Posted on 02/19/2010 7:03:03 PM PST by cajuncow
HENDERSON, Nev. (Associated Press) -- President Barack Obama says Social Security is slowly running out of money but that it can exist well into the future with a slight fix.
The system is funded with a tax on earnings, up to $109,000 a year. Obama says lifting that cap to tax a larger share of income would be one way to extend the system of monthly payments for retirees. It also would be unpopular with some.
(Excerpt) Read more at ww2.cox.com ...
SS not as bad off as Medicare?? Where is he going to cut all that ‘waste’ out of Medicare??
Cut Nasa and foreign crap and bring troops home and put them on our Mexican border but by God give me the money I earned-— all of it or I will RIOT!!!
Of=Off!!
Ya, lets just make it another welfare program. SS was never sold to the American people as a tax and entitlement program, in fact they adamantly denied it and still do. Everybody pays in and everybody receives benefits based on what they paid. Another government failure that obumber wants to expand, never let a failing goberment program go to waist.
Turning a Ponzi Scheme into a PONZI SCHEME on Steroids. Anyone remember when Senator John Edwards used an accounting trick to save half a Million Dollars in Medicare Taxes? I do...
This is so far from the 1935 concept. Its has became a flat rate income tax and regressive at that.
If I remember correctly, the program used to be called Social Security Insurance.
If you lived long enough, you got some money. If you didn’t live long enough, too bad sucker.
Different name, same result.
“Why, so you can steal more money from Social Security.”
Yes, that is exactly why; anywhere there is money, they will target it; the only ways they know how to get money is either print it or steal it, that is what they do.
Yeah, it was alright until LBJ stuck his filthy fingers into
the coffers of SS, and now Bambi Obama really wants to “F” it
up. Talk about riots, he aint seen nuthin yet.
“Without an adjustment, Obama said Social Security will start to run out of money in about 20 years as more people begin collecting benefits.”
So in other words, 2030, which is 12 years earlier than it was last year. Good going, Obama.
There is much to blame his O’liness for, but the SS fiasco is one we all share, especially the Baby Boomers who cheered every additional benefit and voted for those that promised more. And now threaten to riot if they don’t get every dime they promised to themselves at the expense of those yet to be born. We have been stealing from the future for decades and knew this was coming. It is a moral failing second only to slavery-— and not by much.
It’s all a joke. They broke it trying to fix the budget. Then they broke the dollar. Then they broke the credit market trying to fix that. Then broke the economy trying to paper it all over. If they did not mean for all this to happen in the first place. If they did, it was brilliantly executed.
Social Security ran out of money this year. High unemployment means less taxes coming in. It also means that some people who would otherwise be working decided to retire rather than look for another job. Throw in the other boomer retirees and social security has an unexpected deficit.
So I guess that those of us with higher incomes will get a better Medicare program since we PAID MORE FOR IT!
Al took that home with him. It's on the houseboat, the 100 footer.
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