How Liberals Destroyed Social Security...

Worse come to worse we can always make old people into food.
Or was that a movie I saw.

 

Letting people decide what to do with their money instead of letting the government decide what to do with it is a scam? I may have my reservations about such a program but I don't understand your reply.

 

That idea isn't so much a societal safety net as originally conceived as it is a recipe for penniless elderly unable to work and entirely dependent on the government welfare. At age 40, statistically you are only increasing the chances that you will one day be elderly and penniless by advocating for privatizing Social Security accounts. Who benefits from this scam Stu?

 

Social Security, as it is now, is already a scam. By any honest account, all the people paying into it today cannot count on getting anything out of it unless it is changed and changed drastically. I sure as heck am not counting on it. If you think otherwise or are counting on it, you are either deluding yourself, already receiving benefits, or very close to doing so. Scam is as scam does.

 

First thing, if you crack down on social security fraud you solve this MINOR problem with projected insolvency (50 years from now!).

Second, think of the limited stock funds that will be available, ever hear of a 403b it is a type of retirement account and it is a total rip off with very high hidden fees and poor investment choices. This thing is a PERFECT set up for a scam much larger than the S&L. If you can't figure that out you are a sitting duck for any con man.
There are many potential scams here and problems also (p/e's are already pretty high on average this will artifically send them higher). This is a poorly thought out scam and that is why it died.

 

The biggest joke of Social Security is that if you die right after you become eligible for social security, your family/heirs cannot get all of the money you paid into it. Since white females outlive black males by a large margin, I wonder how black males feel that they are paying into a system where they are likely to "reap" any these benefits they PAID for? The fact is that "white-grannys" reap most of these benefits instead of african-american-males/

The average life expectancy of a Black male is roughly 68.6 [years]. The retirement age of Social Security is set under current law to eventually rise to 67. You do the math! Black men in the United States live approximately 6 years less than white men, and black women live close to 4.5 years less than white women. Is that fair that blacks are paying into a system where they will never get everything back they put into it?...all things averaged??

Imagine if that money (all 15% of it) went into a PRIVATE account similar to an IRA or 401-K where you couldn't touch it (without penalty) before 59.5 years...could you imagine your what your retirement account would be worth?? Sure the market has ups and downs from time to time...but look at the LONG term (that means at least 10 years) results:



Even if you died right after you became eligible, at the very minimum your heirs could benefit from all of the years of your hard work. but of course, liberals want to tax that very money AGAIN, even though you already paid taxes on it.

The other joke is that there are many here in the forum that believe most Americans are too stupid to understand how to handle their OWN money. What in the world did Americans do BEFORE social security? What did we do before all of this government intervention? How in the world did we ever survive?

As much as both parties are afraid of upsetting the senior vote, the facts are clear. Liberals enacted the worst changes to social security. I would bet that FDR is spinning in his grave watching how his land mark legislation has changed since he signed it into law.

FACTS...

It was Lyndon Johnson and the democratically controlled House and Senate that took Social Security from the independent "Trust Fund" and put it into the General fund so that Congress could spend it.

It was the democratic party that called for elimination of the income tax deduction for Social Security (FICA) withholding.

It was 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 that enacted the taxing of Social Security annuities

It was Jimmy Carter and the Democratic Party that decided to start giving annuity payments to freakin' immigrants

This is NOT what FDR had in mind when he signed this legislation. Now look at this mess.

Watch for more class warfare from the democrats on this subject...

 

Don't count on it but if it is there cool (get a Roth IRA ASAP and max it out, and your coins ?). The problem is not payouts to the elderly the problem is the millions of slimeballs that are defrauding the system by falsely claiming to be disabled (I have no idea why that never comes up when social security is discussed).

 

As usual Midas has his head up his butt. This chart lets you know what is really happening in the market

http://finance.yahoo.com/q/bc?s=^IXIC&t=5y

 

Social Security Administration projections:

In 2018, Social Security will begin paying out more than it takes in. For the first time, it will have to use the interest being paid on the securities it holds in order to meet its obligations.

In 2028, Social Security would have to start redeeming the securities themselves.

By 2042, Social Security would have cashed in the last security, and the system would have enough revenue to pay out only 73% of promised benefits. That percentage would drop over time.

That is a scam being played out to its inevitable conclusion. It kind of reminds one of how a Ponzi scheme plays out, eh?

 

The problem isn't that the government is ripping off people, or that Social Security is some kind of scheme, or that people are defrauding the system. It is a matter of simple demographis that show the number of workers age 20-64 will be far less than the number of people 65+ in about 40 years. See for yourselves:

 

The past is necessarily a good indicator of the future, the recent past is a good indicator of the foreseeable future. If you are looking at Midas' charts for your retirement good luck.

 

Again a refusal to address the fraud committed by those who are wrongly receiving social security disability. Take care of that and guess what no problem. This is a chicken little situation they are trying to scare you (that is how these crooks work, it is alll about fear with them) into a situation where they can steal your social security.

 

That ignores the impact that health innovations and other innovations will have.

Innovation has been exponential, every innovation in every field adds to every other field. This will open unforeseeable opportunities. And the fraud thing is bigger than you think.

 

Whether you call it a scheme, a scam , or a system, that is the crux of the issue. And the fact is that people already in the work force have no hope of getting anything that they are paying into it back.

 

The future of the current scheme/scam/system is already well laid out. No guesswork needed.

 

If we do not clamp down on disability fraud you could be right. But unforeseeable options will emerge.

 

Yeah, the government is so good at stuff like that. <sigh> They are the ones who already can't stop the fraud going on in every single social program that exists. Where is there any indication that they will ever be able to stop it?

 

And those options are just as likely to be worse than better. How long do you think people will let a system exist where they are paying in with no hope of getting anything back? Those people will vote and I do not think they will vote to keep that system chugging along until the bitter end.

 

If we have to rework the system do not let our current corrupt gov't do it. Also the equity markets should be left out of it.