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Author: Subject: Inevitable Cracks Begin To Show Early In Social Security

Maximum Peach





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  posted on 2/8/2010 at 04:33 PM
The cruel hoax of Social Security, accepted with too few questions by an uncritical populace, is starting to show the serious problems that many knew were just a matter of time. Like any Ponzi scheme, eventually the bottom starts falling out...

quote:
Social Security Surplus Withers, But That’s No Surprise

Posted February 8th, 2010

Hundreds of thousands of recession-induced retirements are proving to be terrible news for the Social Security Administration, leading to the total decimation of its annual surplus for the first time in 25 years, according to USA Today. But this morning’s headline really doesn’t qualify as “news,” per se, given that Social Security has been headed toward dark territory for quite some time.

The chief actuary for the Social Security Administration said of today’s “news” that, “Things are a little bit worse than had been expected.” He understates the true extent of the problem.

This year marks a tipping point for Social Security – for the first time in 25 years, Social Security outlays will exceed revenue, according to Congressional Budget Office (CBO) reports. What’s more, as The Heritage Foundation has warned, Social Security will begin running permanent deficits by 2016.

There is more bad news on the horizon for the Social Security Administration, as USA Today reports:

The impact of the recession is likely to hit the giant retirement system even harder this year and next. The Congressional Budget Office had projected it would operate in the red in 2010 and 2011, but a deeper economic slump could make those losses larger than anticipated.

If that weren’t enough, even more trouble abounds. As the recession pushes more Americans into early retirement (and with unemployment, less tax revenue is collected to support the program), the Social Security Administration will also have to grapple with the retirement of the Baby Boomer generation, who will begin drawing benefits. In short, Social Security will need a taxpayer-funded bailout, unless, of course, government embraces policy solutions to right the ship.

Heritage expert David C. John says there are three short-term solutions for fixing Social Security, including reducing benefits, increasing retirement savings and raising taxes. John writes that the first two options will take time, but could be effective, while raising taxes is merely an easy way out that should be avoided:

The first two will take years to have a real effect. Accounts of any size need to grow for about 20-25 years before they are large enough to pay much in the way of retirement benefits. Moreover, benefit changes are politically feasible only if current retirees and those close to retirement are not affected, which means that it would be several years before benefit changes start to take effect.

On the other hand, some prefer tax increases because they would immediately pump money into Social Security. But that band-aid would just delay the start of real long-term reform and make it much more likely that Congress would keep taking the easy way out by raising taxes.


Today’s news – or “reminder” – should be a wake-up call for the Obama administration and Congress. The Social Security system needs help, and it’s time to look at real solutions to the problem.

http://blog.heritage.org/2010/02/08/social-security-surplus-withers-but-tha ts-no-surprise/

http://www.usatoday.com/news/washington/2010-02-07-social-security-red-reti rements_N.htm


 

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Zen Peach



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  posted on 2/8/2010 at 04:49 PM
I say let's just stop social security all together. Those old folks who can't afford food and medicine can just go on and check out and stop being a drain on society. Ii mean, once you hit 65 you're pretty worthless anyway aren't you? Who needs geezers these days.

 

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Ultimate Peach



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  posted on 2/8/2010 at 04:58 PM
One of the articles comes from The Heritage Foundation, a right wing think tank.
The Foundation's President has gone on record saying "We are Ronald Reagan's favorite
think tank."


If Social Security is indeed "in trouble", take a chunk of tax payer money from the
over- bloated military budget and stick it into S.S. and there will be no problem.

[Edited on 2/8/2010 by woodsdweller]

 

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Universal Peach



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  posted on 2/8/2010 at 05:28 PM
Social security??? Why thats a socialist system to help the poor!!! Get a job grannie and quit messing with my money.

 

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True Peach



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  posted on 2/8/2010 at 05:48 PM
quote:
Stanley's Coming Home in 2010!!!

Home to Detroit.

 

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Zen Peach



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  posted on 2/8/2010 at 05:55 PM
quote:
Social security??? Why thats a socialist system to help the poor!!! Get a job grannie and quit messing with my money.


Granny would be glad to if they'd return all the money she's paid into the system plus interest.

 

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Maximum Peach



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  posted on 2/8/2010 at 06:28 PM
Amazing how casual some can be about the fact that money withheld for decades from us was never put aside, never invested, never saved in any way. The facade of a guaranteed benefit, propped up with annual mailings to show citizens their contributions and anticipated payouts, was always a hoax. All that money was spent every year with all the rest of general general tax revenue. The only thing left to prove what the citizens contributed is a stack of IOU's from the Treasury to the SS department. IOU's which have no legal value.

I noticed one poster grumble last week about the lack of the annual cost of living increase in their SS benefit. Wonder how long before those grumbles become much louder when the inevitable cuts start coming.

 

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uninsured and then make them pay more to be insured again,

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Zen Peach



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  posted on 2/8/2010 at 06:45 PM
quote:
Amazing how casual some can be about the fact that money withheld for decades from us was never put aside, never invested, never saved in any way. The facade of a guaranteed benefit, propped up with annual mailings to show citizens their contributions and anticipated payouts, was always a hoax. All that money was spent every year with all the rest of general general tax revenue. The only thing left to prove what the citizens contributed is a stack of IOU's from the Treasury to the SS department. IOU's which have no legal value.

I noticed one poster grumble last week about the lack of the annual cost of living increase in their SS benefit. Wonder how long before those grumbles become much louder when the inevitable cuts start coming.


then quit slacking here in the whipping post and be more productive. You are going to have to support
these geezers.



[Edited on 2/9/2010 by spacemonkey]

 

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A Peach Supreme



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  posted on 2/8/2010 at 06:51 PM
Perhaps if people didn't just take it. How many even bothered to call their representatives to complain about this year's freeze? There seems to be plenty of money for wars of choice, Wall St. bailouts, everything but the American people and things that impact our lives such as the post office. Like they say people get the govt they deserve.
 

Peach Extraordinaire



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  posted on 2/8/2010 at 07:46 PM
As opposed to corporations who yank the pensions out from underneath the workers who paid into them all those years.

 

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Zen Peach



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  posted on 2/8/2010 at 08:40 PM
And remember folks, these are the people who want us to put our social security money into the same stock market that pretty much tanked last year. I don't know how the rest of the portfolios are doing, but it took a big chunk out of Mom's and cut her dividends drastically. Of course the wildly rich who are making the suggestion are doing especially well.

 

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Sublime Peach



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  posted on 2/8/2010 at 09:55 PM
quote:
And remember folks, these are the people who want us to put our social security money into the same stock market that pretty much tanked last year. I don't know how the rest of the portfolios are doing, but it took a big chunk out of Mom's and cut her dividends drastically. Of course the wildly rich who are making the suggestion are doing especially well.


+1

 

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Zen Peach



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  posted on 2/8/2010 at 11:23 PM
quote:
And remember folks, these are the people who want us to put our social security money into the same stock market that pretty much tanked last year.


The S & P 500 Index has averaged a 9.3% annual return since 1926. Wouldn't you rather have a portion of your withholding invested in something that provided a decent return? I would.

Other countries have privatized systems, so why shouldn't we? Every two weeks I make a donation, and it is what it is. I'm kissing that money goodbye, because it's getting spent as soon as it's collected.

 

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Zen Peach



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  posted on 2/8/2010 at 11:28 PM
1926 was 84 years ago. Dad bought stocks based on the dividends they paid so he would income from the money invested. As I said before, maybe you're doing better, but Mom's dividends aren't all that great except for OGE. And honestly, how many people know that much about investing? If you're going to suggest people privatize their social security then you need to insist everyone get educated about wise investing. And what do you suggest we do if we have a nation of people lose everything in the market and are left with no money on which to retire? Can you say Bernie Madoff?

 

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Zen Peach



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  posted on 2/8/2010 at 11:41 PM
quote:
And honestly, how many people know that much about investing? If you're going to suggest people privatize their social security then you need to insist everyone get educated about wise investing. And what do you suggest we do if we have a nation of people lose everything in the market and are left with no money on which to retire? Can you say Bernie Madoff?


I doesn't take any special knowledge or education to invest in the S & P 500. The money is spread among the 500 largest companies (market cap) in the US market. You avoid any specific stock risk, and individual stock picking is not part of the equation. You own the whole index.

 

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Zen Peach



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  posted on 2/9/2010 at 12:16 AM
We have people in this country who don't think Obama is an American citizen and think he should be impeached....they don't know why but they think he should. We have students in college who don't know why the Revolutionary War was fought and you can forget asking them about the War of 1812. Do you really think they know the information you just gave? Methinks you totally over-estimate the intelligence of a growing number of people.

 

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Maximum Peach



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  posted on 2/9/2010 at 12:47 AM
quote:
We have people in this country who don't think Obama is an American citizen and think he should be impeached....they don't know why but they think he should. We have students in college who don't know why the Revolutionary War was fought and you can forget asking them about the War of 1812. Do you really think they know the information you just gave? Methinks you totally over-estimate the intelligence of a growing number of people.
If its as bad as you say - and I don't doubt there are some people as you describe - but if its truely widespread then there's not much hope, is there? After all, how could a nation filled with such know-nothings suceed in the world today?

I personally don't think its quite that bad, though I do concede that the wealth and comfort our success afforded in the past have made too many believe they deserve things to be easily given to them. Future events may change expectations such as that.

The really detestable thing about this topic is the small percentage of people who understand what happens to this money once taken from them. They are fooled into thinking there is some solid, guaranteed, unchangable benefit awaiting them. They've been led to believe this by politicians that haven't exactly lied, but haven't been fully honest either. But the math will eventually catch up to all these programs. The career of being a politician may be a lot less attractive as that starts to happen.

 

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uninsured and then make them pay more to be insured again,

so the original uninsured can be insured for free.

 

Zen Peach



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  posted on 2/9/2010 at 01:30 AM
I never said people were totally stupid....I said there is a growing number of people who will believe anything they're told and they would be easy prey for the Madoff's of Wall Street. Without overhauling the way Wall Street does business, I wouldn't trust my retirement with a single one of them. I know about investing.....I just don't trust the players.

 

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Peach Extraordinaire



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  posted on 2/9/2010 at 07:33 AM
I'm 54 and have been hearing for the last 25 years that I should not depend on social security being solvent by the time I retire and I am not counting on it at all. How much more warning do baby boomers need? I think a much more heinous problem is the way corporations screw retirees out of their pensions.

 

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Zen Peach



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  posted on 2/9/2010 at 07:54 AM
quote:
As opposed to corporations who yank the pensions out from underneath the workers who paid into them all those years.



Seems to be theme on this thread with you...were you screwed by some big corporation?
I may be wrong but I don't think employees pay into their retirement, they pay into whatever 401 plan they have.
True, many corporations are freezing pensions, which I don't believe in but I don't think (and I may be wrong) that employees pay into their retirements.

One of the things that I was told growing up is that nothing is guarenteed....kinda harsh to hear when you are a teenager but it was good advice.

 

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Peach Extraordinaire



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  posted on 2/9/2010 at 08:07 AM
quote:
quote:
As opposed to corporations who yank the pensions out from underneath the workers who paid into them all those years.



Seems to be theme on this thread with you...were you screwed by some big corporation?
I may be wrong but I don't think employees pay into their retirement, they pay into whatever 401 plan they have.
True, many corporations are freezing pensions, which I don't believe in but I don't think (and I may be wrong) that employees pay into their retirements.

One of the things that I was told growing up is that nothing is guarenteed....kinda harsh to hear when you are a teenager but it was good advice.



Wrong, there are payroll deductions taken from your paycheck for your pension. I worked for GE for 23 1/2 years saw some of the most unethical, inept,incompetent and cutthroat behavior imaginable. So when someone tries to tell me the private sector is so much better, I beg to differ.

 

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"Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all". John Maynard Keynes

 

Zen Peach



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  posted on 2/9/2010 at 08:34 AM
quote:
quote:
quote:
As opposed to corporations who yank the pensions out from underneath the workers who paid into them all those years.



Seems to be theme on this thread with you...were you screwed by some big corporation?
I may be wrong but I don't think employees pay into their retirement, they pay into whatever 401 plan they have.
True, many corporations are freezing pensions, which I don't believe in but I don't think (and I may be wrong) that employees pay into their retirements.

One of the things that I was told growing up is that nothing is guarenteed....kinda harsh to hear when you are a teenager but it was good advice.



Wrong, there are payroll deductions taken from your paycheck for your pension. I worked for GE for 23 1/2 years saw some of the most unethical, inept,incompetent and cutthroat behavior imaginable. So when someone tries to tell me the private sector is so much better, I beg to differ.


Ok, i stand corrected...I knew there was a reason for your disdain.

But i suggest that unethical, inept etc..behavior can be found at all levels of company structure from small to large, private and public sectors but your opinion may differ.

 

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Extreme Peach



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  posted on 2/9/2010 at 09:18 AM
i'm not sure why there is any type of argument on this thread. we have all been paying a lot of money into a system that has turned out to be nothing more than an additional tax. presidents and congressmen in both parties for years have used this money without consent.

also, when you're screwed by corporations, you're screwed by people in both parties as well. this isn't a partisan thing - this is a gov't mismanagement thing. we should all be in uproar.

 

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Peach Extraordinaire



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  posted on 2/9/2010 at 09:54 AM
quote:
quote:
quote:
quote:
As opposed to corporations who yank the pensions out from underneath the workers who paid into them all those years.



Seems to be theme on this thread with you...were you screwed by some big corporation?
I may be wrong but I don't think employees pay into their retirement, they pay into whatever 401 plan they have.
True, many corporations are freezing pensions, which I don't believe in but I don't think (and I may be wrong) that employees pay into their retirements.

One of the things that I was told growing up is that nothing is guarenteed....kinda harsh to hear when you are a teenager but it was good advice.



Wrong, there are payroll deductions taken from your paycheck for your pension. I worked for GE for 23 1/2 years saw some of the most unethical, inept,incompetent and cutthroat behavior imaginable. So when someone tries to tell me the private sector is so much better, I beg to differ.


Ok, i stand corrected...I knew there was a reason for your disdain.

But i suggest that unethical, inept etc..behavior can be found at all levels of company structure from small to large, private and public sectors but your opinion may differ.


And GE never screwed me out of anything but I did see coworkers get royally screwed and realize it could have just as easily been me. I left there 3 1/2 years ago and have never been happier from a career perspective.

 

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Ultimate Peach



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  posted on 2/9/2010 at 10:01 AM



Social Security


Your Social Security





Our Social Security

Franklin Roosevelt, a Democrat, introduced the Social
Security (FICA) Program. He promised:

1.) That participation in the Program would be
Completely voluntary,


No longer Voluntary



2.) That the participants would only have to pay
1% of the first $1,400 of their annual
Incomes into the Program,


Now 7.65%
on the first $90,000


3.) That the money the participants elected to put
into the Program would be deductible from
their income for tax purposes each year,


No longer tax deductible



4.) That the money the participants put into the
independent 'Trust Fund' rather than into the
general operating fund, and therefore, would
only be used to fund the Social Security
Retirement Program, and no other
Government program, and,


Under Johnson the money was moved to
The General Fund and Spent



5.) That the annuity payments to the retirees
would never be taxed as income.


Under Clinton & Gore


Up to 85% of your Social Security can be Taxed



Since many of us have paid into FICA for years and are
now receiving a Social Security check every month --
and then finding that we are getting taxed on 85% of
the money we paid to the Federal government to 'put
away' -- you may be interested in the following:

------------ --------- --------- --------- --------- --------- ----

Q: Which Political Party took Social Security from the
independent 'Trust Fund' and put it into the
general fund so that Congress could spend it?

A: It was Lyndon Johnson and the democratically
controlled House and Senate.

------------ --------- --------- --------- --------- --------- --------- --

Q: Which Political Party eliminated the income tax
deduction for Social Security (FICA) withholding?

A: The Democratic Party.

------------ --------- --------- --------- --------- --------- --------- -----

Q: Which Political Party started taxing Social
Security annuities?

A: The Democratic Party, with Al Gore casting the
'tie-breaking' deciding vote as President of the
Senate, while he was Vice President of the US

------------ --------- --------- --------- --------- --------- --------- -

Q: Which Political Party decided to start
giving
annuity payments to immigrants?

AND MY FAVORITE:

A: That's right!


Jimmy Carter and the Democratic Party!
Immigrants moved into this country, and at age 65,
began to receive Social Security payments! The
Democratic Party gave these payments to them,
even though they never paid a dime into it!

------------ -- ------------ --------- ----- ------------ --------- ---------

Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away!

And the worst part about it is uninformed citizens believe it!

Are you one of them?


If enough people receive this, maybe a seed of
awareness will be planted and maybe changes will
evolve. Maybe not, some Democrats are awfully
sure of what isn't so.

But it's worth a try. How many people can YOU send this to?

Actions speak louder than bumper stickers.


AND CONGRESS GIVES THEMSELVES 100% RETIREMENT
FOR ONLY SERVING ONE TERM!!!



A government big enough to give you everything you want, is strong enough to take everything you have.
-Thomas Jefferson




 

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