Posted on 12/20/2007 10:49:56 AM PST by shortstop
Excellent rant!
My wife and I are late twenties/early thirties and we are outraged by what is taken from us in socialist security. We pay thousands every year. If I died tomorrow all of the money I paid would be gone.
OUTSTANDING, OUTSTANDING article. Thanks Bob Lonsberry.
The greatest fraud ever FORCED on “free” people.
You are either badly misinformed or in the greatest generation who forced this generational Ponzi scheme on us. Low wage workers without working spouses also do well with social security. Social security is a vast income redistribution scheme. Government has no busines providing retirement income except as a welfare program of last resort. Social security has robbed the typical worker the ability to save for their own retirement. It is not difficult to calculate the wealth that the typical worker would have accumulated if social security taxes (both employee and employer) were invested instead of being taken as taxes. The worst part is that social security will require a combination of massive tax increases and benefit cuts.
Social security returns for those not retired cannot be reliably calculated. Substantial benefit reductions are coming, either directly through increases in retirement age or indirectly through increased taxes and a reduced standard of living. The returns may be much worse than -4%. I prefer direct benefit reductions as the impact on the benefits will be easier to understand. However, the rats prefer indirect reductions so they can hide the real benefit reductions until it is too late. I prefer privatization which form many would be a benefit reduction. However I would have the incentive to fund my own retirement. Social security is a generational Ponzi scheme that will come unraveled in some way.
The money I am putting into Social Security would be approximately $5,000,000 if I were allowed to invest it myself (conservatively). Somehow I don't think I will be living a $5,000,000 lifestyle on my Social Security checks...
In what universe is a tithe (10%) greater than SS payments which are in excess of 12%?
Easy to explain. people who have not paid anything in, but are getting checks every month...
You are partly misinformed. While I agree with your first point about demanding an option to leave social security, your point about sustainable pensions is not accuarate. It is difficult to make a general statement about state and local government pensions because of the wide variance. There are a number of prominent states (California, Illinois, New Jersey, New York, Washington, and California) with extremely generous pension plans. These plans are just disguised forms of deferred compensation. The amount of deferred compensation could not be replicated with a 401K. The public employee is receiving very high returns with no risk. The 401K employee would need to bear lots of risk to replicate the returns in these defined benefit plans.
Here is my study about the deferred compensation in Colorado pensions.
Abbreviated version: http://www.i2i.org/articles/IB-2007-D.pdf
Full version: http://ssrn.com/abstract=985621
It is unbelievable the responses I have received on this thread.
Apparently, everybody pays Social Security but nobody knows exactly how much comes out of their check. The social security rate is 6.2%, and the employer matches that. Do you REALLY think your employer is going to GIVE you his portion? Be glad he has to pay it to your account.
And besides, I was talking about Lonsberry’s complaint as to how SS screwed up his life, not about social security its self.
.....Bob
Why do you like this insufferable, socialist Ponzi scheme? It is no more than a tool of the hard left to keep us dependent on government, which is cool if you like ever bigger government, but shameful if you call yourself a conservative and honor the Constitution.
Social Security sucks - but get a life!
Ron Paul supports the end of SS, I'd guess.
Well put.
bookmark
If you actually believe that socialist security can last more than 15 or 20 more years you need a serious learning in the nature of money, fractional reserve banking and fiat currency...
One of the primary reasons Nanny G is pulling the inflationary wool over our eyes right now is because if they disclosed the true rate it would bankrupt SSI in a matter of years.
Your right, we work for it but do you know ANYONE who has gotten back ALL of what they put in?
Heh Heh... My grandparents thank goodness, and they're getting out what I put in too which somewhat ameliorates the frustration of the robbery Ponzi scheme...
Additionally, in a quite humorous call summer before last, my Moms father's union contacted him because they didn't believe someone in the union would be collecting the pension 30+ years after they retired!
The worst part is that social security will require a combination of massive tax increases and benefit cuts.
I believe we're already WAY past that point. The magnitude of the unfunded liabilities is such that the only way out is either bankruptcy or inflate their way out and you probably know the preferred way governments always take...
Don’t forget, about 15 years ago there was already a representative calling for skimming 10% off of personal retirement accounts.
I’m not trusting the government as far as I can throw it when it comes to 401Ks or things like ROTH IRAs. They’ll steal from it, or all of it, mark my words...
Did you do the math starting with $300,000 from when you started paying in? If you did you arrived at an erroneous conclusion.
Figure 5% on whatever you paid in the first year only, add that to the second year and multiply 5% and add to the third year etc.
Second that :-)
‘Sup dude?!?!
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