Time to Pay the IOUs out of the ‘Lock Box’
by Greg Knapp
All the lies about the Social Security “lock box” are now on full display. This is the year we will start paying out more from the SS program than we took in. We’ve gotten here even earlier than predicted. This wasn’t supposed to happen until 2017. Whoops…
Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds— which are kept in a nondescript office building just down the street from Parkersburg’s municipal offices.
Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn’t be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.
But, wait! We have $2.5 trillion in there and it’s earning interest. It’s real money. We’re fine, right? Right. Pull this leg and it plays “Jingle Bells.” This is the mess conservatives have warned about for so long. The lock box hoax is nothing but a promise from the government (us) to pay us. Yes, the bonds will be paid, but that shouldn’t ease your anxiety. The money has to come from somewhere. Government only has two choices to get it:
1) Taxes.
2) Borrowing.
That’s it.
We are required to raise that money through borrowing or taxing until all those bonds are paid out. Say, “hello” to even more debt. Then…
Social Security’s financial problems have been looming for years as the nation’s 78 million baby boomers approached retirement age. The oldest are already there. As that huge group of people starts collecting benefits — and stops paying payroll taxes — Social Security’s trust funds will shrink, running out of money by 2037, according to the latest projection from the trustees who oversee the program.
At that point, unless something else is done, government will be required by law to pay SS recipients greatly reduced benefits (approximately 27% less).
If you had devised a retirement plan like this for your employees, you would go to jail. If you had talked your spouse into a personal retirement plan like this, you would be divorced. “Honey, let’s spend our retirement money on a flat screen and a trip to Europe. Don’t worry, I’ll put an IOU in there. I’m good for it. ”
The answer is to transition to private accounts so people can invest in the private markets. Then when they retire we won’t have to raise taxes or borrow money to pay them. Yes, there is some risk involved and steps must be taken to make sure the accounts are diversified, and made more conservative as retirement age approaches, but it’s the only way out of this. We now have at least 20 countries who are trying some form of privatization of government retirement accounts. We should take from the best and make it happen here. Otherwise, get ready for higher taxes, bigger debts and reduced benefits.
Hey, don’t miss the Massa Meltdown and Nancy Pelosi as a used car salesman. Check it out.
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126 Comments
This is the beginning of the end if something isn't done soon to change the direction this government is heading in. Because right now we are on an unsustainable path…
We could instantly have about 10 Billion* more each year if we stopped supporting Israel. What do you say, Greg, will you stand with Americans or foreign welfare recipients?
*far more than the direct aid given to them we give them loans, loan guarantees and money to Egypt as part of the deal (Camp David Accords).
This will piss off everyone that has paid even ten years of their lives into this moronic system!
I have worked since the time I was 12 on paper routes, in grocery stores, in restaurants, in call centers, at health clubs and the telecommunications industries I would have done much better investing that money myself!
What kind of investor (we are forced to invest into SS) would willingly accept a 1.5% yield over 40 years to retire on when you can pull a 2.5% to 4.5% nominal annual yield with a savings account?
This system was insanity when it began and it has 'evolved' into outright suicide!
GIVE ME MY DAMN MONEY BACK!
"Yes, there is some risk involved………."
How much more risk could there possibly be? I mean, where could you put money that has more risk than giving it to politicians to invest for you?
The track?
Well, what do you know. Judgement day is here and the jackals in DC will begin the finger pointing game in ernest.
Being in my early 50's, I never anticipated getting a damn dime out of this scheme. We need a Biblical flood to wash over Washington and cleanse the place then just start over. I am disgusted beyond words.
Amen, Missy. Yet another "Calculated Projection" from the PointyHeads in DC. Anyone who thinks our federal Guvmint knows the slightest in determining outcomes needs a lobotomy. As with the New Deal, (which also blessed us with a progressive income tax and Medicare), these asswipes KNEW it was not sustainable.
is the magic Negro any better at forecasting…..i think resoundingly NO. These Communists in control absolutely gives two CornRows about debt, irreversible consequences or the well-being of this country. Can you say SlowBoatToCuba?
Shouldn't we cut entitlements to foreigners before we cut them to Americans? Yes or no?
Greg; this is not making me comfortable with the government takeover of healthcare. Stop making me feel uneasy!
Actually, Jim DeMint's reference to Waterloo is somewhat inaccurate. I believe a much better analogy would be Gettysburg. Robert E. Lee's greatest miscalculation was because he began to believe that his men could accomplish any task set before them. George Pickett's charge up Cemetery Ridge will be replayed by House Democrats this week, ordered by leadership convinced of their "correctness" and infallibility by a fawning press and handy sycophants.
Let me guess Joos, right derhatefulsmurf?
Reid "Taxation Is Voluntary"
Harry Reid is an idiot who has no brain! He should be in a psych ward with no chance of ever getting out! Oh my gosh!!
I give Dubya credit, he tried very hard during his administration to reform Social Security, but , what a sunrise, the Democrats were the party of no…
As you asked which should we stop supporting first Americans or foreigners, why didn't you ask the same thing about the Jewish world and the Muslim world? After all, the USA sends more money to the Muslim world than does it to the Jewish world. Shouldn't we start there? Yes or no?
If you mean like 5 seconds before, then yeah sure, that's fine.
Is it foreigners or just the Jews? I don't hear you rattling off about any other country's. You have a post on this very thread that only mentions Israel.
Kinda' screws up your objectivity and further proves your bigotry.
Doesn't it?
To The Editor:
Response to Mr. XXXXX Column:
The Great Depression did not end as a result of government largess; the Great Depression ended because the US went to war, and in so doing annihilated the enemies ability to produce goods, and thus wage war. By the wars end the only country with any manufacturing capacity was the good old USA. Admittedly, FDR’s policies might well have saved this nation from further erosion, but the birth of entitlement programs of that era, and those that followed, will in the next three decades combined with the interest on our debt, completely drain the productive resources of our nation. That is, our entire federal budget will be equal to those financial promises, and if the next forty-seven months of this administration are anything like the first one – those promises will buy me a cup of coffee, and a doughnut when I begin to rely on them.
As far as your apparent animus toward Republicans for trying to be, at long last, responsible with the funny money that is the American dollar; the toughest part of any fight is not deciding to do the right thing – it is doing it. Under Minority Whip Cantor the Republican party demonstrated that it is prepared to, at long last, stand for fiscal responsibility. Seven Democrats stood with Republicans on the last “stimulus” vote. While I do not have the responsibility of being director of any part of the Republican party; I am a registered Republican. My party provided the leadership, Abraham Lincoln, that preserved the Union and ended slavery. My party provided the leadership, Ronald W. Reagan, that pulled the United States, and the rest of the world out of the malaise of the 70’s. I’m proud of the Republican party and the spine it is showing against this self-destructive economic philosophy.
In so far as your assertion that the stimulus bill will create millions of jobs and provide for various forms of alternative energy. Sometimes when it snows I hire my teenage neighbor to shovel; my neighbor is a smart hardworking fellow, he once revealed he is saving it for college. Why? He wants to grow economically, maybe he will decide to sacrifice present wants for a matter of years and realize the goal of coming back to XXXXX and raise a family – as I have. That is real job creation; make work projects do not create communities, they destroy them. As for alternative energy, there is only one, nuclear power. At present not one reactor is under construction in the entire United States. All other forms of alternative energy even if we max them out – wind, solar, geothermal, and biomass – do not have the horsepower to do the job. Even if they did we cannot transport enough power from those areas that create it to those that will consume it.
The only way out of our current situation is to determine what is absolutely necessary and to use the organs of the federal government to fix the damage it caused, and take the rest, and throw it away. In doing that we will end the constant cycle that creates one crises after another. In doing this we will be able to rebuild our banks, our military, our communities, and fund restructured entitlement programs via a vibrant and growing economy. Building modern nuclear power plants, using that clean power to convert domestically produced coal to domestically produced liquid fuel; and continue to support applied science to research solar panel technology to shrink the cost of production, and increase its capacity to generate power and batteries to store it on cloudy days.
We did it before and we will do it again, I have not a single doubt in my mind as to our ability to overcome this manufactured fiscal disaster or any other for that matter, real or imagined. We know that when we harness everyday wisdom, and apply it to seemingly complex situations we solve them. Since this Nation’s founding we have overcome every single challenge that has been placed in our way – we innovate, we compete, we overcome. And at times go to war to restore the peace or our liberty, and families all across America bear the raw cost of those battles – including mine.
In fact, I think this nightmare will be fertile ground for any politician, Democrat or Republican, to advocate for fiscal soundness, insurmountable national defense, restructured entitlement programs, and individual State control of the rest. Sir, politics ought not to be about who wins and who looses, or what party prevails, it ought to be about who can best articulate, and promote our shared values, and principles and in doing that lift all citizens up, not a few at the expense of the other. Remember, as President Reagan said, “If we lower our standards we lower the flag.” I say we put the shovels away and grab a bull dozer and a half track and get to work. I say we take our eyes off the politicians and put them back on the business leaders, the engineers, the scientists and the service members who preserve this great country, and all those men and women that make this country move everyday without so much as a thank you. This is where our attention should be, this is where our hope will turn to reality, this is where change will hone the granite that is the impenetrable American spirit.
At this point, I supposed if I get a monthly Happy Meal coupon from the govt when I become eligible for Social Security, I should be happy. Then again… Happy Meals will be illegal by then so I should just expect a thank you note with a picture of a retiree who actually received my money.
Unfortunately as long as there is a Social Security tax taken out of everyone's paycheck, every one of those people are EXPECTING to get it. That is why the privatization is so important. Remove the line item on the checks and then it resets the expectations. In my case, although I see the line item on my paycheck, I don't expect to see a penny of it and am not planning on receiving any. If I do happen to get something more than the Happy Meal coupon it will be a pleasant surprise.
Love it. Good point. I was trying to debate the far lefties who will say the stock market is too risky. Of course, we have never "invested" SS. It's all a joke.
[...] Time to Pay the IOUs out of the ‘Lock Box’ [...]
social securityand medicare are only 107 trillon in the hole for unfunded liabilities, 10 billion won't get us much. but if we stop supporting them, iran will just blow them off the map, and then how much will it cost us to defend ourself from the whole middle east??
I am very worried that the Dems are going to get the votes to ram it through. The only silver lining is it will be just the thing to get America to vote them out. By then, though, it might be too late.
Dhass you are such an idiot, go troll on someone elses thread, the total amount of foreign aid isn't a pimple on the ass of medicare alone, try coming up with something intelligent for a change…
Are you really the stupid?
I tell you this is one of my prime frustrations with the feds – they never ever fix there old mistakes before they go on to make bigger and better ones.
I'm 29. Chances are I will never see a Social Security check in my life unless I break my back in the near future or something.
Which is why I'm saving for retirement myself instead of spending everything I make now and mooching off the system later. You know who you are…and my 2 year old daughter thanks you from the bottom of her heart you heartless bastards.
"Sends money"? What does that mean? We give more in aid to Israel than the entire Muslim world combined.
You would think if we were the only thing stopping Iran blowing them off the map (and when did it become our obligation to protect failed UN states like Israel?) they would stop stealing land and stabbing us in the back. Iran wants the land-stealing, ethnic-cleaning Zionist empire ended as does most of the world. They are like the worst of the USSR and Nazi Germany. Why does our government continue to appease them?
If $10 billion dollars isn't much then there should be no problem with me having it instead. At least I'm an American.
You got it right Spliff, never, never trust the government…
Democrats can thank themselves for this mess. People are retiring early due to the economy because some money is better than no money. Don't bet on any of them doing away with SS, since no one has the cajones to stand up to the oldsters. Expect your taxes to rise exponentially, which will further exacerbate the problems in the economy. The vicious cycle has begun. As it stands now, I would settle for 50 cents on the dollar buy out of my SS funds and I guarantee you I could still retire better. That's another problem with SS, it promised a great retirement and never delivered, along with Medicare.
Remember; borrow wisely and stay diversified (cash, precious metals, stock, bonds, real estate) and make saving a habit – as far as social insecurity – if I told you I ran a business that was 2 trillion in deficit, and 14 trillion in debt – but I promised to send you a check for $1,800.00 a month when you turned 65, for the rest of your life – would you believe me? Bernie Madoff is in jail for doing that same thing.
Is it foreigners or just the Jews?
We give Jews aid?
I don't hear you rattling off about any other country's.
That is because no other country receives more. That is in raw numbers. Consider their size and wealth and it is far worse. Consider they have attacked Americans and it is unacceptable.
Kinda' screws up your objectivity and further proves your bigotry.
I see plenty of posts that only mention Iran on these boards. Same holds for them?
Dems think they own entitlement issues and won't let anyone come up with any new ideas no matter good they may be. Dems are the problem not the solutions.
We have known that this day was coming for over twenty years. We had plenty of time to face this problem and devise a reasonable solution. We even had surpus money being generated from the taxes we paid for Social Security.
Funny how time just flies right by when you're having fun.
Next up : Medicare, estimated to become insolvent in a short few years more. Sometime between 2016 and 2020, depending on which projection you believe.
Buckle up, folks! This oughta be one hell of a ride!
Why? I got your attention anyway. I mentioned bigotry and you jumped.
I hope you didn't mean SS as an entitlement. I have paid into SS my whole life and should start collecting soon. This does not define an entitlement not earned. This was money I put in my whole life. How old are you wldbil? Do you think you'll ever reach SS age?
So, rockstone and wldbil are the same?
WROOOOOOOOOOOOOOOOOOOOOOOOOOONG.
I don't know why more people don't see the fact that the Dems are the dinosaurs and have nothad any new ideas in 40 years. the GOP has lots of problems, but they are coming up with a lot of new ideas – courtesy of Ryan, Cantor et al. The FDR same ol, same ol – aint working and is about to implode.
No. But feel free to chase your tail about it.
I believe there will be nothing to give away by this government within two to five years. We are heading for an economic collapse like we have never seen…so if I were you, I would not count on your money being there "that I put in my whole life.." you are screwed like the rest of us.
Spliff, I'm 52 and I don't expect to get anything. Zilch. Nada. Zero. Nothing. Already made other plans starting 20 years ago.
Be careful with the IRA's and 401Ks, they may be confiscated by the government in the future in exchange for "guarantees" of retirement retirement income based on treasury returns. Of course, you'll be screwed because the it will be in dollars, which is not good. They've already been quietly talking about it. Beware the next "crises."
.
Retirement? What is retirement?
So. You want to compare Iran with Israel? Hold on for a minute. I'll be right back. I'm going out for popcorn and a soda.
This ought to be good.
Try not to hurt yourself. You may not be able to get health care until next week!!
Wheat I hate to be the bearer of bad news to you but been sold a bill of goods, The amount and circumstances of people collecting social security has been expanded to way beyond what it was intended. I'm shocked you don't seem to be aware of this.
You seem like an intelligent person, go find out for your self… You will quickly learn, if you look, the SS system is indeed an entitlement…….
……..expect a thank you note with a picture of a retiree who actually received my money.
My first good laff of the day!!! Thank You, HC
Go ahead – post the aid we give to the Muslim world. Don't try to count money we are currently spending in Iraq and Afghanistan – it doesn't count that we destroyed their country first. BTW, the costs of these wars are on Israel's tab since this was all done for their benefit.
http://www.youtube.com/watch?v=mvDHaJiDUek
I think Dhass is in love with the Muslims…I think maybe he is one. He always defends them…..
What say you homeboy?
Why is a piker like Bernie Madoff in jail, when the whole Social Security ponzi scheme is probably billions of times worse??? And………if I'm not mistaken……….the politicians aren't subject to whatever kind of 'retirement' rules are written into the SSA………for us 'little' folks………who they confiscated the money from!!!!
And, in case nobody has noticed yet…………the politicians aren't subject to the rules of the 'Healthcare' plan, either……….FUBO!!!!!
These politicians always seem to be given a free pass on these critical issues……unless they're Republicans…..
I think you are loyal to a foreign country (as evidenced by your avatar.) No, I just don't share your hatred of Muslims.
You edited in some pretty lackluster data – even that doesn't support your argument.
Oh, you failed to show the loans (which become aid since they are forgiven EVERY TIME by our hijacked government) and the loan guarantees and the military equipment.
As in "Parade magazine"? They still publish Marmaduke?
Uh; that "Lock Box" that everyone always refers to?
Somebody stole it.
Big D, that is a crock and you know it. Islam is to be spread by the edge of the sword, the Koran commands it. If there was no Israel, Muslims would still make war on us and everyone else not submitting.
Now, yet again you ant the talk to be about Israel – even though it has zero to do with the thread. You make statements that are easy to disprove. You try to put limits on what can be brought to the table and you still get hammered. And I didn;t even talk about forced oil purchases from Muslim countries when we could drill known reserves here. That is economic aid too!
Can you add?
But your hatred of Jews is acceptable? My how do you justify that? I don't hate Muslims, I hate their agenda! Especially the fatwa 'to destroy big Satan and little Satan'…
Wow, play the "Jew card" on every discussion, don't you?
http://wrmea.org/component/content/article/245-20...
Actually, there is a third alternative to pay the debt, but don't cheer! It's as bad or worse than alternatives #1 and #2 in the article. But it may the most likely. Since the Congress doesn't like raising taxes or cutting spending, monetizing the debt (inflating) is quite possibly the most likely way that they will pay the debt. Historically, this has been the case. Politicians love this alternative because most people don't recognize that government is the CAUSE of inflation. They ignorantly blame the oil cos. and the grocery stores instead of the politicians and the Fed. But printing and spending is, by nature, inflationary.
3. Monetize the debt. (ie, "print it")
In essence, we're already monetizing the debt. But the call it "quantitative easing" instead of "monetizing the debt". By printing more and more money, we risk serious inflation. This strategy is what had lead to hyperinflation in many countries around the world, including Germany (Weimar Republic), Zimbabwe, Venezuela, and numerous others.
In the words of John Mauldin in one of his recent newsletters: "We're soooooo screwed!" His is no perma-bear, so I was surprised at his frankness.
Friends, there is NO printed prosperity. We can not defy the laws of sound economics forever. One day, the piper must be paid, or he'll march our future into the sea — a black hole sea of DEBT!
You claim foul yet you present a link that states "It is an estimate because arriving at an exact figure is not possible"
Laughable.
You can hype all you want to, but this is an argument you cannot win. The facts are not on your side Big D.
"This is the mess conservatives have warned about for so long. "
I'm sorry, I was with you until this line. Self-described "conservatives" had the congress and the presidency at one point. Spending went UP. We can argue about whether this makes them actual conservatives, but as far as their own and the general public's application of the label is concerned, they are.
I'm not saying liberals are any better. I'm saying that both sides have been lying through their teeth, spending money they don't have, borrowing more from both our grandchildren and the communist Chinese, and then trying to sell themselves as the party of salvation when they ar eout of power. Throw. The. Bums. Out. All of them, GOP or Dem.
It is true that a GOP congress spending was overboard. It really took off when DEMOCRATS took over that congress while Bush was still President.
Bush tried to address SS and Dems wouldn't allow it when in the minority and didn't do anything about it when in the majority NOR when they had complete control of the Senate.
Over the decades, it has been a overwhelmingly democrat controlled congress. Is there blame to go around? You Betcha! Is it even close to being even-steven? Not hardly.
[...] going to be able to bare the weight of fear mongering that will be on display soon. Good article on BIG Government about the payment coming due now from the Social Security “Lock Box” if you care to [...]
That sounds like baby and bathwater mentality. Yep Reps spent too much, but also yes that they got voted out in 2006, and to their credit, and the credit of Bush, they tried to do something about SS as well as Freddie and Fannie, but the liberal media demagogued the issue yet again, replete with fear mongering. My suggestion is an age old one that my grandfather taught me many years ago…ignore the parties and look at the individual, as well as never believe anything you read in the newspapers and only half of what you see.
They are as accurate as yours.
The baby boomer generation will go down in history as having destroyed the greatest country in the world. They have demanded everything and sacrificed nothing. The time will come when they see that they can not accept all the benefits they voted in. Watching all these people grow old and poor will be hard for all of us. Paying for it will be impossible.
Big D, Listen.
The sheer size of the Muslim world precludes you from being able to make your statement supportable. No matter how you cut it up, the Muslim world gets more money. There is no way around it.
We could agree that monies should stop being thrown around in this way, but you are so anti Israel that you won't see the big picture. You say we must stop supporting Israel, how about seeing that if the Muslim world left Israel alone, much of the support we send there wouldn't be sent in the first place?
You spoke of Iran – Wipe Israel off the map ring a bell?
Don't want to talk about oil eh? Imagine that.
The Social Security 'trust fund' backed by the "Full faith and credit by the United States of America"? Nothing but cheap words to justify stealing our money to buy votes. I paid in for 50 years. I want my money or I want revenge. Take your pick.
Since wheeling and dealing is the Washington way – how about this? The Fed agrees to forgive all current debt and in return the U.S. government drops all cause for an audit of past transactions.
End the Fed, end the drama and return to congressional control of our money itself, while seeing the government end their intrusion into two party contracts. We can fix this, if the willingness exists.
Continue by ending all federal taxation of the people via Constitutional amendments and say bye bye to the entire tax code- both state and federal. Implement one stand alone transaction tax that each state collects and then have each state legislature send monies on to the federal government those states created.
The problem is big, so too must be the solution.
Paul,
You want your money, or you want revenge?
Ever see that JG Wentworth commercial on TV, with all the goobers screaming "I want my money, and I want it now!"? Well, you could call them.
Or rent a small single engine plane……….
Uh, Joe – Isn't George W Bush a Republican, I didn't see where you were so proud of the Party with him! Wasn't it good ol' George who's "Leadership" brought this mess to us? I would say there are bad members in all Parties!
Here's something sure to make you even angrier…Just think what you could have done with that money they took from you had you been allowed to keep it! You could have invested it in a business of your own, saved for your own retirement, or done any number of things to increase your quality of life.
They have not only stolen your money, but they have stolen your future and your prosperity as well. Giving the money back doesn't even begin to repair the damages they have inflicted on us. The crime is ongoing. It's like being burglarized every week for your entire life.
That was then this is now. Who is standing against Obama now? Is it the Democrats or the Republicans? Would like me to play some Jeopardy music?
I was going to say justice, but in view of the non-existense of that, I chose another word. BTW. They don't give pilot's licenses to the blind.
Actually, the size works against you as do your own figures. You seem to be failing logic here. Just compare TWO countries – Israel and Egypt. GO LOOK AT A MAP. Which one is larger (by about 100-fold) and which one has more people? Yet the OTHER one gets MORE money. So your assumption is false.
Israeli professor says Israel may wipe out all of Europe – http://www.nowpublic.com/world/israeli-professor-...
Some Israeli behavior – http://www.youtube.com/watch?v=_0EnWkpnVek – few people see what it is really like among our "allies."
Christians spat on in Israel – http://www.haaretz.com/hasen/pages/ShArt.jhtml?it...
Paul,
I was being facetious.
I don't know why they wouldn't give a pilots license to the blind.
They elect deaf and dumb as CONgressmen and Senators.
Speaking of blind, don't look now, but Barry is about to run the ship of state aground.
What's going to ahve to happen is that they're going to have to start phasing out SS payments to people who make like 50K+/year in retirement income, with a complete phase out at probably 100K/year. They'll also have to bump up the payroll tax up a good 20% or so. No one wants to say it but sadly that's probably what will have to happen. I'm 34 and have resigned myself to never getting a dime. SS will never go away because that would be too much of an embarressment, but I don't expect it to give me more than dinner and a movie every month.
In fairness, It's not the government's fault that someone invented bypass surgery and no one has the decency to die from a massive heart attacks at age 50 anymore.
And, your personal retirement account would go to your family if you die before it's depleted. I'm stuck with it. But if I had had a choice, it would have been for my own account that I owned. Heck, my 401, which I didn't start when I should have and which was not employer matched, still was well over $125000 when I retired at age 62. If I had started it when they became legal, I could have retired with 3-4 times that but I was stupid and didn't understand that. My tax advisor kept telling me start it and I kept thinking I couldn't afford it. Little did I realize that my contributions reduced my federal tax burden and I came out almost even. Then I kept adding any raise I got to my contribution % until I hit the legal limit – I never missed the money because I never saw it.
I'm OK right now as I had an employer paid pension that I took as a lump sum – so far, so good. But if I had had that 401k from the start, I would have been a lot better off and I would have been better off without SS, too. I used to argue with our union (SEIU!) reps that we should be asking for better retirement instead of more money per paycheck. The response was I didn't need it, we had SS. Oh, such forward looking people!
No problem. We're on the same side.
I think you are confusing "Republicans" with conservatives. I wasn't.
Probably better odds at the track – I knew a shoer – always had good information!
My guess Dhass is also Randy….not Randy12…but Randy.
He loves hims Muslims…I think he is one…
In fairness, It's not the government's fault that someone invented bypass surgery and no one has the decency to die from a massive heart attacks at age 50 anymore.
Yes, it is the government's fault because they saw the problem coming a long time ago and did nothing about it when it was manageable. It's their fault because they didn't put that money in a "lock box." They spent the money they promised would be there. It's all their fault.
Jewish world to Muslim world Big D. That would be one side versus the other.
Can't handle that truth can you?
I've know of tens of thousands of baby boomers whose names are on The Vietnam Wall in Washington who paid the ultimate sacrifice. I was born in 1946 and have paid SS my entire life, I haven't drawn a nickle form the Federal Government ever, So perhaps you can tell me how I'm responsible for the SS system being out of money. The truth is most of the boomers I know have been responsible sure there are some freeloaders but we are just now coming eligible for SS. Maybe boomer politicians have screwed up but screwed up politicians cross all generations. Boomers didn't bankrupt SS that is a fact we are the first to pay into it our entire life and most have yet to draw on it.
Just two words: AMEN, BROTHER!!!!!!!
Correcto! But the Dem's controlled Congress the last two years of his admin and stopped any attempt to get reform on the table…just like with the housing bubble perpetuated by Fanny Mae and Freddie Mac. But this is not a Repub vs. Dem fight. It is a question of ideology the Left has advanced for so long that it's saturated in the minds of both parties, the media and academia.
well, then it's our fault. I remember seeing articles about the SS trust fund being underfunded since I was a teenager and I'm sure such analysis was available before then. No one who is working will accept a payroll tax hike and no one who is retired will accept a benefit cut. That's how you get here. I want mine but i don't want to pay for it….
Nah, they just forgot to actually lock the box.
I don't think anyone knows what Republicans are anymore. Conservatives vote GOP by default, not because of some deep principled connection.
I'd like to see them all attend a bris in their honor…
I have finally discovered Dhass's Achilles Heel…
Social Security, hmm, a word comes to mind…it's…it's…wait…that's it, unsustainable!
Thanks. I know what you mean. Everytime you debate a lefty you have to qualify, qualify and qualify!!
socialist security comes to mind…
socialist security comes to mind
The country rejected Bush's SS reforms. It wasn't just demagogued in the media. The majority of Americans didn't want it.
Bush's reforms would have ballooned the deficit even more, it would have added at least 2 trillion to the debt. It is also a valid point that privatizing SS leaves people at the mercy of the markets. So to say this is to Republicans' and Bush's credit is quite a stretch. He tried to do something no one wanted, that would have sunk us deeper in debt and not solved the problem anyway.
The real problem is that the government spends the excess money that should be going to SS. As such, the only good solution is to cut government expenditures and use the savings to cover the SS shortfall. Even better would be if the gov would put money in an account, a lock box, for the future, but thats not realistic. The revenue is nothing more than a part of their normal revenue now. One other solution is to increase the income cap for who pays SS taxes, not really a good solution.
Bull. Both parties are equally to blame. Neither has done anything.
Bush gets credit for trying to address it with a bad idea. He did try though. But it was just an expensive bad idea that tinkered at the edges to push the problem down the road. Now Obama tinkers at the edges trying to push the problem down the road. Obama's solution is expensive to only a very small segment of the population, it doesn't increase the deficit. But both their ideas are not good ideas, adn both ideas are just more avoidance of fiscal responsibility.
I believe so! And another hot button…when he said, "…it doesn't count that we destroyed their country first."
Here we go!!
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