All The Butt Hurt is Making Me a Trump Fan
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No it has Treasury bonds in a trust fund. Which is basically just an accounting move.
The ups and downs of the trust funds simply reflect a change in how we finance Social Security spending. When payroll taxes are greater than Social Security spending, which was the case until 2007, payroll taxes are financing other spending. When payroll taxes are less than Social Security spending, income taxes or increases in debt are financing Social Security spending, which has been the case since 2008. (See the graph below.) The trust funds just add up this change over time. Exhausting the trust funds is, in this view, really irrelevant.
Should We Worry That the Social Security Trust Funds Are Going Bust?
The depletion of the funds points to bigger fiscal issues.
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One can complain that we didn't 'lockbox' the trust fund like Al Gore famously argued for... But it's irrelevant to today. That money is long gone.
Jobs are eliminated, jobs are created. My point is that there hasn’t been long-term net reductions of employment due to technology. Disruptions, yes. Shifts, yes. Lasting reductions, no.
Neither buyers nor sellers of labor like to have it idled. It’s a valuable and necessary resource, And AI won’t do everything. What this will do is jack up its productivity. Quicker turnaround. Less frictional stuff.
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Yeah, they have T bonds because those are government IOUs because the government spent the surplus.No it has Treasury bonds in a trust fund. Which is basically just an accounting move.
The ups and downs of the trust funds simply reflect a change in how we finance Social Security spending. When payroll taxes are greater than Social Security spending, which was the case until 2007, payroll taxes are financing other spending. When payroll taxes are less than Social Security spending, income taxes or increases in debt are financing Social Security spending, which has been the case since 2008. (See the graph below.) The trust funds just add up this change over time. Exhausting the trust funds is, in this view, really irrelevant.
Should We Worry That the Social Security Trust Funds Are Going Bust?
The depletion of the funds points to bigger fiscal issues.
One can complain that we didn't 'lockbox' the trust fund like Al Gore famously argued for... But it's irrelevant to today. That money is long gone.
Why would you argue something so basic?
No it has Treasury bonds in a trust fund. Which is basically just an accounting move.
The ups and downs of the trust funds simply reflect a change in how we finance Social Security spending. When payroll taxes are greater than Social Security spending, which was the case until 2007, payroll taxes are financing other spending. When payroll taxes are less than Social Security spending, income taxes or increases in debt are financing Social Security spending, which has been the case since 2008. (See the graph below.) The trust funds just add up this change over time. Exhausting the trust funds is, in this view, really irrelevant.
Should We Worry That the Social Security Trust Funds Are Going Bust?
The depletion of the funds points to bigger fiscal issues.
One can complain that we didn't 'lockbox' the trust fund like Al Gore famously argued for... But it's irrelevant to today. That money is long gone.
People who make the lockbox complaint are always surprised to learn that SSTF was going to run dry with or without Congress spending those funds. Some cynical pols blamed SocSec’s problems on this and that was never the case.
You're the one claiming SS has a surplus into the 2030s. Not me. It hasn't had a surplus since 2007.
Oh and I would add that, like all other capital generated expansions of productivity, the bulk of the gains from this will make their way to the people who invested the capital to make them possible.
How about this time, instead of bellyaching about that, we instead figure out ways to get more people invested in the ownership of capital assets?
SS was never part of the budget until Nixon incorporated it. Without that, our budget deficits and national debt would be much higher.
It's outrageous that this crazy spending hasn't even been attempted to be curbed since 2000.
A surplus is when there is more money than obligations. Which is still the case with SS.
Of course. I'm just of the opinion that when it's the doctors and lawyers whose jobs are made redundant the fallout will be more shrill than when it was the clerks and line workers.
Doctors and lawyers are already using AI to a great extent and there's still a shortage of doctors.
The day may come when you use AI for medical evaluations and legal issues, but there will always need to be a human there to verify that it's correct.
No it's not. If you make $100 and spend $120 each month, you are not running a surplus. Regardless of you having $1k in the bank.
You're talking about a budget, not money in the bank.
If you and your wife save $10,000 over a period of time and then, due to having a child, gradually spend $1000 over your salaries until you have $1,000 left, you still have a surplus of $1,000
Some will use it to their advantage. Hourly might become more piece meal. There will be a culling of numbers in the next Gen to things we aren’t even aware of yet. But there will still be lawyers. Just fewer. AI can’t replicate the scorn and bitterness of a middle aged female divorce lawyer who graduated from a night program after 9 years of pt undergrad. There’s not a Yale law review moot court winner that has ever been able to handle that challenge. Nor will AI
My grandfather was a commercial artist with a drafting table and fancy pens
Are you saying contributions are greater than payments into the 30's?
Because the SS 'Trust Fund' was looted years ago.
No, that's not what I'm saying. I said the surplus is being lowered until the 30s, but there still is a surplus.
The 'trust fund' is now government IOUs - bonds.
You're using incorrect terms. Go read any report ever written about the SS trust fund and you will find the definition of surplus and deficit are exactly as I've described. Have a good evening.
I don't care what mumbo jumbo language some government report says.
The SS system has a surplus. A dwindling surplus, but a surplus, nonetheless.
Lawyers will be displaced, you say? Which kind? 😁
As for doctors, they’re running a shortage as it is. Thus the APPs. And AI is probably going to impact healthcare as much as any other sector.
I imagine it will speed up care cycles and have the effect of expanding their capacity to keep pace with demand…which will help immensely, especially in underserved areas.
No I don't. I doubt they are actually bonds - they're probably created out of nothing, like all government bonds are, when needed.
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I agree with you in theory. But, in practice, there seems to never be enough to satisfy a lot of people.
My guess on this is that a lot of people don’t measure their well-being by what they have relative to things like how productive they are, how they’re doing relative to their parents, or relative to what they need…but rather by how much they have relative to others they see.
And these people seem to think it’s necessarily unfair when they believe others are faring better than they are.
I'd say "these people" are all people. Some do it more. Some less. Some do it w/r/t dick size. Some with beauty. Some money. Some IQ. And on and on. But everyone compares themselves to others. Almost impossible not to as a social creature. It might have developed through an evolutionary process.
But I agree that the more one can train oneself not to do that, the healthier and happier one is more likely to be.
