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To: TomGuy

You are ignorant about entitlement spending. I suspect you are a senior demanding more government benefits. Social Security and Medicare are generational Ponzi schemes. Early retirees contributed relatively little but received increasing benefit levels. Congress has raised benefit levels many times to buy votes of seniors like yourself demanding higher benefit levels. Congress substantially raised payroll taxes starting in the mid 80s to pay for benefits so the situation will be reversed for most baby boom retirees. They have paid lots of payroll taxes, especially for Social Security. High end earners have paid very large amounts of Medicare taxes since the mid 90s because the earnings cap was lifted.

If you are a baby boom retiree, you have some reasonable justification for feeling ripped off. Otherwise, you are just demanding more welfare.

From a national economic perspective, your position as a baby boom or greatest generation does not matter. Congress has spent excess payroll that should have been saved to support retirees. The ship is sinking from the combined weight of excess government spending. Government spending will be drastically curtailed directly or indirectly. I prefer direct reductions with initiatives to produce such as elimination of Social Security benefits in exchange for opting out of payroll taxes. Indirect reductions are much more likely however. The Democrats will raise taxes (even on the elderly). The value of the dollar will fall leading to inflation and other woes.

A day of reckoning is coming. The combined weight of unfunded liabilities (Social Security, Medicare, Medicaid, federal pensions, state and local pensions) along with huge increases in other government spending will have a profound impact on the economy.


10 posted on 10/03/2009 8:01:55 AM PDT by businessprofessor
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To: businessprofessor

Ahhhh, so nice to hear an lightened soul chime in. It matters not what we want since in the end there is no such thing as a free lunch, a credit card with no limit or requirement to pay it back or a magic wand to create $$ out of thin air.

We have a clear case of what happens to all socialistic programs in the end and yet there are people who call themselves conservatives trying to fight for them to continue.


14 posted on 10/03/2009 8:31:46 AM PDT by misterrob (A society that burdens future generations with debt can not be considered moral or just)
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To: businessprofessor
I suspect you are a senior demanding more

Damn straight!

In the late 60s and every year since, 'they' has said SS wouldn't be there when I retire.

Well, it is. I paid in for decades. I'm going to draw on it.

Congress will continue to mismanage and misappropriate SS funds, just like they have done for decades. That is a problem with Congress, not Social Security nor its recipients.


15 posted on 10/03/2009 8:59:14 AM PDT by TomGuy
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