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Old 06-28-2012, 09:34 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
18,678 posts, read 18,933,489 times
Reputation: 15663

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Quote:
Originally Posted by las vegas drunk View Post
It is 2033, not 2038. It has kept decreasing since 2009 or so, so it really could be broke by the end of the decade.

SOON SS will be regularly taking in less than it pays out...........that to me is a broken system.


As for the PHONY SS TRUST FUND............ask a Financial Analyst if it qualifies as a real trust fund, most likely the response would be "NO WAY".
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Old 06-30-2012, 06:03 PM
 
Location: Ohio
22,798 posts, read 15,930,808 times
Reputation: 19278
Quote:
Originally Posted by Escort Rider View Post
Based on what reasoning are you "betting on more like 0%"? And what facts support that reasoning?

If I were a betting man, I would bet on 100% because there will be enormous pressure on Congress to make some changes in Social Security to avoid getting into that 75% payout territory. SS is being honest and conservative in warning people about the possibility of that rather dramatic cut, as they cannot be sure what action Congress will take, if any.
That's true. The Medicare trustees begged for an increase to 3.12% or cutting Medicare spending 17%.

It has now been more than 1 year, and Congress has done neither, so Medicare has been harmed that much more.

In the April 2012 report the Social Security trustees recommended an immediate payroll tax increase to 7.05%.

It's been 2 months and no action on that, and being an election year, I don't think you'll see any action on any more taxes.

Trying to come up with the money to pay for Social Security, and Medicare, and Medicaid and now Obamacare is going to be a nightmare that ends very badly.

Once the Trust Fund is gone, it'll take over $600 Billion to make up the difference and seeing how that is nearly 1/3 of the present tax revenues (which are about $2.1 to 2.3 TRILLION or so), there's no way the US is going to sell that much debt top of debt they're already trying to sell.

Dramatically...

Mircea
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Old 07-01-2012, 12:48 PM
 
12,798 posts, read 16,449,725 times
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This all assumes Congress will not pass a tax increase to cover it, probably a good assumption presently but may change.
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Old 07-26-2012, 06:42 PM
 
Location: Texas
5,070 posts, read 9,340,848 times
Reputation: 1639
Hi xxx, I haven't been active on Linkedin, but I thought I'd pass this on, about your idea, rich people getting visas in the US, and so forth. But I am still working on your idea --

"We need more doers like you than talkers. Do you know how many millionaires in China anesthetize themselves with LV & Gucci & Ferrari? A majority of them would love to buy a U.S. passport for their family and future. A million U.S. to them is two Mercedes for their two concubines. The Mercedes will depreciate, so will the concubines. A U.S. passport does not rust.

Ironically, this is an indirect but shrewd way of repatriating the U.S. Dollars."

On 11/15/11 6:46 AM, xxx-xxx wrote:
--------------------
Good for you, xxxxx.

We need more doers like you than talkers. Do you know how many millionaires in China anesthetize themselves with LV & Gucci & Ferrari? A majority of them would love to buy a U.S. passport for their family and future. A million U.S. to them is two Mercedes for their two concubines. The Mercedes will depreciate, so will the concubines. A U.S. passport does not rust.

Ironically, this is an indirect but shrewd way of repatriating the U.S. Dollars.
------------------------------------------------------------------------------------------------
Adopt the Fair Tax. It costs less than the Internal Revenue Service way of getting money from us.
------------------------------------------------------------------------------------------------
Get rid of many regulations, especially those that cost a lot of money.

If you like any of these or all of them, please write your Congressman and pass these thoughts on to others.
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Old 07-27-2012, 11:51 AM
 
Location: San Diego California
6,797 posts, read 6,625,449 times
Reputation: 5180
Quote:
Originally Posted by Mircea View Post
That's true. The Medicare trustees begged for an increase to 3.12% or cutting Medicare spending 17%.

It has now been more than 1 year, and Congress has done neither, so Medicare has been harmed that much more.

In the April 2012 report the Social Security trustees recommended an immediate payroll tax increase to 7.05%.

It's been 2 months and no action on that, and being an election year, I don't think you'll see any action on any more taxes.

Trying to come up with the money to pay for Social Security, and Medicare, and Medicaid and now Obamacare is going to be a nightmare that ends very badly.

Once the Trust Fund is gone, it'll take over $600 Billion to make up the difference and seeing how that is nearly 1/3 of the present tax revenues (which are about $2.1 to 2.3 TRILLION or so), there's no way the US is going to sell that much debt top of debt they're already trying to sell.

Dramatically...

Mircea
So long as the Fed is purchasing the debt, there is no limit on what we can borrow and print. That is the point.
It is the only logical senario for the situation we currently face.
If we do not pay what we have promised there will be a revolution. We must pay, but given current fiscal reality we cannot pay.
Therefore we must create the ability to pay by massive money creation with the Fed purchasing the worthless bonds in exchange. Of course this will have devistating affects on the value of the dollar, but the system will continue, at least for a while.
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Old 07-27-2012, 11:27 PM
 
48,508 posts, read 88,440,292 times
Reputation: 18187
Quote:
Originally Posted by jimhcom View Post
People worry that the government will not be able to pay future Social Security benefits due to the fact that the money paid in to Social Security was loaned to the Federal Government and exchanged for Notes or IOU's.

This fear is baseless. The government will pay Social Security obligations due to the fact that there is no restraint, (except for what it places on itself) on its capability to print money.

The problem with this however is that money printed without a corresponding increase in GDP is inflationary.
The government will make good on its obligation to cut you a retirement check, but what the value of that check will be in actual buying power is what you should be worried about.

The government even now is using every trick in its bag of tricks to deny inflation despite what we all experience and know to be true.

With 78 million baby boomers entering retirement age, the amount of money that will need to be printed will be astronomical.

Of course this will preclude most boomers from really being able to retire despite receiving their Social Security and will exasperate their financial shortcomings due to the fact that the resulting inflation will also cut into the buying power of whatever they can earn in the menial jobs they will be able to find.
Youneed to look up the sicial seciurity law or perhaps read the last SS trusteee report has to just when b law SS will automatically start reducing benfits. They even give a estimae on when unless fund increased. Bascially SS can't be funded by general funds;so printing money makes no difference it just loww3er what money paid is actaully worth under same value conditions.
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Old 07-28-2012, 12:37 PM
 
Location: Texas
5,070 posts, read 9,340,848 times
Reputation: 1639
Quote:
Originally Posted by texdav View Post
Youneed to look up the sicial seciurity law or perhaps read the last SS trusteee report has to just when b law SS will automatically start reducing benfits. They even give a estimae on when unless fund increased. Bascially SS can't be funded by general funds;so printing money makes no difference it just loww3er what money paid is actaully worth under same value conditions.
Fair Tax will cover social security due to the approximately 11,000,000 illegals in the country. I imagine there are more than the above number. The reason these illegals will cover SS is because they are not able to get the prebate. On top of that, there are criminals, as well as millions of people coming to the US and spending money -- all of these people will not have access to the prebate. Heck, we may even have a surplus over and above what is needed for SS.
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