Tractors and (upcoming) tariffs?

[RayIN]

When the govment stole from the railroad retirement: My
father-in-law's neighbor worked the same job as my father-in=law the neighbor retired just before the govment stole
some of their retirement because my father-in-law received
$400 a month less than the neighbor after the govement
stole from the RR retirement fundand they both started
the same year. On retirement $400 makes a big difference

willy

Actually the federal government "borrowed" that money, it's now part of the $36+ Trillion dollars our federal government is in debt.
The largest percentage of the national debt is borrowed from assorted federal government agencies and departments, with no plan to repay.
That's the polite way of stealing.

 

[LouNY]

I too have paid into Social Security since a young age (16 for me). I was forced to retire early at 62 due to back problems. Fortunately, I had a good 401k that I started at age 26 and so am not entirely reliant upon Social Security however had I been, it would have been near impossible to live as I have been. Having done extensive research into how to manage that early retirement, considering the reduced SS benefit coupled with the high cost of healthcare until I quality for Medicare, I discovered some interesting information.

First, had the average worker been able to invest the same 12.4% of income that the government takes for SS in an IRA at a modest 8% return, most would easily top the $1 million mark by age 65. Further, rather than be at risk for the fund becoming insolvent, we would not be facing that issue as the markets have consistently posted positive returns for decades. Once you reach retirement age, it should be treated as any private IRA thus allowing you to withdraw funds to meet your financial needs and desires, rather than be pigeonholed into what they determine you may have. Plus, it's all yours or your heirs, not the governments. Finally, as it stands, once you pass away, whatever money is left is kept by the government, except in the case of survivor benefits which are often not at the full rate being paid to the original SS recipient. How many people die young and never collect benefits? If they had an IRA, it would at least go to their family or chosen heirs.

Though I agree that many people wouldn't have done this on their own, if we were required to have that same 12.4% withdrawn from our paychecks but deposited in an approved IRA that we could manage how we invest (aggressive or conservative) we would be far better off. I am NOT at all for the government managing this or many other areas of our lives as they have proven to be remiss in much of their fiduciary duties.

And you haven't even included the same amount that your employer has to contribute, unless you are self employed and then you get to pay the whole amount.

 

[MoArk Willy]

In 2019, Trumps tariffs took effect.
According to the economic statistics they were barely noticed.
Policies enacted by Biden causes nearly a nearly 20% increase in just about everything, domestic and imported.
Trumps tariffs of 2019 created no inflation whatsoever.
His proposed tariffs are conditional to Mexico, Canada and China "until such time as Drugs, in particular Fentanyl and all illegal Aliens stop the invasion of our country".

 

[ultrarunner]

California had in the pipeline a new state of the art refinery with hundreds of approvals granted but in the end the never ending just a few more was enough to cancel the project.

Chevron world headquarters left California… Phillips 66 gave notice… we have oil but the cost deemed to great…

I still see tankers bringing in crude but there are very active groups waning to shutter all Northern CA refineries… no idea what the situation is in Southern CA.

 

[TimberFarm]

In 2019, Trumps tariffs took effect.
According to the economic statistics they were barely noticed.
Policies enacted by Biden causes nearly a nearly 20% increase in just about everything, domestic and imported.
Trumps tariffs of 2019 created no inflation whatsoever.
His proposed tariffs are conditional to Mexico, Canada and China "until such time as Drugs, in particular Fentanyl and all illegal Aliens stop the invasion of our country".

So, what "policies" did Biden enact?
This is what happened when trump enacted one of his tariffs with China:



"The Dow Jones Industrial Average fell 724 points, or 2.9%, after the tariffs were announced due to concerns over a trade war.[128] Corporations that traded with China, such as Caterpillar Inc. and Boeing, suffered large losses in their stock price.[129]

In response, the Ministry of Commerce of the People's Republic of China announced plans to implement its own tariffs on 128 U.S. products. 120 of those products, such as fruit and wine, will be taxed at a 15% duty while the remaining eight products, including pork, will receive a 25% tariff.[130][131]"

 

[ning]

So, what "policies" did Biden enact?
This is what happened when trump enacted one of his tariffs with China:



"The Dow Jones Industrial Average fell 724 points, or 2.9%, after the tariffs were announced due to concerns over a trade war.[128] Corporations that traded with China, such as Caterpillar Inc. and Boeing, suffered large losses in their stock price.[129]

In response, the Ministry of Commerce of the People's Republic of China announced plans to implement its own tariffs on 128 U.S. products. 120 of those products, such as fruit and wine, will be taxed at a 15% duty while the remaining eight products, including pork, will receive a 25% tariff.[130][131]"

There was a big jump of inflation that started ramping with covid, spurred on by the "stimulus" checks.
I remember seeing some with 45's name on them - not made out to me, I don't think I got any; my wife and I both continued working through (me WFH as usual, she kept going to the hospital).

 

[tjandrews]

There was a big jump of inflation that started ramping with covid, spurred on by the "stimulus" checks.
I remember seeing some with 45's name on them - not made out to me, I don't think I got any; my wife and I both continued working through (me WFH as usual, she kept going to the hospital).

Just about everybody who filed tax returns got at least three - unless your income was above whatever the upper limit was. Two came from 45, one from 46. The idea was to spend that money to stimulate the economy, to keep us in a recession instead of another Depression because of covid.
My brother (and business partner) and I each got payments. We used the first to replace our old hay baler, which had had a fatal injury, with one that wasn't quite so old. We never saw the second in a check; that money was used to pay part of our self-employment tax that year. The third was used to pay to remove a diseased tree that was threatening to fall on our house.
We actually had enough money in our savings/emergency funds to cover those expenses, but because of the payments we didn't have to go to that well, and we still had savings to cover the next emergency. (And on a farm there's ALWAYS another emergency on the way.)
The payments didn't start the big jump in inflation, at least not by themselves. That came mostly as a result of a shipping crisis, where for various reasons goods were not going from producer to market as they did before covid. Remember the empty supermarket shelves?

 

[2manyrocks]

I too have paid into Social Security since a young age (16 for me). I was forced to retire early at 62 due to back problems. Fortunately, I had a good 401k that I started at age 26 and so am not entirely reliant upon Social Security however had I been, it would have been near impossible to live as I have been. Having done extensive research into how to manage that early retirement, considering the reduced SS benefit coupled with the high cost of healthcare until I quality for Medicare, I discovered some interesting information.

First, had the average worker been able to invest the same 12.4% of income that the government takes for SS in an IRA at a modest 8% return, most would easily top the $1 million mark by age 65. Further, rather than be at risk for the fund becoming insolvent, we would not be facing that issue as the markets have consistently posted positive returns for decades. Once you reach retirement age, it should be treated as any private IRA thus allowing you to withdraw funds to meet your financial needs and desires, rather than be pigeonholed into what they determine you may have. Plus, it's all yours or your heirs, not the governments. Finally, as it stands, once you pass away, whatever money is left is kept by the government, except in the case of survivor benefits which are often not at the full rate being paid to the original SS recipient. How many people die young and never collect benefits? If they had an IRA, it would at least go to their family or chosen heirs.

Though I agree that many people wouldn't have done this on their own, if we were required to have that same 12.4% withdrawn from our paychecks but deposited in an approved IRA that we could manage how we invest (aggressive or conservative) we would be far better off. I am NOT at all for the government managing this or many other areas of our lives as they have proven to be remiss in much of their fiduciary duties.

I remember the govt kept raising the individual contribution amount in the 1980s.

Had a friend who didn’t get a marriage license to marry his wife. His state didn’t recognize common law marriage. He was the wage earner. She raised their large family. When he died, she got zero of his social security.

 

[tjandrews]

I remember the govt kept raising the individual contribution amount in the 1980s.

Had a friend who didn’t get a marriage license to marry his wife. His state didn’t recognize common law marriage. He was the wage earner. She raised their large family. When he died, she got zero of his social security.

Far too many of my generation, Baby Boomers, considered a marriage license "just a piece of paper" that they didn't really need to show their love. Perhaps they should have been better at doing their homework.

The government also raised the "full" retirement age. Instead of 65, like my father, my "full" age was 66. My younger brothers were almost 67. Something akin to that, as well as eliminating the cap on earnings that are taxed, should be done to "save" Social Security now, but Congressfolk of both parties are too timid to do what must be done until they have no choice.

 

[2manyrocks]

Not having that piece of paper showing they were married turned out to be very costly for my friends wife. Knowing him, I am not sure he would have gotten a marriage license even if he had realized she wouldn’t get his social security without it.