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Both parties mull raising retirement age, House leaders get frank about Social Security cost
washington times ^ | 7/13/10 | By Patrice Hill

Posted on 07/13/2010 9:26:14 PM PDT by Nachum

In a rare departure from this year's intense political posturing over the soaring budget deficit, House leaders of both parties recently signaled that they are prepared to tackle a leading long-term liability — Social Security — by raising the retirement age.

Politicians often talk in generalities about cutting the deficit, but discussing specifics about how Congress may curb the growth of the biggest and most popular programs such as Social Security and defense is controversial and usually taboo in an election year.

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


TOPICS: Government; News/Current Events
KEYWORDS: both; mull; parties; raising
This could only happen when the dims control the legislature.
1 posted on 07/13/2010 9:26:16 PM PDT by Nachum
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To: Nachum

I don’t suppose they could put this off for like 5 year now could they? I want to take an early retirement before they change the benefits to respond to their earlier thefts of our retirement money.


2 posted on 07/13/2010 9:28:25 PM PDT by highlander_UW (Education is too important to abdicate control of it to the government)
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To: Nachum

Anyone under 60 right now should make sure they are going to be fit and able to work well past the traditional retirement age. Low birth rates and economic storms ahead insure that.

I suppose if you had the good sense to have a bunch of kids then that will help.

As for the aged with no children that cannot work in their 70? Oh, there will be a plan, don’t you worry about that.


3 posted on 07/13/2010 9:29:53 PM PDT by SorosOwnsObama
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To: Nachum
I do believe that before they do anything more to the system, they pay back all the money they have skimmed from the fund. They make the Las Vegas mafia look like kindergardeners.
4 posted on 07/13/2010 9:33:49 PM PDT by Parmy
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To: SorosOwnsObama

Extending the retirement age beyond 65 only works if there are jobs for people aged 65 and older to do. Current administration economic policies have killed off job creation in this country. Many people are “retired” today in their 50’s and early 60’s because they can’t find jobs, not because they want to be retired.


5 posted on 07/13/2010 9:36:19 PM PDT by Soul of the South (When times are tough the tough get going.)
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To: SorosOwnsObama

“As for the aged with no children that cannot work in their 70? Oh, there will be a plan, don’t you worry about that.”

Are you thinking of Soylent Green?


6 posted on 07/13/2010 9:37:34 PM PDT by GOPsterinMA (Vote Jill Stein for governor.)
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To: GOPsterinMA

Bet they are. Ever hear what George Bernard Shaw said about people who had to rely on others to survive?

Here it is:

http://www.youtube.com/watch?v=WgpaKkrZex4


7 posted on 07/13/2010 9:40:15 PM PDT by SorosOwnsObama
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To: Parmy

Nothing but IOU after IOU in the lock box. I don’t even think they try to convince citizens its in the “Lock Box”, the IOU is stuff in a file cabinet far to the corner.


8 posted on 07/13/2010 9:40:26 PM PDT by Orange1998
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To: Nachum

Raising social security before an election....hmmm, me thinks it is to take people’s attention away from the immigration issue and control of the border.


9 posted on 07/13/2010 9:49:11 PM PDT by gunsequalfreedom (Conservative is not a label of convenience.)
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To: SorosOwnsObama

WHOA!!! That’s an eye opener!!!


10 posted on 07/13/2010 9:52:41 PM PDT by GOPsterinMA (Vote Jill Stein for governor.)
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To: Parmy
I do believe that before they do anything more to the system, they pay back all the money they have skimmed from the fund. They make the Las Vegas mafia look like kindergardeners.


I agree with that

11 posted on 07/13/2010 9:53:26 PM PDT by BobP (The piss-stream media - Never to be watched again in my house)
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To: Orange1998

This is how Social Security Works.

1. They steal it from you and your employer and put it in a secure lock box, that congress has the key for.

2. The social security taken from you paycheck is part of your gross income so you pay tax on income you did not get,

3. They spend the money in the secure lock box.

4. They “give” back some of the money when you retire but again it is considered income and is taxed.

They steal it, tax it, spend it and tax it again when they “give” some of it back.

If a private firm did this it would be considered, theft, embezzlement, fraud and a ponzi scheme.


12 posted on 07/13/2010 9:54:40 PM PDT by cpdiii (Deckhand, Roughneck, Geologist, Pilot, Pharmacist, Iconoclast: THE CONSTITUTION IS WORTH DYING FOR.)
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To: Nachum

I’m amazed the dems didn’t raise the prospect of means testing. After all, it’s not “fair” if some people live within their means, prepare for their future by saving some of their earnings and then have the nerve to collect funds that had been forcibly confiscated from their paychecks by the government with the promise of getting it back someday. There are those “less fortunate” who need it more, right? “We’ve got to spread the wealth...”

/sarc (but could see the Obama administration making this argument because half of the country would buy it)


13 posted on 07/13/2010 9:56:13 PM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving.)
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To: Nachum
Anybody under 60 that is actually counting on Social Security for some or all of their retirement needs is insane. I look at social security the same way I look at getting a big inheritance from an obscure relative. If I happen to someday get something, that's great. But I'm certainly not counting on it to happen.

My investment adviser always shows me this breakdown of my projected financial situation in my "golden years" of which social security was included, I told him to remove it from the projections. He laughed and said he hears that a lot.

14 posted on 07/13/2010 9:57:52 PM PDT by apillar
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To: LostInBayport

“They make the Las Vegas mafia look like kindergardeners.”

Now how would Senator Reid respond to that?


15 posted on 07/13/2010 9:59:26 PM PDT by SorosOwnsObama
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To: Nachum

Both parties speak with forked tongue.


16 posted on 07/13/2010 10:10:21 PM PDT by taxtruth (Something really stinks In The Federal Government/Mafia and I think it's BO!)
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To: Nachum
“Providing benefits to only those who need them.”

Talk about a firestorm trigger!

Let me get this straight a person will have social security taxes taken out of pay check 54 plus years (16 to age 70) only to told at age 70 he/she has too much money so all of the social security taxes collected have been diverted to someone more needer.

A couple of questions here:
1. Who says social security retirement will remain at 70?
2. Who says the “needy threshold” will not be adjusted on an annual basis?

If this concept is mutated into law this means the Federal Government can legally seize the entire Social Security trust funds at any time. Right now that action is boarder line illegal; but this will make it legal.

The real impact of this concept is to totally discourage any savings for old age. Why save anything if there is a chance that it will make you too rich to get your social security when you retire.

You ask how did we get here? Real simple, the Congress critters aren't in social security so why should they try to understand the impacts of a system they aren't part of?

17 posted on 07/13/2010 10:18:17 PM PDT by Nip (Islam - a religion of piece (your head and life). Truth depends on the spelling)
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To: Nachum

Gee, it just DELAYS retirement age.

The truth is NO ONE WANTS OLD PEOPLE.

Add that to OBAMA care and more will DIE.


18 posted on 07/13/2010 10:26:05 PM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: Nachum

“”If you have substantial non-Social Security income while you’re retired, why are we paying you at a time when we’re broke?” he said. “We just need to be honest with people.”

What about the money you were forced to pay into it. Alos are they going to stop collecting it from our paycheclks then if we are not going to get it. I would love to opt out
of the Social Security and save the money myself


19 posted on 07/13/2010 10:27:03 PM PDT by funfan
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To: Nachum

Where does your money go when you die at 60 and the government hopes you do pass away?THEY KEEP IT!


20 posted on 07/13/2010 11:02:47 PM PDT by taxtruth (Something really stinks In The Federal Government/Mafia and I think it's BO!)
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To: Nachum

Where does your money go when you die at 60 and the government hopes you do pass away?THEY KEEP IT!


21 posted on 07/13/2010 11:05:47 PM PDT by taxtruth (Something really stinks In The Federal Government/Mafia and I think it's BO!)
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To: Nachum

Hardly! If this is not done by both parties, we are doomed economically anyway! If the Republicans don’t embrace this solution, maybe we will elect a third party. Really, both parties have to get serious about the spending and the ultimate debt that we face!


22 posted on 07/13/2010 11:24:14 PM PDT by Deagle
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To: Deagle

The first step to correcting this crisis is to reduce the pensions of Federal and State workers! This also means that they have to contribute to their own Health costs - 50% or so seems reasonable... Then we can worry about Social Security and Medicare. Medicare recipients also need to contribute their share of expenses when able...


23 posted on 07/13/2010 11:28:04 PM PDT by Deagle
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To: taxtruth

No, they spent it several years ago! Bye they way, retirement of government workers needs to be upped to either 65 or 70 years of age - no more of this 55 retirement crap!


24 posted on 07/13/2010 11:30:21 PM PDT by Deagle
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To: Deagle

By the way... getting way too quick on the keyboard... This subject is one of my pet peeves...


25 posted on 07/13/2010 11:31:23 PM PDT by Deagle
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To: Nachum

Prepare for the royal screw job. Another crisis is on the way. Die now while it is still free.


26 posted on 07/14/2010 12:27:16 AM PDT by screaminsunshine (m)
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To: Nachum

Prepare for the royal screw job. Another crisis is on the way. Die now while it is still free.


27 posted on 07/14/2010 12:27:16 AM PDT by screaminsunshine (m)
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To: Soul of the South

You are 100% correct. Also do not forget that jobs open for new workers when older workers retire. Boost the age and the jobless rate will never go below 10%.


28 posted on 07/14/2010 1:42:50 AM PDT by wiggen (Government owned slave.)
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To: Nachum
This is a discussion that should have been taken up 20 years ago.

Lest we forget, Pelosi during the Bush Administration blocked every effort he made to do something about Social Security. She said that there was plenty of money in the "Trust Fund"(ho ho ) to last for the forseeable future.

29 posted on 07/14/2010 2:53:23 AM PDT by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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To: Nachum

Its funny How the Government tells you that the program is going broke but not HOW. Could it be that the very Politicians telling you this are the Ones who have been robbing the money from Social Security replacing the funds with IOUs to fund all their PROGRAMS for 60 years. They should all be arrested and forfeit their fat pensions and be Tarred and Feathered


30 posted on 07/14/2010 3:45:21 AM PDT by ballplayer
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To: Parmy

Sounds like a great idea, except where would they get the money from?


31 posted on 07/14/2010 4:20:58 AM PDT by Trust but Verify
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To: Nip
You ask how did we get here? Real simple, the Congress critters aren't in social security so why should they try to understand the impacts of a system they aren't part of?

That's just a distraction.

Do you honestly believe that the seasoned congresscritter leaving office is going to depend on SS for their retirement income? They leave office, go on speaking tours, write books, and get hired by lobbying firms. The $2K/mo. they could get from SS is nothing to the well-connected retired congresscritter.

32 posted on 07/14/2010 5:05:54 AM PDT by whd23 (Every time a link is de-blogged an angel gets its wings.)
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To: Deagle
By they way, retirement of government workers needs to be upped to either 65 or 70 years of age - no more of this 55 retirement crap!

Ditto that!

The first of the baby boomer Government workers retired 10 years ago (65 now). Why do you think cities, states and the fed are exploding in losses right now? Private sector baby boomers are retiring this year (1945) 65-66yrs old.

That large Baby boomer population getting all the promised perks is unsustainable - the math don't hunt.

33 posted on 07/14/2010 5:39:57 AM PDT by libertarian27 (Ingsoc: Department of Life, Department of Liberty, Department of Happiness)
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To: Nachum

This is all about the elections in November....and any Pubbies stupid enough to get suckered into a “dialogue” about this will find it on tape in their districts in October. Classic, classic campaign tactic...


34 posted on 07/14/2010 5:45:10 AM PDT by mo
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To: Nachum
One clue that both parties are getting serious about addressing the deficit problem is neither the White House nor congressional leaders of either party chose to single out for attack the others' unusually frank discussion on Social Security.

Wait until all the cards are on the table. Then both sides will try to savage the other during the fall campaign as being the one trying to 'destroy' Social Security.

35 posted on 07/14/2010 5:49:26 AM PDT by Non-Sequitur
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To: SorosOwnsObama
Anyone under 60 right now should make sure they are going to be fit and able to work well past the traditional retirement age. Low birth rates and economic storms ahead insure that. I suppose if you had the good sense to have a bunch of kids then that will help

Maybe the system should be redone so those people who had children - had future workers - can stay on Social Security at 65 - and those liberals who didn't can work til they drop.

36 posted on 07/14/2010 5:51:52 AM PDT by GOPJ (Voter intimidation? New Black Panthers and old White Citizens Council - brothers under the skin.)
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To: Nachum
to tackle a leading long-term liability — Social Security — by raising the retirement age.

Dear Gen X, Y and beyond - We, collectively, decimated your future - but we got ours. Ha, Ha.
-Baby Boomers

37 posted on 07/14/2010 6:20:51 AM PDT by VRW Conspirator (George W. Bush was the last conservative democrat)
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To: Soul of the South
Many people are “retired” today in their 50’s and early 60’s because they can’t find jobs, not because they want to be retired.

I've been taking to calling it my career sabbatical. I'm too old to get hired at what I used to do, too young to really retire, and recently realizing too feeble to keep up with what I am currently doing...

So, I am starting, my own business.

38 posted on 07/14/2010 6:27:35 AM PDT by EBH (Our First Right...."it is the Right of the People to alter or to abolish it,")
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To: SorosOwnsObama

Gee thanks....

And welcome to FR, I think...


39 posted on 07/14/2010 6:30:33 AM PDT by Tijeras_Slim (Live jubtabulously!)
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To: SorosOwnsObama

Anyone under 60 right now should make sure they are going to be fit and able to work well past the traditional retirement age.


Don’t forget the fact that anyone can SAVE their money and retire whenever they choose.

I applaud this direction, as it’s time for one generation to stop stealing from the next. It’s “theft” because those benefiting know that those who are funding their retirement have no hope of receiving the same benefit as compensation).


40 posted on 07/14/2010 7:11:25 AM PDT by Atlas Sneezed (Anything worth doing, is worth doing badly at first.)
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To: Nip

1. Who says social security retirement will remain at 70?


It shouldn’t. If SS is to be sustained (not my first choice) the retirement age should be floated annually to maintain year to year solvency.


41 posted on 07/14/2010 7:13:20 AM PDT by Atlas Sneezed (Anything worth doing, is worth doing badly at first.)
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To: Nachum

How about they give up their yearly increases they get without voting for it?

$172,000 X 535 X 3% = $2,760,600/year plus earmarks


42 posted on 07/14/2010 8:52:37 AM PDT by NTHockey (Rules of engagement #1: Take no prisoners)
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To: Trust but Verify
The same place where they get all the other money. They need to fess' up and admit their thievery. They need to say to the people that we have been stealing from you for all of these years. They need to say that the SS system never was in trouble, except for the fact they took the money because it was easy to get.

I could go on and on.

43 posted on 07/14/2010 9:04:38 AM PDT by Parmy
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To: Nachum

Let me give you a hypothetical life discussion on retirement (or maybe just life in the real world).

Eight years ago, He was a millionaire via stock prices and assets. Then things changed...

He had 17,000 shares of stock at 140.00 a share (normal for a qualified and important worker) - and as things tend to happen, they fell all the way to 2.00 a share. Well, you can imagine the disappointment - to say the least. Now, the big money makers took their share, but by the time he knew about the collapse, it was too late (Hey, only those with insider information can make the right decisions).

These shares were all in 401K plans and were to insure his future retirement. Well, things did not work out so well. He also had 401K’s in several other things which also did not pan out during the collapse.

Sooo... He went from a millionaire to a pauper overnight. Since he was 55 at the time, and newly laid off due to the collapse of the telecommunications industry, He was in real trouble. He had both experience and know how - but that did not seem to work when you are over 55. I’m guessing that the health care costs rise over that age...

Well, he had to retire early (so to speak) and cash in some of his 401K’s just to get by. Hiring practices for this industry did not improve (except for the imported labor from China and India). The end result is that he went from a bright future to a very dim one having to expend his savings just to get by. By the time he was 62, he had to apply for early Social Security benefits to survive. So, this well meaning individual - with planning, ended up barely getting by because of the markets.

Now of course if I had been working for the Government, I would still be in great shape - living high on the hog and taking money from the workers so that I could live the high life!

Of course, the age of Social Security should be raised! But, before you do that, raise the retirement age and amounts afforded to government workers! You can NOT continue to place the burden of retirement on the young - either Social Security or especially those that are allowed to retire at such a young age!

STOP the funds transfer!


44 posted on 07/15/2010 6:30:37 PM PDT by Deagle
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