep it all government.

A private company would never run SS like it is run. SS was intentionally set up as a ponzi scheme. Bush43 tried to improve it by directing a portion of the money that would be a private account and could be left to your heirs. The Democrats killed that! Would be going for almost 20 years now so imagine how many elderly could have six figures in their accounts!

A private company would run it like and invest as a pension program does today.

Quote: Gandler

And, then it improved to be better? (Safer and cleaner and better stocked in your words) compared to private stores in other States? That was your statement.

If that is an unfair charactization/summary, I am welcomed to be corrected.

It is better than *some* stores. It is better than stores you see in bad neighborhoods. It is no better than the better private stores in other states. Importantly, it is able to copy the private stores. If it was not for seeing how those stores do it then we would still be doing it USSR style ordering at the counter and long wait times.

I will be fair to you and say you need to have lived in PA and remember how it was in the old days to get and notice the difference.

I think it was Kruschev who on his visit to the USA wanted to see an American supermarket. He was then amazed how we could keep all those stores so stocked and running. Meanwhile back in the USSR people often had to show ID at a store to show they were local and not on a trip to Moscow where stores were better supplied.

Government does not run things better.

Quote: DRich

I don't believe Social Security will ever be insolvent without a replacement program being put in place. Just remember, the government can print as much money as it wants. Yes, inflation will go up but they can continue to fund SS forever.

SS costs began exceeding income this year. It is already underfunded. It has a $2.9 trillion reserve that will be depleted by 2033. No question it will be insolvent by then. The government will either have to kick in another $250 billion or more annually, or reduce payments. Perhaps both.

Since Medicare is going to be insolvent within two to four years, the feds will have to subsidize that program as well.

At current spending levels, the federal debt will be over $40 trillion in 2033.

Current total unfunded US government liabilities are $158 trillion, and climbing fast. That's how well they run things.

"Nearly 60 percent of recent COVID-19 hospitalizations occurred in the “fully vaccinated,” according to new Medicare data.

71% of Covid-19 cases occurred in fully vaccinated individuals. Slide 7

60% of hospitalizations occurred in fully vaccinated individuals. Slide 12

Quote: Tanko

SS costs began exceeding income this year. It is already underfunded. It has a $2.9 trillion reserve that will be depleted by 2033. No question it will be insolvent by then. The government will either have to kick in another $250 billion or more annually, or reduce payments. Perhaps both.

Since Medicare is going to be insolvent within two to four years, the feds will have to subsidize that program as well.

At current spending levels, the federal debt will be over $40 trillion in 2033.

Current total unfunded US government liabilities are $158 trillion, and climbing fast. That's how well they run things.

The government will print their way out of it, again. It happens as I retire. Hopefully I am diversified enough to survive.

Quote: AZDuffman

The government will print their way out of it, again. It happens as I retire. Hopefully I am diversified enough to survive.

FYI, What you call SS, We Brits call state pension. And UK state pension is linked to inflation. So our Gov't can't use inflation to print their way out of it.
Is US SS not inflation linked?

Quote: AZDuffman

A private company would never run SS like it is run. SS was intentionally set up as a ponzi scheme. Bush43 tried to improve it by directing a portion of the money that would be a private account and could be left to your heirs. The Democrats killed that! Would be going for almost 20 years now so imagine how many elderly could have six figures in their accounts!

A private company would run it like and invest as a pension program does today.

I think private companies aren't any better until they're in a proper environment, of potential growth, competition and unlimited profit. (with proper regularity oversight of course) Give them unending money, and you might as well have government.

Though I wouldn't mind seeing the whole stock market idea tested. I happen to think there are more problems with that than just rake in the money.

Quote: OnceDear

FYI, What you call SS, We Brits call state pension. And UK state pension is linked to inflation. So our Gov't can't use inflation to print their way out of it.
Is US SS not inflation linked?

Honestly I am not totally sure how they link SS. But that does not mean they will not print away.

Quote: rxwine

I think private companies aren't any better until they're in a proper environment, of potential growth, competition and unlimited profit. (with proper regularity oversight of course) Give them unending money, and you might as well have government.

Though I wouldn't mind seeing the whole stock market idea tested. I happen to think there are more problems with that than just rake in the money.

When I was doing courier work as a side hustle I was talking to another driver and somehow the Bush43 SS plan came up, like 15 years after it was shot down. Guy was going nuts over "privatizing social security." It took 5 minutes but I managed to calm him down. Then I asked why he would not like his own account with money he could even hand down to his kids. His attitude did a total 180!

Funny thing is the blacks who vote most democrat were the most hurt by the Bush plan being shot down. About now the first black families would be getting some kind of decent inheritance from deceased parents. Generational money to hand down. Democrat Party could not let that happen!