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Social Security (Ecolanguage)



Uploaded by: leearnold
Video Description:
More Ecolanguage: click "leearnold" right above. -- This one is an overview of the U.S. Social Security debate.


Tags for this video: animation biology business ecology economics environment global history money politics science social system

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It's calculated ... ( 4 months ago by leearnold)
It's calculated from the Social Security legislation. If "insolvency" comes in the "Middle Cost" scenario, the incoming FICA revenues will fund payments to recipients on the order of at least 120% of current payments to recipients in real per capita terms. This has been called "Rosser's Law." There is no SS crisis. And our economy is doing better than the Trustees' Middle Cost scenario!
I understand the ... ( 4 months ago by bilgerburg)
I understand the whole "safety net" thing, but Richard Fisher of the Dallas Fed thinks that social security is a big problem, not as big a problem as Medicare, but still big. It doesn't sound like there will be enough workers to support the retirees. You say that productivity will solve this but that doesn't make sense. If that were true then we should have more in savings today, but we don't. Also, correct me if I am wrong, but we have a lot of inflation, how will SS handle it? good video btw
So you're not ... ( 4 months ago by robert0380)
So you're not saying I'll get an ROI of 120% on the money I pay in, you're saying by the time I collect, the payout will be 120% of what it is today. Now you're just playing math games but I get it. What about in terms of ROI (return on investment)?
I believe all ... ( 4 months ago by robert0380)
I believe all entitlement programs need to be looked at. Medicare is a good example of the government's inability to estimate the cost of a new social program and then their ability to compound the problem even more by adding to it (drug benefit). Seniors shouldn't be thrown under the bus by any means but our government sure does foul it up miserably when attempting to help out.
"When people think ... ( 4 months ago by leearnold)
"When people think about these kinds of issues, they usually assume Social Security is the big problem. But, by golly, it isn't. - Richard Fisher, April 16, 2007.
There will be no problem, according to the Social Security Trustees: we are heading toward their Low Cost Scenario. Worker ratios are included in this calculation.
Current lack of saving seems unrelated to productivity.
With inflation, everything rises: wages, benefits. Inflation is bad for other reasons, not Social Security.
No -- Social ... ( 4 months ago by leearnold)
No -- Social Security is NOT currently heading to a default in 50 years. But if it DID default at that time, then by law, the benefit is scheduled to drop to 120% of today's benefit in real terms.
Normally, Social Security pays back at about the rate of Treasuries, around 3%.
Stay informed! The ... ( 4 months ago by leearnold)
Stay informed! The Bush Administration WASN'T UNABLE to estimate the cost of the new drug program: they HID the cost, (and hid Big Pharma's lobbyist participation,) to gain easy votes from voters now -- and to crash the safety net later. Pure cynicism! But in the long run, we will fix it, and a democratic government does no worse than the market that it supplements: Each form has (1) a different arena, (2) different information requirements, and (3) different forms of redress.
Hi thanks for your ... ( 4 months ago by bilgerburg)
Hi thanks for your answer...I'm not sure we're on the same page though. In Fisher's speech(Storms on the Horizon, May '08), he says, "The amount of money the Social Security system would need today to cover all unfunded liabilities from now on".."is $13.6 trillion". He goes on to say, "The much bigger concern is Medicare". So, although he makes it clear that the big problem is Medicare, he does not say that SS is not a problem. The speech is available on his website.
In regards to your ... ( 4 months ago by bilgerburg)
In regards to your comment on inflation, "With inflation, everything rises: wages, benefits", today we have inflation, quite a bit when looking at headline, but wages aren't following. Does SS have a way or resolving this issue? Also, when they make an inflation adjustment, do they use headline or core? And do they raise it enough to cover the inflation costs incurred during the prior year, or just going forward?
No, Social Security ... ( 4 months ago by leearnold)
No, Social Security does not resolve any other issues in the market economy. As for inflation adjustments in benefits, these comments are restricted to 500 characters. This sort of information can be found rather easily on the internet.
Fisher's $13.6 ... ( 4 months ago by leearnold)
Fisher's $13.6 trillion shortfall for SS is over the infinite horizon. That is about one year's GDP over eternity. Hardly a problem! (And it is only a guess, based on a low productivity rate.)
Well taking an anti ... ( 2 months ago by mossretard)
Well taking an anti bush stance you are proving another point. Government should not be involved in any of this shit, look at the complicated account etc... if a private company did this they would be sued. Clinton used the social security surplus towards the budget to make it look like there was a surplus there wasnt. What you fail to mention is where inflation comes from (printing too much money for pay for this crap) it isnt that we can pay the checks but the money wont be worth anything.
Your comment is ... ( 2 months ago by leearnold)
Your comment is misinformation and it will be deleted shortly.
(1) It's not anti-Bush especially, it's anti-privatization. (2) Gov't has to provide a safety net, due to the reality of the market economy. This has been understood for a few hundred years. (3) Clinton still made the deficit SMALLER. (4) We're not printing money to pay for SS. (5) We're printing it to save the private financial markets! (6) Current "inflation" is mostly from exploding global demand for raw materials and energy.
What will happen is ... ( 2 months ago by mossretard)
What will happen is what happened in Japan with pensions they are about 10-20 years ahead of us in demographics what they did is increase premiums and cut outlays. Probably some socialist trend such as " people who are worth so and so wont qualify to recieve any payment etc..." I am a free man and live in a nation where I dont have to go through any of this leearnold you are a slave.
This is incorrect. ... ( 2 months ago by leearnold)
This is incorrect. The Japanese public pensions system is invested in stocks and that is part of the reason why they have been in a mess. Social Security is a simple transfer system that, on its own, is either heading toward a little reconsideration in 40 or 50 years, or else no shortfall, ever. It's just not a big deal.
do an annuity. ... ( 2 months ago by anthony1832)
do an annuity. $31,695 salary = US median income.
12.4% of that is given to the gov't 1/2 paid by employee 1/2 paid by employer.
12.4% of $31,695 = $3,930.18
lets assume the individual earns that salary from age 21-64, no raises, not adjustments.
put that in an annuity earning 5% (a pretty conservative rate)
by the time you are 65 you will have $623,720.
if you can earn 5% on that sum you will make $31,186 a year in interest, and have a fortune to pass on to your children.
As in some of the ... ( 2 months ago by leearnold)
As in some of the other comments here, this ignores RISK, in financial markets, in life. You need a retirement account and a safety net, and you aren't seeing enough income to pay for both -- although Lehman Bros. is now bankrupt on $613 billion dollars worth of debt. Who would bail out your annuity? The taxpayers. Social Security is not a retirement account. It is the SAFETY NET.
even at 3% which ... ( 2 months ago by anthony1832)
even at 3% which can be earned in an ING savings account and is risk free, and insured by the federal government up to $200,000 with a joint owner, you will still end up better than the social security system.
Also, on a 20 year investment horizon the best average return on a large company stock portfolio has been 17.7%. The LOWEST has been a POSITIVE 3.1%, and that was during the great depression.
earning 5% is not hard to do.
I deleted your ... ( 2 months ago by leearnold)
I deleted your other comment because it advocated a political candidate. One of several reasons to get booted from here.
Losing your shirt ... ( 2 months ago by leearnold)
Losing your shirt is not hard to do either: see today's newspapers, Sept. 15, 2008.
fair enough on the ... ( 2 months ago by anthony1832)
fair enough on the political thing
losing your shirt happens all the time, if you look short term.
for large common stocks the worst single year was in 1931 with a average loss of 43.3% however, even that year is included in the 20 year indexes, and still the lowest average return has been a positive 3.1%
Learn about risk. ... ( 2 months ago by leearnold)
Learn about risk. Average return is not actual return --actual may be more, it may be less. And it doesn't pay-off in down cycles, nor help against some other possible adversities in life.
high yield accounts ... ( 2 months ago by anthony1832)
high yield accounts insured by the FDIC are completely risk free. Once you reach the maximum that the federal government will insure, its simple to find another bank with a high yield account. have the interest on your 100k-200k (depending on if you have a joint owner) spill over into a different high yield account at a different bank.
It's simple, social security is a failure.
If you earned 5% ... ( 1 month ago by YahooPoolAimer)
If you earned 5% growth rates, then that would only be a 2% real return after inflation. Broker fees are minimum 1%, or 2% on average... which is most of your earnings.
This is why countries like Chile with privatized pension plans have seen most of their market gains lost to fees and administration. Social Security is far less than 1/1000th the overhead of a traditional investment vehicle.
Social Security is by far the most efficient system, revenues based on taxing the entire economy.



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