Posted on 02/26/2004 7:27:30 PM PST by qam1
SEATTLE - Get ready to bend over, baby-boomers.
In essence, that was Federal Reserve Chairman Alan Greenspan's message to everyone born between 1946 and 1964.
At 78 years of age, Greenspan's too old to bend over himself, so he figures it should be my generation that grabs its ankles.
Seems Alan G. is wringing his wrinkled hands over the 77 million baby boomers that'll begin retirement in four short years.
'Yikes!' said the man who surely collects his Social Security check every month, 'We've gotta do something 'cause there's not enough Social Security money to give us any security.'
And Alan G's proposal?
Well rather than raise taxes, why not just CUT the benefits all us boomers would be getting when we retire?
The other Greenspan brain burp?
Keep pushing the age of retirement HIGHER.
That means while we could still retire at age 65, we wouldn't get those DECREASED Social Security benefits until we're, oh let's say 104!
Hey, here's an idea Alan.
Why not suggest the president spend less and get the deficit lower.
Maybe advising him to quit giving tax cuts to his rich friends.
'Cause I'll tell ya Alan, my generation is tired of bending over for yours.
Want to share your thoughts with Ken Schram? You can e-mail him at kenschram@komo4news.com
Yep, it is the first year in a long time when it actually has been seasonable.
The tough part is how many people, defined by age, would be grandfathered into the current definitions. People who are 60 now have been planning their retirements for a long time. I would leave their plans alone. For those 59 or less, take the following steps:
1. Increase the age of eligibility by six months every year, until full SS settles in at 70, and partial SS could be set at 65. This roughly matches the longer life spans we now have.
2. KILL THE FAT CONGRESSIONAL RETIREMENT PLAN. Put them all on SS only, and dump the saved money into real people's retirement plans.
3. Adjust the COLA so it matches, rather than exceeds the true COLA increases.
4. Yes, do engage in selling or leasing federal property. You think excessive federal ownership of land is just a western problem. Not so. Half of Macon County, where I live in the Blue Ridge, is owned by the feds.
5. Allow all citizens to invest up to 10% of their SS contributions in private investments. Did you know that there is no ten-year period in history, including during the Depression, that the stock market has failed to OUT-PERFORM the "return" on SS?
There, you asked the question, and I wrapped my hands firmly around the "third-rail" of American politics. That's the way I campaign. I answer any question that anyone asks.
John / Billybob
Where did you get 6%? It more like 13%.
I would tell her that my grandfather worked full time until he was 84 --- and that my father is well into his 70s and still working full time.
But the money is already gone --- and that's with the USA having an extremely fast growing population --- the population of this country doubled in the last 50 years --- that's since the baby boomers were born. The system can't survive even with a rapid growth of population, it needs to be ended --- but as painlessly as possible. Everyone should know the money isn't there so they can make plans not to retire or retire only if they have enough other money saved. It's healthier to stay active and go on working anyhow.
Back in the mid-80's, Greenspan put initiated an increase in SS taxes to fund Social Security for the Baby Boomers. More money went into the fund than was spent for SS costs. The idea was that as the fund grew, it would bear interest and have a pile of money thru 2040 or thereabouts.
Unfortunately, Congress raided the SS fund to pay down the federal budget deficit, and conveniently hid the I.O.U. note. They lied to the people, and the people have forgotten! They already raised the SS tax back in the 80's to make it solvent. Then stole the money. Don't let them do it again. As you said, time to start phasing SS out, because the bastards in Congress will keep stealing our money.
I have no sympathy for liberals who accept the "wishes are horses" school of economics. Anybody who is now 50 or 60, who did not see this coming at least 25 years ago, just wasn't paying attention. Even if it were possible, there is something inhuman and creepy about an older generation using the force of government to transfer income from the generation raising the society's children, to themselves. That is just cosmically wrong. Fellow boomers, please join me in having a nice long puff on your cigarette. If you don't smoke, start. The best thing to do here is to get the hell out of the way at some reasonable age. Let this intergenerational transfer nonsense die with the FDR worshippers. It is a fundamentally sick idea. |
Home Depot's having a sale on wheelbarrows this weekend.
the S.S. tax but you may NOT collect any pension from it,,,,,,will it be called a felony then?
No it will be called what it is, income tax.
Title 26 US Code Subtitle C Sec. 3101. Rate of tax
- (a) Old-age, survivors, and disability insurance
In addition to other taxes, there is hereby imposed on the income of every individual a tax equal to the following percentages of the wages (as defined in section (a)) received by him with respect to employment (as defined in section (b)) - ***
- (b) Hospital insurance
In addition to the tax imposed by the preceding subsection, there is hereby imposed on the income of every individual a tax equal to the following percentages of the wages (as defined in section (a)) received by him with respect to employment (as defined in section (b)) - ***Title 26 US Code Subtitle C Sec. 3501. Collection and payment of taxes
- (a) General rule
The taxes imposed by this subtitle shall be collected by the Secretary and shall be paid into the Treasury of the United States as internal-revenue collections.
I know that for a fact. Social Security Disability and SSI are the new welfare for the under 40 bums. No further questions asked. No further re-hab and re-training required
Yes, I have been wondering how many welfare recipients were shifted onto Disability. I don't think that the Democrats want generational warfare -- they want as many people as possible dependent on a government check -- either as recipients of or working for the government. They tend to vote for the Democrats
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