Skip to comments.Guest Post: Obama Jobs Plan - "Screw Future Generations"
Posted on 09/11/2011 3:15:53 PM PDT by Nachum
Friday morning the Schuykill Expressway was jammed again due to an overturned car at Belmont Avenue. My first thought was how anyone could turn their car over at the usual 25 mph speeds on the Schuykill Expressway. My second thought was that I was damned to having to take the route from 69th Street in Upper Darby down Chestnut Street (aka The 30 Blocks of Squalor) to work. I was still steamed by Obamas $450 billion JOBS plan. His new plan was touted as an infrastructure plan when it is nothing but a screw future generations plan. Do these politicians have no shame?
Obama and his minions will tell you that Social Security is a fantastic program. It should not be touched. They declare that it is self funding. That is a bold faced lie. The Social Security Trust Fund has a $17.5 trillion unfunded liability. This is why:
A male average earner who retired at age 65 in 2010 paid out $345,000 in total Social Security and Medicare taxes, but will receive $417,000 in total lifetime benefits ($464,000 for a woman).
A much bigger disparity in taxes versus benefits occurs for couples. In the case of a household with only one wage earner, the taxes paid out were $345,000, but the benefits received by both parties will be $778,000. For two-earner couples where one earned the average wage and the other earned a low wage ($19,400), tax payout was $500,000, but benefits will be $800,000.
Those who retired in decades past saw much bigger returns for their payroll tax investment. But clearly this situation is not sustainable. Its like putting all your expenses on a credit card knowing full well you dont have the means to pay it back. Bankrate.com
(Excerpt) Read more at zerohedge.com ...
It grew to a size in excess of the amount paid out, right?
So long as there are more "new investors" "paying in" than people collecting dividends or cashing out, it works.
The only deviation from Ponzi's plan is that if you die, you lose everything and your estate doesn't inherit your position. When created, the age when you started collecting was a year after the average life expectency. So on average, people paid taxes and didn't live to collect.
That and forcing everyone to "invest" are the only thing that have kept Social Security afloat as long as it has been.
I wish they would put a lock on that box, right now, quit spending it.....
Well, the day before it was closed due to a mudslide. It's the Schuykill. It is always jammed.
“”It’s the Schuykill. It is always jammed. “
my mouth is also jammed when I try to pronounce that name.
It would seem to me if they increase the payroll tax cut for 2012 that it would cause accounting problems sooner rather than later. One way or another, the shortfall will have to be made up. It will either be a decrease in payouts or increased payroll taxes in the future. That means increasing the cap by a substantial amount or lifting it all together. Reducing benefits wouldn't seem likely.
The English language has some wonderfully anthropomorphic collective
nouns for the various groups of animals.
We are all familiar with a Herd of cows, a Flock of chickens, a School
of fish and a Gaggle of geese.
However, less widely known is a Pride of lions, a Murder of crows (as
well as their cousins the rooks and ravens), an Exaltation of doves
and, presumably because they look so wise, a Parliament of owls.
Now consider a group of Baboons. They are the loudest, most dangerous,
most obnoxious, most viciously aggressive and least intelligent of all
primates. And what is the proper collective noun for a group of
Believe it or not ....... a Congress!
I guess that pretty much explains the things that come out of Washington !
That jobs plan is about nothing more than borrowing more money to pay for improved employment numbers going into next year's election. The facts that the improvement would only be temporary and that we'll be going even deeper into debt is beside the point, at least as far as its supporters are concerned.
Actually it sounds like a daily traffic bulletin.
Anyway, Philly ping.
And Chestnut Street is not all that bad a ride for a full-access road through a major city. Frankly, it's less aggravating than the Schuylkill (which he doesn't know how to spell.)
Especially in earlier years when interest rates were much higher. I despise overly simplistic arguments by authors leaving out facts to make their case. The difference is much much smaller.
Maybe they could start taking payroll taxes out of Social Security checks since there will be more retired people than workers.
Yes, I’m joking but I hope the politician don’t see this.
Sure. Just ask them for your statement. You'll see.
My mouth is also jammed when I try to pronounce that name.
Of course. The original author misspelled it. It is correctly spelled "Schuylkill." Now you should have no problem pronouncing the correct spelling.
It's easy. SKOO-kill.
And if they had let me keep my $345K, I would have turned it into two or three times what the gummint intends to give back.
Of course. The original author misspelled it. It is correctly spelled “Schuylkill.”
Bless you! Now what is the correct spelling? :)
Yeah but that doesn't make for a very good rant, now does it?
Especially in 1963 when I was making $69 per month (Military) anything the government took out of my check was felt.
Everyone is happy as pigs in mud that the Food Stamp President has proposed to reduce the SS tax ... duh, isn’t it going broke? If they would raise the age to receive SS to 95, there is a chance SS could survive as structured today. I just love to watch the progressive heads explode every time Perry refers to SS as a Ponzi scheme!
Yep. Pronounced kind of like “school - kill” only fast and slurred together so it comes out sounding more like “skoolkul.” Pretty much forget that sneaky “y” in there altogether.