Posted on 07/30/2010 6:55:36 AM PDT by Slyscribe
Recently, I had the opportunity to meet with two first-rate staff members of the White House fiscal commission who were seeking creative ideas for restoring Social Security solvency.
The gist of my message to them was the same I gave in “A Well-Tailored Safety Net,” a new book that does not reflect the editorial view of IBD.
While politics is surely the biggest hurdle to Social Security reform, a menu of mostly flawed and regressive policy options has further raised the bar. If you carefully consider four critical goals of Social Security reform, it is clear that the policy options that have been kicked around for years are ill-suited
(Excerpt) Read more at blogs.investors.com ...
I have been watching Beck the past 3 days. He spoke of the Radicals plan (straight out of the WU) to brainwash the Young to believe they have NO HOPE for the future and that Socialism is the only answer.
Well the daily montra of “if your 20-30 you will NEVER see a SSA check is one way .
If this is the case then we can’t afford the EPA,EDU, so therefore we need to defund and eliminate these and other LUXURY agencies in the FED.
My income is now about 50-50 between SS retirement benefits and pension. I pay income taxes on my full pension and on a part of my SS benefits. I hate paying income taxes like everyone else here, but I think that making SS benefits taxable up to an amount equal to other income (pension, etc) is a good way to help keep the system solvent.
Just my .02
Paying taxes on Social Security is paying taxes twice on the same money.
You’re right....but it is already being done.
Questions of fairness will always be central to Social Security reform, yet there is a way to address these concerns, while striking an appropriate balance between the need for income security late in life with the need many workers will have for income support in their early 60s.
Isn’t it about time we grew up as a nation?
Fairness is a word for children. Life is not about fairness. Social Security certainly has never been a fair system.
The system truly works as a Ponsi scheme. The people who got in to the system early reap the benefits. Those of us who got in late will lose big. Just look at the first person to collect a benefit check.
On January 31, 1940, the first monthly retirement check was issued to Ida May Fuller of Ludlow, Vermont, in the amount of $22.54. Miss Fuller, a Legal Secretary, retired in November 1939. She started collecting benefits in January 1940 at age 65 and lived to be 100 years old, dying in 1975.
Ida May Fuller worked for three years under the Social Security program. The accumulated taxes on her salary during those three years was a total of $24.75. Her initial monthly check was $22.54. During her lifetime she collected a total of $22,888.92 in Social Security benefits.
Life isn’t fair. Government has no business guaranteeing income. The only way it can accomplish this task is to take funds from private individuals in order to give that money to others.
The only fair way to administer the system is to privatize the system and get the government out of the system all together.
In the late 70s and early 80s, the government outlawed private defined benefit pension plans because of all the abuse to which they were subject. Basically, they were private Ponzi schemes. The SS system is simply a big defined benefit pension plan. It is a huge Ponzi scheme. It is Socialism writ large. Anyone who thinks otherwise has drunk the socialism kool-aide. The only way to fix it is to privatize it, create defined contribution vested accounts for everyone. You get an account with your contributions. It grows or falls depending on its investments. And... participation is optional. Otherwise, it is more forced socialistic behavior.
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