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Harry Reid calls Social Security insolvency a "Myth"
TheCypressTimes.com ^ | 06/29/2010 | Staff

Posted on 06/29/2010 7:21:19 AM PDT by Patriot1259

RENO, NV -- During the Nevada Democratic Party Convention that was held over the weekend, Senator Harry Reid called the idea of Social Security insolvency a “myth” while claiming that the fund should remain solvent for at least another 40 years. Reid went on to say that this “myth” was perpetuated in order to scare senior citizens,as noted by reporter Jon Ralston.

This isn’t the first time that Reid has made out-of-touch statements about the solvency of Social Security. Reid said in 2005 that he believed the “Social Security crisis exists in only one place: the minds of Republicans.” And in 1999, Reid claimed that Social Security is not in trouble and stated “and until the year 2032, people are going to draw 100 percent of the benefits.” Contrary to Reid’s claims, the New York Times reported that, “This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.”...

(Excerpt) Read more at thecypresstimes.com ...


TOPICS: Government; Politics; Society
KEYWORDS: bankrupt; broke; harryreid; socialsecurity

1 posted on 06/29/2010 7:21:26 AM PDT by Patriot1259
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To: Patriot1259

WOW! His level of stupidity is worse than I thought....


2 posted on 06/29/2010 7:22:59 AM PDT by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified Decartes))
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To: SumProVita

So is his level of corruption!


3 posted on 06/29/2010 7:24:37 AM PDT by kcvl
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To: Patriot1259
2032 presumes current taxes, current spending and the existance of the magical lockbox which excess SS taxes starting in the 1980s until now was protected from the government's ravenous appetite. Guess what, Harry. That money was spent a long time ago leaving a stack of IOUs requiring either more borrowing or more taxes in the near future to keep up spending, exactly the same as if the whole lockbox fiction was never done.

In the long term SS taxes only cover about 2/3 of the projected benefits. That means benefits will have to be cut by 33% through across the board cuts, raising retirement age, means testing or (under Obamacare) killing off old people through restrictions on medical care. Also possible is raising SS taxes by 50% or some combination of tax increases and benefit cuts.

4 posted on 06/29/2010 7:27:56 AM PDT by KarlInOhio (Gun control was originally to protect Klansmen from their victims. The basic reason hasn't changed.)
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To: Patriot1259

Dementia is so sad ....


5 posted on 06/29/2010 7:29:10 AM PDT by tgusa (Investment plan: blued steel, brass, lead, copper)
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To: Patriot1259

Well hell Harry, if you can print up a couple of trillion when you want to, you are never in arrears. What a complete putz.


6 posted on 06/29/2010 7:32:04 AM PDT by equalitybeforethelaw
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To: SumProVita
“You may fool all the people some of the time, you can even fool some of the people all of the time, but you cannot fool all of the people all the time.” - Abraham Lincoln

"I don't need all of the people all of the time. I only need to fool 51% through November" - Harry Reid.

7 posted on 06/29/2010 7:33:18 AM PDT by KarlInOhio (Gun control was originally to protect Klansmen from their victims. The basic reason hasn't changed.)
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To: Patriot1259

NV residents call another term for Harry Reid a “myth”.


8 posted on 06/29/2010 7:36:28 AM PDT by DCBryan1 (FORGET the lawyers...first kill the "journalists".)
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To: KarlInOhio

We all need to support Sharron Angle....she NEEDS the help!


9 posted on 06/29/2010 7:38:17 AM PDT by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified Decartes))
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To: Patriot1259
Hey, Old Harry:

If it is a myth, it is a myth which Social Security itself propogates. Go on-line and order your own earnings report right here.

When you get it in a month or so, it will spell out this myth so even you can understand.

Except for the fact that you have your own special gold-plated plan reserved for the ruling class.

10 posted on 06/29/2010 7:38:45 AM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Patriot1259
" . . . and until the year 2032, people are going to draw 100 percent of the benefits."

Oh, okay, then.

Wait a minute, I WANT TO RETIRE IN 2032!

11 posted on 06/29/2010 7:39:14 AM PDT by sportutegrl
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To: SumProVita

LOL, the corollary is: ‘Wow, the voters of NV are drooling morons for sending him back to Congress for so many yrs.”


12 posted on 06/29/2010 7:47:34 AM PDT by 556x45
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To: 556x45

Yep! However, we can avoid having the moron in Congress and we can help the GOOD people of NV by supporting Sharron Angle!

http://sharronangle.com


13 posted on 06/29/2010 7:56:53 AM PDT by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified Decartes))
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To: Patriot1259

It’s scarcely conceivable that this person is the leader of the majority party in the United States Senate.


14 posted on 06/29/2010 8:35:56 AM PDT by Timocrat
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To: Patriot1259
Nobody is this stupid, but plenty of people are this *evil*.


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

15 posted on 06/29/2010 9:24:03 AM PDT by The Comedian (Evil can only succeed if good men don't point at it and laugh.)
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To: Patriot1259

Why not just raise the retirement age one month each year? rather than a sudden jump of years at a time


16 posted on 06/30/2010 4:03:53 AM PDT by eccentric
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