Posted on 11/10/2010 10:55:54 AM PST by Sopater
Breaking News: Obama Debt Panel Recommends Cut in Social Security Payments, Eyes End to Mortgage Deduction
At foxnews.com
(Excerpt) Read more at foxnews.com ...
Sorry, but I sacrificed my entire life to fully fund my 401(k), IRA, and other investments. I expect to retire with about $1M in assets, but it's money I saved.
I'm not going to accept a cut in benefits so that my next-door neighbor with a higher annual salary can get his full share, after he blew all his discretionary income on cars, boats, hookers, and blackjack.
If they're like me, who has paid into that system for FORTY years, they might find the title a little offensive.
The Social Security proposal doesn’t go nearly far enough. Raising the retirement age by 2yrs over the next 65 years does nothing to reduce the average length of benefits collection or the ratio of workers to retirees, plus anyone can opt to retire early as is hapening today in droves. And it leaves the medical cost boondoggle untouched.
The tax program at first glance looks like a pretty decent start towards a simplified & flatter tax code. The controvercial headline item is that it proposes getting rid of the mortgage interest deduction, but the good part is that it also proposes lowering incomes tax rates to below Reagan-levels across all tax brackets for individuals and corporations, plus eliminating the AMT and a few other credtis & deductions.
We should be all for lowering rates across the board and eliminating the government cheese that is targeted deductions.
I would find it a little offensive too.....but current recipients need to understand this.....social security is a generational ponzi scheme.....current beneficiaries are saddling the next generation with mountains of debt.....the question becomes “can today’s seniors accept a little less so their grandchildren don’t have to live in cardboard boxes owned by the government?”.....sooner or later current beneficiaries will have to do with less it’s only a matter of when.
Great post.
SS is a Madoff Scheme by definition.
Yep, there's that, and also the fact that the system is dramatically broken.
Since we're swapping anecdotes... I have a cousin who's adopted. Up until he turned 18, he received a substantial monthly check from Social Security - I don't know all of the particulars as to why.
Anyway, shortly after he was adopted (age 6 or 7), his adoptive family contacted Social Security. Told them, "Hey, we appreciate this, but there's no need to continue to send us these checks. We don't need the money." (His adoptive parents are millionaires, likely several times over).
Social Security's response? "Under NO CIRCUMSTANCES can you turn the money down. In fact, if you pursue this any further, it will put the adoption in jeopardy, and the child *will* be taken away from you."
His adoptive dad said "Allrighty" and banked 11-12 years worth of checks. Paid for my cousin's college degree, with some left over for grad school.
At least the money wasn't completely wasted. The kid teaches special-needs children now, and does exceptionally well at it.
Stimulus by Spending Cuts: Government cuts spending 50%!
http://www.freerepublic.com/focus/f-news/2619546/posts
“The increase to age 68 would be implemented by 2050 and then would increase again to 69 by 2075.”
Hardly earth-shaking, and far less than what will really be needed. The panel hasn’t agreed to do squat, yet these are minimal proposals.
Yep, I worked for a bureaucratic behemoth in the technical field that has a 3-letter name. There were plenty of people there who could give lessons on how to be completely useless. Entire staffs of people who did nothing more than create paperwork, and pass it back and forth to each other.
The difference? They were doing it on the stockholder's nickel, not the taxpayers. Biiiiiiiig difference to me, as I'm not a stockholder (and never will be, beyond what gets bought automatically in index funds). :-)
imskylark, I can sympathize with you. My mom worked in a number of gov't positions, mostly carrying various welfare-related caseloads. She went in with the intention of trying to clean up, at least a small part. The job just crushed her. Very, very few people in admin care about scamming and/or theft among the caseload. And none at all cared about things like competence, diligence, or timeliness amongst the workers.
She eventually quit and became a librarian. Same bennies, less stress. :-)
The idea is pretty simple....at some point a generation of older Americans that have paid into SS will have to step up and say “we’ll do with less”....or else the cycle will continue to repeat itself until the US ceases to become the US.
until the US ceases to *be the US.
You must not be a home owner then.
Cut in Social Security Payments, End to Mortgage DeductionThanks Sopater.
Its going to have to be many generations, not just one.
Why people are so obvlivious to mathematical realities is beyond me.
The only way i see out of this are as follows:
1. Sell off federal lands and natural resources solely to pay off debts.
2. Massive immigration from asian nations and only open to people 35 y/o or less
3. Drastic cuts and means testing.
and stuff like that. i really don’t think most people have a clue how on the brink we are.
This info should be posted as a separate article in breaking news!
This commission is operating just like BRAC - Base Realignment and Closure Commission. They make the recommendations so Congressman and Senator’s are taken off the hook. This is BS - get rid of this commission and put the onus where it belongs - on U.S. Senators and U.S. Representatives.
good answer, thank you
“When Republicans take control of the House, they need to have their own Debt Panel and do things that help bring this country together.”
They need to form a shadow government with their own agenda to counter this Marxist in the White House. Go toe to toe with the “1st Idiot”.
Yep. Just gives Obama one more knife to stab in the backs of honest Americans. He truly wants all Americans dependent on the government for everything.
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