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.
That's an old article, but essentially he's right something has to give. We cannot continue to fund Social Security and Medicare at their present levels without raising taxes or reducing benefits. My generation, the baby boomers, are going to bankrupt the system if things don't change because there are just so many of us. This has been known for decades, but our elected officials have put off doing anything because it's going to be painful and ugly. Politicians have trouble getting elected after enacting painful and ugly legislation.
Fortunately, Greenspan is in serious disgrace in a lot of economic circles and isn't responsible for setting policy anymore.
Which is not to say that, down the bumpy road to some sort of recovery, trimming a lot of things might not be necessary. But it's not right now.
(and you know that article is from 2004, right?)
Millions face shrinking Social Security payments - Yahoo! News (http://news.yahoo.com/s/ap/20090824/ap_on_go_ot/us_social_security_smaller_checks - broken link)
Millions face shrinking Social Security payments - Yahoo! News (http://news.yahoo.com/s/ap/20090824/ap_on_go_ot/us_social_security_smaller_checks - broken link)
That's the fact that the COLA has been adjusted down, not that benefits have been cut.
That's an old article, but essentially he's right something has to give. We cannot continue to fund Social Security and Medicare at their present levels without raising taxes or reducing benefits. My generation, the baby boomers, are going to bankrupt the system if things don't change because there are just so many of us. This has been known for decades, but our elected officials have put off doing anything because it's going to be painful and ugly. Politicians have trouble getting elected after enacting painful and ugly legislation.
Oh, take heart. It isn't all doom and gloom. The upcoming diabetes epidemic will kill us off at increasing rates.
I think in the end we will see social security cuts ans increases in payroll tax. The Breaux commission did extensive study of this and they came to the conclusion that the longer the governamnt waits the worse it weill be to solve. But then committeee took no action. Then of course as require by law the last two predients were warned. Bush made proposals which were not taken. They alos found that mediacre and medicaid were in worse shape.The recession has made the shortfall happen sooner by two year since then and the deficit looms really big now in these issues.Social securioty is in better shape because it is pay go system that varies on when it will stop breaking even in likie 2020-2040. Medicare is pay go but doesn't have the funding and a worsening burden.Medivacid is in teh worse shape because it falls in the budget.The conclusion is that these three programs now take 8% of all revenues that the federal governamnt takes in at like 18% of GDP. In the future they are expected to cost 16% of those revenues'leaving 2% for everything else as the growth in spending is now.This endangers all governament programs of course;especailly other entitlements.Hoos will actaully be the worse off since they depend on others really and produce nothing for OPs benefits.
Millions face shrinking Social Security payments - Yahoo! News (http://news.yahoo.com/s/ap/20090824/ap_on_go_ot/us_social_security_smaller_checks - broken link)
Whats Bad too is I may no longer have Pension after the first of the year,plus my wife may lose her Job. Not looking good.
Whats Bad too is I may no longer have Pension after the first of the year,plus my wife may lose her Job. Not looking good.
hillman
Hillbilly, there is more than one way to surive! You would be surprised at how many families are "out on the road" these days. Check out this website for ideas! About Us
Last edited by Missourimomo; 08-25-2009 at 07:45 PM..
Hillbilly, there is more than one way to surive! You would be surprised at how many families are "out on the road" these days. Check out this website for ideas! About Us
Oh we will be ok.What will hurt us is we consolidated our Bills and took a second Morgage out on the 10 acres we live on.But we have another 10 acres that has a spring running through it and Electric is close.Plus we have a Cabin where for a small cost per year we have use of a Shower House,Water and Trash Pick Up.
I was thinking of selling the Cabin but I'm now rethinking it.What would really hurt is if we lose this place and move to the other 10 acres.I just don't know if I could handle knowing what all we have done here.
hillman
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.
Not looking good.
