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Looting Social Security
The Nation ^ | 3/2/09 | William Greider

Posted on 01/01/2011 8:02:36 AM PST by EBH

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Old article, but as I've seen lots of OMG the Boomers start to retire this year...

It seems much history is lost on and in regards to the SS system.

Reference material

1 posted on 01/01/2011 8:02:38 AM PST by EBH
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To: EBH

Oh boy. Another Grand Bargain.


2 posted on 01/01/2011 8:05:00 AM PST by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: EBH

You know, I used to think Alan Greenspan was working to HELP America’s economy, but the more and more I learn, it seems I was terribly mistaken.

Ben isn’t any better, it seems—God help us.


3 posted on 01/01/2011 8:05:29 AM PST by pillut48 (Israel doesn't have a friend in President Obama...and neither does the USA! (h/t pgkdan))
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To: pillut48

Greenspan, like Bernanke, only cares about big banks.


4 posted on 01/01/2011 8:07:16 AM PST by Squidster
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To: EBH

I don’t ever use partisan, buzz-word laden articles as “reference material”


5 posted on 01/01/2011 8:14:35 AM PST by Psycho_Bunny (Hail To The Fail-In-Chief)
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To: EBH

That trillions that is supposed to be in SS is only there on the books-—the money has already been spent on thousands of feel good projects by the Dems-—loke changing the school lunches for Moooochhelle—AKA Sasquatch.


6 posted on 01/01/2011 8:15:08 AM PST by ridesthemiles
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To: EBH

The greatest fraud ever FORCED on “free” people and built on the backs of DEAD AMERICANS is solved by an even GREATER FRAUD FORCED on “free” people that will be built on the backs of DEAD AMERICANS...Obamacare...aka abortion of the elderly.

Wake up patriots, it’s 2011.

Life, liberty and the pursuit and destruction of totalitarians.


7 posted on 01/01/2011 8:16:18 AM PST by PGalt
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To: pillut48
You are all wrong about Greenspan. He's a thinker. A genius. Is way ahead of the rest of us. He's the best mind on the economy and jobs that we have...


8 posted on 01/01/2011 8:16:30 AM PST by raybbr (Someone who invades another country is NOT an immigrant - illegal or otherwise.)
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To: Psycho_Bunny
I don’t ever use partisan, buzz-word laden articles as “reference material”

Me either, especially when they appear in hard-Left magazines like The Nation and are written by capitalism haters like Greider.

9 posted on 01/01/2011 8:19:47 AM PST by Bernard Marx
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To: EBH

There is no surplus and anyone who claims this needs to be slapped.


10 posted on 01/01/2011 8:20:19 AM PST by misterrob (Thug Life....now showing at a White House near you....)
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To: EBH
Wiiliam Greider ? The Nation ? Why would you bother?
11 posted on 01/01/2011 8:21:58 AM PST by gusopol3
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To: EBH

How do you loot something that’s bankrupt?


12 posted on 01/01/2011 8:22:00 AM PST by Libloather (Teapublican, PROUD birther, mobster, pro-lifer, anti-warmer, enemy of the state, extremist....)
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To: EBH

The Grand Bargain shows the depth of the Dum/Leftie tax and spend mentality.

Reagan was from a generation that believed a deal was a deal. And lying was a sin not practiced by honorable men/women.

One needs to remember the EPA EDU etc were in their infancy.
When the money started pouring in, was it designated funds...NOOOOOOOOOO. The money was squandered by unrepentent Dums and RINOs hell-bent on funding every hair-brain scheme some busybody elitist could come up with, especially if it was trying to control the lives of the great UNWASHED masses. Perfect example, the push to have detailed labeling of food was “to help people maintain their weight”, guess what obesity is UP 47%. Epic failure but NOW, labeling MEAT, will solve the problem. At what point do we say, to hell with the gov nanny. Your fired.

BB’ers are not a quiet bunch by nature, our taxes were raised to fund our retirement.
It seems the Government is no better than a MOB run UNION that steals the Union dues. It seems the FBI had task forces to bring THOSE criminals to justice. Where do WE go for JUSTICE?


13 posted on 01/01/2011 8:29:53 AM PST by Marty62 (Marty 60)
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To: EBH

What the Gov’t said in 1964!

http://www.ssa.gov/history/ssa/usa1964-2.html

Self-Supporting

“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”

Where your money REALLY goes! Read and weep!

http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4


14 posted on 01/01/2011 8:32:00 AM PST by Ruy Dias de Bivar (I visited GEN TOMMY FRANKS Military Museum in HOBART, OKLAHOMA! Well worth it!)
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To: gusopol3

A universal pension? Isn’t that more or less what SS was supposed to be? Idiots everywhere.


15 posted on 01/01/2011 8:40:17 AM PST by sheana
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To: EBH

Now, if they can just find that damn “Lock-box” Algore was going to hide all the SS dough in (or the key to it) ...


16 posted on 01/01/2011 8:46:03 AM PST by Don Carlos (Don't tell mom I'm running for congress. She thinks I still play piano in a whorehouse.)
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To: Ruy Dias de Bivar

The SS trust was targeted by LBJ to fund the ‘Great Society’ in other words, buy votes.


17 posted on 01/01/2011 8:46:21 AM PST by griswold3 (Employment is off-shored, away from govt. regulations, price pressure groups, and liabilities.)
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To: raybbr
How would Mr. Wizard "conceptualize" the fatally liberal, criminally fraudulent maggots - who are presently eating the social caterpillar alive, from the inside out?


18 posted on 01/01/2011 8:46:27 AM PST by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: EBH
You can't let any of that money go to the people who actually paid it in.

It must all go to black people. To do otherwise would be racist.

19 posted on 01/01/2011 9:02:16 AM PST by E. Pluribus Unum (DEFCON I ALERT: The federal cancer has metastasized. All personnel report to their battle stations.)
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To: EBH

“Old article, but as I’ve seen lots of OMG the Boomers start to retire this year... “

The media (on orders from whom?) are trying to divide us further. They are demonizing people who have worked and paid into SS but when it comes time to reap the rewards of their labor they are suddenly scumbag freeloaders. Many immature people here on FR are getting on the band wagon.


20 posted on 01/01/2011 9:05:23 AM PST by dljordan ("His father's sword he hath girded on, And his wild harp slung behind him")
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To: dljordan

Yep, we agreed to high SS taxes to solve this problem, NOW WE are the ones STEALING the futures of the “Jugend”


21 posted on 01/01/2011 9:14:31 AM PST by Marty62 (Marty 60)
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To: dljordan
They are demonizing people who have worked and paid into SS but when it comes time to reap the rewards of their labor they are suddenly scumbag freeloaders. Many immature people here on FR are getting on the band wagon.

These hard working people of whom you speak already spent the money they were supposedly saving for their retirement plus a lot more that they borrowed. There is no trust fund, just a huge debt. The question now is how much Americans of the future should suffer to support people who behaved so profligately in the past.

22 posted on 01/01/2011 9:14:53 AM PST by rogue yam
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To: Marty62
Yep, we agreed to high SS taxes to solve this problem, NOW WE are the ones STEALING the futures of the “Jugend”

That's exactly right. You agreed to taxes. You also agreed to a certain formula for calculating benefits. Finally you agreed to spend all of the money in the "trust fund" and a whole lot more borrowed money besides. The money you earned is gone and your benefits will be paid from new taxes on newer workers who have their own lives and futures to try to secure in addition to paying for your retirement.

23 posted on 01/01/2011 9:22:01 AM PST by rogue yam
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To: rogue yam

YOU agreed to it, NOT ME. Speak for yourself.


24 posted on 01/01/2011 9:23:47 AM PST by Marty62 (Marty 60)
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To: Libloather
>>How do you loot something that’s bankrupt?
Ex 32:4
4 He [Aaron the Levite priest] took what they handed him and made it into an [GOLD] idol cast in the shape of a calf, fashioning it with a tool. Then they said, "These are your gods, O Israel, who brought you up out of Egypt."
NIV
 
John 2:15
 15 So he [Jesus] made a whip out of cords, and drove all from the temple area, both sheep and cattle; he scattered the coins of the money changers and overturned their tables.
NIV
Sheep and Cattle -  with four legs, or two?
 
[Sachs of] Golden Cattle growing fat from the fleecing of sheep is not a terminal process -- at least for the carnivorous parasites who predictably feast upon the systemically corrupted and rotting social carcass.
Meet the New Boss, same as the Old Ba'al
--The Who?
Ba'al being a Hebrew word for Lord, Owner, Master, Possessor - typically manifested throughout history in the  Royally facetious theocratic merger of Commerce, Religion, and Government - by Pharaos, and Emperors, and Caesars, and Kings, and the other fraudulent men who would be gods - where...
 

"COMMERCE BETWEEN MASTER AND SLAVE IS DEPOTISM"
 
and from which:
 
"TO SECURE THESE RIGHTS, [American] goverments are instituted among men"
 

25 posted on 01/01/2011 9:27:48 AM PST by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: raybbr

Good quote, Greenspan. A lot of unemployed people HAVE all of those skills. Any other ideas for them? Do you need someone to cut your grass?


26 posted on 01/01/2011 9:38:59 AM PST by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
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To: Libloather
How do you loot something that’s bankrupt?

Myabe it's less bankrupt than the things they usually loot.

27 posted on 01/01/2011 9:40:50 AM PST by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
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To: dljordan
The media (on orders from whom?) are trying to divide us further. They are demonizing people who have worked and paid into SS but when it comes time to reap the rewards of their labor they are suddenly scumbag freeloaders. Many immature people here on FR are getting on the band wagon.

Ever wonder what the shape of Social Security would be in if SSI, Disability, etc. were not freely handed out to anchor babies, illegal aliens, brand new immigrants, and their extended families?
28 posted on 01/01/2011 9:42:24 AM PST by algernonpj (He who pays the piper . . .)
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To: Marty62
YOU agreed to it, NOT ME. Speak for yourself.

Don't get cranky, old man, and learn to take responsibility for your actions.

The "trust fund" is gone and there is a huge debt besides. Those are facts.

You want to claim that it is not your fault but the spending and borrowing were done by those you elected.

Why should others just coming into the workforce suffer to provide for your retirement when you've already burdened them with a huge debt for past spending? Why isn't it reasonable to expect you to pay your own way? If you are 65 now then you have enjoyed having your highest-earning years occur during the best economy the world has ever known. That economy has now crashed due to the profligacy of the past generation. Didn't you save anything during this thirty-year orgy of spending and speculation? If not then why not?

29 posted on 01/01/2011 9:53:15 AM PST by rogue yam
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To: Libloather
How do you loot something that’s bankrupt?

A 2% Social Security payroll tax cut was a thought, though it's not looting, it's poor financial planning for an about to go underwater government program, how anyone signed onto that is...
30 posted on 01/01/2011 10:14:57 AM PST by Son House (The TEA Party is Going to Be Like a GI Party...Clean House!)
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To: dljordan

Some of the posts have just been stunning.


31 posted on 01/01/2011 10:23:57 AM PST by EBH ( Whether you eat your bread or see it vanish into a looter's stomach, is an absolute.)
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To: rogue yam; Marty62

***Didn’t you save anything during this thirty-year orgy of spending and speculation? If not then why not?***

I don’t know about Marty, but I was taxed to the limit and FICA’d into financial basics - while raising 4 children as a single parent. (NO, married and missed). My 401k’s dropped like droopy drawers and I am now taking out of SS what I and my employers were forced to “contribute to” for 50 years....so don’t get snippy with those of us who behave ethically and expected others to do the same.

As for the Boomers - they will soon become TEA party voters.


32 posted on 01/01/2011 10:26:29 AM PST by sodpoodle (Despair; man's surrender. Laughter; God 's redemption.)
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To: raybbr

He’s married to Andrea Mitchell! “Genius”?? Really? Unless you mean that in a sarcastic way?


33 posted on 01/01/2011 10:39:07 AM PST by pillut48 (Israel doesn't have a friend in President Obama...and neither does the USA! (h/t pgkdan))
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To: pillut48
Really? Unless you mean that in a sarcastic way?

Ya think???????????

Happy New Year

Or

Gluckliches Neu Jahr!

34 posted on 01/01/2011 10:42:16 AM PST by raybbr (Someone who invades another country is NOT an immigrant - illegal or otherwise.)
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To: dljordan

The oldies have the ‘socialism for me but not for thee’ thing down pat, that’s for sure. If you’re between jobs on fr, you’re a scumsucking parasite. If you’re over 65, you ‘paid into it and deserve the entitlements’.

That class warfare type thinking is *VERY* much evident on here by the older types.


35 posted on 01/01/2011 10:42:38 AM PST by Tolsti2
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To: sodpoodle

Any tea party type that also supports ‘paid into it entitlements’ which means, all entitlements, isn’t really a conservative.

It’s ‘I paid into a government program so dammit I’m going to collect’ thinking that is the heart of socialism. Social security and medicare and obamacare are all the same beast.

You’ll see people saying ‘I paid into obamacare and I deserve all the free treatment I can get’ talk by ‘convservatives’ within 10 years guaranteed.


36 posted on 01/01/2011 10:44:53 AM PST by Tolsti2
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To: EBH

Actually Social Security, while having definite future financial problems, is in great shape compared to Medicare.

The shortfall for Medicare is roughly 3 times that of SS and the $hit will hit the fan far sooner.

I know I’ll get screwed on both, because they’re guaranteed to go to “means testing” and I have a decent pension and a very robust 401k account.


37 posted on 01/01/2011 10:49:56 AM PST by nascarnation
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To: EBH
I rarely read material from left wing outlets.

It's humorous to see how they point to municipal and union operated pension programs as role models for their "visionary" federal takeover of pensions and savings.

What a joke!

38 posted on 01/01/2011 10:55:58 AM PST by nascarnation
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To: dljordan
quote from article

If you cut Grandma's Social Security benefits, you are directly making life worse for the poor kids who live with her.

wasn't the "Great Society" a fine thing?

now 75% of black kids born are bastards

39 posted on 01/01/2011 11:03:36 AM PST by nascarnation
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To: Ruy Dias de Bivar

You point out the scam that is/was with social security. It was sold as a savings account bearing interest required by a caring government. However, what this caring government did not tell was that it intended to use your savings with interest to give to so many people including children who would not be required to put anything into the pot.It should have been obvious as proven later that the pot cannot grow if the take(ers) is more than the give(ers). The politicians,democrats and republicans, saw the takers as more important to their voter count than the givers. As such there was a race to provide for the takers and the system is where it is. Remedy for SS: go back to original promise as to every man,women and child i.e. you take what you give, no give no take.


40 posted on 01/01/2011 11:04:38 AM PST by noinfringers2
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To: Ruy Dias de Bivar

You point out the scam that is/was with social security. It was sold as a savings account bearing interest required by a caring government. However, what this caring government did not tell was that it intended to use your savings with interest to give to so many people including children who would not be required to put anything into the pot.It should have been obvious as proven later that the pot cannot grow if the take(ers) is more than the give(ers). The politicians,democrats and republicans, saw the takers as more important to their voter count than the givers. As such there was a race to provide for the takers and the system is where it is. Remedy for SS: go back to original promise as to every man,women and child i.e. you take what you give, no give no take.


41 posted on 01/01/2011 11:04:59 AM PST by noinfringers2
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To: pillut48
>"I used to think Alan Greenspan was working to HELP America’s economy,"

How about his little dog Andrea?
Married to the ENEMEDIA.


It isn't R vs D. It's a Punch and Judy show.

42 posted on 01/01/2011 11:16:35 AM PST by rawcatslyentist (It is necessary that a person be born of a father who is a citizen; ~VattelÂ’s Law of Nations)
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To: EBH

Go back to Reagan’s 1960 speech at the Convention. He laid out the problem then and it is exactly the same now.


43 posted on 01/01/2011 11:26:36 AM PST by NonValueAdded (Palin 2012: don't retreat, just reload)
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To: All

SS is just another way the Govt has to heist the money and use it. We put in for 35 years, retire and then expect a little back. If we could, we could put into a fund we set up, for the thirty five working years, and with added interest, enjoy that growth of money for those retirement years. What we get back today barely pays the utilities on our homes. It is only a LEGAL WAY TO STICK UP THE TAX PAYER!!


44 posted on 01/01/2011 11:28:36 AM PST by cousair
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To: Tolsti2

Sadly, Social Security was an enforced contract, but it is NOT an unearned ‘entitlement’ by virtue of simply being a US citizen.

Benefits should be distributed only to those who have made contributions and proportionately so. Much like a private annuity.

Once again, the government has treated SS as a grab bag, by adding ineligibles to; and deducting funds from the design to render it actuarially dysfunctional.


45 posted on 01/01/2011 11:28:49 AM PST by sodpoodle (Despair; man's surrender. Laughter; God 's redemption.)
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To: algernonpj

“Ever wonder what the shape of Social Security would be in if SSI, Disability, etc. were not freely handed out to anchor babies, illegal aliens, brand new immigrants, and their extended families? “

Yes.


46 posted on 01/01/2011 11:40:43 AM PST by dljordan ("His father's sword he hath girded on, And his wild harp slung behind him")
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To: Marty62

“Reagan was from a generation that believed a deal was a deal. And lying was a sin not practiced by honorable men/women.”

I think he also believed slavery was wrong too.

How is it right to make other generations pay for your goodies? We didn’t vote for Social Security. Why are we on the hook for promises we didn’t make, and that were unconstitutional when they were signed.

There should be no obligations imposed beyond the 2 year terms. They should have to be renewed every 2 years.


47 posted on 01/01/2011 11:51:09 AM PST by BenKenobi (Rush speaks! I hear, I obey)
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To: sodpoodle

So here’s a question.

You’ve got children. Is it right to steal from their paycheques? That’s where the money is going to come from.

Wouldn’t it be better to let them keep their money? It’s your kids that are going to suffer.


48 posted on 01/01/2011 11:55:36 AM PST by BenKenobi (Rush speaks! I hear, I obey)
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To: BenKenobi

It is not right or ethical to steal from anyone. When SS began, citizens believed FDR when he said it would be SECURE. At the time, life expectancy was 67 - it is now 73.

My children are being forced to pay SS taxes- as was I.

They are also paying taxes to support children that are not theirs and seniors who did not raise them.

YES IT STINKS!!!


49 posted on 01/01/2011 12:09:21 PM PST by sodpoodle (Despair; man's surrender. Laughter; God 's redemption.)
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To: rogue yam
Didn't you save anything during this thirty-year orgy of spending and speculation?

You're trying to convince people it's the little private sector workers, that worked their asses to the bone for 30 or and 40+ years, that SS is broke because it's their fault?

You'll have better luck juggling flaming chain saws while skate boarding.

The government confiscated it out of America's paychecks...The little people had the choice of paying their taxes or the government would shoot them and or jail them. There was no choice, there was no vote, the government, like today, does exactly what it wants to do. You have ZERO choice.

Ya think American will survive if the government tells tens of millions of people the trillions they confiscated from them won't be given back? This country will not survive that, in fact, due to the corruption in D.C., it's barely surviving now.

50 posted on 01/01/2011 12:26:47 PM PST by dragnet2 (Diversion and evasion are tools of deceit.)
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