Posted on 08/16/2010 10:34:32 PM PDT by Libloather
The Third Rail: What To Do With Social Security?
Touching Entitlements Poses Danger for Both Parties
By Z. BYRON WOLF
August 16, 2010
Painting Republicans as bogeymen who want to privatize sacred entitlement programs, Democrats have turned to Social Security to save them in the coming Midterm election.
David Wright on what voters were saying on biggest day of mid-term primaries."I'll fight with everything I've got to stop those who want to gamble your social security on Wall Street," President Obama said in his weekly video address on Saturday, the 75 anniversary of Social Security's enactment.
Along with Medicare, Social Security remains a sacred cow in American politics and focusing on protecting them is probably good politics for Democrats as they head into the fall elections where Republicans are expected to make big gains.
But there is political peril in the issue for both parties, especially as the President's bipartisan debt commission considers ways to fix Social Security before it is expected to run out of money in 2037. The commission is mulling several options to keep the entitlement program solvent, including cutting benefits, and raising the retirement age to 70.
(Excerpt) Read more at abcnews.go.com ...
If 70 is good, 80 would REALLY save the bankrupt program. Heck, make it 90 and be done with it for awhile.
Pay back the old folks and cancel it.
That is close to my solution. The whole thing is an enormous mess and you can't just use a one size fits all. For instance, the people already retired can't be forced back into the workforce, so we will have to continue to pay out the ones who have already retired, for example. I've seen it suggested that anyone within 10 years of retirement can remain on the system and revise the system for those younger than that....it's pretty harsh to change the rules on the people who have been paying into the system their entire lives when they're close to their retirement age.
I have suggested that the federal government owns FAR, FAR more land than can be justified by the constitution so how about sell federal land over time to help pay off this program...or, hand out tracts of that land in lieu of some of the payments. For instance, if they gave me 40 or 50 acres and part of my retirement I'd be able to grow my own food and still have some coming in to cover seed costs and other basics.
There are tons of potential solutions but they're not going to do any of them...too many have worked hard to bring the US to the brink of collapse to let solutions rise up now.
It’s a good thing we have that Lock Box!
We are not going to collapse. Hell a good President could clear up half the BS in ten minutes.
This is just the beginning of the nightmare level cuts that will push the entire middle class into the poorhouse.
Many old folks only have SS Benefits to live on, most lost the 401k in the stock markets.
Cutting benefits and raising the retirement age will be the beginning of the end to the lives of these folks.
A one way ticket to a flophouse.
We’ve all known for many years that Social Security was out of balance by the trillions of dollars. The taxes paid are far less than the promised benefits.
It stands to reason that some combination of benefit cuts, changing cost of living increases, means testing, raising the retirement age, and raising taxes will have to happen.
Or, will we see tremendous inflation, if the government puts more money in circulation to pay all promised benefits? That could happen too. In fact, it could become the path of least resistance.
Your solution gets my vote.
Well, I hope you're correct, but I think I am. I haven't seen a candidate yet who I think is a sure fire "good president"...and many who are sure fired bad ones. Our last election was a choice between dumb and dumber...and America chose dumber...but dumb would have been bad as well.
It must be too simple for the politicians.
Sombody usually steps up when we need em. We have been in a lot worse spots than this.
Must be an election year...after 24 months of silence it’s time to drag out the Social Security game plan and scare the seniors again. First Krugman in the NYT, Obama’s speech in WI and now ABC is onboard touting the DNC talking points...pathetic.
I don't know about worse...certainly bad in different ways. I suppose one could argue that the civil war era was worse...I'm not sure the great depression era was, or at least will be by the time our current crop are done with the nation.
As for someone stepping up...well, God has blessed this nation in the past, will He continue despite the US in general despising and mocking Him? I guess I'm just not comfortable hoping someone steps up to save the day. It could happen, but as an analyst type person, I don't like to count on hopes not based on current data.
I don't know about worse...certainly bad in different ways. I suppose one could argue that the civil war era was worse...I'm not sure the great depression era was, or at least will be by the time our current crop are done with the nation.
As for someone stepping up...well, God has blessed this nation in the past, will He continue despite the US in general despising and mocking Him? I guess I'm just not comfortable hoping someone steps up to save the day. It could happen, but as an analyst type person, I don't like to count on hopes not based on current data.
Anyone under 50 who thinks they will ever see a dime of SSI is a fool.
My retirement planning has a big goose-egg for SSI. If I actually get any SSI, it will be for buying beer or leisure travel and the like.
It is just a tax, established by a commie who, like the current commie, used class warfare to make being industrious a net evil.
Try to steal that from me and I am coming after you, one way or another...........
Pay me a lump sum with modest accrued interest and we can discuss this in a civil way...........for a very short while.
Hell, the way things are going, I say pay me 1/2 of what I put in, no interest, then leave me the hell alone.
That's is how much confidence I have in what our
ass-clown politicians will wind up doing.
Bump what you said. I will be 62 sooner than I'd like, and those sick scumbags in DC better cough up every last dime I got coming.
They ain’t got us yet.
They’ll confiscate our 401ks and IRAs. Well, they’ll try to.
Thanks. I haven't seen anyone else advocating this solution but it seems obvious...the fed is holding assets illegally and this would be a good way to get the land back into circulation without blowing property values with massive land dumping.
And for those who aren't interested in homesteading their share of land could be sold to provide them funds to live in whatever retirement home or whatever situation they needed/wanted.
But I really don't think the government cares about actually solving problems because they couldn't be used as crisis to affect behavior and change then.
40 acres and a mule...haven't we tried that before?
LOL...you know what's funny? I've had about half a dozen people suggest that over the last 6 months or so. My problem is I've had a "life" and being a conservative the press wouldn't give me cover for it...so I don't think I'd make a good politician. Plus, I've always been an idea guy, not the front presentation guy. I'm the one they come to for ideas and then they get the credit (and the big paychecks).
It worked then too....I almost wrote 40 acres and a rototiller when I posted earlier.
If the Republicans let the Dems/MSM frame the discussion, shame on them. Social Security has been a Democrat deal from day one. Time to hang them with it.
Actually they’ll have a surtax on 401ks and IRAs to bail out SS. I think there are enough parasites now to vote this thru.
Of every recipient who never contributed to the system!
Same thing for Medicare.
When Social Security and Medicare became another branch of welfare, the Nation's rapid slide into fiscal meltdown began...
“I’ve paid over $250k into SS and Medicare”
Just curious: are you including the employer match in the 250K number? The match is really your salary, but instead of you paying it, the employer has to send it directly to SS. In effect, we all also contribute the employer match just the same as if the tax. If I remember right, SS is just over 6 percent, and Medicare is about 1.5 percent; and the employer has to match, so our real tax rate is 15 percent.
That would be funny, except that was the exact intention when it was created!
A 'beneficent' program which turned out to be a huge and permanent tax, for benefits that could never be collected!
The Nation's only existing legal Ponzi scheme.
And I suppose you'll be wanting a mule to go along with that acreage?
:)
You're the 2nd person who wrote that...I wrote back that I'd considered writing 40 acres and a rototiller.
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