S.S. faces $29 billion shortfall in 2010

Discussion in 'West Mall' started by wewokahorn, Mar 15, 2010.

  1. wewokahorn

    wewokahorn 250+ Posts


     
  2. THEU

    THEU 2,500+ Posts

    get rid of the PONZI scheme.... phase is out because people did pay into it, but get rid of it. As a 33 year old I PRAY it isn't there for me.
     
  3. EuroHorn

    EuroHorn 2,500+ Posts

    SSN is a bust. Medicare is heading down the same road. But hey, let's let government run healthcare, they are good at managing money.
     
  4. general35

    general35 5,000+ Posts

    essentially, what happened here is theft. they took the money and had no intention of putting it back. they should go back, track down everyone that voted or allowed this to happen without voicing a concern and throw them in jail and im not kidding.
     
  5. msdw24

    msdw24 1,000+ Posts

    SS=Ponzi. They could keep all the money i've put into SS as of right now and I wont take any out if they'll stop taking ANYMORE out in the future.
    [​IMG] I guess with obamanomics we don't get that choice.
     
  6. kgp

    kgp 1,000+ Posts

    I would count myself (cheated but) lucky were I never to receive a dime from SS and continue to pay into it at my current rate. What I expect is that my SS taxes will go up, and I might as well be burning that money inthe fireplace for my chances of seeing it again. We could use some protection from the government's protecting us from ourselves.
     
  7. AustinBat

    AustinBat 2,500+ Posts

    If I had been able to put the amount I paid to SS into a 401K, I could retire already. I'm pretty sure the market has had a good return since 1967. But heaven forbid any of us idiot citizens should be allowed that much choice.
     
  8. 911_horn

    911_horn 500+ Posts

    SS - Banrupt
    Medicare - Bankrupt
    Medicaid - Bankrupt
    Prescritption Drug Entitlement - Bankrupt

    Clearly what we need is more government envolved in managing our lives, and money. Lets give them control over a huge portion of our economy, pay more taxes, and all get less benefit, and lets do it with a law that is not even voted on by both houses as the constitution requires. We actually have people cheering this on. I am ashamed at many of my fellow Americans. I guess I have more in common with michele than i thought.
     
  9. Namewithheld

    Namewithheld 2,500+ Posts

    In reply to:


     
  10. THEU

    THEU 2,500+ Posts

    AustinBat,
    and remember when groups like AARP threw a hissy when Bush suggested that younger workers like myself were given an option of actually putting money we earned in the market for our retirement? Heaven forbid I invest money I make for me when I retire.... I should just give away the money I make to someone who is retired today because they were not responsible enough to plan their own retirement.
     
  11. rivet

    rivet 500+ Posts


     
  12. AustinTejasFan

    AustinTejasFan 1,000+ Posts

    "I guess with obamanomics we don't get that choice."

    Right and McPalin would have done what? Do away with all of the socialist programs for the elderly?
     
  13. Namewithheld

    Namewithheld 2,500+ Posts


     
  14. 911_horn

    911_horn 500+ Posts


     
  15. rivet

    rivet 500+ Posts


     
  16. YoLaDu

    YoLaDu Guest


     
  17. majorwhiteapples

    majorwhiteapples 5,000+ Posts


     
  18. YoLaDu

    YoLaDu Guest

    The topic was choice in regards to Social Security, at least that is what i read in the original statement.

    "I guess with Obamanomics we don't get that choice." Pretty sure he was refering to SS, as was I in my argument.
     
  19. 911_horn

    911_horn 500+ Posts


     
  20. Bernard

    Bernard 1,000+ Posts

    I guess I'm alone here, but I don't mind a few of my hard earned bucks going to keep some old farts out of abject poverty. I saw my four grandparents grow old and their SS checks sure helped them live out their retirement years with a greater measure of security and independence than they otherwise would have had.

    Now they are all gone and their checks have stopped but I still know that 99% of of the SS tax I pay ends up in the hands of someone's grandparent who really needs it.

    I think of SS more like a charity and Uncle Sam forces me to donate. I'm sort of against forced donations in general, but it's for a good cause. It's not the end of the world. The amounts I pay in aren't enough to affect my standard of living to a meaningful degree. I'm not going to lose any sleep over it.

    Something needs to be done to fix SS. I assure you all, something WILL be done. Some combination of higher tax and lower benefit will easily fix the system. Social Security isn't going away. Ever. It's the mother ******* definition of too big to fail.

    Bernard
     
  21. Murphy'sBoy

    Murphy'sBoy 1,000+ Posts

    Well said Bernard
     
  22. YoLaDu

    YoLaDu Guest

    your not alone Bernard, nice post.
     
  23. hornpharmd

    hornpharmd 5,000+ Posts

    The other problem with SS is the cap on taxation. I don't like how somebody making 100k a year pays the same amount into this as someone making 300k a year. We are taxing lower incomes at a higher rate (% of income) and this is unfair.

    I think they should lower the SS tax rate and remove the cap. That way the revenue is actually increased but not levied as much on lower incomes.

    I do like has the OP had a quote that included added material.



    "For more than two decades, Social Security collected more money in payroll taxes
    than it paid out in benefits - billions more each year.

    Not anymore. This year, for the first time since the 1980s, when Congress last overhauled the retirement program, it is projected to pay out more in benefits than it collects in taxes - nearly $29 billion more."

    Well....we knew it wasn't going to collect more in taxes forever. There have to be some years where you pay out more. This is due to the babyboomers of course. We will likely pay out more than we collect for years (unless we change the tax rate like I mentioned earlier) but this will eventually reverse itself. Good thing is there is a large cash reserve due to all the years of collecting more than they were paying out. That is thinking long term. Good for them.

    Now I understand the point about the gov't borrowing those reserve funds and issuing IOUs. Now to me that is a separate issue and you should be pissed on the federal gov't about that one. I don't see this as a reason to end SS.
     
  24. majorwhiteapples

    majorwhiteapples 5,000+ Posts

    So I have to pay double because I take care of my own family? My family does not need SS, we take care of our own. Why am I forced to pay for someone else's family and causing my family to suffer?

    Why not make it voluntary?

    It is not too big to fail, oh how you are so wrong.

    Higher taxes and less benefits, how about the same taxes and no benefits? I will take that.
     
  25. Ag with kids

    Ag with kids 2,500+ Posts


     
  26. wewokahorn

    wewokahorn 250+ Posts


     
  27. Bernard

    Bernard 1,000+ Posts


     
  28. Ag with kids

    Ag with kids 2,500+ Posts


     
  29. hornpharmd

    hornpharmd 5,000+ Posts


     
  30. TaylorTRoom

    TaylorTRoom 1,000+ Posts

    The reason that the left has fought so hard to keep the cap on SS taxes through the decades was that they realized that it supported the illusion that what you got out in payments (which are capped) was proportional to what you put in. This made the program stronger since it was more popular.

    Sure, eventually there will be no cap on SS taxes, and means testing for retirees with savings, and we will see the program becaome what it was always destined to be- welfare. In the past, Dem pols never wanted it to be seen that way, because they knew a large segment of the population was hostile to welfare.
     

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