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The collapse of Social Security has been a fear of many Boomers who are now collecting it. It should have been privatized years ago so that instead of being invested in worthless government securities, workers could have put it into companies like Enron, Pan Am, GM, etc.
Even factoring in the boomers and their SS benefits, SS is projected to be solvent through 2035. After that, many boomers will be dead and there will be more people paying into the system than receiving benefits. Those who keep targeting SS are playing "chicken little" politics. Currently to hear many tell it, the main problems and villians in America are poor brown people from south of the border, single moms on welfare, seniors on fixed income receiving SS and social progressives who keep funding the programs. Nobody in this group mention the looting of the country by banks and corporations or the continued flight of corporations to foreign lands at the expense of the American, working middle class.
Leave Social Security alone!!!!!! It does you no harm and helps 42 million seniors live independant lives and not be a burden to their children.
"Social Security expenditures are expected to exceed tax receipts this year for the first time since 1983. The projected deficit of $41 billion this year (excluding interest income) is attributable to the recession and to an expected $25 billion downward adjustment to 2010 income that corrects for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink substantially for 2011 and to return to small surpluses for years 2012-2014 due to the improving economy. After 2014 deficits are expected to grow rapidly as the baby boom generation’s retirement causes the number of beneficiaries to grow substantially more rapidly than the number of covered workers. The annual deficits will be made up by redeeming trust fund assets in amounts less than interest earnings through 2024, and then by redeeming trust fund assets until reserves are exhausted in 2037, at which point tax income would be sufficient to pay about 75 percent of scheduled benefits through 2084. The projected exhaustion date for the combined OASI and DI Trust Funds is unchanged from last year’s report. The long-run financial challenges facing Social Security and those that remain for Medicare should be addressed soon. If action is taken sooner rather than later, more options will be available and more time will be available to phase in changes so that those affected have adequate time to prepare."
They would be taken care of by their friends and relatives like the day BEFORE the program was passed.
If you think that "friends" and "RELATIVES" of needy people take care of them, you are very sadly mistaken. "RELATIVES" especially turn their backs on their own. I mean, after all, taking care of their family members would cost them money!
Social Security is mandated insurance against workers losing their life savings due to the failure of their bank or investments. It is designed to maintain spending during an economic collapse. It also supplements private savings and pensions to increase spending in the economy
I suggest the government maintain control of the social Security system and improve the funding by extending the taxable income to all wages and bonuses and restricting payments to incomes over the 90th percentile. This would increase revenue and reduce spending which would provide solvency to the system.
The collapse of Social Security has been a fear of many Boomers who are now collecting it. It should have been privatized years ago so that instead of being invested in worthless government securities, workers could have put it into companies like Enron, Pan Am, GM, etc.
Yeah, right. And what would have happened to your private "investments" in Dec. of 2007 and then Sept. of 2008?
The collapse of Social Security has been a fear of many Boomers who are now collecting it. It should have been privatized years ago so that instead of being invested in worthless government securities, workers could have put it into companies like Enron, Pan Am, GM, etc.
With all due respect, your opinion is based on disinformation fed to you by the world's greatest propaganda ministry. Please read the law!
The government cannot "privatize" SocSec because participants are what props up the "legal tender". The instant 51% leave SocSec, the "dollar bill" collapses... insufficient collateral.
Why do you think that government calls enumerated Americans "human resources"? All numbered Americans are sureties on an impossible debt.
To illustrate our dire circumstances, you need to read the law and know exactly what is what.
1. The public (or national) debt is about to exceed 14 trillions. By law, that computes to about 700 billion ounces of gold, stamped into coin. The problem is that there is only 5.3 billion ounces world wide (estimated 2009).
2. This impossible to pay debt cannot be questioned - BY LAW. (See 14th amendment, clause 4)
3. Federal reserve notes (dollar bills) are IOUs denominated in dollars, but are not dollars. They're promises to pay face value in the future. But Congress repudiated that promise in 1933.
4. Congress is barred, by law, from questioning the validity of the impossible to repay public debt, are trustees of their own bankruptcy, have tricked millions into underwriting THEIR perfidy, paying a massive "skim" in debt service, and are using every scam to distract us from blaming them... including throwing the president "under the bus" by transferring powers to him in this "State of Emergency" since 1933.
I expect my Social Security checks, when added to my pension and savings, will allow me a comfortable, if frugal, retirement. It may also subsidize another try at a business venture.
Thanks for your contribution.
BTW - Without Social Security many elders would be abandoned. I, for one, would have never given my step father a dime. He did not deserve my help.
I expect my Social Security checks, when added to my pension and savings, will allow me a comfortable, if frugal, retirement. It may also subsidize another try at a business venture.
Thanks for your contribution.
BTW - Without Social Security many elders would be abandoned. I, for one, would have never given my step father a dime. He did not deserve my help.
They would be taken care of by their friends and relatives like the day BEFORE the program was passed.
Exactly..............or they would be on a welfare program that they never contributed to.
People that want to do away with SS very seldom consider the whole picture.
How many of them would like to support their elderly parents? Do they really want their parents moving in with them when they become too old to work?
Most people live from paycheck to paycheck and don't save anything for retirement.
Think of all of the people that just barely survive on minimum wage jobs..........they would all end up on welfare paid by the taxpayers.
Do the people that want to do away with SS or SS disability ever wonder what they would do if they became disabled before they can accumulate their retirement nest egg?
People that would take their SS tax money and wisely invest it, would still end up paying to feed and house those that don't.
Just imagine how high our taxes would be if everyone who is now depending on SS to survive was instead put on welfare.
Doing away with SS would be a disaster..........stop and really think about it.
Doing away with SS would be a disaster..........stop and really think about it.
I strongly urge you to READ THE LAW. Your opinions and conclusions are the result of decades of indoctrination by the world's greatest propaganda ministry. (Even Joseph Goebbels admired the U.S. propaganda ministry and copied it for NAZI Germany)
When you realize what you have consented to, you may be violently ill, and ashamed.
Go read the law, it's available in any county courthouse law library.
Ask "your" representative to send you a copy of the law that compels all Americans in the USA to enroll and participate in FICA. And ask for a copy of the law that punishes ANY American who does not participate.
When you don't get your answer (or can't find the law), then you must ask: who told YOU that it was "the law" that you had to have "a number" to work in your own country?
What were they hiding, that they must use fraud and deception to persuade millions to sign up with SocSec / FICA?
Why was it necessary to get your consent?
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