Posted on 01/05/2007 8:10:44 PM PST by T.L.Sink
The U.S.- Mexico Social Security Totalization Agreement ...an agreement signed between the Bush administration and the Mexican government in 2004 that would funnel billions of U.S. Social Security funds to Mexican citizens. The Government Accountability Office (GAO) has already warned that as a result of this agreement, the number of unauthorized Mexican workers and family members eligible for social benefits will likely increase. The Social Security Administration itself warns that Social Security is within decades of bankruptcy - yet they seem to have no problem making agreements that hasten its demise...
(Excerpt) Read more at newsmax.com ...
Just one more way El Jefe Bush is selling out our country.
Yep. But he's got another thing coming.
Many of us grow tired of this selling out of the USA
I'll wager a pretty penny that you haven't actually read the totalization agreement and neither (clearly) has the author of this idiotic polemic.
Since illegals tend to have brown skin and funny accents, libs will be all in favor of this.
So pay those taxes they're raising and smile while you're doing it.
George W. Bush is not the guy I thought he was.
agreed.
You'd be correct...so can you give us the highlights and tell us why this isn't upsetting?
"For example, say TREA officials, a worker who turns 62 after 1990 generally needs 40 calendar quarters of coverage to receive retirement benefits. Under Totalization Agreements, workers are allowed to combine earnings from both countries in order to qualify for benefits.
The agreement with Mexico, like other Totalization Agreements, would allow workers to qualify with just six quarters, or 18 months, of U.S. coverage. "
----
And the Mexican government dummies up the other 34 quarters, thus not having to support its citizens in their old age. Brilliant plan.
I called Senator Voinovich's office about this today. His aide told me this was all part of the amnesty deal. We are getting lied to and screwed.
Rough times are ahead. Both for us and the elites.
According to the article the agreement was signed in '04.
Since the late 1970’s, the U.S. has established international social security agreements that coordinate the U.S. Social Security program with the comparable programs of other countries.
These international social security agreements are called “totalization agreements” and have two main purposes:
Eliminate dual social security taxation that occurs when a worker from one country works in another country and is required to pay social security taxes to both countries on the same earnings. As a result of existing totalization agreements, U.S. workers and employers currently are saving about $800 million annually in foreign taxes they do not have to pay.
Help fill gaps in benefit protection for workers who have divided their careers between the U.S. and another country, but who have not worked long enough in one or both countries to qualify for social security benefits. With totalization, workers are allowed to combine work credits from both countries to become eligible for benefits. The benefit amount paid is proportional to the amount of credits earned in the paying country.
An agreement with Mexico would save U.S. workers and their employers about $140 million in Mexican social security and health insurance taxes over the first 5 years of the agreement.
An agreement would also fill the gaps in benefit protection for U.S. workers who have worked in both countries, but not long enough in one or both countries to qualify for benefits.
Mexico is the second largest trading partner with the U.S. Agreements are already in effect with Canada, the largest trading partner with the U.S., and 19 other countries.
Social Security actuaries estimate that a totalization agreement with Mexico would have a negligible long-range effect on the Trust Funds.
Costs to the U.S. Social Security system are estimated to average about $105 million per year over the first five years. These costs are for additional benefits to eligible U.S. and Mexican workers and reduced Social Security tax contributions under the dual taxation exemption.
To put this in perspective, in 2002, costs to the U.S. system for the existing agreement with Canada were about $197 million.
In the United States, once the agreement is signed, the President will submit the agreement to Congress where it must sit in review for 60 session days. If Congress takes no action during this time, the agreement can move forward.
In Mexico, once the agreement is signed, the Mexican Senate must approve it.
The United States currently has Social Security agreements with Canada, Chile, South Korea, Australia and most of Western Europe.
| Country | Effective Date | Country | Effective Date |
|---|---|---|---|
| Italy | November 1, 1978 | Portugal | August 1, 1989 |
| Germany | December 1, 1979 | Netherlands | November 1, 1990 |
| Switzerland | November 1, 1980 | Austria | November 1, 1991 |
| Belgium | July 1, 1984 | Finland | November 1, 1992 |
| Norway | July 1, 1984 | Ireland | September 1, 1993 |
| Canada | August 1, 1984 | Luxembourg | November 1, 1993 |
| United Kingdom | January 1, 1985 | Greece | September 1, 1994 |
| Sweden | January 1, 1987 | South Korea | April 1, 2001 |
| Spain | April 1, 1988 | Chile | December 1, 2001 |
| France | July 1, 1988 | Australia | October 1, 2002 |
More detailed information about these totalization agreements can be found at http://www.socialsecurity.gov/international/.
Yes, and I would also like to know if you Bush apologists have any problem with the way this came about--there was no legislation passed by congress, or an international treaty approved by 2/3 of the senate, that provided the legal authority for it (or at least contemplated this would happen)--Just Bush deciding it should be thus.
Why? How doees this help our country?
This is completely outrageous!
More info:
http://www.freerepublic.com/focus/f-news/1760916/posts
http://www.freerepublic.com/focus/f-news/1761668/posts
http://www.freerepublic.com/focus/f-news/1762217/posts
http://www.freerepublic.com/focus/f-news/1762391/posts
http://www.freerepublic.com/focus/f-news/1762624/posts
http://www.freerepublic.com/focus/f-news/1762842/posts
Hot topic, huh?
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