Social Security insecurity

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POSTED: Thursday, January 27, 2011 - 6:13pm

UPDATED: Saturday, January 29, 2011 - 1:37am

Social Security is a victim of demographics. And I and Neal and every other baby boomer are the problem.
Our ultimate retirement will be a huge drain on a system that has been pay as you go…or at least it was…
When President Franklin D. Roosevelt signed the Social Security bill into law, America was mired in the Great Depression.
And now, the program is facing a crisis in funding.
The boomers are retiring, starting this year, and the country is in the worst recession since the 1930’s.
Put the two together and you get debt…
This year, Social Security will pay out more than it takes in. But the trust fund can still handle the load.
But, the Social Security Trust fund will be empty by 2037, but that does not mean payments stop. Even if nothing is done, the system will pay 75% of scheduled benefits.
The government has borrowed from Social Security in the form of government bonds.
There are other possibilities…
Raise the retirement age, but who will continue to employ a 70-year-old?
We can raise taxes on those still working.
Or eliminate the cap on contributions, which says that right now, only the income up to $106,000 is taxed. Removing that cap would extend solvency until the boomers have exited the stage.
The US budget is dominated by Medicare and Medicaid, defense and Social Security.
No budget cutting plan will succeed if any of those are off the table…period.
 

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I SAY GIVE THE MONEY THAT IS DRAWN OUT OF THE WORKING CLASS PEOPLE'S CHECKS DIRECTLY TO THEM TO PUT INTO A SAVINGS/RETIREMENT ACCOUNT SINCE THE MONEY IS THEIRS ANYWAY.GET THE STUPID GOVERNMENT,WHICH IS ORGANIZED CRIME,OUT OF THE PICTURE AND THEIR HANDS OFF OF THE PEOPLE'S MONEY SO THERE WILL BE SOME LEFT FOR THE ONES CURRENTLY WORKING FOR IT.IT IS OBVIOUS THAT THE GOVERNMENT IN CONTROL OF ANYTHING IS A SCREW UP AND HAS BEEN FOR MANY YEARS.OUR FOREFATHERS DESIGN WAS LESS GOVERNMENT INVOLVEMENT!

Our Defense budget is more than FOUR TIMES what the REST of the WORLD pays COMBINED. I think we could safely HALF that.

Even Bill Clinton said we need to fix SS in a State of Union speech. Then when Pres Bush mentioned he couldn't get anything done all the Dims stood up and cheered. So there's 15 years we coulda used fixing SS. Don't worry, the checks won't ever stop coming, cuz we've seen how easy it is to print stimulus money. Even politicians know they can leave the fixin up to their kids, who'll probably be left a big enough off-shore inheritance so they won't need a little SS check.

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