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The Safety Net Shreds
Investors.com ^
| March 29, 2010
| INVESTORS BUSINESS DAILY Staff
Posted on 03/29/2010 4:15:30 PM PDT by Kaslin
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1
posted on
03/29/2010 4:15:30 PM PDT
by
Kaslin
To: Kaslin
Get ready for means testing!
2
posted on
03/29/2010 4:16:25 PM PDT
by
JoSixChip
(It's time to embrace the madness! The sooner we default the sooner we can reorganize.)
To: JoSixChip
Yes. That's the ticket.
I have been forced to pay into this scam for almost 40 years now and will probably never collect a cent of it in return.
That's why my plan for retirement was completed totally independent of any calculation on Social Security.
To: Kaslin
It really is all unsustainable. At some point something will have to give.
To: johniegrad
Yeah, mine too. Which is why we’ll both get screwed.
5
posted on
03/29/2010 4:20:56 PM PDT
by
Cyber Liberty
(Build a man a fire; he'll be warm for a night. Set a man on fire; he'll be warm the rest of his life)
To: Kaslin
Yep, what I’ve been saying. And they could print more money, but they’re shying away from that this time. Why? Because there’s not enough manufacturing to tax for it, this time. The money wouldn’t only be inflated. It would be truly worthless. And government employees won’t benefit from worthless money any more than the rest of us.
And the communist takeover that so many of us are harping about? It can’t happen without heavy manufacturing. What are they going to take over—our factories in China?
6
posted on
03/29/2010 4:21:07 PM PDT
by
familyop
(cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote.)
To: JoSixChip
Means testing & higher retirement age coming soon. The producer class will lose its benefits. The consumer class will have cradle to grave income courtesy of Uncle Sam’s redistribution of wealth. After all, it is “fair”.
7
posted on
03/29/2010 4:22:21 PM PDT
by
Soul of the South
(When times are tough the tough get going.)
To: Kaslin
"Revenues also shrank due to fewer paychecks to tax."
How about telling the truth that DC spent the money and now can not repay it due to lack of new money coming in.
8
posted on
03/29/2010 4:23:57 PM PDT
by
guitarplayer1953
(Rebellion to Tyrants is Obedience to GOD! Thomas Jefferson)
To: johniegrad
I think the 401k that people save in to supplement their SS income will be the reason they don’t receive any SS. I have a small 401k, only enough to take advantage of the company match. All other savings has been cash. Which comes in handy now that I have been layed off for 15 months.
9
posted on
03/29/2010 4:25:04 PM PDT
by
JoSixChip
(It's time to embrace the madness! The sooner we default the sooner we can reorganize.)
To: Kaslin
Besides means testing and pushing back retirement age, here's what else will happen; anyone with an independent federal pension (less Pres./Vice-pres., Congress, and Judges) will be required to offset his Social Security Benefits dollar for dollar from the federal pension. In other words, people receiving earned benefits will have to pay out of those benefits to receive Social Security Benefits.
Of course, those who have not earned any benefits will still get everything they want as entitlements.
10
posted on
03/29/2010 4:31:38 PM PDT
by
DakotaGator
(Weep for the lost Republic! And keep your powder dry!!)
To: johniegrad
Anyone who's in their 40s or younger (such as myself) must simply conclude that Social Security will not be there when we reach retirement age (as distinct from retiring, which our erstwhile "parents" - those "wonderful" baby-boomers - have made well-nigh impossible), and that the monies we pay in as payroll taxes are nothing more than a species of general income tax revenues, and not part of some false, fraudulent, phony "social safety net" that will be there in our old age.
Quite frankly, by now we should be getting used to being played for sukkahs by our parents - it has long been apparent that the baby-boomer generation is one of the worst in history.
11
posted on
03/29/2010 4:31:57 PM PDT
by
Oceander
(The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
To: johniegrad
My husband and I paid into the program for a combined 60 years and we just started collecting. We don’t have much of a choice about depending on social security. What were these idiots thinking when they declined to address the problem of social security when Bush was President? This absolutely makes me sick.
12
posted on
03/29/2010 4:45:24 PM PDT
by
mia
To: Oceander
Agreed. I’m a Baby Boomer, and I say, “Cut ‘em off!” Simply shut down Social Security and all of that. You’ll have that chance after the big default. Just make sure that you abolish the anti-competition zoning laws against small manufacturing operations, so that rebuilding will be possible.
13
posted on
03/29/2010 4:48:27 PM PDT
by
familyop
(cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote.)
To: mia
What were these idiots thinking when they declined to address the problem of social security when Bush was President?Kick the can down the road aways. Since it would be politically unpopular to fix, they try to make someone else fix it.
When all you are about is getting elected, you have no interest in the tough decisions or following a moral code if it costs you votes.
To: familyop
Agreed. And considering that the union puppet-masters are now pushing for the fascists, I mean democrats, to seize all private pension/retirement arrangements, forget about using a 401(k) or other tax-advantaged arrangement to save for your retirement years, it's time to go back to doing it the old-fashioned way, the way that the greatest generation, and their parents, did it - scrimping and saving and buying blue-chip stocks bit by bit and holding on to them for the long, long, long term (no tax until disposition, at least). They managed to do it, and so can we.
In the meantime, the grim reaper will, ultimately, solve the "problem" of the baby-boomer generation for us (no insult to you as an individual intended - there is a definite distinction between individuals who happen to be in the same age cohort as the baby-boomer generation and the generation itself, as typified by the individuals who "speak" for the generation qua generation).
15
posted on
03/29/2010 4:56:08 PM PDT
by
Oceander
(The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
To: Kaslin
The insanity begins to collapse on itself.
To: Kaslin
Everything that happens while the dems are in control is “unexpectedly”.
17
posted on
03/29/2010 5:31:13 PM PDT
by
exnavy
(May the Lord grant our troops protection and endurance.)
To: JoSixChip
My advice to you is cash in that 401K before the marxists get it, too.
18
posted on
03/29/2010 5:33:38 PM PDT
by
exnavy
(May the Lord grant our troops protection and endurance.)
To: familyop; Oceander
>Im a Baby Boomer, and I say, Cut em off!
Ah, a sane one!
>Simply shut down Social Security and all of that.
Not only that, replace the progressive income tax with an across-the-board individual income tax (the IRS could then be disbanded and/or folded into the FBI). (No corporate tax.) Disband the Dept of Education, Dept of Energy, Dept of Labor, Dept of Transportation (actually DOT could be re-chartered to EXCLUSIVELY enforce the interstate commerce regulation clause; depriving Congress of that rationale). Start going through the [Federal] lawbooks and throw out EVERYTHING that isn’t specifically authorized by the constitution. Make it legal for duels in Federally controlled districts/’properties.’ (This will solve the “term-limit problem”... if the Constituents are determined enough.)
As you can see, I have no hope of ever being elected.
>Youll have that chance after the big default.
We shall see.
19
posted on
03/29/2010 5:44:35 PM PDT
by
OneWingedShark
(Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
To: Cyber Liberty; johniegrad
Some numbers for you guys...
Life to date I’ve paid in $230,095 and by the time of retirement in 2021 will have paid in more than $365,000...
At 5% earnings compounded I would have a fund worth just under $1,000,000 that could pay me a benefit of $60,000 per year to age 95 (not that I’m going to live that long and which is a lot less than the benefit that would actually be paid) with over $200,000 remaining in the fund at death...
At 8% earnings compounded it is obscene how much cash there would be...
If that’s not theft I don’t know what is...
20
posted on
03/29/2010 5:49:12 PM PDT
by
BamaBlue
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