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Old 02-22-2011, 11:50 AM   #1
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Things you might not want to know

About Social Security. It might just make you much wiser.

Social Security Basics


I was talking about this with my much better half. The federal govt owes SS $2.6 trillion dollars plus interest. OK

So it's like this, put your money in the bank and have the banker tell you to pay your earned interest yourself. Hmmm...

Enjoy?
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Old 02-22-2011, 11:59 AM   #2
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Perhaps the central statement is this:

Quote:
* The Social Security program has an independent budget that is separate from the rest of the federal government.[40]

* Between 1982 and 2009, Social Security had surpluses every year.[41] By law, these surpluses must be loaned to the federal government, which is obligated to pay the money back with interest.[42] [43] [44]

* In 2010 and 2011, Social Security is projected to spend a total of $48 billion more than it collects in taxes.[45] [46]

* Beginning in 2015, Social Security is projected to spend more than it collects in taxes every year into the foreseeable future.[47] [48]

* When Social Security spends more than it collects in taxes, it makes up the difference by collecting on the money it has loaned to the federal government.[49]

NOTE: The above fact does not mean that the federal government will have enough money to pay back the Social Security program. Information concerning the ability of the federal government to do so is contained in the section: Impact on National Debt

* By 2037, it is projected that all of the money Social Security has loaned to the federal government will be paid back, at which time, the Social Security Trust Fund will have a balance of zero.[50]

* After 2037, Social Security is projected to run deficits every year into the foreseeable future.[51]

* To cover these deficits, it is projected that payroll taxes would need to be increased by 28% starting in 2037, rising to a 33% increase by 2084.[52] This shortfall could also be covered by reducing benefits by 22% starting in 2037, rising to a 25% reduction by 2084.[53]
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Old 02-23-2011, 10:08 AM   #3
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It began running a deficit this year, so that explanation is wrong and also overly optimistic by miles.
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Old 02-23-2011, 10:22 AM   #4
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If they have money till 2037 that will be fine by me... I would be 91 by then and with my advanced emphysema I won't make it that long anyway.
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Old 02-23-2011, 10:47 AM   #5
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What bothers me is when SS is described as just another 'entitlement' program. That suggests to me, 'something for nothing'. Its true that the program has been weighted down with a lot of 'add ons', never envisioned by the original bill framers, but I'm sorry, I have paid for my basic 'supplimental income' benefits, and then some.

Think about it, 12% of your income, since our first job, has been paid into the SS administration; half by you and me, half by our employers. (I never made more than the ceiling for contributions. Everytime my income went up, so did the ceiling). Absent the SS program, if I'd been smart enough to put 12% of every dollar I've ever made into a retirement investment portfollio, I'd be shopping for my Prevost right now, even with the recent recession (not really, but you get the idea ). Basic SS benefits are NOT part of the welfare system that's dragging us down. It should have plenty of $ to pay benefits earned, if politicians past and present, of both partyies, had not squandered it on failed social experiments, pet projects, a bloated bureaucracy - most of it unconstitutional.

In my opinion, we need to get the government away from directly administering our SS program. Instead, at most, it should be replaced by a mandatory program requiring that everyone contribute to a 'qualified' retirement plan (a 401k, or IRA), say, maybe, 10%. At the same time, anyone within 15 years or so of SS eligibility can not be completely cut from the promises made, promises they've counted on being kept. Means testing just doesn't cut it for me. Now that I'm there, I expect to get what I paid for. It would have to be a 'ramped up' style of implementation.

Eliminate my SS benefits, at this stage of my life, and I'll be on the steps of congress with my pitchfork. How about you?

Bernie Madoff has nothing on our congress, and he's in jail.
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Old 02-23-2011, 10:51 AM   #6
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That argument provided by SS is lame though. They began running a deficit this year. The projections for 2037 have this built in booming economy on average, just the Obama budget. And every penny the Feds pay in or back is borrowed with interest owed by YOU. So they took your contributions and gave them to folks older than you. While excess funds were deposited by the huge baby boomer generation the government robbed the excess to blow on growing the size and scope of government.

The total debt of all levels of goverment is $118 trillion dollars. The Fed is running multi years of trillion+ dollar deficits projected beyond 2020. The interest alone on that debt will exceed $1 trillion a year by 2020.

46% of our $14 trillion dollar GDP is all government spending at some level and growing. 54% is private sector and shrinking.

Government employees get retirement, Social Security, and awesome medical paid by the shrinking private sector. The private sector must also fund their own retirement, social security, and medical plans. All this while government robbed social security surpluses for decades, grew government, and the Democratic Party and Government Unions created a cartel where the unions get bigger, better pay, better benefits, and fund their Democratic Party bosses elections. This while claiming Republicans get funded by big business. The top 10 industries ALL donated vastly more to democrats in 2010, including the oil industry lol.

So the fix is in. BUT we have finally reached the end, as even if seniors all vote Democrat, there isn't enough Chinese money to borrow to keep the Cartel going. WE ARE BANKRUPT AS A NATION.

Anyone thinking in terms of 2037 they will be ok is in for a very hard reality check by 2013, as by 2017 we will all be forced to accept everything you were told was a lie. Growing your own food so you can eat to survive will become your new priority and reality as there won't be any government check in the mail.
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Old 02-23-2011, 11:06 AM   #7
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I want a SS refund I have never received one dime of SS benefits.

I have paid SS for many years. I'll take a buyout and never request SS and never pay anymore either.
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Old 02-23-2011, 11:23 AM   #8
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Originally Posted by Its Paid For View Post
It began running a deficit this year, so that explanation is wrong and also overly optimistic by miles.

There is no DEFICIT now in SS. $2.6 TRILLION dollars in the hands of the Government. YOU earned $107 BILLION in interest on that $2.6 TRILLION dollar loan. So they hand you $54 BILLION as if YOU are sucking the well dry.

You know this. They NEVER pay off the debt. Therefore, the $2.6TRILLION will by 2037 have ballooned with interest to $7.6 TRILLION.

If you think I'm wrong, do your own calculation. I compounded 4% once a year to be nice. 4% is the approximate average of long term treasuries.

Do you LIKE paying your own INTEREST on YOUR OWN MONEY?

Better yet. Interest rates will be RISING. So it gets worse.

Why should I care? My grandkids are going to be left behind.

A couple years back, I remember listening to Ray Lucia one day as I was pulling into a parking space to get pizza. Lucia went ballistic over social security being a blatant PONZI SCHEME. I mean he really went nuts over it. Someone had to have given him a talking to because after that he kept his mouth pretty much shut about it. He wouldn't even admit anything via email I sent asking about it. He replied but he was subdued.

The STORY keeps changing about how SS is supposed to work. Now with this ENTITLEMENT con job it's like SS is WELFARE. That word "ENTITLEMENT" and before that "CZAR" is freaking me out.
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Old 02-23-2011, 11:49 AM   #9
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There is a deficit this year, that $2.6 Trillion is spent and does not exist in government, it is part of the $14 trillion deficit, not in some cash account. The Fed borrows every cent of that interest payment, which is in fact also owed by YOU. Perhaps you got your MBA at Wharton where they still believe you should buy more house so you can write of the interest and stick it to the IRS. I pay cash for everything, and predicted the housing crash 3 years before it ever happened.

I'll keep my beliefs as I also nailed our national debt situation back in 1986. I said then it all ends in 2017. I stand by that claim for the exact same reasons. The only thing that has changed is the global impact, I thought another power would replace us, but China won't, Japan won't everyone will decline together rather quickly.
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Old 02-23-2011, 11:54 AM   #10
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What scares me even more is the Obama Care. If we can't fund Social Security then how are we going to be able to add Health Care for 30 million who can't afford it.

It's like buying a new car because the one you had was repossessed.
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Old 02-23-2011, 12:04 PM   #11
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That's my point

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Originally Posted by Its Paid For View Post
There is a deficit this year, that $2.6 Trillion is spent and does not exist in government, it is part of the $14 trillion deficit, not in some cash account. The Fed borrows every cent of that interest payment, which is in fact also owed by YOU. Perhaps you got your MBA at Wharton where they still believe you should buy more house so you can write of the interest and stick it to the IRS. I pay cash for everything, and predicted the housing crash 3 years before it ever happened.

I'll keep my beliefs as I also nailed our national debt situation back in 1986. I said then it all ends in 2017. I stand by that claim for the exact same reasons. The only thing that has changed is the global impact, I thought another power would replace us, but China won't, Japan won't everyone will decline together rather quickly.

Of course it's not there. $2.6 TRILLION IS MISSING. They never pay off the debt. My numbers are correct. You are paying your share of interest no matter what plans YOU make. It's not a $14 trillion dollar DEFICIT. It's DEBT. This make believe "deficit" in SS has been grabbed by an entity I do not have total faith in. It's actions don't warrant trust.


Get your calculators out and do a future value calculation on all monies TAKEN from YOU and your EMPLOYER. Be conservative and your eyes will bug out. THEY forced you into this AND kept you in the dark about their manipulations. This is NOW with the internet helping you sort through this mess. It wasn't long ago they could do as they pleased because you were really in the dark.

If you're happy with this fine. If there's a reason that this is supposedly normal I'm never going to believe it.
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Old 02-23-2011, 12:27 PM   #12
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No matter what these politicians say for or against the healthcare bill, its only purpose was and is to get their necks out of the wringer with Medicaid and Medicare. The healthcare bill will not fix the problem. Enacted or not you're going to suffer from the bunglers running things. I believe the repeal attempt is staged so they can throw up their hands in make believe disappointment.
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Old 02-23-2011, 12:40 PM   #13
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Al Gore told me it was in a "lock box". You all must be wrong ?
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Old 02-23-2011, 01:14 PM   #14
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Lockbox

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Originally Posted by two-niner View Post
Al Gore told me it was in a "lock box". You all must be wrong ?
To lighten this thread up:

http://www.hulu.com/watch/1451/satur...allel-universe
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