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Switch to Forum Live View An Important Note to All Baby Boomers and Their Progeny on Soc. Security...
2 years ago  ::  Apr 23, 2012 - 9:22PM #1
Mlyons619
Posts: 16,363

Social Security will run out of funds in 2033

Too much "borrowing" (looting) of the Social Security Fund by Congress, and who's paying for it?

Not our wonderful thrifty Congresscritters of course.

What (if anything) should we do about it?

"No freedom without education"
            --Thomas Jefferson

"NOBODY expects the Spanish Inquisition"
            -- Monty Python
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2 years ago  ::  Apr 23, 2012 - 9:37PM #2
Fodaoson
Posts: 11,132

Lets sell the capital building 

“I seldom make the mistake of arguing with people for whose opinions I have no respect.” Edward Gibbon
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2 years ago  ::  Apr 23, 2012 - 9:54PM #3
MMarcoe
Posts: 15,881

Lock box! Lock box! Lock box! Lock box!

There are three sides to every story: your side, my side, and the truth.

God is just a personification of reality, of pure objectivity.
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2 years ago  ::  Apr 23, 2012 - 9:54PM #4
MMarcoe
Posts: 15,881

Why not cut taxes on the rich? They're all carefully investing their money in job-creation ventures that will deeply cut the unemployment rate--


What? They're not? Ooooooh ....

There are three sides to every story: your side, my side, and the truth.

God is just a personification of reality, of pure objectivity.
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2 years ago  ::  Apr 23, 2012 - 10:00PM #5
Bodean
Posts: 9,218

Apr 23, 2012 -- 9:22PM, Mlyons619 wrote:


Social Security will run out of funds in 2033

Too much "borrowing" (looting) of the Social Security Fund by Congress, and who's paying for it?

Not our wonderful thrifty Congresscritters of course.

What (if anything) should we do about it?





There's nothing you can do about it.  The "Public" operates on a herd mentality, and will all gladly run off the cliff on this.


I've been saying for years now ... people here, there and everywhere want to blame the government, but the real problem is that the "public" has become addicted to this government subsidized existence.  The only problem, it just cannot work in the long run, and history has proven this time and again.  But selfishness, laziness, and even pure greed, blind the public to the reality that NOBODY can reliably take over your responsibiity to look after yourself.


The EU, who didn't raid their trust funds, are already seeing the cracks in the damn.  First Greece, now Spain.  It's just a matter of time before you start seeing problems in the other nations as well.


The problem is, and always has been, the way the systems are designed.  Todays deductions and taxes pay todays benefit checks.  This simply cannot work over the long haul.  IF .. S.S. and Medicare operated as some sort of "retirment savings plans" or HCSA, where the money is not resident in the Government, but only "regulated" by it, there'd be no problem.  Each person would get back what they put in with interests.  Any payments above that would fall under Welfare.  The only role the government would have over it all would be distribution schedules [to protect the ignorant from taking all the money out of their account and buying a car or something stupid with it] ... and a tax fund that serves strictly as a "safety net", with a minimal guarantee, regardless of what you made in the past.


It's sad ... but it's true.  This system will crumble.  I"m going to say sooner than 2033 ... the trust fund is already having to draw on the general fund to make payment.  A downturn in collections will accelerate the problem.  The governments actions to mitigate .. IE soak the rich, will just result in fewer people working, thus accelerating the problem even more.

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2 years ago  ::  Apr 23, 2012 - 10:14PM #6
Mlyons619
Posts: 16,363

Apr 23, 2012 -- 9:54PM, MMarcoe wrote:


Why not cut taxes on the rich? They're all carefully investing their money in job-creation ventures that will deeply cut the unemployment rate--


What? They're not? Ooooooh ....




Buit they ARE investing a portion of their income to create new wealth.


Why can't WE do the same?  Invest what we are NOW paying into the bankrupted Social Security Fund, and invest it into a vehicle of our choice?


Stocks and bonds if we're brave?


Banks savings accounts or savings bonds if we're not.


Or mutual funds.  Or fixed annuities.  Or whatever is the retirement savings vehicle of our choice.


OUR choice.  Not the Government's.


Let it accrue interest TAX DEFERRED until no earlier than age 65.


Tax it ONLY as we take it out AFTER retirement.


Oh - and most importantly - CONGRESS IS NOT ALLOWED TO TOUCH IT UNDER ANY CIRCUMSTANCES.

Wouldn't THAT be a novel idea...

"No freedom without education"
            --Thomas Jefferson

"NOBODY expects the Spanish Inquisition"
            -- Monty Python
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2 years ago  ::  Apr 23, 2012 - 10:21PM #7
MMarcoe
Posts: 15,881

Apr 23, 2012 -- 10:14PM, Mlyons619 wrote:


Apr 23, 2012 -- 9:54PM, MMarcoe wrote:


Why not cut taxes on the rich? They're all carefully investing their money in job-creation ventures that will deeply cut the unemployment rate--


What? They're not? Ooooooh ....




Buit they ARE investing a portion of their income to create new wealth.


Why can't WE do the same?  Invest what we are NOW paying into the bankrupted Social Security Fund, and invest it into a vehicle of our choice?


Stocks and bonds if we're brave?


Banks savings accounts or savings bonds if we're not.


Or mutual funds.  Or fixed annuities.  Or whatever is the retirement savings vehicle of our choice.


OUR choice.  Not the Government's.


Let it accrue interest TAX DEFERRED until no earlier than age 65.


Tax it ONLY as we take it out AFTER retirement.


Oh - and most importantly - CONGRESS IS NOT ALLOWED TO TOUCH IT UNDER ANY CIRCUMSTANCES.

Wouldn't THAT be a novel idea...





I agree. I am fully competent to invest my money in stocks, bonds, and mutual funds, and nearly anything I choose will match or exceed what the Social Security Administration is getting on its investments.


 

There are three sides to every story: your side, my side, and the truth.

God is just a personification of reality, of pure objectivity.
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2 years ago  ::  Apr 23, 2012 - 10:25PM #8
TENAC
Posts: 25,139

Apr 23, 2012 -- 9:54PM, MMarcoe wrote:


Lock box! Lock box! Lock box! Lock box!




"Who is Al Gore?" 


Stiff politicians for $1000 Alex......

Any man can count the seeds in an apple....
.......but only God can count the apples in the seeds.
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2 years ago  ::  Apr 23, 2012 - 10:27PM #9
Mlyons619
Posts: 16,363

Apr 23, 2012 -- 10:21PM, MMarcoe wrote:

Apr 23, 2012 -- 10:14PM, Mlyons619 wrote:


Apr 23, 2012 -- 9:54PM, MMarcoe wrote:


Why not cut taxes on the rich? They're all carefully investing their money in job-creation ventures that will deeply cut the unemployment rate--


What? They're not? Ooooooh ....




Buit they ARE investing a portion of their income to create new wealth.


Why can't WE do the same?  Invest what we are NOW paying into the bankrupted Social Security Fund, and invest it into a vehicle of our choice?


Stocks and bonds if we're brave?


Banks savings accounts or savings bonds if we're not.


Or mutual funds.  Or fixed annuities.  Or whatever is the retirement savings vehicle of our choice.


OUR choice.  Not the Government's.


Let it accrue interest TAX DEFERRED until no earlier than age 65.


Tax it ONLY as we take it out AFTER retirement.


Oh - and most importantly - CONGRESS IS NOT ALLOWED TO TOUCH IT UNDER ANY CIRCUMSTANCES.

Wouldn't THAT be a novel idea...





I agree. I am fully competent to invest my money in stocks, bonds, and mutual funds, and nearly anything I choose will match or exceed what the Social Security Administration is getting on its investments.


 


You "get it."

"No freedom without education"
            --Thomas Jefferson

"NOBODY expects the Spanish Inquisition"
            -- Monty Python
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2 years ago  ::  Apr 23, 2012 - 11:19PM #10
Bodean
Posts: 9,218

Apr 23, 2012 -- 10:14PM, Mlyons619 wrote:


Apr 23, 2012 -- 9:54PM, MMarcoe wrote:


Why not cut taxes on the rich? They're all carefully investing their money in job-creation ventures that will deeply cut the unemployment rate--


What? They're not? Ooooooh ....




Buit they ARE investing a portion of their income to create new wealth.


Why can't WE do the same?  Invest what we are NOW paying into the bankrupted Social Security Fund, and invest it into a vehicle of our choice?


Stocks and bonds if we're brave?


Banks savings accounts or savings bonds if we're not.


Or mutual funds.  Or fixed annuities.  Or whatever is the retirement savings vehicle of our choice.


OUR choice.  Not the Government's.


Let it accrue interest TAX DEFERRED until no earlier than age 65.


Tax it ONLY as we take it out AFTER retirement.


Oh - and most importantly - CONGRESS IS NOT ALLOWED TO TOUCH IT UNDER ANY CIRCUMSTANCES.

Wouldn't THAT be a novel idea...





Novel ..but it will never work Mylons!


You and Marcoe, and I'll consider myself as well, are fully competent to SAVE and INVEST our money, in what ever vehicle we choose ... but .. we are the very small minority.


The majority don't have sense enough to save squat!  The majority will spend every penny they get on frivalous crap they don't need, just because they think they are entitled to it.


The answer is alluded to in my post.  A "mandated" personal fund, one to which by law you must contribute a set minimum percent, just like S.S., but more in line with an IRA ..... that you cannot touch.  A fund that you should be allowed some limited influence in terms of investment, if you so choose, but with portfolio management, such that it does not become over burdened in high risk investments.  Further, you may not take distributions from it at will after a certain point either, but instead, it should be distributed out as a monthly check ... again, to protect the stupid from draining the account and buying some frivalous crap with it, thus leaving them to become wards of the state.


Really dude .. you give the "public" way too much credit when it comes to smarts.  Most, over 50% [uh ..hem], are dumb as stumps and are lead by the lowest forms of self gratification.


Marco ... there is no "lock box".  Never was, never will be.  The lock box crap was nothing more than puchasing Government Bonds .... Bonds, that must be paid back from the General Tax Fund. ... just like today.  All Big Al's lock box crap was ... was just that ... crap.

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