ABC Social Security Hit Piece

ABC Good Morning America | 2/26/04 | Tomahawk

[tomahawk]

In yet another disgusting display of leftwing bias and stupidity, ABC News this morning with Diane Sawyer did a Social Security "story" which consisted of people in their 40's and 50's whining that if they don't have a lot of Social Security, their lives are ruined and they were counting on it. Then Diane asked the reporter, "What are the candidates for Presidents saying about this?" The reporter responded dutifully, "John Edwards says that the tax cut Pres. Bush enacted for the wealthy should be rescinded so that this can be avoided" (like that would do ANYTHING to fix the 70 million baby-boomers retiring and bankrupting the system at current benefit levels) and John Kerry has similar views.

[tomahawk]

The problem is that the money we've been forced "to pay into the system" isn't there. It's been spent.

And with 70,000,000 Americans going to retire in the next 20 years (at current benefit levels and retirement ages), the money won't be there. This has been know for a long time, but the politican whores have kept postponing talking about it and dealing with it.

Those of who have been paying in for the last 20 years will never "get our money back".

[Brilliant]

Campaign finance reform means that the Democrats get free advertising sponsored by the liberal media, while Republicans can't even pay for it.

[uncbob]

I believe Social Security is a Ponzi scheme,

All retirements investment schemes etc are Ponzi schemes of a sort and depend on a largely expanding population base where people don't spend that much time in retirement before they die

[Wolfie]

401Ks and IRAs will take the biggest hit to fund SS.

[OldFriend]

It was ALWAYS meant to be a supplement.

It was NEVER meant to be the sole method of support in retirement.

[toolbreaker]

If only we had a lockbox. (/sarcasm)

[tdadams]

Anyone who relies on the government to take care of them is a fool! Period.

[FITZ]

I've put a lot of money into Social Security, for most of my life I've worked two jobs --- so paid in more than "my fair share" --- it would certainly have been better for me if they never had confiscated this money and I'd be certain of a pretty comfortable retirement --- but I'm willing to accept they've squandered most of the money and there is no money in those accounts. I know that it hasn't been only retirees getting back the money they paid in that got that money. I'm sure people who never put a dime in got significant money out of Social Security --- it's gone.

[FITZ]

The problem to a lot of us ---- its on our paycheck stubs how much they've confiscated from us.

I don't plan to retire --- I think Americans need to get used to that idea.

[jwin]

Currently, according to reports that I have read, Social Security is taking in more that is being paid out. Also, according to some, every Monday morning, 27% of the Social Security Trust Fund is transferred to the General Fund.

On the budget, only the government can insert a line item of "Other-----750 Million Dollars.

[keysguy]

"It was only meant as a supplement"
Absolutely right. Anyone who depends solely on ss for their retirement is either dumb or has been duped. The whole "fund" and I use the word loosely, has beocme just another tax. SS is just a line on the fed budget. That's why when we increase other areas the wholebudget goes into deficit. Bottom line is it's an issue the rats will demagogue forever if we let them.

[keysguy]

think real estate.

[FITZ]

And with 70,000,000 Americans going to retire in the next 20 years

They shouldn't retire. For one those paying only 20 years into the system shouldn't count on having a long comfortable retirement. Too many people don't start working until age 25 and want to retire at age 65 and then be supported for 30 or 35 years and that doesn't make sense.

[FITZ]

I could have done an awful lot with that money --- for one I could easily have my house paid off and then work with no mortgage payment for quite a few years before I'd even think about retiring.

I would even be glad to just get back exactly what I've put in --- no interest added but I doubt I'll even see that.

[uncbob]

You people ain't getting the message


ALL RETITREMENT INVESTMENT SCHEMES will be in big trouble not just SS


The money ain't in the banks in some vault

It is all FUNNY MONEY based on an expanding population whether a lot more are putting in than taking out including the Stock Market
Hint once retired people don't buy stock for a retirement investment they use what they have in stocks to eat and who is going to buy those stocks that must be sold so they can get their $$$ out

Same goes for CDS etc
Banks don't have that money in some vault
They have a minimal amount available the rest is loaned out
And where is it coming from when the retirees need their CDs for retirement living and more are taking out than are putting in to replenish the funds

How do you think they can pay interest and dividends etc etc and where do you think that $$$$ is

We ain't on no Gold Standard we are not even on a paper dollar bill standard
We are on a BYTE standard wher all you money is a computer entry someplace

[tdadams]

What you have paid into social security is yours... Don't you let anybody take that from you... I want my money and I want it with whatever interest I am entitled to.

I understand how you feel and I agree with you in sentiment. However, if you need something to make you even angrier, do you know that the Supreme Court decided a case saying that there is no individual entitlement in social security? You can pay in until your last day and the government is not obligated to earmark a penny for you.

That makes those data sheets they mail out once a year showing what you can expect to receive from Social Security a bit of a lie. But this is the fedgov we're talking about, how is that anything new?

[FITZ]

I think most of us know --- we saw what happened to our 401K plans recently--- we were putting into accounts that were showing less and less value. The answer is pretty simple --- plan to go on working --- it's better for you anyhow.

[ravingnutter]

Greenspan is a idiot, he knew this issue would make Bush look bad!

Actually, this will make Bush look good, he proposed a "fix" when he came into office, the Congress has not followed through. And from what I have heard, Greenspan clearly stated that the tax cuts were not the problem, in fact, he was talking about extending them. Bush needs to fire another shot over the bow to Congress and demand the extensions, as well as privatizing SS for younger earners.

But bottom line is that the taxcuts are FEDERAL taxes, social security is Payroll taxes. What does one have to do with the other?

Nothing, until they start robbing Peter to pay Paul.

People earning over $87k a year do not pay payroll taxes question is do they collect SS when they reach 65? Now that would not be fair.

Where did you get that idea? I hope you are not one of those that has fallen for the "rich don't pay taxes" line.

The top 1% of tax filers are also paying a much higher share than they used to: About 20 years ago they paid only 19% of all federal income taxes. By 1991, thanks to the progressive impact of the Reagan tax cuts, that share had climbed to 24.8%, and by 1999 it was above 36%. The story is the same for the merely filthy rich, the top 5% of filers, who paid 43.4% of all taxes in 1991 but by 1999 paid 55.5%.

Source

Federal Tax Table

[KevinDavis]

As a genxer I hope Social Security goes away. I refuse to have my taxes go up to pay for a pyrmaid scheme.

[Imagine]

Congress has been stealing from the SS fund for years to pay for current expenses. It is time we stopped that practice and cut expenses. We can start by eliminating the DOEducation and the bulk of the vast, wasteful welfare program.