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Wall Street, we have a problem. (lemmy.world)
submitted 2 years ago by to c/whitepeopletwitter@sh.itjust.works
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[–] 2 points 2 years ago* (2 children)

I don’t know why you are talking as if i think social security should be removed. I have already said that Its not enough there has to be more. Sure its important to be there. But because it’s not capable of sustaining the elderly, a 401k is a primary method to pay the gap. This whole discussion is that gap, and is why in this discussion about 401k bringing up social security is moot. I do not know why you are trying to sell how important it is, when bringing it up in the first place does not effect the discussion about 401k at all. It’s already been factored in to available funds to retire on, you can’t invoke it a second time

I am not the one who put social security on the chopping block, Elon Musk is. Go talk to him about social security.

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  • [–] 0 points 2 years ago (1 child)

    But because it’s not capable of sustaining the elderly, a 401k is a primary method to pay the gap.

    Less than half of the US participates in 401ks. It is not the primary method for paying.

    This whole discussion is that gap, and is why in this discussion about 401k bringing up social security is moot.

    Its very difficult to take seriously the idea that a five year bull market is leaving a gap in private investment. The gap isn't the result of a short-term downturn in a record high equities market, its with the vast disparity between equities gains and working incomes.

    The appeal of Social Security, and the reason why it forms the foundation of virtually every retirement plan in the US, has to do with its relative accessibility and guaranteed return. This is in sharp contrast to 401ks (which have outperformed lifetime SS returns thanks to a long term upward market trend) that over half the country isn't eligible to join.

    I am not the one who put social security on the chopping block, Elon Musk is.

    Elon isn't putting SS on the chopping block, he's just trying to deny people payments through blatantly illegal means. You've bought into the theory that SS simply won't be there, in large part, by the people who are trying to shut it down. Might as well take a bank robber at his word that you should open the door and let him into the vault because the cash box will be empty by the end of the day.

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  • [–] 2 points 2 years ago

    You are arguing against claims I never made.

    I didn’t say 401(k)s are the primary method for everyone, but for those who have them, they are a primary tool for closing the gap Social Security leaves. The fact that not everyone has one doesn’t change that reality. The discussion is about that gap, not whether 401(k)s should replace Social Security.

    You’re shifting the goalposts. The issue isn’t whether the stock market has been in a bull run—it’s that wages haven’t kept up with inflation or the cost of living, making retirement savings difficult for many. A strong market doesn’t erase the fact that people still struggle to save enough.

    Again I never argued against the importance of social security, just that it’s insufficient. You are trying to sell Social Security as if I claimed it shouldn’t exist, which I didn’t. It’s already factored into retirement plans, meaning it’s not an additional source of funds—it’s the baseline. That’s why bringing it up as if it changes the discussion is moot.

    Whether Musk’s attempts to undermine Social Security are ‘illegal’ is irrelevant to the point that he is trying to do it. Saying I ‘bought into a theory’ when he’s explicitly stated his position is just a weak deflection.

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