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"The feds can't be trusted, as history has shown,"
As far as that's concerned, every person due a social security check since it's inception has got one. So blow that statement off.
"the statements I receive annually are a joke."
What's so funny about them? Is it that you made so much money annually that the social security payout is so small in comparison to your needs? Or is it that you made so little and paid next to nothing into the system and the amount you'll be recieving is paltry? Which is it?
"Hard working US citizens are being screwed as SS today is a ponzi scheme"
Another totally false statement. As stated, nobody due a check has failed to recieve one in the history of the program. There are numerous ways to fix the current system that will keep it solvent for decades to come. Raise the cap on the income threshold, raise the age of full retirement benefits and other methods. It needs tweeking just like it did in 1986.
" but what about my children and grandchildren and yours?"
Right now the system is entering a financial hole because all the boomers are coming home to roost. I guess one needs to be reminded that the boomers will not live forever. Once they begin to die off, the social security system will have a massive surplus for your children and your grandchildren.
I've come to the conclusion that those who post doom and gloom about the social security system without any substantiating facts just don't like the word "Social" in any government program. Just MY opinion. As soon as I hear or read the words "Ponzi Scheme", I know that whatever else is said will be bumper sticker, right wing, trash talk.
Let's go to facts :
According to the Social Security administration, the system is short 20.5 trillion dollars today (page 15 of the Trustees Report) JMO - there will not be a massive surplus for your children much less your grandchildren. The system has never once in its ENTIRE history been actuarily sound.
The idea that the changes in 1983 were tweaks is faulty in fact. We passed a massive tax increase primarily on non-voters.
There is no current research that raising the cap will fix anything. It is a dangerous idea because it tries to fix Social Security by breaking everything else. JMO, if we are going to raise new taxes it should be used to control the debt, not shore a failing government program.
The deal in 1983 raised taxes primarily on non-voters. The problem today is that those non-voters of 1983 are a majority of the voting age population. That is why in 2011 you had the first payroll tax cut in history. That is why you have multiple politicians calling it a ponzi scheme - For the record, it isn't a ponzi-scheme. It is structured much more like a check kiting scheme. The two are very different.
[quote=jghorton;24615827]Don't know if this qualifies; perhaps there is something better out there(?)
The Urban Institute, a Washington-based Institute and Policy Center has just published a new report by Eugene Steuerle and Stephanie Rennane - Economists -- regarding the ins and outs of Social Security and Medicare.
Social Security: The study says that the average, 2-wage earner couple earning $89K, retiring in 2011 will have paid $614K in SS taxes and can expect to collect $550K in benefits (10% less than paid in, with NO interest over the years).
Medicare: It also says that the same hypothetical couple will have paid $114K in Medicare taxes during their career, yet will collect $355K (three times the amount paid in).--(There are currently 46-million seniors covered by Medicare. It is estimated that when the last of the boomers reach 65 in 20 years, there will be over 80 million people on Medicare).
While Social Security has been more than adequately funded by individuals who should rightly expect to 'at least get their money back', Medicare is in deep trouble.
Another interesting tidbit:
Correct that higher-earning couples will not get back from Social Security what they put into it, even if the cuts required to prevent total bankruptcy don't take place.
But no, Social Security does NOT have any hypothetical "Trust Fund" money or assets to fund promised benefits for those still in their 50s, because our glorious leaders stole the excess payments (while claiming they "invested them") and used them to fund wars and other government spending. The SS Trust Fund has ZERO actual assets or dollars in it--it has slips of paper saying that when the "borrowed" money is needed, Congress promises to either raise taxes or cut benefits. These IOUs cannot be sold; they are not "assets" and they are not "cash." They are worthless since our government couldn't pay back the money it stole, even if it wanted to. They stole the money and spent it, and now think nobody will notice that SS taxes ALREADY combine with income taxes for rates of close to 50% taxation. As for more cuts to SS benefits, how much of a raw deal must we swallow in my generation, after previous generations basically won a lottery that they did not have to contribute much to?
If not, You are basing you OPINION on no REAL experience yourself, just something you have read.
And we KNOW nobody ever scams the gov't!
Let's just say I've worked on several SSDI applications for other people and am close friends with four ppl on the inside. Depending on what paper pushing job you might have i probably know way more than you do about the overall picture.
If not, You are basing you OPINION on no REAL experience yourself, just something you have read.
And we KNOW nobody ever scams the gov't!
And we know how the government scams the working class.
Little story my wife just relayed to me. Her cousin just retired from the post office, he had also worked as a self employed musician, music teacher and realtor. Initially SS told him that he should have a SS benefit of about $907. Upon further investigation by SS he was told his benefit was going to be $105, not $907 he was first told (might have been the estimate mailing). Why??? Because of the bill Bush signed before he left office cut his SS benefit, something about a windfall, wife didn't have any more details.
So, what this? Someone that paid in at a self employed rate most of his life is now losing most of his SS benefits because of something in that law bush signed.... I'm assuming he is getting a post office pension.
The likelihood to collect is less for low-wage workers. But what TrapperJohn did not add is that they pay much less into the system. The EITC was created in the mid 70s to offset the cost of payroll taxes for low-wage workers. Given that they - according to the SSA - likely to collect as much as 5 dollars of benefits for every dollar of contribution on an inflation adjusted basis. That is without the EITC subsidy.
Childless full-time minimum wage workers earn too much for EITC, burger flippers also have much lower marriage rates than the middle class, e.g. no survivors benefits.
As for more cuts to SS benefits, how much of a raw deal must we swallow in my generation, after previous generations basically won a lottery that they did not have to contribute much to?
But what are you doing about it?
I work with Fix Social Security Now. Don't sit on the sidelines. We maintain a website, www.FixSSNow.org which provides one stop shopping for people interested in Social Security reform. We provide a FB community for people who want an honest debate. Fix Social Security Now | Facebook
The choice is this join the cause. Complain about it on chatrooms. Your choice.
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