Posted on 04/28/2012 4:36:33 PM PDT by SeekAndFind
“Even though employees are required to contribute, there is no right to collect, at least according to SCOTUS.”
Exactly, And when the crap hits the fan then I really wonder if the government will pay out one more dime to SS. There are so many other things they may consider more important. And at that point it will be Martial law anyways. Not much of a chance at that point that there will be any more elections.
/J.G.Wentworth- I really hate that commercial.
Al Gore thought it should be in a lockbox. I would have rather seen Al Gore in a lockbox (in St. Elizabeth’s))
Look at the GM bankruptcy - about 800 years of economic law was upended whereby bondholders were stiffed and got nothing. “Normally”, in a bankruptcy, bondholders are senior and get paid first, before anyone else.
My guess is that were things to get really dicey, foreign creditors will/are get paid first. If the problem was just limited to social security, that would be another matter but when taken in aggregate the fiscal problems look pretty bad. Trillion dollar deficits, state and local governments insolvent, manufacturing jobs long ago gutted and shipped offshore, etc etc, it’s a long list of horrors.
Mencken had it right a hundred years ago - “Elections are advance auctions of stolen goods.”
Yes, how can that be allowed to stand?
What's the latest on that, are there mega civil suits and why not?
Just an acre with a working well and I’m good to go.
It’s “allowed” because if nobody stops them, they get away with it. All the laws in the world mean nothing if nobody can enforce them.
The MF global debacle is similar in that respect. This type of $h&t is just getting wound up, imo. Many people don’t have a clue what’s happened, much less what’s coming down the pike. They still seem to think that installing another politician will patch things up.
Wake up you idiots, regurgitating everything the leftist say an do is not news, and is the number one reason why you are the old media and a dying news outlet.
No one reads you anymore, Americans cannot trust what they read in your newspaper! This article about the ss trust fund is just another example of the Washington bubble, unable and unwilling to get the facts right, again!
Absolutely. Just give me 5X4 and I can stack enough candy boxes in there to make more on a daily basis than the Chief Justice ~
It's huge.
In fact, the assets owned by the US Government are so enormous we can't actually debase our currency even when we try. We are the world's reserve currency because we have the reserves!
If they’re going to cut the retirement income they’ve promised everyone (I know it’s a Ponzi scam, but they pretend it’s not, so I will to), how about letting some portion of IRA/401k funds be withdrawn tax-free to compensate?
I would prefer turning Social Security into a means-tested welfare program, but if it takes exhausting a fictitious ‘trust fund’ to get it under control, that’s better than nothing.
Did I miss something in the article,The contributions to social Security come strictly from Payroll deductions which Obama has cut in half and called his Middle class tax cut the past couple of years to the tune of hundreds of Billions of dollars from the social security trust fund. Is it just a Coincidence since that so called payroll tax cut went into effect The trust fund Insolvency has Accelerated? How come NO ONE MENTIONS THAT?
For sure - if it had been a trust fund, and managed like one (and only used to recompensate actual "donators"), it would be awash in cash.
If you want tax free withdraws, then you need to contribute to a Roth IRA or a Roth 401K if your company offers it. That said, there is no guarantee that politicians of the future won't reverse course and tax the crap out of it..
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