"Verily, I have often laughed at the weaklings who thought themselves good because they had no claws."
-Nietzsche
"Accept the challenges, so that you may feel the exhilaration of victory."
-George S. Patton
It is much worse than advertized. The "Trust Fund" is a drawer full of IOU's from Congress. With more going out NOW than is coming in, they are broke right now. The 2024 and 2036 dates assume Congress can pay back the trust fund loans... The problem being they can't.
Well, that's "sunny". lolOriginally Posted by El Laton Caliente
"Verily, I have often laughed at the weaklings who thought themselves good because they had no claws."
-Nietzsche
"Accept the challenges, so that you may feel the exhilaration of victory."
-George S. Patton
Yeha, Congress "borrowed" over two Trillion dollars from S/S. Of course, it will never be paid back. That isn't the way the crooks/Liberals/Socialists in Congress work.
Of course, the money was wasted. That is the way Congress works as well.
What did congress use for colateral?
Social security is in trouble? Since when?
The good faith of the Federal Government's ability to tax...
That's as brilliant as giving the banskters trillions of tax dollars so they can lend it back to us at interest!
Mike this will be year two or three they have paid out more than they took in.
LBJ tapped into SS to fund "The Great Society" i.e. welfare state. The trust fund has had almost nothing in cash for years, just IOU's from Congress...
Last edited by El Laton Caliente; 02-15-2012 at 03:55 PM.
I am pretty confident that if the Social Security fund gets to the point that there might not be enough to repay those who paid into it, there would be enough elderly Americans that will remind the government that if they could bail out a capitalist endevour, they can bail out those who already paid into the fund.
and I doubt I will be around by those years. If the govt would quit giving all that SS money to the illegal aliens in this country, it would last a bit longer.....When I applied for SS a few years ago, I was the only old guy there in a room of 50 or so people. None of the others were English speakers and were under 30 years old. Why were they there????? chris3
Of course it is. What do you think the Paroll Tax roll back is the Dems and Repubs too have been signing on to extend? They have lowered the amount of SSI tax they are collecting out of our paychecks helping to underfund it even more and push it faster to insolvency. The whole pack of them need to be at the least tar n feathered!
Frankly I think it's a path to deliberately cause anarchy and the ensuing crack down by the gov't. Call me tin hat but it's getting obvious they want an implosion and/or can't prevent it and will take care of it like Stalin did.
Kinda seems like it.They forced me and my employers to donate to thier private slush fund for years and now they're unable to payback what they promissed, the shit will definately hit the fan.
I believe the Dems are betting on when the day comes Americans will vote to raise taxes and keep things as they are VS shutting down the system. At worse they will point to the R's and say it's been their insistence to fight tax increases that brought all this on (even if wrong). The R's simply politically can't reform the system, to try is to lose the next election so all we can do is hold the line and wait for the crash.
In reality it's important to note that the system will never go to zero, at worse it's going to be cut 40-50% of the current rate, means testing will probably mean some at the top will lose more then that, some at the bottom will lose less. Also it's not really SS that's tanking the system so much as medicare, medicare taxes should be increased 4 times to keep current with costs but in that the D's are right the R's would never go with it, and the R's are right in that the D's will never go along with any cuts.
Last edited by mriddick; 02-15-2012 at 10:08 PM.
All SS has at this point is what it takes in. Add a 10% inflation in the past 4 years, then compound that with the 33% target the Fed has for the next ten years. Now cut SS by 40% to 50% then add in the 43% inflation and what is left?
Gee, it has been reduced by 83% to 93%, think that will pay rent let alone buy groceries?
Last edited by El Laton Caliente; 02-15-2012 at 10:51 PM.
SS is still giving COLA increases, 3.6% last year. Inflation isn't quite that bad nor will it be. Lets not overplay this, 40-50% is quite bad enough in it's own right
Groceries are up 23% to 38% depending on the cart. Gasoline is up 83% from when Obama took office. They dropped food and fuel from the cost of living index...
Now tell me inflation is not 10%.
So what are you saying you want SS COLA's to be 10% annually?
I would say this, compared to 2008 my gas bill is 1/4 what it was (moved from 43 miles to work to 2.5 miles) my food budget has not really gone up either (going from major brands to store brands and cutting out processed foods helps). One reason those expenses aren't included in inflation is because they are somewhat controllable by the consumer. The idea that we are spending 40% more then we take in as a nation yet no one should suffer or cut back is exactly why this problem will not be fixed. Conservatives will elect those who promise to cut the budget then vote them out just as fast when they try to reform entitlements.
Last edited by mriddick; 02-16-2012 at 05:52 AM.
No, I'm in favor of phasing out SS completely. I would be a lot better off keeping the 13%/14% that is going down a dry hole. At 54, I'm not likely to see any SS by the time I retire because I'm at the end of the boomers.
SS was never intended to be a retirement account, When put in place the average person drew it for 3 years. Now it is more like 18 years plus. It is unsustainable.
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