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Social Security throws young Americans’ money over the cliff
New Hampshire Union Leader, Manchester, NH ^ | 2011-06-23 | Thomas Sowell

Posted on 07/03/2011 4:03:53 PM PDT by rabscuttle385

One of my earliest memories of revulsion against war came from seeing a photograph from the First World War when I was a teenager. It was nothing gory. Just a picture of a military officer, in an impressive uniform, talking to a puzzled and forlorn-looking old peasant woman with a cloth wrapped around her head.

He said simply: “Don’t you understand, madam? The village is not there any more.”

To many such people of that era, the village was the only world they knew. And to say that it had been destroyed in the carnage of war was to say that there was no way for them to go back home, that their whole world was gone.

Recently that image came back, in a wholly different context, while seeing pictures of American seniors carrying signs that read “Hands off my Social Security” and “Hands off my Medicare.”

They want their Social Security and their Medicare to stay the way they are — and their anger is directed against those who want to change the financial arrangements that pay for these benefits.

Their anger should be directed instead against those politicians who were irresponsible enough to set up these costly programs without putting aside enough money to pay for the promises that were made — promises that now cannot be kept, regardless of which political party controls the government.

Someone needs to say to those who want Social Security and Medicare to continue on unchanged: “Don’t you understand? The money is not there any more.”

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


TOPICS: Editorial; Government; News/Current Events; Politics/Elections
KEYWORDS: baby; biggovernment; boomers; default; economy; medicare; obamacare; ponzi; socialsecurity
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1 posted on 07/03/2011 4:03:57 PM PDT by rabscuttle385
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To: bamahead; qam1
Despite irresponsible political ads showing an old lady in a wheelchair being dumped over a cliff, the people who are really in danger of being dumped over a cliff are the younger generation, who are paying into Social Security but are unlikely to get back anything like what they are paying in. The money that young workers are paying into Social Security today is not being put aside to pay for their retirement. It is being spent today, paying the pensions of the retired generation — and it can’t even cover that in the years ahead.


2 posted on 07/03/2011 4:08:52 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385

I’ll repeat it on every SS thread — anyone under 50 who thinks they will see a dime of SS is nuts. It is just a tax that goes for nothing.

Medicare, OTOH, is a bigger mess because of the mandate to use it.


3 posted on 07/03/2011 4:10:09 PM PDT by freedumb2003 (Herman Cain 2012)
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To: freedumb2003

“But, but... I “paid in” to the “trust fund” all my life. “They” deceived me and I at least want my “contributions” back.”

I just thought I would get the obligatory nonsense defense of intergenerational theft out of the way early on this thread.

I’m also looking forward to the 57 ways that will be proposed for “fixing” the system, none of which would ever be adopted or would change the underlying moral problem. SS, Medicare, and a host of other unconstitutional programs need to go. Unfortunately, we lack the character as a people to save ourselves.


4 posted on 07/03/2011 4:23:32 PM PDT by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: rabscuttle385
Social Security throws young Americans’ money over the cliff

Bullsh!t!

A socialist driven government via politicians have screwed ALL Americans because of their lack of concern for the Constitution from the Wilson era on forward!

It was Roosevelt that took it to the hilt and and hammered a coffin nail hard into the Constitution.

It's the people voting that allow it to progress.

5 posted on 07/03/2011 4:27:26 PM PDT by EGPWS (Trust in God, question everyone else)
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To: rabscuttle385

They were screwed when they voted for Obama....

SS should be only for those that paid into it or their stay at home spouse in the event of the primary accounts death.

It being raided for polidiots projects an pandering to peons an punks has fooooked it up.

Be diverse in you investments an savings for your retirement. Don’t depend on goobermint because they will screw you every chance they get IMO ....


6 posted on 07/03/2011 4:39:38 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: achilles2000

“we lack the character as a people to save ourselves.”

- Speak for yourself. - My husband, almost 68, and I, almost 65, paid OUR MONEY into the SS system for many, many years. We still work; still pay income taxes.

Yes. We made CONTRIBUTIONS, not “contributions”. We’re willing to make any adjustments necessary NOW to get things corrected; willing to work, willing to forego Medicare paying all our medical bills, willing to back off on collecting from the system until later years - although husband is already the 67 they’ve made noises about changing filing dates to due to increased lifespans they haven’t dealt with.

Actually, YOUR granny & grandpa paid into the system. Then in an “intergenerational theft” not then understood fully, YOUR granny & grandpa “drew” out of the system while WE were having hunks of OUR money drawn out of our paychecks, by force, but not that we resented it - although it was OUR money that we worked hard to earn. Just as much as YOUR money is YOUR money now.

See, we were YOUNG once, too, believe it or not. We worked hard, made good money, and paid YOUR granny’s & grandpa’s Social Security.

Tweak the system, fix it, quit RESENTING us. Quit electing these Democrat Socialists who delight in forming as many welfare queen voting blocs to bribe for votes as they can. HOP TO IT and shut up!


7 posted on 07/03/2011 4:47:06 PM PDT by Twinkie (For whoever shall call upon the name of the Lord shall be saved. Romans 10:13)
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To: rabscuttle385

***...politicians who were irresponsible enough to set up these costly programs without putting aside enough money to pay for the promises that were made — promises that now cannot be kept, regardless of which political party controls the government.***

But they DID! Here is what was said from the SSA web site 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.”

And here is where your hard earned money went. Read and weep!

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

Payable by the FULL FAITH AND CREDIT of the US Government. That is TAX money confiscated from the youth of America.

And then this little diddy from 1939..

THE OLD AGE PENSION CHECK
Roy Acuff & His Smoky Mountain Boys - 1939

When our old age pension check comes to our door,
We won’t have to dread the poor house anymore.
Though we’re old and thin and gray,
Good times will be back to stay,
When our old age pension check comes to our door.

When her old age pension check comes to her door,
Dear old grandma won’t be lonesome any more.
She’ll be waiting at the gate,
Every night she’ll have a date,
When her old age pension check comes to her door.

Grow a flowing long white beard and use a cane,
‘Cause you’re in your second childhood, don’t complain.
Life will just begin at sixty,
We’ll all feel very frisky,
When our old age pension check comes to our door.

Powder and paint will be abolished on that day,
And hoop skirts will then be brought back into play.
Painted cheeks will be the rage,
And old maids will tell their age,
When their old age pension check comes to their door.

All the drug stores will go bankrupt on that day,
For cosmetics, they will all be put away.
I’ll put a flapper on the shelf,
Get a grandma for myself,
When her old age pension check comes to her door.

There’s a man that turned this country upside-down
With his old age pension rumor going ‘round.
If you want in on the fun,
Send your dime to Washington,
And that old age pension man will be around.


8 posted on 07/03/2011 4:47:41 PM PDT by Ruy Dias de Bivar (Click my name. See my home page, if you dare! NEW PHOTOS!)
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To: Twinkie

Well said. I wonder if people would feel like it was wrong if we just “settled” for getting back all that we paid in, possibly adjusted for inflation. It would still be sort of a loss because we didn’t have the use of our money all that time and the ability to do something with it to make it grow. Still, I bet many would settle for just getting back what they put in.


9 posted on 07/03/2011 4:56:24 PM PDT by Anima Mundi (If you try to fail and you succeed , what have you just done?)
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To: Twinkie

You’re 65 years old and your screen name is “Twinkie”?

OK.


10 posted on 07/03/2011 5:01:01 PM PDT by OldPossum
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To: rabscuttle385

Medicare recently sent one of my M.D. clients 27 separate checks for 27 different patients in 27 different envelopes accompanied by 27 separate pieces of paper explaining their calculation. Each check was for amounts ranging from $.12 to $.19 and was an adjustment for payments previously made for patients seen between January and March 2010 - a year and one-half ago. Does anyone in DC know or care how much it costs for the government to process, generate and mail a check for $.12 and how much it costs for a doctor’s office to process, record and deposit a $.12 check? Everyone participating in this decision should be fired! Just one of a thousand ways in which the government is grossly inefficient.


11 posted on 07/03/2011 5:07:29 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: rabscuttle385

I keep hearing that there is no money for the old folks who were forced into the S.S. program. So ask the Iraqis for a little money. They have vast amounts of oil and a few billion every month above the 12 billion being spent every month would more than make up for the S.S. deficit this year.

I’m sure the Palestinian Suthority could stand a cut in taxpayer funds too.


12 posted on 07/03/2011 5:13:33 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...
Image and video hosting by TinyPic
13 posted on 07/03/2011 5:15:32 PM PDT by SunkenCiv (It's the Obamacare, stupid! -- Thanks Cincinna for this link -- http://www.friendsofitamar.org)
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To: count-your-change

Authority that is.


14 posted on 07/03/2011 5:20:35 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: Twinkie
We’re willing to make any adjustments necessary NOW to get things corrected.....
Tweak the system, fix it, quit RESENTING us.

Good post.

15 posted on 07/03/2011 5:24:58 PM PDT by MontaniSemperLiberi (Moutaineers are Always Free)
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To: OldPossum

LOL... Haven’t you ever heard that a “Twinkie” will last forever.

Possums, not so much.


16 posted on 07/03/2011 5:25:34 PM PDT by Gator113 ("GAME ON." I'll be voting for Sarah Palin, Liberty, our Constitution and American Exceptionalism.)
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To: Twinkie

Hey Twinkie, good job on that post.


17 posted on 07/03/2011 5:26:43 PM PDT by Gator113 ("GAME ON." I'll be voting for Sarah Palin, Liberty, our Constitution and American Exceptionalism.)
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To: count-your-change
Social Security is a trivial problem at this point.

The real, catastrophic problem is that the Federal Government is spending about $1700 BILLION per year more than the revenooers collect, and Congress is talking about nibbling a few pennies off the edges here and there and claiming it's major progress.

18 posted on 07/03/2011 5:28:55 PM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Twinkie

- Speak for yourself. - My husband, almost 68, and I, almost 65, paid OUR MONEY into the SS system for many, many years. We still work; still pay income taxes.


Just because you were ripped off does not justify your intended thievery.

if you have any morals, you won’t accept a penny more than you are confident that those who are funding your requirement will receive in their retirements. (Note that those who will be poor elders aren’t paying much in now. You’re living off the earnings of those who will be means tested out of it.

I suggest you promote reform, or your golden goose will DIE.


19 posted on 07/03/2011 6:26:22 PM PDT by Atlas Sneezed (End the "Fiscal Fiasco" in 2012!)
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To: achilles2000

Fix: (at risk of being called a “Marxist”)

Mandate year to year break-even solvency. No borrowing, and no being borrowed from.

Achieve this by floating the retirement age, means testing, and SSI reform, in whatever combination proves politically palatable.

Option: surpluses that would lead to lowering the retirement age below a certain threshold could be rebated to the taxpayers, so baby-”busts” don’t unduly profit with early retirement when taxpayers don’t have the same hope.


20 posted on 07/03/2011 6:32:43 PM PDT by Atlas Sneezed (End the "Fiscal Fiasco" in 2012!)
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To: Anima Mundi

I wonder if people would feel like it was wrong if we just “settled” for getting back all that we paid in, possibly adjusted for inflation.


It’s a fiscally impossible pipe dream. You may as well try to get your Enron investment back, what you originally paid.


21 posted on 07/03/2011 6:34:14 PM PDT by Atlas Sneezed (End the "Fiscal Fiasco" in 2012!)
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To: Beelzebubba

It may be impossible, but would it be wrong for that to happen?


22 posted on 07/03/2011 6:39:58 PM PDT by Balding_Eagle
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To: Balding_Eagle

It may be impossible, but would it be wrong for that to happen?


No more wrong than scooping and eating up skittles shat by unicorns.

But in reality, the money isn’t there. It WOULD be wrong for the government to borrow to pay you what you think you’re owed.


23 posted on 07/03/2011 6:42:04 PM PDT by Atlas Sneezed (End the "Fiscal Fiasco" in 2012!)
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To: DuncanWaring
Social Security is a trivial problem at this point.

Trivial? The so-called entitlement programs are driving our indebtedness and represent an unfunded liability of over $60 trillion over a 75 year period. Take a look at these figures for the FY-2010 federal budget.


24 posted on 07/03/2011 6:42:15 PM PDT by kabar
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To: rabscuttle385

Politicians have been saying SS is “fixed” since Jimmy Carter. They ALL knew it was a lie but they got re-elected and most of them got a great retirement. But not from SS. They had their own retirement program.


25 posted on 07/03/2011 6:44:28 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Beelzebubba

There are two parts to the question. I simply asked the moral part, would it be wrong?
.
That you ducked answering that question is not surprising.


26 posted on 07/03/2011 6:54:02 PM PDT by Balding_Eagle
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To: Gator113
Haven’t you ever heard that a “Twinkie” will last forever.

Possums, not so much.

Based on how I feel each morning when I wake up (and am surprised), I can understand that.

OP

27 posted on 07/03/2011 7:06:43 PM PDT by OldPossum
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To: Twinkie

Twinkie, I could have not said it any better. Thank you.....


28 posted on 07/03/2011 7:17:43 PM PDT by eeriegeno (<p>)
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To: OldPossum

You are not alone.

I have gone from telling my wife, “good night, I love you” to “just in case... good night, I love you”.

Oh to be young again......


29 posted on 07/03/2011 7:19:48 PM PDT by Gator113 ("GAME ON." I'll be voting for Sarah Palin, Liberty, our Constitution and American Exceptionalism.)
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To: rabscuttle385

“Don’t you understand? The money is not there any more.”

It’s there to pay as long as i’m going to be alive, don’t screw with it!


30 posted on 07/03/2011 7:27:33 PM PDT by dalereed
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To: Beelzebubba

“It WOULD be wrong for the government to borrow to pay you what you think you’re owed.”

The government won’t have to borrow until i’m dead so just keep paying into the system sucker!


31 posted on 07/03/2011 7:37:10 PM PDT by dalereed
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To: dalereed

The government won’t have to borrow until I’m dead so just keep paying into the system sucker!


Such a moralist!

You will gladly bankrupt the future as long as you don’t have the consequences during our life.


32 posted on 07/03/2011 7:43:04 PM PDT by Atlas Sneezed (End the "Fiscal Fiasco" in 2012!)
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To: Twinkie

Means Test all entitlements (SS, Medicare, State Pensions, Corporate Pensions, etc.)

That’s the fix we need. Like all taxes, SS and Medicare is a tax, not a trustfund. If someone needs help, we should help.

Problem fixed immediately.. and our economy will be powerful and competitive for the long term..


33 posted on 07/03/2011 7:46:13 PM PDT by Count of Monte Logan
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To: dalereed

It’s there to pay as long as i’m going to be alive, don’t screw with it!


No it isn’t. All that remains is the dubious and evil power of the government to borrow from future taxpayers to send you a check. There is NO MONEY SAVED!


34 posted on 07/03/2011 7:46:27 PM PDT by Atlas Sneezed (End the "Fiscal Fiasco" in 2012!)
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To: Beelzebubba

“You will gladly bankrupt the future as long as you don’t have the consequences during our life.”

Seeing the sewer this country was headed for 50 years ago we decided not to have childern that would have to live through it.


35 posted on 07/03/2011 7:50:21 PM PDT by dalereed
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To: rabscuttle385; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; InShanghai; ..
Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.

36 posted on 07/03/2011 7:51:44 PM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: rabscuttle385

And many would say back - “Don’t you understand. It is what I planned on living on after I can no longer physically and mentally work.”


37 posted on 07/03/2011 7:52:34 PM PDT by marsh2
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To: rabscuttle385

Social Security is a ponzi scheme. I thought everyone already knew that.


38 posted on 07/03/2011 7:56:22 PM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: kabar

Remember when ‘Excise Tax’ was 100% and there were no other categories?


39 posted on 07/03/2011 7:57:55 PM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: kabar
The so-called entitlement programs are driving our indebtedness and represent an unfunded liability of over $60 trillion over a 75 year period.

Bah!

$60 trillion over a 75 year period?

That's not even $1 trillion per year.

There's a hole nearly three times that size in THIS YEAR'S budget.

40 posted on 07/03/2011 8:04:47 PM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: rabscuttle385

Agreed. End it.


41 posted on 07/03/2011 8:20:43 PM PDT by familyop ("I'm going to cut open his head and eat his brain." --Deacon, "Waterworld")
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To: DuncanWaring
There's a hole nearly three times that size in THIS YEAR'S budget.

And what is driving that hole? Take a look at expenditures and revenue. Do you know that by law, 75% of Medicare Parts B and D must come from the General Fund. The projected expenditures for those two programs in FY-2011 are $295 billion. 75% of the costs are paid by the General Fund.

And Medicare Part A (HI Trust Fund) has already started redeeming its IOUs since 2008, which means the General Fund must come up with $263 billion to pay benefits minus the current $229 billion in revenues. This shortfall will increase as the baby boomers retire, i.e., 10,000 a day from now until 2030. And the situation becomes worse as medical costs continue to increase.

Medicare already spends more than it receives in dedicated taxes and premium payments. As baby boomer retirees begin to flood the system, the impact will be felt by every other federal program:

• Currently, Medicare claims about 11 percent of federal nonentitlement tax dollars.

• By 2020, Medicare deficits will claim one in every five federal tax dollars that are not already dedicated to Medicare and Social Security.

• This means that in just 13 years the federal government will have to stop doing one in every five things it does today if taxes are to remain at their current level and projected Medicare benefits are paid on behalf of the disabled and the elderly.

• By 2030, the deficits in Medicare will claim one in every three general revenue dollars; by 2050, they will claim one in every two.

In net-present-value terms, Social Security owes $9.1 trillion more in benefits than it will receive in taxes. The 2011 number consists of $2.6 trillion to repay the special-issue bonds in the trust fund and $6.5 trillion to pay benefits after the trust fund is exhausted in 2036. This is an increase of $1.2 trillion from last year’s report, but that number also reflects several changes in assumptions and methodology. In addition, the 75-year period covered by the 2011 report adds 2085—a year in which the system is predicted to run a massive deficit—into the calculation period.

Starting in 2010, Social Security began to permanently spend more than it takes in. From now on, Social Security will require large and growing amounts of general revenue money in order to pay all of its promised benefits. Even though this money will come technically from cashing in the special-issue bonds in the trust fund, the money to repay those bonds will come from other tax collections or borrowing. The billions that go to Social Security each year will make it harder to find money for other government programs or will require large and growing tax increases.

Compared to 2010, 2036—the year that the Social Security trust fund is projected to run out of its special-issue bonds—is of little importance. Even though the end of those bonds will make it necessary to reduce benefits by approximately 25 percent, Congress will have been paying about $250 billion a year (in 2011 dollars) to repay those bonds for about seven years by the time the trust fund runs out. Congress will have to do this through some combination of other spending cuts, new taxes, or additional borrowing. These are the same choices Congress would face without the trust fund.

42 posted on 07/03/2011 8:23:08 PM PDT by kabar
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To: rabscuttle385

This is more or less how Herman Cain put it at the last debate, that it was our grandchildren going off a cliff instead.

Maybe someday, a politician will ahve the balls to stand up and say:

“Yes, it’s broke. Yes, it sucks...and no, there’s nothing we can do. Tough sh*t. Should’ve voted for better leaders back in the 60s and 70s.”


43 posted on 07/03/2011 8:23:15 PM PDT by RockinRight (If we're "teabaggers" then they're "d-baggers.")
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To: RockinRight
Why Social Security is a Ponzi Scheme
44 posted on 07/03/2011 8:26:07 PM PDT by kabar
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To: Beelzebubba

But it is still intergenerational theft. I would favor confiscating the assets of every politician who voted to continue SS, etc., to compensate those who have paid th etax, but it wouldn’t be enough to matter and, more to the point, it would never happen.


45 posted on 07/03/2011 8:28:29 PM PDT by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: kabar
By 2020, ... By 2030, ... by 2050, ...

You're worried about ten, twenty, forty years from now?

If we don't put a stop to the nearly-two-trillion-dollars we're spending every year that we don't have, we will envy the Weimar Republic before 2020.

46 posted on 07/03/2011 8:34:22 PM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Twinkie

FYI, I’m very nearly SS age.

“Contributions” to the government made at the point of a bayonet or under threat of prison are taxes. I think you know that nobody “contributed” anything. A contribution is a voluntary act.

The only people deceived by the “paid in”, “trust fund”, “contributions” language were those who wanted to be taken in, didn’t want to find out, or resided on the left hand side of the IQ Bell Curve.

The taxes that you paid that were transferred to my grandparents - only two of which ever collected anything - do not justify continued intergenerational theft. Moreover, the SS taxes that the current generation pays and that the next generation would pay if the system were to survive are vastly more than you paid and will be much more than I will have paid when I finish making my “contributions”.

The problem is exactly the attitude the FDR knew he was creating - an attitude of entitlement to other people’s money. Your post is evidence that we lack the character to save ourselves.


47 posted on 07/03/2011 8:39:01 PM PDT by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: Gator113

Yep. The songwriter had it nailed: youth is wasted on the young.


48 posted on 07/03/2011 8:43:02 PM PDT by OldPossum
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To: DuncanWaring

I think you should review the graphs I provided again. The entitlement programs plus Medicaid and other mandatories make up almost half the budget. And it is more than half when you add debt servicing costs. Our deficits are being driven by the welfare state and an aging society. As Ryan has said many times, health care costs are driving our growing deficits and the national debt. We can’t afford the promises made. SS is permanently in the red, so is Medicare.


49 posted on 07/03/2011 8:53:24 PM PDT by kabar
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To: achilles2000

Balderdash!! We STILL work and pay income taxes at 68 & 65. Go ye and do likewise. Hop to it; quit standing in arrogant ignorance over us “elders”, bawling, bleating, making sweeping arrogant accusations, predicting a gloomy and defeatist future instead of working to correct things while they still may be corrected. Encourage those you know on welfare to get to work instead of on welfare, vote conservative. Do something instead of bashing senior citizens. But, NO! You keep condemning and splitting hairs. Your post exhibits poor character and a thick head.


50 posted on 07/03/2011 9:36:11 PM PDT by Twinkie (For whoever shall call upon the name of the Lord shall be saved. Romans 10:13)
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