Most of these boomers have been paying SS tax since they were 16 with their first job. So the majority have paid into the system for over 40 years. What happened to all that money?
I’m going to need counseling after reading that. That is the most depressing thing I have read.
I’m glad there are no sharp objects around me. I’m almost compelled to stab myself in the eye at the thought of our future. At least then I can collect some dissability before the boomers suck it all out of the system. Right?
And that is the crux of the problem. I paid the maximum SS contributions for as long as I can remember. I also paid a pretty hefty tax bill each year. I checked out from all that in January because I got tired of helping to fund this government's redistribution and massive debt.
Read some stuff by H.S. Dent. He says the same thing with much more detail. I am not saying they are right or wrong, it is just more detail and things to think about.
Many (not ALL) Boomers might find themselves to be disappointed after their lives of birth control, small families, working mother-dom and day care-ing their offspring, that there will not only be no gov’t and invested money and decreasing circulating workforce resources, but also a lack of family members able or even willing to take care of them in their old age.
Their disregard for others not in their own age group, and that includes their parents and grandparents, as well as their own young children, might come back to an added inintended payback.
This is one situation where the federal government can be of great help.
By doing MUCH LESS.
Much less regulation, much less interference, much less paperwork, much less spending, much less taxation—but here is where it gets interesting.
Tax cuts can be targeted to wean the public off the largess of Social Security, Medicare, and even a lot of pension benefits.
It’s a simple idea, really.
The public loudly objects to the idea of “means testing” to receive benefits, because that is money they paid into “the system”, and they want it back. And, they’re right.
So the way around this is to offer those “of means” a better deal. If they are still earning taxable money, offer them tax breaks that are somewhat *larger* than the money they would have gotten from the government.
That is, you can *choose* to take your Social Security checks amounting to $1,000 a year (for example), OR, you can get tax breaks on your NEW income worth an *actual* $1,500. So, by NOT taking the government check, you actually get $500 MORE.
Incredibly fair, because if you don’t have income, and are dependent on that SS check for $1,000, you still get that money. *Your* choice.
But the end result is that a lot of pressure is taken off the SS system, without screwing anybody.
At the same time, doing tax cuts this way is a great stimulus to the economy. So instead of just one good effect, the economy gets two good effects.
Fairtax would light a fire under our economy and bring back trillions of dollars into our economy.
Want a growing economy? Would you like to grow our way out of debt? Would you like a chance to fund our wiped out retirement system?
Stop torturing the producers and creators of wealth. Don’t talk to me about paying tax twice. I don’t give a chit. If we want a future for our children, enacting the fair tax and repealing the 16th amendment provides a future for our children instead of 70% tax rates and slavery to the state.
Don’t whine about the rate being too high. If we get our house in order and regain sanity in spending and reducing our debt, we can cut the fairtax rate.
We’ll have to forbid lawyers from becoming politicians first. We’ll have to forbid pensions for our legislators that exceed the minimum wage. If they want a 3rd term, they get zero pay, zero compensation for expenses or travel.
(/rant off)
Many Boomers also could afford and desired larger and more expensive homes. As 10,000 a day turn another year older they are putting their homes up for sale. As the younger crowd fails to thrive they are not buying larger and more expensive homes. This is leaving the home markets glutted with those larger and more expensive homes. The problem is going to get worse every day. Toss in the fact that many younger people with money are gun shy about buying after this past three year housing market disaster and these homes are going to suffer even more.
Now - take this same line of thought through to the stock market. How much stock does this generation have tied up in their 401Ks and other accounts - what will happen to the price of those stocks as they go to liquidate it to enjoy their retirement years?
18 posts and not one Pat is a Nazi post yet?
what is wrong with you guys?
/s
they all went to TBL I know..pity
Bookmark.
Us boomers have targets on our backs. If gen ex’ers don’t kills us, obamacare will.