Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Social Security's Death Knell Is Ringing. Can You Hear It?
American Thinker.com ^ | January 21, 2018 | William Sullivan

Posted on 01/21/2018 9:46:42 AM PST by Kaslin

click here to read article


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-80 ... 101-108 next last
To: Kaslin

Too complicated for most to understand.

KISS-keep It Simple Stupid.

IIRC, the average SS recipient draws in benefits everything they have paid into the system in about three years while drawing from the system for over a decade in retirement.

If you don’t understand how that simple math dooms the system, no amount of esplain’n will help.


21 posted on 01/21/2018 10:22:48 AM PST by rottndog ('Live Free Or Die' Ain't just words on a bumber sticker...or a tagline.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

The social security system is a Ponzi scheme. It was doomed the day the first payment was made to the first retiree.


22 posted on 01/21/2018 10:23:08 AM PST by WayneS (An appeaser is one who feeds a crocodile, hoping it will eat him last. - Winston Churchill)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GnuThere

“I would ideally like to defer til 70 but it makes me want to take whatever I can get when I turn 62 in 5 years.”

I’m 63 now and planned on waiting as well. Gives one pause to rethink my strategy. Most of my retirement will come from savings.


23 posted on 01/21/2018 10:25:52 AM PST by Huskrrrr
[ Post Reply | Private Reply | To 17 | View Replies]

To: Kaslin

Not to worry.

the obese generation will die off not needing a pension


24 posted on 01/21/2018 10:28:51 AM PST by Thibodeaux (2018 is looking good)
[ Post Reply | Private Reply | To 1 | View Replies]

To: where's_the_Outrage?

1. Class warfare will be used saying that if you make a certain amount from non SS funds, you will no longer be entitled to full SS benefits. “You don’t need the money!”


There is already such a system in place. It’s called the Windfall Elimination Provision (WEP) and it works like this. If you participate in a pension plan that doesn’t contribute to Social Security (like state government pensions) your SS benefits (earned before or after you joined the pension plan) will be cut by something like 40%. Thankfully it doesn’t seem to apply to politicians who might draw separate pensions for being a state senator, US Senator, & US President.

In addition, if you are receiving spouse/survivor state pension benefits, another provision called the Government Pension Offset, can take away all of your Social Security benefits.


25 posted on 01/21/2018 10:29:02 AM PST by hanamizu
[ Post Reply | Private Reply | To 12 | View Replies]

To: Kaslin

I went in to the Social Security Office early last year to enroll and start receiving my benefits. Boy was that overweight female government worker pissed at me. She told me that I cheated the system. I did not cheat. There was actually a time when Social Security participation was not mandatory; and during that time I did not participate. I went in to the IRS and received a tax number to file my taxes with, but no social security withholding was ever taken from my paycheck and this went on until the early 70s when Congress made Social Security participation mandatory.
When she told me that what I did was not “fair”, she was further incensed when I replied “Fair, there’s that communist word again, fair.” Before the 70s social security participation was not required. You paid into it if you wanted a pension plan, and if you didn’t, then your retirement was up to you. Mandatory participation was only imposed when they decided to start stealing from the Social Security Pension Fund to fund their pet projects, foreigners and everything else.


26 posted on 01/21/2018 10:29:25 AM PST by BuffaloJack (Chivalry is not dead. It is a warriors code amd only practiced by warriors.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaslin

As originally designed, it would not have been half-bad. But it quickly became like all other government programs, a transfer of money from those who earn it to those who don’t.

SSI has become an unacknowledged welfare system for minorities. The “crazy check.”

The bastards never intended to set up a social security lock box. There was never an account for each person. It was intended from the start to be the primary identification system for each individual. (It says on my ORIGINAL card, “not for identification.”) The SSN is now the universal ID number for each person.


27 posted on 01/21/2018 10:30:54 AM PST by I want the USA back (Lying Media: completely irresponsible. Complicit in the destruction of this country.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DoughtyOne

Medicaid needs to be the first to go.


28 posted on 01/21/2018 10:32:15 AM PST by Disestablishmentarian (u)
[ Post Reply | Private Reply | To 4 | View Replies]

To: reed13k
Seems the people that lay things up and actually plan for the future are always the ones that catch the short end of the stick when it comes around.

That is true. It seems that those who never worked and never put into the system are the ones taken care of first.

I'm also hearing that there will be no social security for those who worked all their lives. Government says they will be out of money.

But the government is never out of money when it comes to paying out welfare.

29 posted on 01/21/2018 10:33:33 AM PST by SamAdams76
[ Post Reply | Private Reply | To 7 | View Replies]

To: WilliamIII
Wild William,
What about the ”Trillions” of debt added under obummer, 9-10 Trillion?Almost doubled the national debt. The magnitude of this should be staggering to people, but unfortunately is not. 1 “Million” seconds ago was 12 days ago, about Jan 9, 2018. 1 “Billion seconds ago was 31 years ago, about about 1986. There is a huge difference between being a millionaire and a billionaire. But Trillion, that is staggering. 1 “Trillion” seconds ago was sometime around the year 29,700 BC. And obummer presided over the largest increase in national debt EVER, to a large degree due to so-called social justice, communization of America. 1 Trillion is no small amount but your Bush bashing is swatting at gnats as the sharks are circling.
30 posted on 01/21/2018 10:33:51 AM PST by Mizpah ((Teach your children how to think, not what to think.))
[ Post Reply | Private Reply | To 11 | View Replies]

To: WilliamIII

Borrowing from the SS accounts has been going on since LBJ.
Bush is certainly not the first to do so.

Unfortunately its SOP for the government now.

I’ve read that now because so much of the budget goes to entitlement programs (like SS) and interest on the debt. There is very little discretionary funds available for the government to use to pay for an unforeseen (unplanned) for policy “event”. (Like Iraq, Afghanistan etc.) Borrowing from the SS (and others) is its only recourse.


31 posted on 01/21/2018 10:34:46 AM PST by Reily
[ Post Reply | Private Reply | To 11 | View Replies]

To: WayneS

“The social security system is a Ponzi scheme. It was doomed the day the first payment was made to the first retiree.”

Now, now just because Ida Mae collected nearly 1,000 times as much from SS as she contributed no need to call SS a Ponzi scheme!


32 posted on 01/21/2018 10:36:29 AM PST by utax
[ Post Reply | Private Reply | To 22 | View Replies]

To: OldMissileer; reed13k

I’m expecting the government to reduce my SS by some sort of means testing - say reduce my benefit $1 for every $2 over X amount of military retirement. All of my planning continues to assume $0 from SS.


33 posted on 01/21/2018 10:37:25 AM PST by Mr Rogers (Professing themselves to be wise, they became fools)
[ Post Reply | Private Reply | To 15 | View Replies]

To: rottndog

If that is true, then it gives the lie to the claim, “I paid into that system and it is my money!”


34 posted on 01/21/2018 10:38:25 AM PST by BDParrish (One representative for every 30,000 persons!)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Kaslin

They’re never killing SS. That would be a guaranteed incumbent killer. It’s functionally the general fund anyway, all this “social security account” business is just accounting fiction. It won’t go broke until the whole freaking fed goes broke.


35 posted on 01/21/2018 10:39:10 AM PST by discostu (Lick here [ ] you might be one of the lucky 25.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Angels27

Actually it’s not a contract. There have already been lawsuits about it, the money belongs to the government, you are owed not one penny, they can do with it as they will.


36 posted on 01/21/2018 10:40:20 AM PST by discostu (Lick here [ ] you might be one of the lucky 25.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: utax

“Now, now just because Ida Mae collected nearly 1,000 times as much from SS as she contributed no need to call SS a Ponzi scheme!”


So did my mother——paid into SS for about 4 years in the 1940s,started collecting in 1969,at 65,and lived to be 91.

.


37 posted on 01/21/2018 10:40:33 AM PST by Mears
[ Post Reply | Private Reply | To 32 | View Replies]

To: Huskrrrr

My accountant keeps saying, oh it’ll still be there, they’ll increase the payroll tax and cut the benefits to 75% at the most, but I can’t help but think “THEY” will find some way to get their hand in my pocket.
But he also laughed at me when I said 15 years ago I think they’ll find a way to tax net worth, not income, and that’s exactly what has happened in other countries when people wake up to find they’re victims of a “haircut”. Never underestimate what the Dims will do to heap bennies on their voter base.


38 posted on 01/21/2018 10:43:42 AM PST by GnuThere
[ Post Reply | Private Reply | To 23 | View Replies]

To: Kaslin

So... why is there a “death knell” for SS but not for welfare? I mean we all pay in to SS but the recipients of welfare seldom if ever contribute to the piggy bank from which they suckle.


39 posted on 01/21/2018 10:45:18 AM PST by WP Lonestar (No matter where you go, there you are)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mears

“So did my mother——paid into SS for about 4 years in the 1940s,started collecting in 1969,at 65,and lived to be 91.”

I only have to live to about 190 to get the same sweet deal they got.


40 posted on 01/21/2018 10:45:27 AM PST by utax
[ Post Reply | Private Reply | To 37 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-80 ... 101-108 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson