Here's hoping we can discuss the Obama budget

It's also a legalized pyramid scheme that, because of the Baby Boomer surge and greatly increased life expectancies since it was enacted, will soon have more people at the top than at the bottom. I hope you get all your money. In my retirement planning, however, my wife and I assume we will never see it, and if we do it's going to be a nice happy surprise that will let us live well in our golden years.

 

So if you live long enough to collect $200,000, what happens the next month after that?

 

And if the bastards in Washingtonn hadn't been borrowing from Social Security for years, the system would be much more capable of meeting its obligations.

 

Then the bastards can start paying the freaking interest they owe.

 

Actually, Ragu, a big chunk of it was "borrowed" by the Federal goverrnment to fund other programs

 

Michael whatever you may think about Simpson you can't argue with his premise- unless you attack the big 4 nothing will change.

 

A couple things about the deficit:

http://www.usgovernmentrevenue.com/

1) Revenue from 2007 to 2009 declined by roughly 1.5 trillion dollars, as a result of the recession. This point is rarely brought up when one is attempting to blame the current deficit on Obama.

2) If congress cut every single dollar from every single program except defense, medicare, medicaid, social security and interest on the debt, we'd still be running a deficit.

So until politicians are willing to discuss cutting these things .... ehhh ....


2) If you cut every single dollar out of the budget outside of medicare, medicaid, defense, social security and interest on the debt, there would still be a budget deficit. So i

 

It's also a regressive tax system. Simply changing the way SS is calculated and collected would ensure its viability (assuming politicians ever learn to leave it alone) for generations to come.

As I've said before: 2010 was the first time in its history that SS paid more than it collected. It is not "broken." It is a system in need of minor change to ensure its long-term viability.

EDIT: "Paid more than it collected" meaning the system itself. As spnited et al have said, politicians have been raping Social Security for decades to pay for other programs.

 

Nobody under 55 will ever see a dime.

At some point it will be decided the SS fund must be poured into the general fund to eliminate deficits, maintain the current tax structure and guarantee the stability of major financial institutions. Then government services will be scaled down to accommodate the new revenue levels.

So basically all that money will be gone in a snap.

 

One of almost forgotten but one of the great lasting legacies of Daniel Patrick Moyihan was arranging for all paying into Social Security to receive annual statement of what they have paid in.

You don't hear about it much now but be assured if the government tries to take away anything we are entitled to that annual statement will come to the forefront.

To me that statement is a contract that locks the Government in.

Moynihan was a great visionary who is clearly missed in Washington.

 

They're just going to declare "national bankruptcy," walk away from those statements and say, "no more money."