Posted on 11/14/2010 1:07:03 PM PST by La Enchiladita
Baby boomers withdrawing funds from Social Security, Medicare and Medicaid are going to "crush the system" in a matter of years, a member of President Obama's blue-ribbon commission on the debt warned Sunday.
David Cote, CEO of Honeywell and one of a handful of private-sector chiefs appointed to the 18-member fiscal reform commission issuing its final recommendations on Dec. 1, said he didn't realize -- even perched at the top of his field -- that the next decade will be disastrous to the nation's accounts ledger unless something drastic is done.
"It scares me that as a financially conversant CEO, I didn't know how bad this was going to get in the next 10 years," Cote said on ABC's "This Week." "The thing that everybody misses is it's my generation, the baby boomers, who are going to flow through Social Security, Medicare, Medicaid. It's going to crush the system."
"Social Security is going to go cash negative in five years. It's going to go broke in 2037," added Sen. Kent Conrad, D-N.D., another member of the commission who appeared with Cote.
Medicare is "prepared to go permanently cash negative in just 10 years. So, obviously, those things have to be reformed; there have to be some changes," Conrad said.
(Excerpt) Read more at foxnews.com ...
How many freepers here want their payments no matter how much the rest of us must be taxed?
How many freepers here are SS dependent? Your only source of sustenance is your monthly SS check? Which in makes you a ward of the state. Can you vote the “non-vested interest” ticket?
I see too many people here who will demand their “rights” no matter the cost to the rest of us and future generations.
It wasn't for them to manage. It was governments program, managed by government. Most only new, or cared that government was taking money out of their checks...
Remember, there was a time not long ago, when Americans actually thought government had their best interest and America's best interest in mind.
So some how all that ignorance is an excuse to keep on looting the rest of us?
You're being looted, robbed and gang raped by tens of millions of illegal aliens, choking off your jails, hospitals, social services and schools..
Why in hell didn't you stop it?? Why are you still paying for it?
Ya know what, I don't necessarily agree with SS. But it is an ENFORCED government program that until reformed, will take money from our checks.
The money was taken from my check, supposedly to support those who have retired before me. It was misused. That's really a shame that those behind me will now have to shore up the deficit that the government caused to be sure those that are retiring get a return on their “social security” deduction.
As far as other taxes go...to my knowledge none garnered from me state there will be a return at some point.
If people have an issue with social security...take it up with the government...not the folks that have been forced into mandatory payments all of their lives. And good luck to you.
You're being taxed, looted, robbed and gang raped by tens of millions of illegal aliens, choking off your jails, hospitals, social services and schools..
Why are you still paying for it? Why did you not stop government from aiding and abetting this country killing invasion that is costing the U.S. tax payers hundreds of billions?
Obvious to me why that is not mentioned more often.
“Ya know what, I don’t necessarily agree with SS. But it is an ENFORCED government program that until reformed, will take money from our checks.”
I am unaware of any form of taxation that is not ENFORCED.
“As far as other taxes go...to my knowledge none garnered from me state there will be a return at some point.”
Social Security never promised you a return either. See my first post.
“If people have an issue with social security...take it up with the government...not the folks that have been forced into mandatory payments all of their lives. And good luck to you.”
So you won’t mind if I and others can find a way to immediately end it? Or will you fight to keep it?
And Bush was vilified for trying to fix the system, heck, no one even wanted to have the conversation!!! Well, here it is, reality, it’s unsustainable. That is why I have NEVER included SS in my future retirement benefits. I was convinced 25 years ago. I’m no millionaire, not by a longshot but I can live without mine.
What galls me is that I won’t get a chance to decide/donate my portion, the damned gaovernment will. I have plenty of friends/family/neighbors that will need it, not some grubby mitted thief in Washington.
What P.O.’s me even more is that the SOB’s in Washington, including Obama, will probably get credit for doing what should have been done, or could have been done years ago.
...could have told you all the above for free. How much money did this Blue Ribbon Commission spend?
And the solution is simple: we’ll just raise taxes on the kids. They owe us because we want it. :)
Enjoy my 30 years of contributions you old farts.
I’m working on 45 years. No matter....
So your best argument for the continued looting of current and future citizens in support of current SS recipients is that illegal immigrants are looting us as well.
I will let your implication speak for itself.
So if we can cut off the looting by illegals you don't have a problem with then cutting off the looting by SS recipients?
“Baby boomers withdrawing funds from Social Security, Medicare and Medicaid are going to “crush the system” in a matter of years”
This is NOT news.
It is a financial fact that anyone seriously looking at the looming gap between Social Security revenue and benefits knows, and has known for at least 20 or more years, that as baby boomers retire we will not have enough non-retired workers paying into Social Security to fund the benefits scheduled to be paid to the baby boomers.
Sometime in the next two years, Social Security will begin handing to the treasury the I.O.U.s that were deposited in the “trust fund”.
In order to cover those I.O.U.s, (a) the U.S.Treasury will have to go even deeper in to debt, or (b) someone’s taxes will have to be raised, or (c) someone’s “full” retirement will have to be pushed to a later age, or (d) someone’s benefits will have to be reduced, or some combination any of those options will have to be implemented.
It’s not a matter of whether or not, just a matter of when.
F-off blue ribbon commies...
Socialism DOES NOT work...even one of their BS systems FORCED on “free” people and built on the backs of dead Americans.
The socialists should be CRUSHED. They are the root cause of our ills. They continue to steal our time-of-life at EVERY opportunity.
Life, liberty and the pursuit and destruction of totalitarians.
Wrong. My position is memorialized and stated above, regarding SS.
You've chose to ignore that. No problemo.
Just so you know I am fighting both illegal immigration and SS taxes.
You didn't answer my question. If we first cut off illegals can we then cut off SS?
Why do you think they put the death panels in the Stimulus bill and Obamacare? The sooner older people die off, the more money they get to keep for other projects like giving it to illegals.
Obama’s WAR ON SENIORS
http://www.freerepublic.com/focus/news/2613747/posts?page=3
Dr. David Janda explains rationing and why
http://www.youtube.com/watch?v=8HnkxIh62dQ&NR=1
Obamacare Endgame: Doctors Will be Fined or Jailed if they Put Patients First
by Dr. Elaina George
Ruin Your Health With the Obama Stimulus Plan
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=columnist_mccaughey&sid=aLzfDxfbwhzs
Federal Coordinating Council for Comparative Effectiveness Research Membership
Recovery Act Allocates $1.1 Billion for Comparative Effectiveness Research
http://www.hhs.gov/recovery/programs/os/cerbios.html
Americans are viewed by government now as "Heavy Luggage" and a threat by government, as ignorant low wage illegal aliens are viewed as beneficial low wage assets.
I wish I were joking.
Are they telling me there’s no “trust” fund in the “lock” box?
Before we change SS, let’s defund the pensions of every politician who fed us BS for the last forty years.
I’m not particularly interested in your “first post”. The federal government first sold this program as “insurance”. When unable to enforce the deduction, the Supreme Court deemed it a tax. SS has been relied upon because of the contribution...and the implied promise of a return. No other tax, be it witholding, property or any other tax suckers the taxpayer in such a manner.
As I have said..I don’t think SS should have been instituted in the first place...but it was. But that is past history.
So before you start to ask...no I am not on SS..nor is there dependence on SS in my retirement portfolio.
However, there are many elderly people that need this promised (whether you think so or not) benefit.
In answer to your question...yes, I will fight to keep it until it is phased out in an orderly manner. You and others can find try to find a way to immediately end it if that is what you feel the right thing to do is...or you could just bite the bullet with the rest of us. Sounds to me like this is all about you. :)
Great idea!!!
Could be the answer to the problem.
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.