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TomCADem

(17,387 posts)
Tue May 12, 2020, 12:13 AM May 2020

Trump may let workers take Social Security benefits early in exchange for reduced payments later [View all]

Source: MSN

One proposal the White House is reportedly considering calls for letting Americans take up to $5,000 from Social Security now in exchange for delaying their benefits in the future.

The $5,000 would be structured as a loan with a government-set interest rate that would reimburse the Social Security trust fund with interest. Individuals who opt into the program would pay that money back when they start collecting Social Security benefits. Their first checks would go toward repaying the loan, for a period of up to three months. After that, they would receive normal benefits.

The plan was developed by Andrew Biggs of the American Enterprise Institute and Joshua Rauh of the Hoover Institution at Stanford University.

Social Security advocates fear this could be the beginning of efforts to curtail the program. Currently, about 45 million retired workers depend on Social Security, with average monthly benefits totaling $1,503. In a statement, Richard Fiesta, executive director of the Alliance for Retired Americans, slammed the proposal. “Asking working Americans to give up even one dime of their future Social Security benefits to survive today’s economic crisis is a harebrained idea that would hurt families for decades to come,” Fiesta said.

Read more: https://www.msn.com/en-us/money/retirement/trump-may-let-workers-take-social-security-benefits-early-in-exchange-for-reduced-payments-later/ar-BB13Vzho?ocid=hplocalnews



Of course, Trump would try to extort Americans in a time of crisis. Give up social security in return for $5,000 to get you by for rent and food for a few months. I can see why Trump is drawn this loan shark type proposal.
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ANYONE who falls for this is INSANE. Trust me, I would never in my life have thought Social Security BamaRefugee May 2020 #1
Trump INC thrives on fear Skittles May 2020 #4
But don't we already do that? And worse? You can collect SS at 62 and get reduced benefits forever. TreasonousBastard May 2020 #2
If I faced foreclosure I would want this option Cicada May 2020 #3
I read this as they can only get three months of whatever benefit they would qualify for later. House of Roberts May 2020 #5
The payback is at most 3 months benefits Cicada May 2020 #23
Not for this, but the option might help some. I'd prefer other solutions, but there is Hoyt May 2020 #6
LOL. "plan developed by the American Enterprise Institute and the Hoover Institution" -- PASS! PSPS May 2020 #7
American Enterprise Institute? Hoover Institution? Tactical Peek May 2020 #8
President Usurer LudwigPastorius May 2020 #9
Camel's nose under the tent. Yeah, at first it will just be $5,000. Hoover Inst and AEI, hmm. progree May 2020 #10
DIVIDE & Conquer - peel off support from dems based on fear and desperation nt msongs May 2020 #11
This is like Bush's "privatize Social Security" trial balloon dawg day May 2020 #12
Yes, just start with a small part of it in a private account. As the years go by those limits will progree May 2020 #13
House won't pass it. DOA. roamer65 May 2020 #14
that dog won't hunt. nt yaesu May 2020 #15
Can he do this? It seems like any change to SS would take Congressional action. LastLiberal in PalmSprings May 2020 #16
No, and yes it takes Congressional action. Trump would nowhere near have the votes for this kind yellowcanine May 2020 #26
Its a shit sandwich of a proposal. nt cstanleytech May 2020 #17
But what if... BigmanPigman May 2020 #18
Nonsense Traildogbob May 2020 #20
Giving to the rich through lowered taxes rainin May 2020 #19
This will backfire on trump duforsure May 2020 #21
I think the goal here is to drain the social security trust fund. honest.abe May 2020 #22
Short term money for long term loss. keithbvadu2 May 2020 #24
This is the worst kind of "payday" loan McCamy Taylor May 2020 #25
Good point, and yes it is. yellowcanine May 2020 #27
Social security benefits are actually capped DeminPennswoods May 2020 #28
The maximum is much higher than that. I know seniors who get a whole lot more (I'm not one of them). llmart May 2020 #29
Dead on arrival Yo_Mama_Been_Loggin May 2020 #30
Ask anyone who has ever taken out a variable-rate mortgage with a balloon payment Aristus May 2020 #31
Pay day loan, government style. sarcasmo May 2020 #32
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