Social Security is Not a Ponzi Scheme, Mr. Perry

[OohPooPahDoo]

(3) Many posts point out that proper way to tweak: means testing, rising retirment age, and dedication of raised funds for the program only.

What else are the funds used for?

 

[saveliberty]

(3) Many posts point out that proper way to tweak: means testing, rising retirment age, and dedication of raised funds for the program only.

What else are the funds used for?

FEMA funds to help people still sitting on their asses years after Katrina.

 

[OohPooPahDoo]

(3) Many posts point out that proper way to tweak: means testing, rising retirment age, and dedication of raised funds for the program only.

What else are the funds used for?

FEMA funds to help people still sitting on their asses years after Katrina.

FICA taxes fund FEMA?

 

[clevergirl]

Brilliant non-sequitor!

A non sequitur, as a literary devise, to express a humorous derision towards your post...absolutely!

With 16 trillion in debt and counting, do tell us all about US assets in the balance of that reality.

I was talking about assets of the Federal Reserve, sorry to go over your head.

By the way you should learn to spell a word you are going to use as an insult to someone.

You should learn how to make friends.

Assets of the FED are meaningless when weighed against the debt.

I did not know we were here to make friends. That said, I am not taking things personally and have no personal desire to hate on you. I recommend you follow suit-see I can be bossy about what you do too. We are obviously on opposite sides of the political spectrum. In my experience on political forums, that does not lend itself to warm fuzziness. You attempted to use a term to slam my sarcastic retort and you misspelled the term-I merely pointed it out....chill.

 

[clevergirl]

(3) Many posts point out that proper way to tweak: means testing, rising retirment age, and dedication of raised funds for the program only.

What else are the funds used for?

Everything that the General Fund is used for.

 

[OohPooPahDoo]

Assets of the FED are meaningless when weighed against the debt.

Define "weighted against the debt" and tell me what law states that the FED is supposed to do that? The Fed's assets are held as collateral against the money they issue.

 

[OohPooPahDoo]

(3) Many posts point out that proper way to tweak: means testing, rising retirment age, and dedication of raised funds for the program only.

What else are the funds used for?

Everything that the General Fund is used for.

Wrong.

 

[clevergirl]

(1) Nothing posted factually equates SS with a ponzi scheme.

(2) Nothing posted factuall proves that SS cannot survive for decades even without minor tweaks.

(3) Many posts point out that proper way to tweak: means testing, rising retirment age, and dedication of raised funds for the program only.

Plenty of posts posted, showed, the similarities between how SS is used in much the same way a Ponzi scheme is.

It's not about whether or not SS can be "tweaked" it's about how people are forced to pay into a system that they cannot collect until they are almost dead and what they get is a pittance. (due to earlier "tweaking)

Why is it a good thing to force people to pay into a system that returns so little back to them?

 

[clevergirl]

What else are the funds used for?

Everything that the General Fund is used for.

Wrong.

FICA taxes are collected and turned over to the General Fund.

 

[saveliberty]

Everything that the General Fund is used for.

Wrong.

FICA taxes are collected and turned over to the General Fund.

Why did you ruin my fun watching Poo display stupid all morning?

 

[OohPooPahDoo]

Everything that the General Fund is used for.

Wrong.

FICA taxes are collected and turned over to the General Fund.

No they aren't.

 

[clevergirl]

Wrong.

FICA taxes are collected and turned over to the General Fund.

No they aren't.

Yes they are.

 

[clevergirl]

Just the facts- for free thinkers

 

[Care4all]

FICA taxes are collected and turned over to the General Fund.

No they aren't.

Yes they are.

the ss surplus is put in to treasuries.

yes, the gvt can still mask its deficits with the SS surplus monies taken in, but that does not negate that the ss surplus monies is in a trust....SS will be paid..... income tax monies will have to pay back someday, what it essentially borrowed from ss.

 

[clevergirl]

No they aren't.

Yes they are.

the ss surplus is put in to treasuries.

yes, the gvt can still mask its deficits with the SS surplus monies taken in, but that does not negate that the ss surplus monies is in a trust....SS will be paid..... income tax monies will have to pay back someday, what it essentially borrowed from ss.

SS is collected via FICA and deposited into the General Fund! I understand how this information may be disturbing-but it is factual. In order to repay what has been borrowed SS must increase the age of retirement and the amount of taxes collected. What used to take 2 years to collect in order to realize what you had paid in- you must now collect for 17! This is WRONG! This is not taking care of our aged citizens- this is bilking our workers- and then feeding them some mush in their final years!

 

[OohPooPahDoo]

Yes they are.

the ss surplus is put in to treasuries.

yes, the gvt can still mask its deficits with the SS surplus monies taken in, but that does not negate that the ss surplus monies is in a trust....SS will be paid..... income tax monies will have to pay back someday, what it essentially borrowed from ss.

SS is collected via FICA and deposited into the General Fund! I understand how this information may be disturbing-but it is factual.

No, it isn't. FICA taxes are sent to the Social Security Administration. They use the funds to pay Social Security Beneficiaries. If they have extra left over, the invest it in Treasuries. If they don't have enough, they redeem Treasuries.


Where Your Social Security Tax Dollars Go - FICA Tax Explained

In order to repay what has been borrowed SS must increase the age of retirement and the amount of taxes collected.

The Social Security Administration hasn't borrowed any money. SS must be changed because the FICA tax revenue stream is insufficient - long term - under the current system. This is due to folks living longer and having relatively fewer children than the previous generation.

 

[clevergirl]

the ss surplus is put in to treasuries.

yes, the gvt can still mask its deficits with the SS surplus monies taken in, but that does not negate that the ss surplus monies is in a trust....SS will be paid..... income tax monies will have to pay back someday, what it essentially borrowed from ss.

SS is collected via FICA and deposited into the General Fund! I understand how this information may be disturbing-but it is factual.

No, it isn't. FICA taxes are sent to the Social Security Administration. They use the funds to pay Social Security Beneficiaries. If they have extra left over, the invest it in Treasuries. If they don't have enough, they redeem Treasuries.


Where Your Social Security Tax Dollars Go - FICA Tax Explained

In order to repay what has been borrowed SS must increase the age of retirement and the amount of taxes collected.

The Social Security Administration hasn't borrowed any money. SS must be changed because the FICA tax revenue stream is insufficient - long term - under the current system. This is due to folks living longer and having relatively fewer children than the previous generation.

Listen, I don't mean to laugh at you, but you really are showing your ignorance and laughter is really the only response. Your link stated, and I quote:

The bulk of your FICA Tax money goes into the Social Security program. To be exact, roughly 85 cents of each dollar goes towards Social Security. The money that current wage earners put into the program is used to pay the monthly benefits to current retirees, families, and surviving spouses and children of workers who have died. Excess payments are allocated to a so-called trust fund that would pay future benefits.

Now, think about this, it says nothing about where that money is allocated to (it goes into the general fund) It merely states that current workers are paying about 85 cents for every dollar collected to pay for current payees (meaning that current payees money they contributed is not available for the bulk of the governments responsibility to repay....hmmm why not? BECAUSE it is no longer a pay as you go system....but a "let's try and figure out a way to catch up one".

I posted a link of purely facts- did you read it? Do you really want a system that allows the government to take your money and to make sure you only get a little bit of it back? A system that allows the government to take more of your money and keep it longer so that it can continue to exist? How is this a benefit to you? That it now takes about 17 years for you to realize what you paid in...without interest, is a good idea to pursue when contemplating your retirement? If so, how so?

 

[OohPooPahDoo]

SS is collected via FICA and deposited into the General Fund! I understand how this information may be disturbing-but it is factual.

No, it isn't. FICA taxes are sent to the Social Security Administration. They use the funds to pay Social Security Beneficiaries. If they have extra left over, the invest it in Treasuries. If they don't have enough, they redeem Treasuries.


Where Your Social Security Tax Dollars Go - FICA Tax Explained




The Social Security Administration hasn't borrowed any money. SS must be changed because the FICA tax revenue stream is insufficient - long term - under the current system. This is due to folks living longer and having relatively fewer children than the previous generation.

Listen, I don't mean to laugh at you, but you really are showing your ignorance and laughter is really the only response. Your link stated, and I quote:

The bulk of your FICA Tax money goes into the Social Security program. To be exact, roughly 85 cents of each dollar goes towards Social Security. The money that current wage earners put into the program is used to pay the monthly benefits to current retirees, families, and surviving spouses and children of workers who have died. Excess payments are allocated to a so-called trust fund that would pay future benefits.

Now, think about this, it says nothing about where that money is allocated to (it goes into the general fund) It merely states that current workers are paying about 85 cents for every dollar collected to pay for current payees (meaning that current payees money they contributed is not available for the bulk of the governments responsibility to repay....hmmm why not? BECAUSE it is no longer a pay as you go system....but a "let's try and figure out a way to catch up one".

I posted a link of purely facts- did you read it?

The link you posted says:

The general fund of the U.S. Treasury is funded by income taxes (66%), corporate income taxes (23%), excise taxes (5%), and other miscellaneous taxes (6%) [percentages current as of 2006].[46]

Doesn't say its funded by FICA taxes.

Do you really want a system that allows the government to take your money and to make sure you only get a little bit of it back?

No. And unless the government is planning on murdering me, it has no way to ensure I only get a little bit of my FICA back. I could live to be 100 and get back way more than I put in.

A system that allows the government to take more of your money and keep it longer so that it can continue to exist?

So that what can continue to exist?

How is this a benefit to you?

I am partially insured against the risk of disability and old age.

That it now takes about 17 years for you to realize what you paid in...without interest, is a good idea to pursue when contemplating your retirement? If so, how so?

Its a great idea if I live much longer than 17 years after retirement or disability or if my spouse winds up with half or less of my benefit level under her own account and outlives me.

 

[MiddleClass]

Perry is all alone with his ponzi scheme gaff and will pay the price from the biggest voting block - senior citizens.

 

[clevergirl]

No, it isn't. FICA taxes are sent to the Social Security Administration. They use the funds to pay Social Security Beneficiaries. If they have extra left over, the invest it in Treasuries. If they don't have enough, they redeem Treasuries.


Where Your Social Security Tax Dollars Go - FICA Tax Explained




The Social Security Administration hasn't borrowed any money. SS must be changed because the FICA tax revenue stream is insufficient - long term - under the current system. This is due to folks living longer and having relatively fewer children than the previous generation.

Listen, I don't mean to laugh at you, but you really are showing your ignorance and laughter is really the only response. Your link stated, and I quote:

Now, think about this, it says nothing about where that money is allocated to (it goes into the general fund) It merely states that current workers are paying about 85 cents for every dollar collected to pay for current payees (meaning that current payees money they contributed is not available for the bulk of the governments responsibility to repay....hmmm why not? BECAUSE it is no longer a pay as you go system....but a "let's try and figure out a way to catch up one".

I posted a link of purely facts- did you read it?

The link you posted says:

Doesn't say its funded by FICA taxes.

No. And unless the government is planning on murdering me, it has no way to ensure I only get a little bit of my FICA back. I could live to be 100 and get back way more than I put in.
So that what can continue to exist?

How is this a benefit to you?

I am partially insured against the risk of disability and old age.

That it now takes about 17 years for you to realize what you paid in...without interest, is a good idea to pursue when contemplating your retirement? If so, how so?

Its a great idea if I live much longer than 17 years after retirement or disability or if my spouse winds up with half or less of my benefit level under her own account and outlives me.

Are FICA taxes payroll taxes... DOH! Are you really so unable to understand this factual reality? Remember SS is not a "fund" it is an accounting tool. It calculates money taken in and money paid back out. The money in real dollars is part of the general fund.

That you are content with such a lack luster security is pitiful. A regular savings account with 2% interest would serve a person better-and remember it too is backed by a bond of 250k and it isn't forced upon you!

Why are liberals' so content with economic bondage and the loss of capital? SS serves only government and the politicians who run it.