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We spend at least a trillion dollars a year on defense-related programs and the debt associated from the past deficits. These are some of the costs before one goes into the peripheral costs of annual interest on the debt, food stamps and other assistance for military personnel and retirees, nuclear research and nuclear waste cleanup programs in the Energy Department, and so on.
We spend at least a trillion dollars a year on defense-related programs and the debt associated from the past deficits. These are some of the costs before one goes into the peripheral costs of annual interest on the debt, food stamps and other assistance for military personnel and retirees, nuclear research and nuclear waste cleanup programs in the Energy Department, and so on.
This does not negate the over one trillion annually we spend on the entitlement programs. Nor does it mitigate the projected astronomical costs of Medicare and Medicaid.
Here's the funny part of all of this, we have two hands dipping into the total of government revenue, one hand belongs to ordinary people, the other to corporate interests of all types. To look at the cost of the so called entitlement programs without considering the reality of corporate welfare and corporate conniving in regard to their share of contribution is a waste of time; The future will be determined by those who will hopefully learn to participate in their national obligation to democracy.
To continue to allow the conversation to lean toward a debate between parents and their children is foolish to say the least, one generation worried about the cost, the other about the security of it all. I don't think we will ever solve the issues of wealth distribution without taking the risks that are part of any peoples democracy. Maybe we need to look at the entire economic construct and make it work for the masses instead of fighting over the crumbs thrown to us by the real fat hogs at the government trough.
This tug of war between the lower classes and those on top has a lot of history behind it, every nation on earth has at one time or another made some attempt to create an economy that favors the powerful, the ordinary people have always needed to respond to the harshness created by that economic imbalance with a fair amount of violence. I see American's now divided, young against old, poor against the middle, middle against the government, the rich looking for foreign refuge just in case.
In the future we'll need to work things out in such a way that we take care of the largest amount of people rather than the lopsided economy we have now. Sometimes we need to make big changes in the way our government works, and that's best left to the people to decide what the changes are and who needs to be regulated in such a way that the will of the people isn't subordinate to the will of corporations or government. Fighting between the generations over the government dollars won't get us anywhere, I'm for taking a deep breath and sitting back to really consider all options availible to us this issue may well be the center of the next big uprising in America, the pie is shrinking and we're all just as hungry as ever.........
They never raised taxes to cover the increase in the defense budget and the other stimulus programs. The fault is that of the previous admin that raised spending and cut taxes but refused to rein in the imbalance while the economy was growing. Soon or later, the economy goes back into recession and the deficits expand even larger.
Guess I'm among the lunatic fringe. I vote for getting rid of the military. Costa Rica has no standing army and they're a wonderful country. They even have health care benefits for their citizens. Let's put our people ahead of war. Strange concept, I suppose.
Social security needs to be dissolved. It's a RIP OFF. I just got my social security statement 2 days ago. Check out this garbage....
My total social security taxes paid by me and my employers (as of 2009) is $43,410.
I paid in $3,381 last year. (I'm now self employed so no matching from employers, I pay the entire 12.4% social security tax myself) If I continue to pay $3,381 per year until I turn 67 (I'm 41 right now) I'll pay in $3,381 x 26 years = $87,906, add that to the $43,410 I've already paid and that's a total of $131,316.
My monthly benefit at age 67 is an absurdly low $1,188 a month. Divided that $1,188 into $131,316 and it'll take 9.2 years for me to get my money back.
Wow, I'll be 76.2 years old.
The average life expectancy for a white male is 79. If I live that long I'll get my principle ($131,316) plus another 2.8 years worth ($39,916) for a grand total of $171,232.
Now consider this.......
Take the total taxes paid and cut it in half ($131,316 divided by 2 equals $65,658)
Take the $65,658 and divide it by 50 years (assuming I started work at age 20 and finish at age 70) which is $1,313 per year. Keep in mind that's HALF what I've actually paid in social security taxes or will pay. Take that $1,313 per year and invest it into an interest bearing account that pays a mere 2% per year. That's probably 1/4 what the stock market pays. Now watch what happens......
Year 1 (age 20) $1,313 X 1.02% = $1,339 (principle and interest)
Year 2 (age 21) $1,313 (new contribution) + $1,339 (previous balance) x 1.02% = $2,705
Year 3..............$1,313 + $2,705 x 1.02% = $4,098
Year 4..............$1,313 + $4,098 x 1.02% = $5,519
Year 5..............$1,313 + $5,519 x 1.02% = $6,968
Year 6..............$1,313 + $6,968 x 1.02% = $8,446
Year 7..............$1,313 + $8,446 x 1.02% = $9,954
Year 8..............$1,313 + $9,954 x 1.02% = $11,492
Year 9..............$1,313 + $11,462 x 1.02% = $13,030
Year 10............$1,313 + $13,030 x 1.02% = $14,629
Year 11............$1,313 + $14,629 x 1.02% = $16,260
Year 12............$1,313 + $16,260 x 1.02% = $17,924
Year 13............$1,313 + $17,924 x 1.02% = $19,622
Year 14............$1,313 + $19,622 x 1.02% = $21,354
Year 15............$1,313 + $21,354 x 1.02% = $23,120
Year 16............$1,313 + $23,120 x 1.02% = $24,921
Year 17............$1,313 + $24,921 x 1.02% = $26,758
Year 18............$1,313 + $26,758 x 1.02% = $28,632
Year 19............$1,313 + $28,632 x 1.02% = $30,544
Year 20............$1,313 + $30,544 x 1.02% = $32,494
Year 21............$1,313 + $32,494 x 1.02% = $34,483
Year 22............$1,313 + $34,483 x 1.02% = $36,512
Year 23............$1,313 + $36,512 x 1.02% = $38,581
Year 24............$1,313 + $38,581 x 1.02% = $40,692
Year 25............$1,313 + $40,692 x 1.02% = $42,845
Year 26............$1,313 + $42,845 x 1.02% = $45,041
Year 27............$1,313 + $45,041 x 1.02% = $47,281
Year 28............$1,313 + $47,281 x 1.02% = $49,565
Year 29............$1,313 + $49,565 x 1.02% = $51,895
Year 30............$1,313 + $51,895 x 1.02% = $54,272
Year 31............$1,313 + $54,272 x 1.02% = $56,696
Year 32............$1,313 + $56,696 x 1.02% = $59,169
Year 33............$1,313 + $59,169 x 1.02% = $61,692
Year 34............$1,313 + $61,692 x 1.02% = $64,265
Year 35............$1,313 + $64,265 x 1.02% = $66,890
Year 36............$1,313 + $66,890 x 1.02% = $69,567
Year 37............$1,313 + $69,567 x 1.02% = $72,298
Year 38............$1,313 + $72,298 x 1.02% = $75,083
Year 39............$1,313 + $75,083 x 1.02% = $77,924
Year 40............$1,313 + $77,924 x 1.02% = $80,822
Year 41............$1,313 + $80,822 x 1.02% = $83,778
Year 42............$1,313 + $83,778 x 1.02% = $86,793
Year 43............$1,313 + $86,793 x 1.02% = $89,868
Year 44............$1,313 + $89,868 x 1.02% = $93,004
Year 45............$1,313 + $93,004 x 1.02% = $96,203
Year 46............$1,313 + $96,203 x 1.02% = $99,466
Year 47............$1,313 + $99,466 x 1.02% = $102,794
Year 48............$1,313 + $102,794 x 1.02% = $106,189
Year 49............$1,313 + $106,189 x 1.02% = $109,652
Year 50............$1,313 + $109,652 x 1.02% = $113,184
Now here's the best part.......
Social security pays me $1,188 per month (for life) for investing $131,316 in taxes.
I can invest half that and have enough in the bank to pay myself $1,188 per month for 7.9 years or to age 74.9. If I invested the same amount as I did in taxes I'd have enough to pay myself $1,188 per month for 15.8 years. That's age 82.8 if I started withdrawing at age 67 and that's 3.8 years longer than I'm expected to live. And folks that's making a mere 2% of interest.
Now consider if I invested the same money in the stock market and got 5% per year. Consider that in a private account, the money I haven't drawn out yet continues to earn interest and grow. Consider that if I die at age 67, the $131,316 I've paid in taxes is GONE.
Now the scary part. A quote from my Social Security statement........(yes an exact quote)
"Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2037, the payroll taxes collected will be enough to pay only about 76 percent of scheduled benefits."
That means I'm not getting my $1,188 like they are promising right now. Lets assume I'll get 76% of that amount. Now I'm looking at $903 per month which means I won't get my $131,316 tax investment back unless I live to be 79.1 years of age.
($131,316 divided by $903 equals 12.1 years, add that to age 67 and you get 79.1)
Well guess what, that's exactly when I'm expected to die! So I pay in for 50 years and earn ZERO interest on my money!
Social security needs to be dissolved. It's a RIP OFF. I just got my social security statement 2 days ago. Check out this garbage....
My total social security taxes paid by me and my employers (as of 2009) is $43,410.
I paid in $3,381 last year. (I'm now self employed so no matching from employers, I pay the entire 12.4% social security tax myself) If I continue to pay $3,381 per year until I turn 67 (I'm 41 right now) I'll pay in $3,381 x 26 years = $87,906, add that to the $43,410 I've already paid and that's a total of $131,316.
My monthly benefit at age 67 is an absurdly low $1,188 a month. Divided that $1,188 into $131,316 and it'll take 9.2 years for me to get my money back.
Wow, I'll be 76.2 years old.
The average life expectancy for a white male is 79. If I live that long I'll get my principle ($131,316) plus another 2.8 years worth ($39,916) for a grand total of $171,232.
Now consider this.......
Take the total taxes paid and cut it in half ($131,316 divided by 2 equals $65,658)
Take the $65,658 and divide it by 50 years (assuming I started work at age 20 and finish at age 70) which is $1,313 per year. Keep in mind that's HALF what I've actually paid in social security taxes or will pay. Take that $1,313 per year and invest it into an interest bearing account that pays a mere 2% per year. That's probably 1/4 what the stock market pays. Now watch what happens......
Year 1 (age 20) $1,313 X 1.02% = $1,339 (principle and interest)
Year 2 (age 21) $1,313 (new contribution) + $1,339 (previous balance) x 1.02% = $2,705
Year 3..............$1,313 + $2,705 x 1.02% = $4,098
Year 4..............$1,313 + $4,098 x 1.02% = $5,519
Year 5..............$1,313 + $5,519 x 1.02% = $6,968
Year 6..............$1,313 + $6,968 x 1.02% = $8,446
Year 7..............$1,313 + $8,446 x 1.02% = $9,954
Year 8..............$1,313 + $9,954 x 1.02% = $11,492
Year 9..............$1,313 + $11,462 x 1.02% = $13,030
Year 10............$1,313 + $13,030 x 1.02% = $14,629
Year 11............$1,313 + $14,629 x 1.02% = $16,260
Year 12............$1,313 + $16,260 x 1.02% = $17,924
Year 13............$1,313 + $17,924 x 1.02% = $19,622
Year 14............$1,313 + $19,622 x 1.02% = $21,354
Year 15............$1,313 + $21,354 x 1.02% = $23,120
Year 16............$1,313 + $23,120 x 1.02% = $24,921
Year 17............$1,313 + $24,921 x 1.02% = $26,758
Year 18............$1,313 + $26,758 x 1.02% = $28,632
Year 19............$1,313 + $28,632 x 1.02% = $30,544
Year 20............$1,313 + $30,544 x 1.02% = $32,494
Year 21............$1,313 + $32,494 x 1.02% = $34,483
Year 22............$1,313 + $34,483 x 1.02% = $36,512
Year 23............$1,313 + $36,512 x 1.02% = $38,581
Year 24............$1,313 + $38,581 x 1.02% = $40,692
Year 25............$1,313 + $40,692 x 1.02% = $42,845
Year 26............$1,313 + $42,845 x 1.02% = $45,041
Year 27............$1,313 + $45,041 x 1.02% = $47,281
Year 28............$1,313 + $47,281 x 1.02% = $49,565
Year 29............$1,313 + $49,565 x 1.02% = $51,895
Year 30............$1,313 + $51,895 x 1.02% = $54,272
Year 31............$1,313 + $54,272 x 1.02% = $56,696
Year 32............$1,313 + $56,696 x 1.02% = $59,169
Year 33............$1,313 + $59,169 x 1.02% = $61,692
Year 34............$1,313 + $61,692 x 1.02% = $64,265
Year 35............$1,313 + $64,265 x 1.02% = $66,890
Year 36............$1,313 + $66,890 x 1.02% = $69,567
Year 37............$1,313 + $69,567 x 1.02% = $72,298
Year 38............$1,313 + $72,298 x 1.02% = $75,083
Year 39............$1,313 + $75,083 x 1.02% = $77,924
Year 40............$1,313 + $77,924 x 1.02% = $80,822
Year 41............$1,313 + $80,822 x 1.02% = $83,778
Year 42............$1,313 + $83,778 x 1.02% = $86,793
Year 43............$1,313 + $86,793 x 1.02% = $89,868
Year 44............$1,313 + $89,868 x 1.02% = $93,004
Year 45............$1,313 + $93,004 x 1.02% = $96,203
Year 46............$1,313 + $96,203 x 1.02% = $99,466
Year 47............$1,313 + $99,466 x 1.02% = $102,794
Year 48............$1,313 + $102,794 x 1.02% = $106,189
Year 49............$1,313 + $106,189 x 1.02% = $109,652
Year 50............$1,313 + $109,652 x 1.02% = $113,184
Now here's the best part.......
Social security pays me $1,188 per month (for life) for investing $131,316 in taxes.
I can invest half that and have enough in the bank to pay myself $1,188 per month for 7.9 years or to age 74.9. If I invested the same amount as I did in taxes I'd have enough to pay myself $1,188 per month for 15.8 years. That's age 82.8 if I started withdrawing at age 67 and that's 3.8 years longer than I'm expected to live. And folks that's making a mere 2% of interest.
Now consider if I invested the same money in the stock market and got 5% per year. Consider that in a private account, the money I haven't drawn out yet continues to earn interest and grow. Consider that if I die at age 67, the $131,316 I've paid in taxes is GONE.
Now the scary part. A quote from my Social Security statement........(yes an exact quote)
"Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2037, the payroll taxes collected will be enough to pay only about 76 percent of scheduled benefits."
That means I'm not getting my $1,188 like they are promising right now. Lets assume I'll get 76% of that amount. Now I'm looking at $903 per month which means I won't get my $131,316 tax investment back unless I live to be 79.1 years of age.
($131,316 divided by $903 equals 12.1 years, add that to age 67 and you get 79.1)
Well guess what, that's exactly when I'm expected to die! So I pay in for 50 years and earn ZERO interest on my money!
Social security = FAIL.
Don't show the math...concrete numbers and hard facts scare liberals!
It's not entirely an accurate comparison. One-third of the Social Security program is the disability income benefits and the survivor benefits which include children under 18. The other benefit is that you're also eligible for Medicare after that time. The government pays 75 percent of the cost of health insurance.
The math assumes a steady rate of return on investment. What if the investments tank, as they very well might? Many lost 50%-75% of their retirement money in the last four years.
It's not entirely an accurate comparison. One-third of the Social Security program is the disability income benefits and the survivor benefits which include children under 18. The other benefit is that you're also eligible for Medicare after that time. The government pays 75 percent of the cost of health insurance.
I work in a doctor's office and you would be amazed at how many records requests we receive weekly from the Social Security Administration for younger people filing for DISABILITY. Trust me, these people are no more disabled than I am.
We have a 25 year old who had a baby 5 years ago. She has been receiving social security, Medicare and Medicaid since she was about 15 because......she's a little slow upstairs. She attends community college when she's not out partying or she'll work at a fast food restaurant for a brief period. She and her baby and boyfriends are draining our system dry.
Another example, a fifty year old female gets headaches. She's applying. A 60 year old with NO medical problems has decided to file because her husband just retired from his civil service job and now she wants to "retire" also.
I am so angry, I could spit nails!
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