We'd Save 804 Billion Dollars if we got rid of two programs (wage, illegal)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If we were to cut these programs, what will we do with those who are dependent upon their social security checks to make ends meet? I realize that social security is a governmental scam that brings very poor return for the money that retirees have put into it...
Social Security actually pays a very solid return on one's investment. The only people actually likely to do better than SS over a working liftime are first, those with lots of money, advanced education, specialized knwledge, and the luxury of otherwise free time in which to oversee and manage their investments, and second, those who are lucky. Everybody else is likely to take a bath, many of them in some very cold, deep waters.
Quote:
Originally Posted by Chatteress
What about those of us who are currently paying into the system, will the government issue us a refund (haha ) if social security is abolished or would it be "tough luck folks"?
The latter. Fortunately, there is zero chance that SS will be abolished. It is a far too sensible and successful program even to consider such an option.
Well my annual SS report already has told me that I'm only going to see 75% of what I put in at 65. Then it starts to decrease after that.
I'd rather invest that money in land or a company and have 100% or something tactile for the funds.
I don't think Bush ever put forward an actual reform proposal. He sort of just had a series of speeches where he urged Congress to "take action" without defining the scope or nature of that action. That's probably the biggest reason that whole initiative collapsed.
The biggest reason that the whole initiative collapsed was that there wasn't a grain of truth supporting anything that Bush ever said about Social Security. He indeed never did put forward any actual plan, but the entire impetus behind the push for privatization was to invite those good old boys at the fat cat Wall Street financial houses (you remember them) to walk away with 20-25% of what you thought your retirement nest egg was going to be. Same motivation that was behind the Bushie tort and bankruptcy reform initiatives. Not to mention outright tax cuts for the rich and steering productivity gains into corporate profits and away from wage increases.
Scratch Social Security off your list of things to get rid of.
Welcome to the world of lobbying.
Also, I disagree with your premise that we should not be taking care of our older population, which is what SS and Medicare is designed to do. How about dealing with illegal immigrants? They are far more detrimental to this country than old folks who've already paid their dues.
There are fundamental flaws in government run programs like SS, liberty wise and government being financially responsible wise.First,as a retiree after working 40 to 60 years having government deduct SS out of your paycheck when you can collect they dictate how much they will send you in monthly checks and while you may have contributed thousands upon thousands of dollars they send you $700 or $800 a month and many never receive back the amount they contributed.In my retirement years if I have put in $200,000 I would like to live good with that instead of a $700 check that hardly pays for squat.
And they tax you on it again,and the amount you never collect the government keeps.Also whether Dems Or Republicans they never can stop from over spending it,and always under estimate how much a government program will cost so they ultimately demand even more money from you and I.Maybe if the politicians were made financially responsible for the amount they **** away they would be less quick to see it as their money and see it more as your money.
That was then. I'm nearly certain that the money I've paid into the system is gone forever. I'll be shocked if I get a single check from So-So security. Changing the system now might be acceptable and maybe even preferable to continually propping it up.
The last time we "propped it up" was 1983, and there is no reason on earth to expect that you will not receive SS benefits just like everyone else. Even the absurdly pessimistic SS Trustees Report concedes that the retirement program is fully funded to meet all benefit obligations through 2039. The parallel but less frequent series of CBO assessments are also quite pessimistic in their assumptions, but they have nevertheless concluded that the system -- exactly as is -- will meet 100% of obligations through and beyond 2050.
The last time we "propped it up" was 1983, and there is no reason on earth to expect that you will not receive SS benefits just like everyone else. Even the absurdly pessimistic SS Trustees Report concedes that the retirement program is fully funded to meet all benefit obligations through 2039. The parallel but less frequent series of CBO assessments are also quite pessimistic in their assumptions, but they have nevertheless concluded that the system -- exactly as is -- will meet 100% of obligations through and beyond 2050.
uhhh if you read your annual report from the SS administration you already know that's not true. Have you not looked at it?
Hi i was looking through the CBO budget and realized. We have to make tough choices i think we should start taking steps to reform Medicare and Social Security. Bush, tried to reform social security, but no one wanted to hear it, so we need to make the tough decision. I'm against nationalized health-care, we just cannot afford to have debt equaling more than 20% of GDP it is not sustainable.
If we did this we could balance the budget.
Who is with me no more socialism, not here, not now, not ever????
If we save a billion someone will spend a trillion,the "problems" will never end for a reason.
By definition, people who claim that SS is a Ponzi Scheme don't know what they are talking about. SS is a social insurance program. All insurance programs use current premiums to pay current claims or benefits, in most cases setting premiums high enough so that an excess is created that can be set aside as a reserve against expected or unexpected future increases in claims. This is hardly how a Ponzi Scheme operates.
Quote:
Originally Posted by ViewFromThePeak
The first ones in are able to receive socialized welfare on the backs of those currently working. SS #1 received the most gain (something like 100,000% gain?) and the currenting youngins' will receive far less than they pay into the system. Like all good Ponzi schemes, it pays to get in first.
The first SS benefit recipient was Ernest Ackerman. His lifetime benefits totalled 17 cents. The first recipient of an SS annuity was Ida May Fuller. She had worked in covered employment for three years, contributing $24.75 in payroll taxes. By the time she died in 1975 at the age of 100, she had received $22,888.92 in benefits. You will not do as well as she did, but like her, you will never be able to outlive your cost-of-living adjusted annuity.
WHOOPY DOO I 'll receive my "benefits" when I hit retirement age whatever that is...
If they took 300,000 out of my checks when I hit the age of "retirement" the government should send me a 300,000 check maybe with some interest and say "thankyou for lending us the money,here it is back paid in full".
LOL fat chance that happening,instead they say "you contibuted $300,000 there for you are eligable for $1000 a month which of course is taxable income".300,000 in certain parts of Florida will buy a decent 100k house with 200k left in the bank,what does $1000 a month buy compared?I'll tell you what the $1000 a month buys it buys a Democratic party vote because they put you in a situation of depending on them and scare you into thinking you'll be homeless if the Democrats loose office,when if they gave back the $300,000 they took you would have a place paid off without ever worrying about being homeless.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
) if social security is abolished or would it be "tough luck folks"?
