Posted on 08/28/2011 3:46:33 AM PDT by Cincinatus' Wife
OTTUMWA, Iowa - Riding high in the polls, Gov. Rick Perry rode into Iowa on Saturday with tough talk on President Obama, the economy and foreign policy and a declaration that Social Security is not only a Ponzi scheme but a "monstrous lie" for younger people.
"If you're for the status quo in America, I'm not your guy," Perry told an overflow crowd eager to see the presidential candidate at The Vine Coffeehouse, where people repeatedly sang God Bless America - once to try to encourage Perry to come in from shaking hands with people outside.
Asked by a woman in the crowd about Social Security being viewed as an entitlement program, Perry reiterated the suggestion in his anti-Washington book, Fed Up!, that the program amounts to a Ponzi scheme.
"It is a Ponzi scheme for these young people. The idea that they're working and paying into Social Security today, that the current program is going to be there for them, is a lie," Perry said. "It is a monstrous lie on this generation, and we can't do that to them."
Later, in Des Moines, when a reporter asked about the suggestion that his campaign was backing off some positions in the staunch states-rights book, Perry said, "I haven't backed off anything in my book. So read the book again and get it right."
National conversation
He told the Ottumwa crowd that for people who are drawing Social Security or near eligibility "like me," he wasn't proposing a change in the program. But he said there should be a national conversation about potential changes for others, including raising the age of eligibility and establishing a threshold based on a person's means.
(Excerpt) Read more at chron.com ...
“Just a few more nails in the coffin of the family unit. And we wonder what happened to the family...”
Yeah, not enough of us to cover the bills you ran up and it’s our damn fault?
“And I’m one of the ones in the 40 to 55 age range who has paid in a lot but who will be impacted by reform. This abomination known as Social Security needs to be changed. It does need to be turned into another poverty program. Middle class entitlements need to go. They are killing us. Raise the retirement age and means test. And buy off the current seniors by letting them keep what they have.”
Thank you sir. It’s slavery is what it is. Only 65 percent of us young men have jobs and are working. Since there’s more boomers even now than us folks, there’s simply no way that we are going to be able to pay for these entitlements.
The only way to keep it up will be to extract most of our earnings to pay for SS obligations. Which isn’t going to happen because there are, 1, no jobs, and 2, if people at the bottom end end up better off on welfare than working, then they will choose not to work.
The state needs to kill Social security taxes, and you’ll see things start to turn around. Because they are payed by the young folks who are working, and it will give more incentive to work.
Social Security and Medicare are New Deal and the Great Society Illusions.
Its all been a scam. FDR got away with it in 1935 because only 2% of the population lived past age 65 at that time. A comparable age medically today would be 85-90!!!
To the extent that We the People have let this lie fester and unfold to the social disaster presently looming on the horizon...is all our fault. the skittle-pooping unicorn was just too cute.
And my point is, then call it what it is.
Let these people who refuse to have their “benefits” reduced know in no uncertain terms that they are on a senior citizens government welfare program and quit pretending with the excuse that they “paid in” and therefore are due the benefits.
That SS is just a tax like any other tax to redistribute other peoples earnings and not a minimal “retirement plan” like it has always claimed to be since it started.
And it makes it clear that SS is a plan to take from those who planned for the future responsibly and are being forced to pay for those who did not.
And then we wonder what happened to the middle class... Adding to the burdens of what it takes to become middle class and lowering the consequences to those who choose not to be productive and plan ahead is a sure fire way to eventually eliminate the middle class. A Marxist’s dream, for that’s how Marxist revolutions are born because all that is left is a few super rich and the poor masses... The “revolution” is the final death of all wealth.
You seem so certain of your view of what “politician” Perry will do, thinks, plans, won’t do, can’t do, etc.
I am certain “American” Perry, “Texan” Perry, “President” Perry is going to make some changes that even you will applaud.
Sit back.
Relax.
And watch.
Lol, good luck having those people ever take your nonsense seriously. Those people you insult so cavalierly paid into that system for up to 40 years and more. The rate was increased several times to cover the time when there would be fewer workers in relation to retirees.
All those people you so cavalierly defame paid into the system and built up a $2.6 trillion surplus which should carry the system until 2037.
Had reckless politicians not misused the SS surplus over the decades, it would be the soundest government program ever. And, as has been pointed out before in this thread, SS is NOT the biggest future burden on the federal budget. Medicaid and Medicare are must larger burdens.
You and others are going berserk over SS, but Medicaid and Medicare will bury you long before SS if reforms aren't made.
Maybe you missed this article which discusses future liabilities of three programs: Medicaid $35 trillion, Medicare $23 trillion and SS $8 trillion.
And why don’t you send your ideas and words to Rick Perry. Maybe if he used your explanations he could convince even more voters, Lol.
Simple fact. People collect far more than they ever paid in.
Medicare is no different.
They are both Ponzi schemes and has always has been.
I’ve paid into SS and Medicare for about 35 years and the max into SS for at least 20 years. So I guess I’m “insulting” myself... Or maybe it means I’m honest...
“You seem so certain of your view of what “politician” Perry will do, thinks, plans, won’t do, can’t do, etc.”
I know exactly what every politician will try to do, including Perry, on social security and medicare.
They will all punt. Every. single. one.
Only when we cannot borrow money will there be a chance to change the program......
I know what every single politician will do then, too. They will choose instead to print money, rather than get our fiscal house in order.
I am sure there will be much I like about any politician that is not Obama. But I am sure that on social security, medicare, and a whole host of other government spending programs there will be little difference in who gets elected next time (as long as it’s not Obama).
Our political class would rather drive off the cliff than tell someone “no”.
Totally incorrect. If the money employees and employers paid in had earned even as little as 3%, the value of what was paid in for each recipient would greatly exceed what is paid out. That's why we hear about the Texas communities that were able to opt out and how their plans have grown to healthy amounts, far greater than SS.
SS has been grossly mismanaged, but that sure as hell is not the fault of those who paid into it for forty or more years.
And, again, SS built up a $2.6 trillion surplus and, IF the government repays that gradually as needed in the future (was $50 billion in 2010), then it's solvent until 2037 and that's plenty of time to reform the system.
Medicaid and Medicare are the real monster problems. Medicare has always been underfunded and Medicaid is nothing but one more giant claim on current general revenues and new debt. And Medicaid will grow bigger and bigger, along with other welfare programs and supplements for low wage earners, until the economy improves dramatically.
In the meantime Medicaid and welfare programs, which now total about $1 trillion per year, will continue to increase significantly.
SS is far from our worst financial problem and it's time politicians and others started a little more "straight shooting" on those subjects.
Another highly relevant link: (Medicaid and many welfare and low wage support programs)
Is $950 Billion per Year in Means-tested Aid Enough?
The total SS annual payout is now around $700 billion, about the same as Medicaid. And, of course, if Obamacare is ever fully implemented it will make everything far worse.
Yes I don't know why people think those "holdings" shouldn't be interest bearing.
There are significantly more people paying in than are currently collecting. That's the only reason it has “worked” so far. As the number paying in shrink (fewer children) and the number taking out grow (more retirees) it will fail.
It is the very definition of Ponzi scheme. As long as the base is growing faster than the top it works which has been the case prior to the baby boomers retiring.
On a per person basis, each person collects far more than they ever paid in even with reasonable accrued interest. When SS was started life expectancy was little more than the required age to collect it. Not anymore. Not even close.
You just can't accept the fact that a $2.6 trillion surplus has built up over the years to cover the shortfalls that will occur for at least the next 26 years. There are 26 years to make adjustments to keep the program viable beyond 2037.
That $2.6 trillion would be enough to meet SS payouts for more than three years with no new contributions. This "ponzi scheme" has a lot more years to run.
It just tears some folks up to hear that SS is not the disaster they love to believe it to be. The only significant current problem is that our government has spent the surplus and must repay it when there are annual shortfalls of new receipts to new annual payouts.
Your potential disasters are Medicaid and welfare programs, Medicare and the general health, or lack thereof of our economy and general federal budget.
That’s what Madoff said...
So where is the big surplus built up by the Madoff scheme? There are many fleeced investors who'd love to know. Maybe Madoff has billions in government securities hidden somewhere.
As painful as it is to many, SS is not broke and it can run for another 26 or so years. The government must pay back the $2.6 trillion surplus it spent over the next 26 years, an average of about $100 billion per year.
So we have 26 years to reform and improve SS, and that needs to start as soon as we can oust Obama and retake the senate.
Perry just told the ethanol "folks" in Iowa (IOWA before their caucus) NO.
“Perry just told the ethanol “folks” in Iowa (IOWA before their caucus) NO.”
Let’s get to the crux of the matter. I think Perry is just another politician, just like the rest. I am cynical about all politicians these days, and their preservation of the status quo as an underlying platform.
Do you seriously think Perry is not just a politician?
SS does not even give a participant a 5% return on "contributions." (I have 10 years of EE bonds yielding more than that: 1984-1993, and the bond principal is mine as well - not so with SS extortion). And I was not annuitizing the fund and determining a fair payment - requiring a mortality table, and inflation projections. I'm just pointing out that the SS admin could pay me their determined benefit forever without depleting the hypothetical fund, in fact it would increase over the years (except for the real world facts you cite - the "lock boxed" fund never did, nor ever will exist - except as foul lies from the uber corrupt politicians).
More to the point, I believe that my example is ubiquitous, that just about every participant in the SS scheme could demonstrate similar theft of their earnings, and current payers could easily do better by taking their SS contributions and buying "riskless" EE bonds even, not to mention 1000 other better places to invest. Perhaps our unhappy but cognizant victims would reject the scheme at last, and demand its repeal.
I'm not considering inflation at all. Do the calculations yourself, take out your SS annual report, put the numbers in a spreadsheet (employee + employer contribution). Apply a 5% annual return on the accumulating fund, and see for yourself what it amounts to at expected retirement, or anytime for that matter. Then check to see what SS will benefit you with at the time you qualify.
Going forward, you will also grant me that the CPI-W figures are determined by the government, and "curiously" seriously understate inflation - giving no real inflation protection to SS recipients (food, healthcare, services & energy being big items for them).
One easy way to save on SS, the biggest US budget item, lie. Next, of course, for our viper filled "government", is to deny life-extending health care measures to SS recipients, on the basis of cost/benefit, you see. Doubt me?
It is in a “lock box”, Al Gore promised.
How is it that a politician who says the obvious is now a hero?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.