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k-289
Esteemed Advisor

Re: 82% of Farm income is "off-farm".

Radio  news  today  stating  92%  of  Great Plains ,  5  State  voters ,  want  S.  S.  left  in  place = = =

I  have a distinct  memory  of  a  conservative,   academic ,   stating  it  wouldn't  last  another  20  years ,  and  here  we  are  5  decades  later =  =  =

Trading  US  $$$$$  for  other  currency  ,   maybe  not a  great  idea  = = = 

Also ,  one  guest  on  5  state  radio  mentioned  1%  of  US  corn  acres  are  grown  for  sweet  &  canned  corn  - interesting  = = =    

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BA Deere
Honored Advisor

Re: 82% of Farm income is "off-farm".

Absolutely, keep the gig going, if anyone else other than the Federal Reserve they`d be charged with counterfeiting .

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rsbs
Senior Advisor

Re: 82% of Farm income is "off-farm".

Guys, lets be realistic. If you have a million or more in net worth, and your country is bankrupt, do you think you actually will get a social security check? I get my printouts showing what my check is supposed to be at full retirement, etc. but I don't plan on spending it.

The guys without a pot to P in, living from check to check, will be first in line, regardless of how they spent their earnings over the years. Or they will be ground up into soylent green....if the country keeps going totalitarian, those "useful idiots" may end up finding out the utopia they dreamed about, where the hard working guy that got ahead gets cut back down to size, is a dystopian nightmare instead.

BA Deere
Honored Advisor

Re: 82% of Farm income is "off-farm".

To "fix" Social Security all they have to keep doing is raise the age of retirement, however politicians doing that will have to be lame ducks.  Or maybe not, the younger people coming up are going to have it tough and it could be popular with them to cut or eliminate social security.  Demographically, we can`t be sure what monsters that have been created, everybody getting a trophy, deciding what gender they want to be, ect ....  yeah, you didn`t realize these people would one day be responsible for your retirement, did you?  😀

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timetippingpt
Honored Advisor

Re: 82% of Farm income is "off-farm".

I'd challenge RSBS a bit. Almost everyone will get SS because it is pretty easy to cover the payments, especially when you import 2mil new workers under 25 every year. Ultimately, though, the SS won't buy anything of value. We are already at that place. As long as you have a paid for place to live in retirement SS is plenty to live on for most. IF you don't, well that is where a lifetime of choices finally comes home to earn its reward.

Frankly, there are no great answers to any of this, just lots of ways to live a life that specifically works for you and yours.

It is kind of like our never-till cover crop program. Year 30 and we will have record profits....doubt we are going away any generation soon 🙂

BA Deere
Honored Advisor

Re: 82% of Farm income is "off-farm".

I found this on the web:

In 2022, an average of 66 million Americans per month will receive a Social Security benefit, totaling over one trillion dollars in benefits paid during the year.  

So, this is with Boomers in the midst of collecting, as we move to Gen X retiring starting in 12-15 years that was a smaller generation and Millennials will be paying, they are a larger generation.  Now, I would`ve said "Holy buckets!  $1 Trillion SS spending annually???"   But a trillion isn`t what it used to be, the government could easily shore it up each year with $300 billion or so if the worker pay in falls short.   

Fixed income though, is something that can really be hurt recipients, if COLAs become few & far between.

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Hobbyfarmer
Honored Advisor

Re: 82% of Farm income is "off-farm".

Going back to the start of SS, it was not meant to be "the living". It was supposed to be pocket money.

Over the last 90ish year's the thing morphed into that in many people's minds.

Even I heard from an early age it'd be broke and caput by the time I'd get there.

As Time alluded to, I didn't  lose much sleep over it. I did think it'd be nice to get some of my forced donations back though. Well the goal posts got moved several times over the decades leading up to "retirement age". 

Including "retirement age" ,  used to be last 10 quarters of your income before 65 was what they based your pmt on. Well that changed to the best 35 years of your working career.  

When I started drawing it at full retirement age it was going to take 7 years just to get my money back with no interest. 

Well I'm still working and donating, but it gets refigured every year and I'm about out of zero pay in years in my history. 

The truth is the wife's and my "pocket money"  would be a decent existence for a good part of the country. 

PROBLEM is the inflationary environment is eroding it into just pocket change at the current rate.

I had relation that retired in their 60s and though they were fairly well off. When they passed on in their 90s it was used up. No family feud over the estate.

 

sw363535
Honored Advisor

back on that % battle over income

lots of good stuff.

 

Thanks time.   Stats are not at fault.  The government lies about everything, if you stay with the details.  The federal theft of all things statistical is necessary for the "political" reality to survive.    Please don't blame stats for the criminal behavior of the elected and appointed.

Redefinition of terms is the first law of CGB(criminal government behavior).  Those stats are warped by usda in their definition of a farm............ absentee land owners make up more of usda's farmers than actual farmers that actually brand or plant anything.  Then there are those nonprofit entities that own and operate farms in foreign countries and the US(University endowments). They really don't count for much but own a lot of farm land.

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timetippingpt
Honored Advisor

Re: back on that % battle over income

Great point SW. I didn't think about the fact that all of our profit share landlords are considered full-time farmers by USDA. Thunk on the head. Flying around in the corporate jet probably would mean that at least a couple of them don't get much of a percent of their income from farming :-0

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BA Deere
Honored Advisor

Re: back on that % battle over income

Here`s a subsidy story from 2001, the famous people getting farm subsidies, kind of funny, the amounts are a pittance compared to the BTO next door 😀   Ted Turner, David Rockefeller, sportballer Scottie Pippen and a bunch of politicians.  If politicians are from a true pool of the American people, it doesn`t bother me they collect farm subsidies if they honestly qualify.   Dick Lugar was always brought up.  But like Rockefeller and Ted Turner don`t know how today they`d qualify because yo have to sign you don`t make over $900,000.

https://www.heritage.org/agriculture/report/the-federal-trough-farm-subsidies-the-rich-and-famous  

 

I suppose now, the only thing negative that could be said about South Dakota`s awesome governor is that she gets farm subsidies... well, she`s a farmer.

 

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