social security, any crisis? no

Discussion in 'Green Room' started by Perris Calderon, Jun 16, 2005.

  1. Perris Calderon

    Perris Calderon Moderator Staff Member Political User

    new york
    pretty good article

    Social Security is the most successful insurance program ever created. It insures millions of workers against what economists call "longevity risk," the possibility they will live "too long" and not be able to work long enough, or save enough, to provide their own income. Today, about 10% of those over age 65 live in poverty. Without Social Security, that rate would be almost 50%.


    So why the talk of a Social Security crisis? Social Security always has been a pay-as-you-go system. Current benefits are paid out of current tax revenues. But in the 1980s, a commission headed by Greenspan recommended raising payroll taxes to expand the trust fund in order to supplement tax revenues when the baby boom generation retires. Congress responded in 1984 by raising payroll taxes significantly. As a result, the Social Security trust fund, which holds government bonds as assets, has grown every year since. As the baby boom moves into retirement, these assets will be sold to help pay their retirement benefits.


    the article tries to point out that there is no social security's good reading.

    a few points of my own;

    first, I think most people have to realize that social security is SO successful, the government borrows money from social security...president Bush followed president Reagan's model and borrowed trillions to accommodate his "tax cuts"...those trillions have to be called, and the money has to be put back

    however, the benefactors of those tax giveaways want to find a way to forgive the debt they incurred, and that is the only motivation behind the presidents "social security reform"

    on point;

    there are two types wealth that are of concern when we're talking about social security giveaways to wealthy (there are other types, but these are what is Germain)

    there is old wealth...families had wealth before the economic strategy that included social security.

    these families have not contributed to social security since their wealth was acquired before the social security program

    any money that these people receive based on social security is welfare to the's raiding the fund and they have no other monetary concern other then "they want free money that they are not entitled to."

    (side bar, it's not their money, it's your money...they can't have it...unless you let the person responsible for your security (the president) give it to them...this will come directly out of your pocket, see my thread on how the tax returns have affected me and my dad)

    next to consider is new wealth;

    wealth that has been acquired or improved upon since the advent of social security.

    this wealth has contributed to the social security fund program...they are involved, and they have a much large stake in the program

    one might argue that a tax return based on social security for these people has been earned, and since they will never tap into the fund, they should get some of their investment back

    no...they have gotten their investment back in their acquired wealth.

    it's the economic strategy that includes social security that played an important role in the new or improved wealth

    there are selfish, lazy and irresponsible people who, on acquiring wealth, don't want to pay the bill that is called by the economic system that got them where they are

    this is the problem...these people must continue to the process that got them their wealth, and they need to stop trying to avoid the rent they have to pay to live in this country.

    in this fashion, generations that follow might have the same opportunity at wealth and growth

    when a person acquires wealth, then tries to change the tax structure that was largely responsible for getting them there, that's the same thing as a theft against our's stealing from your children, and steeling from your family

    have a read of the article...good stuff inside
    Last edited: Jun 16, 2005
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