Posted on 03/24/2010 7:49:17 PM PDT by Nachum
The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security.
This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.
(Excerpt) Read more at nytimes.com ...
It’s okay: just raise taxes and print more money. :)
Problem fixed. :)
Teach a man how to fish and he'll spend the rest of his life in a boat, drinking beer.
Eliminate the 401K/IRA limits. Allow people to contribute as much as they want into 401K/IRA/Roth. The ones that save money, will have money for their retirement. The ones that did not, well, we know what is supposed to happen to the 'grasshopper'.
This is not a problem. We will just print more.
Yes, it is the fault of SS. A Ponzi scheme has a life span. On the average, people collect more in benefits than they ever paid in. There are fewer and fewer workers paying the benefits for everyone collecting. I think it's around 2.3 workers per beneficiary right now. When boomers start retiring, it will be even less.
Yes, Congress borrowed from the trust fund, but they didn't raid it. Whatever they took out will be returned with interest. They borrowed from it to disguise the fact that they were running up the debt. That's the sham.
It's a Ponzi scheme. Younger people are screwed - they won't see a dime of what they're paying in, even after paying about 14% of their income into the fund for all their working years (and don't tell me it's only 7% because the employer pays the other 7%-the worker pays it ALL because what the employee pays is salary the worker doesn't get, but is part of the cost of the employment).
They just did. One half trillion dollars out of Medicare to fund Po'fokeCare!
Constant rumors that the FedGOv is planning to confiscate 401k accounts and convert them to social security payments. Better get your dough out before the retroactive hammer falls...
I have Leukemia and I'm only 56. Diagnosed four years ago and was told I had 10 to 15 years. Hopefully in my second remission.
So much for putting in less money than I'll get out of it.
Democrat Politicians hope someone like me will die early so their wonderful Ponzi Scheme will hold on just a little longer.
I wouldn't trust a Democrat to pickup my Dogs poop.
>>>>Or kill off some old geezers<<<<<<
http://crabbyoldfart.wordpress.com/
go stand in the corner ... ;o)
Nam Vet
From one Nam vet to another: We never expected this after so many years back in “The World”, did we?
Yup, Cloward-Piven until we are destroyed!
" Leftists such as Barack Obama euphemistically refer to this collapse as a "fundamental transformation," on the theory that society can only be improved by destroying the deeply flawed existing order and replacing it with what they view as a better alternative, i.e., socialism."
Well, we're not going to be destroyed! Revolution II is on the Way!
This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.
—
Guess they missed that one.
Again.
Time to start doing private retirement accounts.
Eliminate the 401K/IRA limits. Allow people to contribute as much as they want into 401K/IRA/Roth. The ones that save money, will have money for their retirement. The ones that did not, well, we know what is supposed to happen to the ‘grasshopper’.
Good idea.
Right up to the moment when Obama takes it all.
More like time to stop the program for younger workers. I would GLADLY sacrifice every dollar I've paid in to it, if they would only agree to take no more....
It’s a Ponzi scheme. Younger people are screwed - they won’t see a dime of what they’re paying in, even after paying about 14% of their income into the fund for all their working years (and don’t tell me it’s only 7% because the employer pays the other 7%-the worker pays it ALL because what the employee pays is salary the worker doesn’t get, but is part of the cost of the employment).
It’s 14% for all the self-employed
Can u imagine -—
39% tax + 14% SS tax +
State
house
car, highway, registration , license, passport, travel, bridge, tollway,
gasoline
electricity /water/ natural gas for the stove
FICA
State
Sales tax when you buy a book or dinner
$1 heath tax
no salt tax
WHAT IS THE TOTAL
HOW MUCH CAN THEY TAKE FROM US?
And I didn’t get a single F-22 to use.
The article has some incredible quotes that reflect the fundamental fraud underlying Social Security. Consider this whopper by Greenspan:
“Even if the trust fund level goes down, there’s no action required, until the level of the trust fund gets to zero,” he said. “At that point, you have to cut benefits, because benefits have to equal receipts.”
This incredible statement asserts that the trust fund has assets. The trust fund is a liability, not an asset. If this assertion is true, then any individual could create an asset by borrowing from himself. Another part of the article indicates that the trust fund is merely an accounting device. How can an accounting device be an asset? The trust fund receives interest payments from the general budget. How does the general fund generate funds to pay the interest to the trust fund?
The trust fund argument is essentially the idea that the same dollar can be spent twice. Excess payroll taxes have been spent on other programs. The trust fund argument indicates that the excess payroll taxes were both spent and saved.
The fact that Social Security now pays more in benefits than it receives in payroll taxes is ominous. This event was not projected to occur until 2017. Social Security is now a growing factor in the deficit. Government borrowing must occur to cover the payroll tax deficit. Since it appears that government bonds cannot be sold in such large numbers, the printing press is the only answer. The value of the dollar is set for a dramatic fall as the money supply increases substantially.
Its a shame we didnt have Bernie Maddof running it. We probably would have gotten another 50 years out of it.
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