The Myth of Social Security Insolvency

You are in for a rude awakening.

Social Security is a ponzi scheme - with the newer entries paying out to the older entries.

There are not enough younger wage earners to put in what the older wage earners will be taking out in about ten years from now.

A couple of percent won't cover it - a 30% tax on your income probably won't cover it. And that will just to pay for those drawing out - with no money set aside at all.

So to you 40% is ok?

That is your relative youth and relative lack of income talking.

When you start a family and are responsible for food, clothing and shelter for a wife and a few children - you will come to see the moral unfairness of paying out 40% of your gross income in taxes.

 

the way to shore up Social Security is to allow massive illegal immegration where the illegals as they do today pay social security tax to cover people not in the work force this way social security won't have to pay the illegals who paid into the system and it will leave social security in the black once the baby boomers have moved on.

 

You're only kidding right?

To begin with those workers would have to find jobs without displacing current workers.

What is unemployment now 14%?

Also if those workers took the supposed low paying jobs that Americans won't do - they won't pay in enough to make much of a difference.

But when they start to collect at the minimum amount the large number of new claimants will just break the system any way.

 

I am kidding however illegals can't draw social security. and all the unwanted Jobs done at a lower wage still adds up when theres lots of them. 14% unemployment now? Thats pretty bad. I see another civil war around the corner.

 

Sorry, I made a mistake.

The national unemployment rate is 9.6%

Michigan's is 14%

Soon to becoming to the rest of the nation...

 

Michigan really needs to re-evaluate what its doing. I know they tried some business friendly stuff but too little too late. They really need to get aggressive. Our Auto industry had another downturn. I bet there is an exodus from Michigan right now.

 

Ya think so!

Also FYI....Cali land is up to 12%

 

Democrats and unions... that's what put Michigan in the spot we find our selves today.

 

I'd feel a lot warmer and fuzzier if I could simply help out folks like your Great-grandmother...without the waste, ridiculous overhead, pathetic rate of return, and confiscatory policy of Socialist Security.

And if you don't think it's a Ponzi scheme--try a Social Security look-alike with your own private money. You'll go to jail.


And Paul...since you're going to raise taxes on the folks who power our economic engine--what will you do in 2011 when there are still no jobs being created? (Because you've destroyed any incBntive to risk/grow/invest because you're punishing acheivement).

I'm trying to remember the last poor person to hire me. I can't seem to remember...

If Obama doesn't wise up and renew some of the tax cuts (with spending cuts--yeah, like either of those will happen)...he will be a one-term president, and people will long for the Carter presidency. That's how bad he will be.

 

yeah, and Bernie Madoff ran a "pay-as-you-go investment program."

 

I just wish that me and the gov't could reach an understanding: I would forfeit every dime of SS I've paid in (not like I'll see it anyway). And in return, I wouldn't pay a dime into SS. Ever. Instead, I would do what I've been doing already--planning for my own future needs.

Yes, I realize that SS is a legitimate safety net. But for many, we'd do much better without it.

 

Ordained ministers do have that option----back yrs ago I opted to stay in---the main reason being---I had to sign a paper stating that I was what is called a "Consentaneous objector" so I refused to sign

 

Of course it's a ponzi scheme - it requires ever increasing numbers of persons to enter the system to sustain it.

Think about it for a minute.

It takes more than one working person to pay in enough taxes to pay out to one retired person.

Eventually those working people retire and an even larger number of newer workers are needed to pay in enough to pay their retirement.

 

Socialism just doesn't work without the infrastruction and the businesses to back them up.

 

Now if you have a willing dupe there to always cover your debts like the American taxpayer, then you have no risk downside...evidence the deplorable activities of the Wall Street banker. You can then add insult to injury by having taxpayers give them money so they can invest in other countries rather than states like Michigan who sincerely need the investment money...Evidence Citi Bank blackballing the state & investing in China. Is that Christian behavior?

 

SS is nothing but an extra tax on my check stub. I'll never see that money again. Of course, I'm not depending on it, but still.

 

Yeah, that's the problem. I can't opt out simply because I think it's a bad, wasteful program.

I cannot, in good conscience, opt out because my religion is against forms of government aid. Can't lie.

 

SS is neither insurance nor a ponzi scheme. SS is two pragmatically unrelated laws - a flat, capped income tax and a universal welfare program.

 

I for one would feel better if it were 2.5 trillion in gold and silver bullion.

HankD