Posted on 03/20/2009 11:15:19 AM PDT by mainestategop
Social Security is now in greater danger than before. It was thought that we would not have to worry about losing the Social Security trust fund for at least a hundred years. When I was much younger, I was told that Social Security would last at least until 2040 under the current situation at that time. Then after 9/11 and the recession we had, I was told, 2025. Now, we are in a worse mess than ever. A war that has dragged on for almost a decade and that has not produced enough results, a broken down housing market, ten trillion dollar debt and plummeting industrial average. Add to this, federal bailouts to supposedly protect our economy and help failing corporations.
During this and the previous recession, the government paid for it by taking money out of social security. The last time this was done, 1.6 trillion dollars, money meant for the weakest members of our society went to pay for BIG government and useless programs that did not work and only served to subsidize those who were lazy and refuse to work. Meanwhile our tax base is dwindling due to the loss of jobs and the influx of illegals.
With this Barack Obama plans to solve our problems with more of the exact same communist policies that got us here to begin with. Barack Obama wants to strangle our business economy with higher taxes and massive regulations. Oh! but Barack is only going to tax businesses that make 250 grand or more! That still will not cover the massive debt we owe and the deficits we have. Also the new spending will be wasted on needless projects.
Then there is the fact that many of these companies will cheat simply by laying off more workers, raising prices and cutting wages. Not to mention hiring undocumented immigrants. Even they will feel it hard.
Social Security and SSI are programs that are in grave danger. It was originally believed that the trust fund would last till 2020 at the earliest. I would like to just stand up and make a prediction... This trust fund will not last that long. I cannot be certain but based on Obama's recklessness we have until 2013 at earliest and the latest being 2015.
Barack Obama's administration has already made plans to take more money out of the trust fund to pay for the national debt and for the federal bailouts as hinted in a speech he made in a joint session of congress. There is also talk of closed door meetings to plunder SS to save corporations. Barack Obama has even suggested that he will even push for welfare reform to find more money for the bailouts.
For myself and my colleagues, we are especially disturbed. As you may know, I have posted articles on this blog and elsewhere concerning incidents where the government has used the SSI program as an excuse to confiscate money and property from innocent people who are disabled and elderly. For those who have already suffered with the loss of what they owned, they will face a new burden of having their only lifeline taken from them. After that. Its all over. More on this in the future.
We have no one to thank for this mess that we are in other than the Democrats. They destroyed our freedoms and our prosperity and substituted it with government infringement and poverty. The only good thing that will come out from it is that Socialism will be seen again as a major failure. Let history show that Democrats who ran our congress, senate and white house, not republicans killed social security sometime between 2013-2015.
To all of you who are elderly, don't bother retiring, get back to work. The rest, get a job while you can sucker.
I have been saying for 10 years that anyone who includes SSI in their retirement planning is crazy.
I view it as just another tax.
There is no trust fund. It’s just money in and money out.
My only question for the author is this: Where did they find the information on when the SS Trust fund would blow up?
I thought they were keeping all the money in a lock box somewhere?
If anyone has any thoughts or other predictions let me know okay? I’d like the feedback to help me with my blog.
The lockbox is quite empty except for a note on the bottom that says “I.O.U. 10 trillion dollars — Uncle Sam.”
There is a "trust fund". But, it's nothing more than government debt. Think of it as special Treasury bonds (which they are, literally) that the government bought from itself. So, when they are redeemed, they will become an expenditure on the budget.
My only question for the author is this: Where did they find the information on when the SS Trust fund would blow up?
The Social Security Administration publishes a report every year. This is the last one:
It was published on 2008-03-25, so it's about time for the 2009 report to be published. I haven't found it yet, but perhaps an early draft was made available.
There are actually two dates that are relevant to the "trust fund":
Worst case: benefits exceed receipts in 2013, and trust fund is exhausted in 2033. Best case, the system is solvent on a long-term basis.
You'll have to read to the end of the report that I linked above to see the assumptions that drive each of the three estimates.
Lost everything in the 401K and IRA, now no social security.
Well, I probably won’t be old enough to collect anyway since they upped my age to 72 or something and even if it was there, socialized medicine will make sure I’m dead.
The solution is to institute the Fair Tax and raise the prebate to $650 per month to every citizen of the US over 18 years of age deposited to a card that one would also use to vote in elections. Aliens and non-citizens and minor children receive nothing. We could have open borders without cost as all immigrants would have to support themselves and pay taxes to boot. All giveaway’s SS, SSDI, SSI, AFDC, Food stamps would end. All transactions would be subject to whatever the tax rate would work out to be. Even remittances to back home would be subject to tax solving the rest of the illegal problem. The socialists will be thrilled every voter would finally be getting a check and the conservatives should be happy with the resulting free market with just the consumption tax. There would no longer be an underground economy. Criminals and congressmen would finally pay their fair share. Those incarcerated would have funds to pay their room and board for severe offenses revoke their citizenship.
So now, trying to save a company in lean economic times involves "CHEATING"???
Hmmmhhh....
Sorry... Im simply trying to explain that by raising taxes, companies are just going to force that cost on the consumer by raising prices, cutting wages and cutting jobs. Go to any state that has high taxes vs low taxes and you see the difference. States with high taxes like maine and California have higher rents, prices, fees and hidden costs as opposed to places like Nebraska and Texas Where government keeps its greasy fingers out of the wallet.
Don't worry about it! More than once I have posted a choice of words in a missive which, had I reread it a few times, I would not have!
Good thing the mods are more merciful than they used to be. I know a guy who made some sarcastic remarks that were taken too seriously and he got zotted to a crisp.
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