Pitiful portrait

[Guest 6.8 AR]

I thought this would amuse some and be not so amusing to others.

The only entity that can get away with it is government. Not you or I.

What's wrong with this picture? The article that went with it.Here's The Only Chart You Need To See To Understand Why The US Is Screwed

[Guest mosinon]

It is only going to get more expensive. Unemployment will go down but the rest, well, it is tough. Try find a politician that will cut medicare or social security. You'll find a few but not many cause not many vote for those folks. I wonder why people get so bent about the corporate tax when it is such a small bit of the pie.

Defense is too high as well, at some point we need to let other NATO countries build there own ding dang navy.

[Guest 6.8 AR]

I just read Donald Trump's attitude about the military. I agree with it. He said the Sourth Koreans should

pay us for our sending that carrier battle group to shut down North Korea, instead of almost belatedly

signing a trade bill.

Actually, if the corporate tax was zero, along with a Fair Tax, instead of what we have, I would be happy.

[Oh Shoot]

However you may feel about the theory of Social Security, it has (or would have) paid its own way all these years, and actually for another twenty or more. Though there are various ironic inequities regarding payments in/benefits out, SSI is basically just a relatively simple low yield insurance policy.

But of course those funds have not sat in trust earning compound interest all these years as intended. Congress stole them years ago, spent them, and threw a big unfunded, high interest rate IOU in the pot.

- OS

[Oh Shoot]

...along with a Fair Tax, instead of what we have, I would be happy.

The only real problem with Fair Tax is that according to all estimates, the gummit would be rolling in dough again.

- OS

[mikegideon]

However you may feel about the theory of Social Security, it has (or would have) paid its own way all these years, and actually for another twenty or more. Though there are various ironic inequities regarding payments in/benefits out, SSI is basically just a relatively simple low yield insurance policy.

But of course those funds have not sat in trust earning compound interest all these years as intended. Congress stole them years ago, spent them, and threw a big unfunded, high interest rate IOU in the pot.

- OS

yeah. For what i've paid in, I'm gonna be REAL pissed if they take it away now. They CAN pass that one on to the grandkids.

[BigK]

The problem with entitlements is that the politicians KNOW it's a sure-fire way to keep us dependent on them. They're like crack dealers! They get people strung out on gov't money, all the while knowing once given, it can NEVER be taken away. They'll let us go bankrupt before they'll cut entitlement spending enough to balance the budget.

[Guest tnrider]

What I don't understand is this. I am 67 years old. I have paid into SS since I was 13 and have been employed ever since paying it. Sure while in school I worked part time. Still, that is 54 years of paying into SS. Why do folks want to call that an entitlement. It was a law the government put in place and as far as I know there were no alternatives, I was told I had to pay. Personally, I think the polititians and their ilk who raided the SS funds over the years should have their entitlements revoked.

[Guest friesepferd]

The people that have problems with social security are the ones who see all those getting it who DIDNT pay hardly anything into it, and the ones like me, who are paying into it and know they wont see a penny.

But yes, obviously one of the (many) reasons it didnt work was because the government stole from it.

[JayC]

yeah. For what i've paid in, I'm gonna be REAL pissed if they take it away now. They CAN pass that one on to the grandkids.

Yeah, that is the ticket, the grandkids should have to pay 50+% of their income in tax for the next 40 years, and finally get to retire at 75 years old, so you can retire today at 65.

10 years from now, every worker in America will have to cover 50% of the social security for 1 retired person, which is about $1250 a month in today's money. That doesn't include income tax or money to pay medicare for that same retired person.

The sooner everybody including those over 50 years old figure out they've been part of the largest ponzi scheme in the history of the world, and the money just isn't there the better off we all are.

I understand you were sold a bill of good for something that isn't there, but you have no right to force me to become a slave just so you can sit back and retire when the money stolen from you isn't there.

[Guest drv2fst]

Folks paid into SS and should get paid back. SS retirement age needs to be raised as our life expectancy has increased. SS was designed to cover the last few years of life when one was not useful for much else. It was not intended to provide 20+ years of living on a golf course in Florida or Arizona. IMHO, SS is not really a entitlement program. As others have said, it will pay for itself if it is managed properly. There in lies it's fatal flaw. It needs to be managed by someone competent and we only allow Government workers to do it. So therefore we are ensuring incompetent management of our national retirement fund. I am not in favor of the government forcing me to buy their really crappy retirement portfolio. SS is the largest Ponsi Scheme in the history of the world. However, as far as budget problems go, there are bigger problems. This one can be fixed very simply, raise the age, and better manage eligibility to draw benefits. I have heard of MANY stories where people draw on SS for life that never paid anything in. Most of them do not deserve it. </RANT>

The bigger issues are Medicare, Medicaid, Defense, and Unemployment and other benefits. Sorry but if you can't find a job in 20+ weeks you aren't trying. 99+ weeks of unemployment is BS. If you have been unemployed for 99 weeks you have made some seriously wrong life choices and need to start over. Move out of your mom's spare room and grab a broom.

[mikegideon]

Yeah, that is the ticket, the grandkids should have to pay 50+% of their income in tax for the next 40 years, and finally get to retire at 75 years old, so you can retire today at 65.

10 years from now, every worker in America will have to cover 50% of the social security for 1 retired person, which is about $1250 a month in today's money. That doesn't include income tax or money to pay medicare for that same retired person.

The sooner everybody including those over 50 years old figure out they've been part of the largest ponzi scheme in the history of the world, and the money just isn't there the better off we all are.

I understand you were sold a bill of good for something that isn't there, but you have no right to force me to become a slave just so you can sit back and retire when the money stolen from you isn't there.

Bull . I should just accept it? Give me my money back, and I'll manage it. I have the exact amount.

[Motasyco]

Give me my money back, and I'll manage it.

Even considering the difference in the value of a dollar 40 years ago and today, I think I'd take that deal.

[mikegideon]

Even considering the difference in the value of a dollar 40 years ago and today, I think I'd take that deal.

Beats the alternative of them just screwing us out of it completely. Don't care if it was a ponzi scheme. I'm pretty tired of folks stealing money in broad daylight, and then not going to jail for it.

[mav]

I'm pretty tired of folks stealing money in broad daylight, and then not going to jail for it.

It's okay. You have to remember, "It is for the children."

[mikegideon]

It's okay. You have to remember, "It is for the children."

Oh. Well, that's different

[Armed Aviator]

Bull . I should just accept it? Give me my money back, and I'll manage it. I have the exact amount.

Hey, They can keep what I put in. Just let me keep the rest! Yeah, I also started at age 13 contributing to this ponzie scam.

[mikegideon]

Hey, They can keep what I put in. Just let me keep the rest! Yeah, I also started at age 13 contributing to this ponzie scam.

You mean, exempt us from next month's annual screwing? I could go for that.

[JayC]

Bull . I should just accept it? Give me my money back, and I'll manage it. I have the exact amount.

The money's gone... The government stolen it, wrote worthless IOU's and gave it away to special interest groups. Don't feel bad I've only been paying into the system for 20 years, but my money has been stolen too. Who exactly do we lock up? This has been going on for 50 years... exactly who should we throw in jail?

Only way to give you your money is to print more paper money out of thin air.

We either make the hard choices now, or we wait until the government collapses from mismanagement and debt, then nobody gets anything back.

It's a ponzi scheme you're forced to invest in...

[mikegideon]

I guess they should get on with it and see how it works out. I gave my money to the federal government. They owe it to me.

[RobertNashville]

Beats the alternative of them just screwing us out of it completely. Don't care if it was a ponzi scheme. I'm pretty tired of folks stealing money in broad daylight, and then not going to jail for it.

Even at 56; I would probably be willing to forgo ALL future SS benefit if they would simply let me never have to contribute another penny again. As Dave Ramsey likes to say, they can keep the cheese, just let me out of the trap.

The only thing that can save SS in any form is for it to be privatized - the only function that government should serve is, perhaps, a legal mandate that people must contribute into the system but otherwise it needs to operate much like any 401(K) type of plan.

[mikegideon]

Even at 56; I would probably be willing to forgo ALL future SS benefit if they would simply let me never have to contribute another penny again. As Dave Ramsey likes to say, they can keep the cheese, just let me out of the trap.

The only thing that can save SS in any form is for it to be privatized - the only function that government should serve is, perhaps, a legal mandate that people must contribute into the system but otherwise it needs to operate much like any 401(K) type of plan.

I haven't run the numbers. Right now, I view it as a contract with the government. I have met my obligations for decades. I'm not going to just quietly take it in the butt because they squandered the funds. If a large company has a project fail financially, they don't have the luxury of just not paying the vendors for that project. With that said, i'm sure they can legislate their way into screwing all of us. That won't change MY view of the contract. It will just change the way I deal with them in the future.

[RobertNashville]

I haven't run the numbers. Right now, I view it as a contract with the government. I have met my obligations for decades. I'm not going to just quietly take it in the butt because they squandered the funds. If a large company has a project fail financially, they don't have the luxury of just not paying the vendors for that project. With that said, i'm sure they can legislate their way into screwing all of us. That won't change MY view of the contract. It will just change the way I deal with them in the future.

Well...I'm sure they will never give us the option of getting out out of the trap which is why it will have to be privatized or so severely means-tested that you would have to be nearly dying of hunger and living on the streets before you could qualify for "benefits".

Those who have already paid into this worthless system all of their lives and are now approaching retirement MUST be allowed to collect what they were promised but those who are young enough to start saving for themselves will have to be shifted to a private (although likely mandated) sort of 401(K) type system.

There is no way SS can survive long term without going private/semi-private.

Of course, SS is only part of the overall monstrous overspending the government is doing and projected to do.

Edited March 2, 2011 by RobertNashville

[JayC]

The problem with that math is, the "younger" generation, many of whom have been already paying into the system for 20+ years, get to pay 30+% of their income in taxes for the next 30-40 years of their lives, to only get to keep 7-10% for their 'government' required 401k. So, the older generations who are responsible for this mess get their retirement income, the 'younger' generation gets to pay into a super expensive "retirement" package mandated by the government where most of our money goes to pay for people to play golf for the next 20-30 years in Florida, while we retire with pennies on the dollar, and are left to our own devices in our old age?

I'm sorry but there must be some shared responsibility for this mess... People who have been paying into the ponzi scheme should get something back, but not at the expense of the next generation having to pay 50-55% taxes and getting virtually no retirement out of the deal.

The solution can not be that people who are 40 years or younger are forced to pay for the baby boomers retirement, and get nothing in return... the baby boomers are going to have to take a hair cut too.

Well...I'm sure they will never give us the option of getting out out of the trap which is why it will have to be privatized or so severely means-tested that you would have to be nearly dying of hunger and living on the streets before you could qualify for "benefits".

Those who have already paid into this worthless system all of their lives and are now approaching retirement MUST be allowed to collect what they were promised but those who are young enough to start saving for themselves will have to be shifted to a private (although likely mandated) sort of 401(K) type system.

There is no way SS can survive long term without going private/semi-private.

Of course, SS is only part of the overall monstrous overspending the government is doing and projected to do.

[Guest mosinon]

It wouldn't be fair that the people who paid in to SS for so many years get nothing back. It also isn't fair that the young folks have to bear such a burden. At this point many will say "life isn't fair, someone is going to get screwed"

I say that it doesn't have to be that way. I think SS withholding ends at 104,000. End that practice and SS is solvent for 70 more years (or something, I'm not quite sure). It really makes no sense to to make something better for 70 years if it is just going to fail then.

So, with the 70 years the government just bought, we can move to privatizing SS. You'll still have to set aside 7.5% of your paycheck for retirement (and your employer has to match it) but instead of necessarily getting it back from the gov you can self direct your investment. You want a safe investment you are free to finance the government with TBills. You want a better return? You could invest in the stock market or whatever. You just want to let it grow stuffed mattress style, that is fine as well.

In this fashion neither the young or the old are truly screwed.