Posted on 07/21/2006 8:13:53 PM PDT by K-oneTexas
The same is true of the so-called SS trust fund which will save SS until 2017, or whatever the latest lie is. That is why the Democrats fight partial privatization. That would be money no longer in the free money slush fund for bridges to nowhere and other ear marks.
We know the SS system is doomed to failure.
It used to take 17 workers to support one retiree.
With 1 million that would mean we need 17 million working to support them and those 17 million would need 17 for each one and the system collapses.
The Govt. increased the fica taxes on us so now it takes two and 1/2 workers to support one.
If you have 10 million retirees that means it takes 30 million workers to support them and those 30 million will need close to 80 million workers to support them and when those 80 million retire...collapse.
There will not be enough workers to support them if every man, woman and child went to work to support them.
The only way out is to increase the working population or increase the tax to a one worker supporting one retiree.
I will be retiring in two years. Which of you two workers will support me? Any volunteers? FORK IT OVER YOU TIGHT WAD SONS OF BI#&HES! YOU OWE ME!
Wrong!
Once an ILLEGAL alien takes action to become legal -- e.g., being deemed a "guest worker?" -- the W-2 wage info in the ESF can then be transferred to the new legal worker's earnings data in SSA's earnings master files.
Any shiny new law would have to prohibit this from happening. It's legal to do it now.
Also, there's that totalization agreement with Mexico which may make it even easier for ILLEGAL aliens to get "their" social security payments. The last I heard the Administration has yet to release the details of the agreement with Mexico. Even Congress has not seen the details.
Then there's that pesky (for U.S. taxpayers) Social Security Disability Insurance, SSDI, not the same as SSI. With SSDI the ILLEGAL alien, henceforth deemed a "guest worker," will be eligible for SSD payments as a "burned-out," disabled worker at around age 35 or so. Fresh new "guest workers" waiting at the border to work for even cheaper wages, ya know. What a deal!
As a result, the USG will no longer have the SS surplus to use for other purposes and SS will become a black hole instead of a cash cow. The same thing happened in 1983 and Congress just raised taxes, increased the retirement age to 67, and reduced benefits.
The only way to eliminate the 12 to 13 trillion dollar liability of SS is to start converting to personal accounts.
This was already discussed on talk radio (I can't remember which speaker) a few months ago.
The illegal aliens are actually temporarily bolstering the SS system, and when they are taken out of the picture (ha, like that will happen), SS will quickly become insolvent.
I agree with you...it is the 30's and younger crowd that has a profound sense of entitlement if it is anyone. Being in my 30's, I see it all the time. To most people my age it is okay to have a car payment that is as much as the house payment. I do have to say one thing about social security though...it is a Ponzi scheme and you guys are getting rooked. You guys paid for your parents but for some reason didn't have enough children to eventually pay for your golden years. (Tough to raise more than two when both mom and dad are working) On top of that, you have various government crooks stealing (excuse me "appropriating") what money is in the bank at this point to various nefarious pet projects. Don't worry though, they have replaced the money with IOU's. Since the government itself only makes money through taxing the citizens, they have no way to repay it aside from raising taxes to make up the difference. The end result is that there won't be enough money for your generation to possibly live on in retirement years and basically all of our money will have been stolen by politicians by the time we get there. It absolutely is the crime of the century and we let it happen every day we keep these idiots in office continually voting on their own pay raises and tax exemptions.
OK Geez, When are we gonna see that bill passed?
Guaranteed it will happen the day the American electorate demands that it be enacted!!!!
We've done it before on other issues, it can be done again with this one. It is up to each of us to convince our families, neighbors, friends, and associates to see it through.
Yep, right along with "Just doing the jobs Americans won't do..."
The slogan people are getting better, but they always leave out the part, "but wait there's more...." and "If you respond within the next 10 minutes we'll double your order at no extra charge..."
A close friend of mine had her SSN used by an illegal alien to secure employment.
He worked nder it collected a check under it but had the minimum taken out for taxes.
She found out when she got a letter from the IRS asking why she hadn't reported the earnings.
Luckily the blankety blank worked in California. She lives in Illinois.
I think the fact that we (you and I) have raised children who go out and work and don't expect the govt to look after them is a big plus, and its own kind of legacy. Both my boys are self-sufficient, in the work force. One is married with a family, one income which is JUST enough for his wife to stay home with the children. This sacrifice is a good investment. They are doing without every frill, budgeting every penny every week but paying their own way, reliant on nobody, not asking us even to help, though they could use it. They know they will not have Soc Sec and they don't count on it. Both my kids have had IRAs since they were in high school. Both contribute through work, foregoing the clubs and nights out so they have already, in their 20s, started saving to be self sufficient unto death. They will follow their parents' lead, your kids and mine, and that is all that we can do to keep the next generation from going down the drain of the New Deal, the Great Society, and the crap that is going on in this Congress, despite its supposedly being conservative (what a joke).
It's much more serious to be caught not wearing yer seat- belt.
>>My spouse and I have traveled little and we have a 19-sq-ft home..<<
I'm all in favor of thrift, but a NINETEEN-SQUARE-FOOT home is overdoing it! That's hardly enough room to turn around in.
Sure we have, but the rest of the planet hasn't caught up yet. I'm glad someone else is saying it too. Especially since Cain is going to run for office again- this guy isn't going away. Meanwhile, we sit here in our underwear and what have we accomplished? We have to be the most informed, sharpest group of conservatives on the planet- but we're still just a glorified echo chamber, mostly.
The same thing that happened to the money that's been confiscated under your real number- it was spent before it ever made it to DC, (probably spent long before you actually earned it), and you'll never see it again anyway. There's no point in being upset about a fraudulent number, it's no more illegitimate than the real system.
You're arguing against yourself....you're being selfish because you'll never retire untill you are carried out on a stretcher. If 'boomers' had properly planned for their retirement, they would work 30 years and get out of the way so younger folks would work in your stead.
Good catch. I was thinking in Aussie terms. They would say "19 squares." We Yanks, of course, say 1900 sq ft!
Well, you have to count that we were defrauded by a business colleague when we were in our 40s so had to start over. You're right -- if that hadn't happened, we'd be retiring on time. We never declared bankruptcy but instead worked for years to pay off the debts we were stuck with (someone else's), which, I believe, was the responsible thing to do. I think we've done pretty well, considering, but I do want to pay off the house.
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