Social Security faces a $32 trillion shortfall

[pwjohn]

By simply raising the threshold payroll deduction more workers will contribute to

Time to raise (or even eliminate) the earnings cap.

Yup. Problem solved.

 

[Siete]

Social security is a pyramid scheme in the purest sense. We must release ourselves from the vice of greed and desire of money. It's going to hurt, but it's the right thing to do!

what a moron ^^^^^^^^^

A stellar use of ad-hominem!

and you are a stellar example of someone who has no idea what a pyramid scheme is.

 

[Claudette]

Well whatever you want to call it SS was secure till they put in the general fund.

It was never "secure" since it was a Ponzi scheme funded by fiat currency in the first place and thus was not sustainable (that which cannot go on forever must end), using the mythical lock box method all you'd have now is a "lock box" full of highly devalued fiat currency at least under the current system the SS "trust fund" is getting a small sliver of interest on the original contributions.

Those assholes have been robbing it blind ever since.

True but that has nothing to do with moving worthless pieces of paper from one ledger entry to another, it's in the printing of said pieces of paper and the distribution effects of injecting them into the money supply where the bulk of the "robbing" takes place.

See: the history of the Roman Denarius for a good historical example of the long term effects of massive currency devaluation.

I agree it was and is a Ponzi scheme but the money was there until they put it in the general fund.

Don't you get it ? The "money" is still there, it's just in the form Federal Government Bonds instead of Federal Reserve Notes, aka taking one piece of paper that's backed by nothing and replacing it with a different piece of paper that's backed by nothing.

In the end you get the same thing; a box full of worthless paper.

Of course I get it. I also know that if people could only take out exactly what they put into both SS and Medicare those two programs would have been gone long ago.

Since that's not going to happen SS is what many will need to survive and it would be nice if Govt. kept its goddamned hands out of SS.

 

[BluesLegend]

SS was fine till the Dems threw it in the General Fund. They have been robbing blind ever since.

Don't worry Dem's gave Social Security a bunch of IOU's for the money they stole. I'm not sure how they plan to pay it back, hold a bake sale maybe.

 

[Pilate]

Social security is a pyramid scheme in the purest sense. We must release ourselves from the vice of greed and desire of money. It's going to hurt, but it's the right thing to do!

what a moron ^^^^^^^^^

A stellar use of ad-hominem!

and you are a stellar example of someone who has no idea what a pyramid scheme is.

Then you must not know what social security is.

 

[Siete]

Social security is a pyramid scheme in the purest sense. We must release ourselves from the vice of greed and desire of money. It's going to hurt, but it's the right thing to do!

what a moron ^^^^^^^^^

A stellar use of ad-hominem!

and you are a stellar example of someone who has no idea what a pyramid scheme is.

Then you must not know what social security is.

people on this thread are telling you ways to repair/fix SS, actually there are several ways ...


you tell me how do you repair/fix a ponzi scheme


try and be smart enough to do that ...

 

[NightFox]

Well whatever you want to call it SS was secure till they put in the general fund.

It was never "secure" since it was a Ponzi scheme funded by fiat currency in the first place and thus was not sustainable (that which cannot go on forever must end), using the mythical lock box method all you'd have now is a "lock box" full of highly devalued fiat currency at least under the current system the SS "trust fund" is getting a small sliver of interest on the original contributions.

Those assholes have been robbing it blind ever since.

True but that has nothing to do with moving worthless pieces of paper from one ledger entry to another, it's in the printing of said pieces of paper and the distribution effects of injecting them into the money supply where the bulk of the "robbing" takes place.

See: the history of the Roman Denarius for a good historical example of the long term effects of massive currency devaluation.

I agree it was and is a Ponzi scheme but the money was there until they put it in the general fund.

Don't you get it ? The "money" is still there, it's just in the form Federal Government Bonds instead of Federal Reserve Notes, aka taking one piece of paper that's backed by nothing and replacing it with a different piece of paper that's backed by nothing.

In the end you get the same thing; a box full of worthless paper.

Of course I get it. I also know that if people could only take out exactly what they put into both SS and Medicare those two programs would have been gone long ago.

Since that's not going to happen SS is what many will need to survive and it would be nice if Govt. kept its goddamned hands out of SS.

You're still not getting it ; doesn't make any difference whether the "Govt. kept it's goddamned hands out of SS" it's STILL a Ponzi Scheme but under the current mechanism it's one that can be maintained over a slightly longer period.

To make it simple ... I'll offer you a choice

I'll give you a 1$ Federal Reserve Note to hold onto which is constantly depreciating in terms of purchasing power
-OR-
I'll give you a 1$ Federal Government Bond which is constantly depreciating in terms of purchasing power BUT pays you interest

Which would you rather have in your retirement account? The SS "trust fund" consists of the federal bonds which were issued in exchange for the SS surpluses of the past, so in effect the SS Administration was "investing" those surpluses into federal bonds, would you rather that they had just stuffed the constantly depreciating federal reserve notes into a mattress (aka "lock box"?)

Keep in mind that the Federal Government can print all the federal reserve notes that it wants by issuing debt instruments and handing them over to the Fed in return for it, which is what is GOING to happen when the bill comes due for entitlements (they'll just go on a dollar printing spree, hyperinflation be damned) because the only alternative to that will be to raise taxes to draconian levels (which tends not to go over real well with the voters).

 

[JQPublic1]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

 

[JQPublic1]

Just raising the cap to 250K would fix that, putting SS on all earnings would give the system a vast surplus, and enable us to give the seniors that have worked their whole lives for this nation a secure old age. But that is against the morals of the 'Conservatives'. Much better the trader that was making fun of 'Grandma Millie' while ripping us all off in the GOP's Enron scam retire with millions, than the lineman that worked night and day in the worst of weather to keep the power flowing be able to have a comfortable retirement.

Uh-Huh, that's surely the answer , give the prolific money wasters in Washington MORE MONEY TO WASTE .....

On the other hand we could do something sensible and repeal the Ponzi scheme before it comes crashing down on everybody who was foolish enough to count on Social Security as a viable source of retirement income.

I say let the people who actually paid into Social Security alone and cut all the baggage they brought with them off. But if cuts to the program have to be made let's use common sense and leet those people already on it ,who paid their entire working lives for it, stay on it with the exception of their 2nd wives and any accompanying baggage. 1st wives and their kids shall remain on the rolls. Now, I am not sure where SSI funding comes from but if it comes from the same people who paid into Social Security only THEY should benefit from it. Not every Tom, Dick, or Harry who makes a claim of disability. Let the welfare program take care of those people…UNLESS they paid into social security!..THERE>>SEE HOW MANY TRILLIONS I HAVE SAVED? To save even more, we have to curtail the
nefarious schemes of foreign born women who marry servicemen and then bring their entire families here including both grandparents and aging cousins and aunts. Once here, those over 62 make a beeline for the Social Security office for the free bennies.

Now here is another consideration. Once the Baby Boomers have died off, will there be a glut of funding by a younger workforce? Also if longevity is improved to averages of 90 or 100+ perhaps changes will have to be made to accommodate the increase of human lifespans. Automation may also herald the demise of Social Security in the next 50 years by eliminating jobs. Food for thought

 

[Siete]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

exactly how do "new immigrants" have enough points in their account to qualify for SS ?

 

[Siete]

Workers and their employers currently pay 6.2 percent of earnings up to $106,800 into the Social Security system, or a maximum of $6,622 each per year. Self-employed workers are required to pay 12.4 percent of pay up to the same cap. If the contribution rate were increased by 1.1 percent to 7.3 percent of earnings, Social Security’s projected deficit would be eliminated. Using this fix, a worker making $43,451 in 2010 would face a tax increase of $478 a year, or $9.19 a week, and the employer would face an identical increase.


$9 Bucks a week ... NINE BUCKS !

keep your ass out of Starbucks !

 

[JQPublic1]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

exactly how do "new immigrants" have enough points in their account to qualify for SS ?

Depends on whether they are classified as "dependents" of a recipient or not. Here is a more comprehensive link:

SSI Spotlight on SSI Benefits for Aliens

 

[Claudette]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

exactly how do "new immigrants" have enough points in their account to qualify for SS ?

Depends on whether they are classified as "dependents" of a recipient or not. Here is a more comprehensive link:

SSI Spotlight on SSI Benefits for Aliens

What a load of bullshit. No alien should be eligible for SSI or anything else that's taxpayer funded.

Whoever passed that law should be hung.

 

[Lakhota]

SS was fine till the Dems threw it in the General Fund. They have been robbing blind ever since.

How is Social Security being robbed if the government is required to pay interest on the funds - like it pays to China and many others who own U.S. debt securities? BTW, Social Security is the largest holder of U.S. debt.

 

[JQPublic1]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

exactly how do "new immigrants" have enough points in their account to qualify for SS ?

Depends on whether they are classified as "dependents" of a recipient or not. Here is a more comprehensive link:

SSI Spotlight on SSI Benefits for Aliens

What a load of bullshit. No alien should be eligible for SSI or anything else that's taxpayer funded.

Whoever passed that law should be hung.

Yep..that is part of major problem with Social Security or SSI, TOO MANY LEECHES who never paid a dime getting paid out of the funds. That isn't a Ponzi Scheme, it is friggin' robbery!

 

[Claudette]

SS was fine till the Dems threw it in the General Fund. They have been robbing blind ever since.

How is Social Security being robbed if the government is required to pay interest on the funds - like it pays to China and many others who own U.S. debt securities? BTW, Social Security is the largest holder of U.S. debt.

They have been taking money out of social security since the 60's you dumb ass.

Any time they need money SS is where they go to get it because SS always has money paid into it.

Jesus are you stupid.

 

[Claudette]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

exactly how do "new immigrants" have enough points in their account to qualify for SS ?

Depends on whether they are classified as "dependents" of a recipient or not. Here is a more comprehensive link:

SSI Spotlight on SSI Benefits for Aliens

What a load of bullshit. No alien should be eligible for SSI or anything else that's taxpayer funded.

Whoever passed that law should be hung.

Yep..that is part of major problem with Social Security or SSI, TOO MANY LEECHES who never paid a dime getting paid out of the funds. That isn't a Ponzi Scheme, it is friggin' robbery!

I agree and whoever runs that asshole program doesn't give a shit. It works great till you run out of other peoples money.

 

[Siete]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

exactly how do "new immigrants" have enough points in their account to qualify for SS ?

Depends on whether they are classified as "dependents" of a recipient or not. Here is a more comprehensive link:

SSI Spotlight on SSI Benefits for Aliens

What a load of bullshit. No alien should be eligible for SSI or anything else that's taxpayer funded.

Whoever passed that law should be hung.

you need to understand dealing with SS and getting benefits is a complex issue, and more often than not requires a lawyer .. add being an illegal alien to the mix and getting SS benefits becomes VERY hard to do ... Illegals don't want to be noticed much less tracked down.

if you were born here, 99% of the time you get turned down on your first attempt to get approved.

Try it.

 

[JQPublic1]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

exactly how do "new immigrants" have enough points in their account to qualify for SS ?

Depends on whether they are classified as "dependents" of a recipient or not. Here is a more comprehensive link:

SSI Spotlight on SSI Benefits for Aliens

What a load of bullshit. No alien should be eligible for SSI or anything else that's taxpayer funded.

Whoever passed that law should be hung.

you need to understand dealing with SS and getting benefits is a complex issue, and more often than not requires a lawyer .. add being an illegal alien to the mix and getting SS benefits becomes VERY hard to do ... Illegals don't want to be noticed much less tracked down.

if you were born here, 99% of the time you get turned down on your first attempt to get approved.

Try it.

Claudette and I can read for our selves all the prerequisites for an alien getting SSI in the link I provided. What in that link makes you think getting SSI is hard if an alien meets the criteria set forth in the link?

 

[Claudette]

The Solution: Kick all the 2nd, 3rd, 4th, and 5th wives of beneficiaries off the rolls and anyone else who never paid into the system. That includes new immigrants who come here looking for handouts.

exactly how do "new immigrants" have enough points in their account to qualify for SS ?

Depends on whether they are classified as "dependents" of a recipient or not. Here is a more comprehensive link:

SSI Spotlight on SSI Benefits for Aliens

What a load of bullshit. No alien should be eligible for SSI or anything else that's taxpayer funded.

Whoever passed that law should be hung.

you need to understand dealing with SS and getting benefits is a complex issue, and more often than not requires a lawyer .. add being an illegal alien to the mix and getting SS benefits becomes VERY hard to do ... Illegals don't want to be noticed much less tracked down.

if you were born here, 99% of the time you get turned down on your first attempt to get approved.

Try it.

Oh I know. I've got a friend who tried and it took him six tries before he got approved and the guy had a bad heart which actually killed him one year later.

My point is no aliens should be eligible for any taxpayer funded anything unless they have actually paid into the system.

I would hate to learn how many are collecting SSI and never paid a dime into anything.