Posted on 11/06/2015 8:07:55 AM PST by MadIsh32
If anyone deserves to pay more to shore up the federal safety net, either through higher taxes or lower benefits, it’s boomers — the generation that was born into some of the strongest job growth in the history of America, gobbled up the best parts, and left its children and grandchildren with some bones to pick through and a big bill to pay. Politicians shouldn’t be talking about holding that generation harmless. They should be asking how future workers can claw back some of the spoils that the “Me Generation†hoarded for itself.
(Excerpt) Read more at washingtonpost.com ...
I want what the Boomers had...good jobs, a safe nation, environment where values and religion is supported, good economy, lower taxes, smaller government, and the only way to get that is to DEFEAT THE LEFT!!!
Let’s stay focused and not get divided by our generational differences.
This article sucks.
I’m very calm and don’t need a thing from you. With your penis envy of US Boomers I doubt you’ve ever held a 1000 bucks in your hand or have ever had the inclination to lend a fellow in need of $10 even if you could afford it! People like you who blame your SHORT COMINGS (hey that’s what your girl told me:-) on others are the dregs and DRAGS on the world and self-loathing. Look in the mirror. Me I’m good and not in need of anything as I didn’t live my life thinking at my end I’d retire comfortably being a ward of the State. Good luck and good riddance:-)
30 somethings today have no issues multi tasking.
Having open multiple tabs during a quiet Friday and still being productive isn’t difficult.
When out of facts, resort to insults. Have a great weekend sir.
“My roots are American. Born, educated, raised in this country along with being an Eagle scout.”
But your parents immigrated here from the Middle East or South Asia. And you have chip on your shoulder which is why you are trashing the ‘Boomer generation. This thread isn’t your first time down that road.
Are you Muslim?
Short answer: your parents and grandparents. If you are collecting Social Security, you did.
The surplus wasn't as large as a lot of people think. It is about to peak, but it's still only enough to pay less than 3 years of benefits.
The reason it's that small? It's because most of the payroll taxes collected over the past 40 years were immediately paid as benefits.
In the 70's, Congress increased old age benefits to an unsustainable level, and/or didn't raise taxes high enough to compensate. They tried to correct it in the 80's, but it wasn't enough: the economic and demographic assumptions were too optimistic.
And I'll save you the effort of retorting with the usual canards: It wasn't SSI -- that's separately funded from the general fund. And it wasn't disability fraud -- while the DI fund has a more severe problem, it's separately accounted with it's own trust fund and a dedicated portion of the payroll tax.
I'm referring only to the OASI (old age and survivor insurance) benefits.
Who spent all that tax money?
If you are referring to the surplus in the Trust Fund: it wasn't spent, it was loaned. It's currently in the equivalent of US Treasury Bonds, as required by law when Social Security was created.
In 2010, the payroll taxes became insufficient to pay benefits, so Social Security started withdrawing from the Trust Fund. It's a relatively small amount, and the dividends collected are sufficient to cover the withdrawals. But, that will change in the next few years, and the Trust Fund balance will start to decline -- until about 2034 when it hits zero.
If nothing is done and the Trust Fund hits zero, benefits will be reduced about 21%, by law. Social Security can't borrow money.
To give you an idea of the severity of the problem right now, you can read the summary of the 2015 Trustees Report, starting at the bottom of page 7:
https://www.socialsecurity.gov/oact/tr/2015/tr2015.pdf
For the combined OASI and DI Trust Funds to remain solvent throughout the 75-year projection period: (1) revenues would have to increase by an amount equivalent to an immediate and permanent payroll tax rate increase of 2.62 percentage points (from its current level of 12.40 percent to 15.02 percent, a relative increase of 21.1 percent); (2) scheduled benefits during the period would have to be reduced by an amount equivalent to an immediate and permanent reduction of 16.4 percent applied to all current and future beneficiaries, or 19.6 percent if the reductions were applied only to those who become initially eligible for benefits in 2015 or later; or (3) some combination of these approaches would have to be adopted.
The baby boomers aren’t paying enough???
It’s the empty-nest boomers at the top of their pre-retirement earning potential after 30 years of work that are paying this country’s bills in the highest tax brackets of their careers!
The push to grab the retirement savings of successful Americans to redistribute it is on.
This is the second such article I have seen to this effect today.
Another name for “multitasking on personal business at work” is “robbing your employer”, and you Me Generation types have no shame about doing that.
One of many reasons that your generation is not respected in the workplace.
Again, I’ll be more then happy to discuss with you my personal story through private messaging.
For reasons I don’t need to disclose to you, I no longer discuss my story in public threads.
Thank you
When you are at 177% of quota for 2015, your employer is thankful you are still working there.
If you wish to continue with the insults feel free to send me a private message. Lets not clog up the thread.
Thank you
NO their not....isn’t it sad that people do things the way they do....
There'll be blood in the streets when they resort to this in California.
>> If you wish to continue with the insults
Oh, that’s rich, and SO “me generation”. Start a thread for the purpose of insulting an entire generation, and then get a case of the vapors when (gasp!) some of that generation insult you back.
How unfair! the whiner whines.
I’ll post whenever I like, whatever I like, to whomever I like.
If YOU don’t like it, then YOU remove YOUR snot-nose to a different thread. Or better yet, get back to WORK. Isn’t that what this is all about, at its core?
I’m a baby boomer and I think most conservatives are too liberal.
Just as the Boomers were first able to vote, the vote was given to the 18 year olds who have ruined politics ever since.
I am a baby boomer who could not vote until the age of 21 in 1972. But my vote was immediately cancelled by the lefty college kids who turned 18.
And thus it has gone ever since, with those of us conservative business owners being cancelled out by the mush-headed younger ones among us who have not yet learned to support themselves.
Since you are concerned about the amount of work I am doing for my employer, feel free to give me a ping next time you are in the mid atlantic region. I’ll be happy to meet you, show you my quota, my results, my bonus checks and evaluation. Just let me know when.
If not, have a fantastic weekend sir.
“the surplus in the Trust Fund: it wasn’t spent, it was loaned.”
Well, there is often a conflation when this is discussed.
The money was indeed loaned and is being paid back.
However it is significant that it was loaned to be spent.
Had it been used (for example) to pay down the debt in preparation for the time when the government would face the burden of paying more in benefits than it would receive in payroll taxes then:
A. the TOTAL tax burden upon young people like the OP would be less
B. The cost of borrowing would be less.
Interestingly Gore promised to use ‘some’ of the excess taxes to pay down the debt, also the media meme is that Clinton would have done so but impeachment required him to use the money to please his congressional allies.
Which is all bull, but shows the obviousness of the situation at the time.
These baby boomers also elected Reagan.
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