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Old 08-29-2011, 10:02 AM
 
Location: Round Rock, Texas
8,380 posts, read 8,371,514 times
Reputation: 6970

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Perry is a "doosh", but he is correct on this one.

50 years ago there wwere at least 16 workers supporting 1 SS recipient. Today there are only 3 supporting 1, and that ratio is getting worse.

So yes, it is a Ponzi scheme.

I've been drawing SS for 4 years.

However, Medicare is a much worse problem.
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Old 08-29-2011, 10:02 AM
 
Location: Londonderry, NH
41,492 posts, read 51,373,616 times
Reputation: 24613
So long as there is a cap on taxable income the fund will be insecure. Apply the tax to all income from all sources and cap the benefits to the lower 80% of wage earners and the system will be solvent forever. The "baby boom" problem has been created by the fact that most of the wealth created by the baby boomers has not been subject to the SS tax.

Senator Sanders (D-VT) has proposed a bill to rectify this glaring deficiency in funding social Security.

Gov. Perry's claims are a bogus as his background.
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Old 08-29-2011, 10:03 AM
 
Location: Wasilla, Alaska
17,825 posts, read 20,224,266 times
Reputation: 6487
Quote:
Originally Posted by mohawkx View Post
The baby boomers are a huge population bubble. The boomers drove our economy to unimagined heights in the 70s thru the 90s.
You seem to have forgotten a few things:
  • Nixon eliminated the US Silver Standard in 1969;
  • The recession from 1974 through 1984;
  • The 1989 Stock Market crash;
  • The 1989-1991 recession;
  • The slow economic growth of the 1990s; and
  • The 1999-2001 recession.

Quote:
Originally Posted by mohawkx View Post
Now that boomer bubble will put a heavy strain on the medicare and social security system as these folks get older and retire. Once the front end of the boomers start to die off, the system as is, will regain stability and be self sustaining with small tweaks.
Right wing Republicans are using the boomer population bubble as an excuse to further their agenda of dismantling all government run social programs. If the right wing has it's way, they will dismantle Social Security, Medicare, Food Stamps, Veteran's Care, Birth Control, the Education System, Repeal the 16th and 17th Amendment, Unemployment Insurance and any other tax payer funded program that is based on serving the best interests of the nation as a whole. Don't be fooled by the rhetoric.
Not all government run social programs, just the federal social programs. Had you bothered to read the US Constitution, you would note that the federal government has no authority to institute any social program. That authority resides solely with the various States. If Massachusetts wants to institute a mandatory healthcare insurance program, or if California wants to create a Social Security system, they both have that authority under the US Constitution. The federal government does not.
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Old 08-29-2011, 10:16 AM
 
Location: Back in COLORADO!!!
840 posts, read 2,111,925 times
Reputation: 1380
Quote:
Originally Posted by 14Bricks View Post
It is a ponzi scheme, I hear people whine "I paid into it, its my money". No actually you paid for the people before you, and when you retire somebody wil be paying for you.(Maybe) When all the baby boomers retire there won't be enough workers to support them. And when I retire there probably won't be any social security.
Hmmm. I don't know if I would call it whining friend....

I mean, my dad just retired in 2009 after working more than 50 years. He DID pay in all of those years, so by my reasoning, he deserves to have it pay out now.

How is that whining?
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Old 08-29-2011, 10:17 AM
 
Location: Greensboro, NC USA
4,580 posts, read 4,401,372 times
Reputation: 1488
Quote:
Originally Posted by mohawkx View Post
The baby boomers are a huge population bubble. The boomers drove our economy to unimagined heights in the 70s thru the 90s. Now that boomer bubble will put a heavy strain on the medicare and social security system as these folks get older and retire. Once the front end of the boomers start to die off, the system as is, will regain stability and be self sustaining with small tweaks.
Right wing Republicans are using the boomer population bubble as an excuse to further their agenda of dismantling all government run social programs. If the right wing has it's way, they will dismantle Social Security, Medicare, Food Stamps, Veteran's Care, Birth Control, the Education System, Repeal the 16th and 17th Amendment, Unemployment Insurance and any other tax payer funded program that is based on serving the best interests of the nation as a whole. Don't be fooled by the rhetoric.
next thing you know they'll be using the "baby boomer echo" (children of the baby boomers or generation X) as an excuse.
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Old 08-29-2011, 10:23 AM
 
Location: Wisconsin
20,357 posts, read 13,878,171 times
Reputation: 5233
Quote:
Originally Posted by gsoboi78 View Post
This certainly won't help Perry with elderly voters, who are the most reliable voters btw

Rick Perry says Social Security is a "Ponzi scheme" and a "monstrous lie" - Political Hotsheet - CBS News
When they see that the government has ripped off the nation, and their grandchildren will never see a SS check, they might just be agreeing with Perry's opinion on it.
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Old 08-29-2011, 10:25 AM
 
Location: Barrington
45,820 posts, read 34,041,047 times
Reputation: 15308
Quote:
Originally Posted by alphamale View Post

It is unsustainable.
And was from day 1.
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Old 08-29-2011, 10:28 AM
 
Location: Wisconsin
20,357 posts, read 13,878,171 times
Reputation: 5233
Quote:
Originally Posted by GreenScoutII View Post
Hmmm. I don't know if I would call it whining friend....

I mean, my dad just retired in 2009 after working more than 50 years. He DID pay in all of those years, so by my reasoning, he deserves to have it pay out now.

How is that whining?
you missed the point entirely!!!

Your dad paid into SS, and he is entitled to his checks, but the money was spent by government, and the only way dad gets his check is thru the tax revenues that the federal government collects each month. If no taxes are collect this month, then the government has no money to pay your dad with.

A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors.
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Old 08-29-2011, 10:29 AM
 
1,460 posts, read 1,671,195 times
Reputation: 1400
How is it NOT a ponzi scheme...money taken from us without our consent for a retirement program and they spend it on everything else instead of saving it and giving it back to the people who paid in. Blew the whole thing and blame us.


Berny Madoff is spending life in prison for this same act, but nobody is to blame the elected officials that screwed us...very pathetic.
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Old 08-29-2011, 11:16 AM
 
Location: Arizona
13,090 posts, read 7,810,719 times
Reputation: 6971
Saying the government has looted Social Security is another favorite falsehood perpetrated by the right wing. The SS fund is transferred into US Treasury Bills which, for those not aware, is the safest and most coveted financial instrument on the planet. Even with the world economy in it's present dire straits, the demand for US TBills has never been higher on the world markets. What did you expect them to do with the SS revenue? Shove it under the matress in the White House?
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