The Myth of Social Security Insolvency

[targus]

If it's coupled with a responsible plan that will not allow further abuse of Trust Fund money and will make SS solvent forever, I could deal with a couple of more percent.

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.

I don't pay as much in taxes as you because income taxes in Florida are unconstitutional. All I pay is a 7% sales tax for my State and local taxes. Forty percent being high enough depends on your income. I don't want to raise your taxes unless you make over $250,000 per year.

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.

 

[Thinkingstuff]

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.

 

[targus]

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.

 

[Thinkingstuff]

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.

 

[targus]

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...

 

[Thinkingstuff]

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.

 

[Earth Wind and Fire]

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%

 

[targus]

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.

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

 

[FR7 Baptist]

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.

SS is not a Ponzi scheme. It is a pay-as-you-go social insurance program.

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.

I am relatively young and I'm loving it. You used to be young too. In regards to my relative lack of income, that's true. With my last job, I had more money coming in than I ever had. After paying my college tuition and books, I need to find another job within a few months or I'm going to run out. What ever I do next will probably entail a substantial cut in the rate of pay, but I anticipated that. I will say that my FICA and Federal tax withholding appears reasonable. In fact, it makes me feel warm and fuzzy inside that my FICA taxes are being used to pay SS to old people like my 99-year old great-grandmother.

 

[rbell]

SS is not a Ponzi scheme. It is a pay-as-you-go social insurance program.

I am relatively young and I'm loving it. You used to be young too. In regards to my relative lack of income, that's true. With my last job, I had more money coming in than I ever had. After paying my college tuition and books, I need to find another job within a few months or I'm going to run out. What ever I do next will probably entail a substantial cut in the rate of pay, but I anticipated that. I will say that my FICA and Federal tax withholding appears reasonable. In fact, it makes me feel warm and fuzzy inside that my FICA taxes are being used to pay SS to old people like my 99-year old great-grandmother.

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.

 

[rbell]

SS is not a Ponzi scheme. It is a pay-as-you-go social insurance program.

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

 

[rbell]

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.

 

[blackbird]

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.

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

 

[targus]

SS is not a Ponzi scheme. It is a pay-as-you-go social insurance program.

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.

 

[Thinkingstuff]

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

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

 

[Earth Wind and Fire]

BTW, I think it is both unwise and immoral to live beyond your means. If we are increasing our debt it is because we covet too much to live within our means. It is one thing to take a loan out for a big project and then pay off that debt. It is another thing to keep increasing our debt every year. We spend too much because we are too immoral to be content.

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?

 

[RAdam]

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.

 

[rbell]

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

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.

 

[billwald]

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

 

[HankD]

Many people are freaking out about how Social Security is going bankrupt. That simply isn't true. The Social Security Trust Fund is held in a white four-drawer locked fire-froof filing cabinet in Parkersburg, W. Va. that is stuffed with $2.5 trillion in Treasury bonds

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

HankD