Posted on 11/14/2007 8:41:45 AM PST by Clintonfatigued
Almost everyone knows that the next president will have to wrestle with the immense costs of retiring baby boomers.
Come now a small band of Democrats and Republicans who want to do the new president a giant favor. They want to force the new administration to face the problem in early 2009.
Why is this a favor? Because dealing with this issue is so politically unsavory that resolving it quickly would be a godsend. Otherwise, it could haunt the White House for four years.
(Excerpt) Read more at encyclopedia.com ...
Is there any real doubt what will be done? Raise taxes and cut benefits. Of course it’s gonna happen. The question is... where do they draw the line to grandfather people into the current system?
That said, I suspect and fear you will be right, more taxes, fewer benefits and no personal accounts. Euro-sclerosis here we come.
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
Oddly enough, the Clinton administration back in 1993 had the most realistic approach to “fixing” Social Security in the long run . . . i.e., tax Social Security benefits at current income tax rates. This effectively cut Social Security benefits indirectly without really “cutting” them.
Oh they are going to tax our young backsides off.
A really sad thing to do "for the children", eh?
It seems like this approach makes the program into just another welfare program.
Yep! And it's just amazing that they are going to increase my taxes to support a system that is based on already taking 12.4% of my paycheck!
Yeah our financial advisor warned my wife and I of that.
He doesn’t even talk to us about our SS benefits with regard to retirement because he said it will be a miracle if we get anything.
Enjoy your retirement baby boomers...it’s on me...
You could also cut the COLA and inflate the dollar.
Taxing money that they took from you as a loan to pay “benefits” for others that they borrowed from.
It's like putting your money in a reverse government bond...Pay $25 and 30 years later, you get back $17. Add inflation...and you're getting "0".
I’ve been donating $$$$ to the SS system involuntarily from 1960-2005. SOOOO how are MY benefits courtesy of YOU???? Like I didn’t help pay for the citizens older than myself . Quit whining and get back to work .
You could also cut the COLA and inflate the dollar.
Isn’t that what they have been doing secretly? The cost of living is being understated for several years now so they don’t have to pay for the actual inflation.
Washington remains TOTALLY OUT OF CONTROL. The American working public should just stop paying taxes for a while, and see what happens to those carpet-bagging, malfeasant elitists.
The political solution to all of our troubles is to inflate away the debts.
Real Data (not the govt cooked data) shows that M3 is at 18% and real GDP is at -2% that's 20% inflation = hyperinflation.
Welcome to FR. Now connect the dots and tell us what this has to do with SS.
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