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 Bush enacted for the wealthy should be rescinded so that this can be avoided" (like that would do ANYTHING to fix the 70 million baby-boomers retiring and bankrupting the system at current benefit levels) and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.

[freeper0743]

I've been paying the max into SS for 45 years but my benefits will not be any larger than someone paying a lot less or only had a spouse paying, butI plan to start collecting in a Year and a half at 62(presently fighting cancer, so who knows).
Knowing MANY years ago that SS was a ponzi wellfare scheme, I elected to use IRA and 401K as much as I could afford to and should manage quite well.
By the way, I don't own more cars than drivers, super large plasma tv, or any other expensive toys, ie: it's amazing what you can save when you don't sucumb to all the toys!

[FITZ]

What's weird --- on my pay check it doesn't say Social Security tax anymore --- it's something called OASDI which means "old age, survivor, disability insurance" tax. I wonder what that is.

[tahiti]

Your analysis about the difference between "income taxes" and the "social security tax" is correct.

The other huge issue of why social security is headed for a deficit account balance is because the Democrats in the late 1970's decided to take social security tax revenue out of the social security trust fund and use that social security tax revenue for general spending.

This social security tax revenue infusion into the general spending budget subsequently reduced the annual deficit spending at that time and since then, but there are now a bunch of IOU's in the social security trust fund, promising to pay the social security trust fund back for taking that tax revenue for general spending.

So how are those IOU's going to be paid back?

The only way to pay back those IOU's in the social security trust fund is to raise the income tax rates.

The next question then will be, on whose income will the income tax rates be raised?

There are not enough "rich" people, even taxing their income at 100%, to capture enough tax revenue to pay off the IOU's in the social security trust fund.

The income tax rates will have to be increased on all citizens down to the $30,000 annual income level.

That is why the future tax burden on our young people looks so bleak when 53 year olds, like me, begin to collect their deserved social security benefit in the very near future.

[suijuris]

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.

Sounds to me that SS is a contract in which critical information was withheld prior to my signing. I want out of the contract based on fraud. Any attorneys out there got the balls to take it on?

[FITZ]

What they should do is cut all government social program spending. Slash welfare, food stamps, WIC, free housing, Medicaid and the rest. Take the federal government out of education, health care, and welfare completely. Phase out Social Security over the next few years.

[tdadams]

Wouldn't it be nice if it really were insurance, instead of wealth confiscation. If it were insurance you could shop around for the best rate, choose only the coverage you need, or opt not to buy it at all.

[FITZ]

I wonder how much of that money went to "survivors" and to able-bodied "disabled". Around here it seemed that many of the NAFTA displaced workers who were on welfare suddenly switched over to SSDI. Many don't seem disabled except that they never learned English so apparently can't find jobs --- but they say they have "stress" as a mental disability.

[From The Deer Stand]

The solution is to always take more from the taxpayer. We can't have tax cuts and they want to cut our benefits. Why isn't there a national push to Congress to CUT FEDERAL SPENDING AND QUIT WASTING OUR TAX DOLLARS?

[Celantro]

Yes, I am aware that the Supreme Court defied the clear intent and common understanding of the deal the government forced us into. You know what I don't know, and perhaps you do? Who stood where in this decision? Where was Scalia in this decision, for example.

[uncbob]

Actually, this will make Bush look good, he proposed a "fix" when he came into office,

And you expect the news media to point that out

And just when SS is in trouble Bush proposes expanding MEDICARE
Sure makes sense to me

[Celantro]

>or opt not to buy it at all.

The problem with opting out of Social Security is that I would be sure I provided for my future and I will assume that you would too. But what would we do with those who opted for a Cadillac Escalade instead? When they got to retirement age and started screaming that they could no longer do the work they once did, who would support them? You and me, that's who.

This whole social security system stinks and it needs to be fixed but we can't fix it by telling those of us who have been trapped in it for 20 or 30 years that they are not going to get what has been taken from them, plus interest.

The democRATS will scream a blue streak about this but they are liars. I might trust a Republican administration to find the tax cuts elsewhere but I would never trust the RATS to fix anything.

[uncbob]

The answer is pretty simple --- plan to go on working --- it's better for you anyhow.

Depends
Companies were encouraging early retirements a whileback to help balance their books etc

And pendulim swings all over the place
I remember when younger workers were mad at older workers for hanging in when they should retire to give a younger person a job or chance at promotion etc etc

Todays hero is tommorows goat

[Sloth]

NOW government is going to tell us they have no choice but to welsh on the deal they forced us into? Now that they've collected money from me for 30 years?

On the other hand, your generation had 30 years to elect people who'd let you *out* of that pyramid scheme, and you didn't.

[uncbob]

When they got to retirement age and started screaming that they could no longer do the work they once did, who would support them? You and me, that's who.

Well we could go back to the old system where granparents lived at homee with their children

So you are going to support them one way ( SS taxes)or another( living at home with you) unless you set your parents or grandparents out on an iceflow

[FITZ]

Not only that --- but to people who would claim they used a stolen social security number at one time to work here illegally.

[FITZ]

If my company would pay me to retire, I'd take the money and then find another job. I know people who made out pretty well taking those severance packages for early retirement.

[an amused spectator]

Revived Media Shenanigans ping - Attack Of The Blow-Dried Blonde News Ditzes Redux

On, Off, or grab it for a Media Shenanigans/Schadenfreude ping:
http://www.freerepublic.com/~anamusedspectator/

What's with it the last couple of days? First Norville, now Sawyer. Why does ANYONE pay attention to a thing that these two say? Are we Japan, or what?

*my apologies in advance to any blonde Freeper women out there, who we all know are brilliant, witty & gorgeous

[mombonn]

"Bush took a political hit..." something like that. I think someone from the DNC writes copy for ABC News.

And for PMSNBC - I heard a reporter say yesterday that President Bush had been "blindsided" by greenspan's comments.

As Miss Marple would say, HA!

greenspan has always been in the tank for the RATS - it was only a matter of time before he would attempt to sabotage a Bush re-election. Bush knows that.

[keysguy]

I hate to say it but it's sheer folley to depend on the govt. for much of anything. Depend on yourself.

[keysguy]

i repeat,think real estate.