Posted on 11/21/2013 12:31:21 PM PST by posterchild
Grandma’s gettin’ greedy — or so some people might say.
New data published by the Congressional Budget Office show elderly households receive far more in government benefits than they pay in taxes, while all other households pay more in taxes than they get back. The data are from 2006, the most recent year the necessary numbers were available. The general findings aren't surprising, since people stop working and paying payroll taxes when they retire, and Social Security and Medicare are chiefly meant to benefit the elderly in the first place.
But the benefit gap between elderly and non-elderly households may seem lopsided to some. The popularity of programs such as Medicare and Social Security shows the U.S. has met the goal, originating in the 1930s, of building a robust safety net for seniors and others unable to fully support themselves. But demographics have changed dramatically since those big entitlements went into effect, with fewer young people now financing the benefits received by many more older people. Many feel the imbalance amounts to generational theft, as a disproportionate and growing share of national wealth goes to supporting the lifestyles of the elderly rather than cultivating future generations.
(Excerpt) Read more at finance.yahoo.com ...
For a private retirement account, that’s fine. The money they put in was invested and grew over time.
For SS and Medicare, it’s not. The money was spent long ago and never grew. They’re just getting unearned extras now that must be shouldered by the working generations.
“-— you spend $100,000 on a degree and can’t get a job once complete.”
—
Then why on earth would you do it?
The difference is...in many cases they have pensions and/or savings. We had nothing left over and only a few our age have/had pensions. It was different back then.
“If you’re willing only to take back the amount of money you put in”
I’ll take that and the employer match which doubles the money paid to the government to finance my declining years. And don’t forget the interest which would treble or quadruple the grand total. Only a moron or a shyster would try to convince me that the “take only what you’ve paid in without anything else considered” is realistic or reasonable.
First of all, I paid into Social Security, as well as my employer, for over 50 years. The young paid NOTHING for the pittance I now receive. My health is great and at 70yo, I only visit my doctor for my yearly checkup. I continue to work and continue to pay local, state and federal taxes, etc, etc, etc. i say the young are getting away cheaply in my case. I don’t take anything from the government I didn’t earn.
“The system is screwed up, but weren’t these seniors ALL coerced into paying in for 5 decades, too.”
Yes. I paid taxes and into SS for 35 years. I am still paying taxes but at least I get a SS check instead of paying into it. If I live long enough, I will get my SS dollars back WITHOUT interest. That means that inflation has eaten up most of my SS donations and I get back pennies on the dollar.
I agree!! ...but that is a different subject.
It just shouldn’t cost that much...I can go on and on about education, it’s incredibly inefficient, the government makes it worse. It’s grown into a massive scam.
I seriously doubt that the elderly are the ONLY demographic that consumes more benefits than they pay in taxes.
Now that you mention it, I also doubt that they’re consuming more than they’ve paid. Considering how many inflation-adjusted tax dollars America’s retirees have already paid into this system I seriously doubt the assertion.
However, this kind of allegation from the CBO is troubling. I wonder if this is just the tip of a rising tidal wave of hatred that will soon threaten to drown the retiring boomer generation.
America is facing a tectonic shift of demographics, and somehow I doubt that the folks like Jesse Jackson and Al Sharpton, or some of their soul mates over at La Raza, are going to be willing to foot the bill for a decidedly pale elderly America. Given that in the next decade or so a majority of voters in this nation will likely be made up of former minority populations, I can see the politics of entitlement getting very nasty indeed.
I’m suspecting that the next few decades will see a mass vilification of the boomer generation. In between attempts to nationalize private retirement plans, nationalize healthcare, and force the “wealthy” to “pay their fair share”, I can see quite a lot of retired boomers being painted paradoxically as both leeches and unfair hoarders of wealth.
When the government has a vested interest in your remaining assets, when the majority of voters are different in creed, faith and race from yourself, and when your continued existence is seen to be a drain upon others, it won’t be long at all before society will be trying to shuffle you out of this world as quickly as possible.
You could say that about everything...doesn’t make it right, or necessary.
Correction. 45 years into the system and still paying.
Where did the YOUNG pay into my pension,my 401K and MY social security?I know I paid for three college educations with no help from the government or scholarships and with after tax dollars
> I don’t take anything from the government I didn’t earn.
I’ve worked one job or another since I was 12 years old.
If I could find a job today I’d still be working and helping to eventually support those with worthless degrees.
I will take every dollar the government stole from me for social security plus 12% interest and call it even. And not in fiat dollars please. I will only accept American Gold Eagles.
Fine...but I find it strange that you ignore the fact that the situation will only get worse, which is what is being felt now. So you’re fine with a broken system that the younger generations can’t afford just so long as you get yours right?
We all know, including yourself it seems, that this system was destined to fail. Now it is failing...and you’re saying “Boo Fricken hoo!”. Nice.
Few in the regime will acknowledge it, but the Death Panels will be a massive benefit for SocSec and Medicare.
I don’t have the numbers to calculate it, but each year sliced off the average life expectancy has to be HUGE.
There will be a lot of hand wringing, but I suspect most of our progressive educated youts would be fine exchanging granny’s early demise for some student loan forgiveness Groupons.
Out of kindness to the young you may want to point out to them all the economic opportunities they would have had if our 15% SS payments had gone to investments instead of to the General Fund.
They got screwed much, much worse than they know. And they’re not even told the most damaging way they were screwed.
Smartest thing the younger folk could do is adopt an old-timer. Move in with them, wait on them hand and foot. Let the pensions pay the housing expenses. And keep them alive as long as possible, with that Social Security, pension money and annuities rolling in. Save their own money, then someday inherit that paid off house.
We're potentially the best asset they'll ever have.
Most of the young folk aren't that smart. <^..^>
So? Since these “young people” consistently vote for the marxist/socialist Dems that give us these ponzi schemes they should just take it and shut up.
Or stop voting against their own interest.
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