Obama in SOTU - Means Test SS? (means testing Soc Security)

Zero Hedge ^ | 1-19-2011 | Bruce Krasting

[Frantzie]

Next week we get the State of the Union address. The question, “Is there anything that might come from the speech that will impact the markets? The economy? Maybe. One area that I think we may get a recommendation from the President is a means tax on Social Security benefits.

[Frantzie]

Old white folks do not need SS anyway. Their great grandpappy was probably a slave owner.

[50mm]

My guess is O think old white folks are too rich.

I bet Zero's a 9/11 truther too. He's such an idiot.

[Eaker]

Did you ping “Scooter”?

[blau993]

Social Security distributions are already "means tested." They are ordinary income and as such are taxed at the marginal rates just like any other income.

If the class warfare types want to change this by imposing some sort of super-means-testing on Social Security benefits, they should at least have the good grace and common sense to phase it in gradually. What these community organizers don't understand is that, in the real world, retirement plans are based on a mix of anticipated assets, of which Social Security is but one. Unless you are truly wealthy (and by that I do not draw the line at a ridiculous $250,000 per couple per year), screwing with any one leg of the plan tends to seriously upset the plan.

[Frantzie]

I know they are taxed based on other income.

Do you think he cares about your or anyone like you - retirement plans?

The money you or others saved through hard work and frugality is not your money. It is his money. And technically Uncle Sam has a lean on it when you retire.

I reminded daily here how naive even supposed conservatives are. People still think they live in a country governed by laws with Constitutional protections. They think if they just watch Fox that everything will be alright.

[blau993]

My point is that there is an issue of expectations and basic fairness here. You don't suddenly yank away from someone a benefit that he had always assumed would be there (because you promised him it would) and which he has therefore counted on as part his retirement income. If you want to make some sort of fundamental change, you at least have to start with people who have productive years left and who can adjust their plans (or expectations) to the new reality.

I would make the same point with respect to reforming public sector pensions. You can't just yank the rug out from under people who have finished their careers and are now counting on the income. You need to start far back in the pack, cutting back the pensions for those in their 20s and 30s and telling them to start saving for retirement the way folks do in the private sector. If you are not counting on the defined benefit, you will find ways to replace it if you have the time.

[Doe Eyes]

National Debt - Jan 14, 2009 was 10.6 Trillion Dollars / Jan 14, 2011 was 14.0 Trillion dollars

When Bush was sworn in on January 20, 2001, the national debt was $5.7 Trillion. But nobody cared about the deficit or increasing debt while he was in office.

[Mike Darancette]

He’ll probably have the parents of the cute little girl sitting next to his wife..

I don't think that the dad would be up for this.

[Semper Mark]

Did you ping “Scooter”?

I bet Zero's a 9/11 truther too. He's such an idiot.

Well, isn't this odd. I recently came across a 9/11 truther who mentioned someone called "Scooter".

Coincidence?

[Frantzie]

The country is broke. Obama pushed it over the edge. Don't blame me. Blame the idiots who watch TV because ALL of TV supports him. I have a stupid elderly relative who's father was a staunch Republican. He actually was killed by stress from unions in his mid 50s. This old fool watched network TV and was convinced that Bush was the devil. They voted for Obama.

I really do not care anymore. Idiots who watch TV have empower Obama and he will probably be reelected in 2012. A lot of people here are delusional think Fox is their friend.

O’Reilly and beck are praising Obama now. I dumped TV a year ago. SS recipients and govt union pension workers - if you voted for Obama or Democrat you did this to yourself. No sympathy here. Sorry.

[Frantzie]

Zero is not an idiot. He is evil and is destroying the US. People who watch TV that protects, spews propaganda for him and promotes him are the idiots. This includes FOX because they all fawn over him.

[50mm]

Zero is not an idiot.

Then he can't be a 9/11 truther either, can he?

[50mm]

Oops! Sorry Scooter. I meant to ping you to post 31.