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The next great bailout: Social Security (the day of reckoning may finally be here)
Fortune ^ | 7/30/2009 | Alan Sloan

Posted on 07/30/2009 7:25:24 PM PDT by SeekAndFind

[...]

Perhaps as early as this year, Social Security, at $680 billion the nation's biggest social program, will be transformed from an operation that's helped finance the rest of the government for 25 years into a cash drain that will need money from the Treasury. In other words, a bailout.

[...]

Unlike the pigs feeding at Uncle Sam's trough, the people who qualify for Social Security old-age benefits -- the ones who'll benefit from the bailout -- have played by the rules and paid Social Security taxes for decades. It would be immoral to tell them, "Sorry, we have to trim your cost-of-living adjustment because we can't afford it," while expecting them to continue footing the bill for bailing out imprudent people and institutions.

Why am I talking about Social Security when health care is sucking up virtually all the oxygen in Our Nation's Capital? Because Social Security is a really big deal, providing a majority of the income for more than half the people 65 and up, and also supporting millions of disabled people and survivors of deceased workers; because the collapse of stock prices and home values makes Social Security retirement benefits far more important even to upscale baby boomers than they were during the stock market and home-price highs of a few years ago; and because the problems aren't that hard to solve if we look at Social Security realistically instead of treating it as a sacred, untouchable program (liberals) or a demonic plot to make people dependent on government (conservatives).

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Culture/Society; Editorial
KEYWORDS: bailout; bho44; economy; entitlements; federalspending; genx; lping; socialsecurity; thecomingdepression
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To: 4Speed
I believe Obama’s fix for Social Security is going to be euthanizing people as they become eligible for SS benefits.
21 posted on 07/30/2009 7:46:44 PM PDT by Know et al (Everything I know I read in the newspaper and that's the reason for my ignorance: Will Rogers)
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To: 4Speed

Love your rant!


22 posted on 07/30/2009 7:46:51 PM PDT by Atom Smasher
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To: csmusaret

ROFLMAO! This is serious, but you Freepers are hilarious! Almost as funny as the recent story of someone being put on a Restraining Order from the Huddle House. I’ve got to email Jeff Foxworthy that one.


23 posted on 07/30/2009 7:47:17 PM PDT by Larousse2 (Like June Carter Cash, "I'm just tryin' to matter.")
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To: SeekAndFind

The cost-of-living adjustment are not linked to the goods and servives CPI, it’s adjusted to the inflation of wages.


24 posted on 07/30/2009 7:47:27 PM PDT by LowCountryJoe (Do class-warfare and disdain of laissez-faire have their places in today's GOP?)
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To: Know et al

LOL! You may be right on with this one!!!


25 posted on 07/30/2009 7:48:12 PM PDT by Atom Smasher
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To: bamahead

As mentioned by the poster of this thread, Medicare is the really big problem, and fixing it will be far more complicated.


26 posted on 07/30/2009 7:51:15 PM PDT by Clintonfatigued (Liberal sacred cows make great hamburger)
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To: Atom Smasher
Thanx. Da fuhrer
27 posted on 07/30/2009 7:52:25 PM PDT by Larousse2 (Like June Carter Cash, "I'm just tryin' to matter.")
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To: SeekAndFind

I’m taking my check early (62) so maybe I’ll get something. The rest of you Boomers -— good luck.


28 posted on 07/30/2009 7:53:21 PM PDT by Mike Darancette (Obamacare is "Shovel Ready".)
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To: Know et al

They did it in Romania under the evil Dictator Cecescue (spelling), and I was told that by a Romanian who was a political refugee in this country. She said old folks were given lethal injections in Romania, and it was written up as a “heart attack.”


29 posted on 07/30/2009 7:55:49 PM PDT by Larousse2 (Like June Carter Cash, "I'm just tryin' to matter.")
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To: Know et al

They did it in Romania under the evil Dictator Cecescue (spelling), and I was told that by a Romanian who was a political refugee in this country. She said old folks were given lethal injections in Romania, and it was written up as a “heart attack.”


30 posted on 07/30/2009 7:56:08 PM PDT by Larousse2 (Like June Carter Cash, "I'm just tryin' to matter.")
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To: Larousse2

Now that is truly sickening...but a realization isn’t it?


31 posted on 07/30/2009 7:56:45 PM PDT by Atom Smasher
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To: 2111USMC
"Congress stole the money from the American people."

Yup. And, they spent it to get re-elected.

32 posted on 07/30/2009 7:58:38 PM PDT by blam
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To: Atom Smasher

Yes, it is!


33 posted on 07/30/2009 7:59:28 PM PDT by Larousse2 (Like June Carter Cash, "I'm just tryin' to matter.")
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To: SeekAndFind

“will be transformed from an operation that’s helped finance the rest of the government for 25 years into a cash drain that will need money from the Treasury”

Why is no one screaming about this? Why has it “helped finance the rest of the government for 25 years?” Wouldn’t that be because they’ve been stealing from it for 25 years? People who’ve paid into this all their lives deserve better than this. They were NOT paying to finance the rest of the government! Pay back what you stole, then we’ll talk about reform!


34 posted on 07/30/2009 8:00:13 PM PDT by smalltownslick
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To: blam
Now, we are spreading the wealth around, remember? Zeig Hiel
35 posted on 07/30/2009 8:04:16 PM PDT by Larousse2 (Like June Carter Cash, "I'm just tryin' to matter.")
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To: SeekAndFind
And to think of it. My employers and I have payed over 120,000 dollars in to it. I'm 51 and just got layed off last week. If that money went into my own private investments, I would be retired and living large by now. I am figuring out how to find a new job and hold on to my house.

Socialism sucks.

36 posted on 07/30/2009 8:07:21 PM PDT by dancusa (The word "racist" is a magic shield word that's supposed to stop any dissent.)
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To: lawnguy

The will just cash in the T-bills [read IOUs] in the SSTF and the General Fund will have to redeem them by borrowing more money or increasing taxes or both.


37 posted on 07/30/2009 8:08:42 PM PDT by kabar
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To: null and void

ping


38 posted on 07/30/2009 8:14:03 PM PDT by GOPJ (Maldives sea levels have NOT risen in 1250 years -Professor Nils-Axel Moerner)
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To: ncfool

Obama you promised me cash for my clunker! Now you take it away.

Hahaha, you thought a clunker was a car.
Bring in your old folks 65 and older and get a $1000 rebate on your SS.


39 posted on 07/30/2009 8:16:15 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: SeekAndFind

That’s why they want to make 20 million illegals citizens — income to cover the theft of money taken from people TO BE HELD IN TRUST which our government spent on something else (getting votes).


40 posted on 07/30/2009 8:16:29 PM PDT by Bhoy
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