Social Security: Near-Bankrupt

[eagleseven]

WHAT is your solution? Thank God Bush was UNsuccessful privatizing Social Security. Ask Italy how that worked out.

Cut government spending across the board (including social security benefits and military spending) while maintaining current tax rates, and use the budget surplus to return America to fiscal solvency. Slow, painful, but doable.

Alternatively, we can continue along our current course uninhibited, so that my children and I can witness the collapse of the United States as a world power.

Don't naively think America is immune.

 

[Care4all]

Social Security cash flow suddenly negative | Washington Examiner

Here’s something I didn’t know, from financial blogger Bruce Krasting (via John Ellis): Social Security tax receipts for the first half of 2010: $346.9 billion; Social Security benefits payments for the same period: $347.3 billion. Before this year, projections have always been that Social Security wouldn’t cross that line into negative cash flow for five years or so. Now it’s a reality. Congress has been spending Social Security’s positive cash flow for years. Now there’s no positive cash flow to spend.

Ten years before the worst doomsayers predicted, Social Security has become a net drag on the budget...and will continue to grow our near-catastrophic national debt.

fyi, social security HAS NOT ADDED ONE DIME to our national debt...social security has been in SURPLUS and those surplus monies were used to balance the budget that income taxes should have paid for.....

Not a dime of our existing debt is from social security overspending on retirements....the debt is from congress overspending on the general budget and not collecting enough INCOME TAXES to pay for it.

 

[Old Rocks]

Your math is fucked. Firstly, no one pays 39.4% ... it's a progressive system. Secondly, you can deduct your state tax from your federal tax.

Someone that knows math please tell us the truth.

Obama says that's what's fair.

The Top rate will be 39.4 in January. Do you dispute that?

This is the soak the rich and make them pay their fair share that you were screaming about 2 years ago! This is what the rich paid under Clinton. Remember?

Oh yes, those horrible Clinton years. I mean, who can stand a balanced budget, a booming economy. But the Repubs got in and fixed everything

 

[eagleseven]

fyi, social security HAS NOT ADDED ONE DIME to our national debt...social security has been in SURPLUS and those surplus monies were used to balance the budget that income taxes should have paid for.....

Technically speaking, Social Security has added $400,000,000 to the national debt in the past six months, but...

Not a dime of our existing debt is from social security overspending on retirements....the debt is from congress overspending on the general budget and not collecting enough INCOME TAXES to pay for it.

...as you say, Congress has robbed the Social Security fund of far more than $400,000,000 over the past three decades.

---

I don't blame the people who are receiving Social Security, because they damn well already paid for it. I blame the Congressmen who have stolen their hard-earned money over the past thirty years.

Though the youngest generations will suffer the most, we will all pay for their short-sighted foolishness.

 

[Care4all]

fyi, social security HAS NOT ADDED ONE DIME to our national debt...social security has been in SURPLUS and those surplus monies were used to balance the budget that income taxes should have paid for.....

Technically speaking, Social Security has added $400,000,000 to the national debt in the past six months, but...

Not a dime of our existing debt is from social security overspending on retirements....the debt is from congress overspending on the general budget and not collecting enough INCOME TAXES to pay for it.

...as you say, Congress has robbed the Social Security fund of far more than $400,000,000 over the past three decades.

---

I don't blame the people who are receiving Social Security, because they damn well already paid for it. I blame the Congressmen who have stolen their hard-earned money over the past thirty years.

NO it has not added to the national debt. Paying social security BACK for the money congress borrowed from it IS NOT SOCIAL SECURITY causing the debt....social security collected enough social security taxes to pay for a few more decades worth of social security....

the shortfall just means they have to collect from the trust fund of surplus...

Which in turn means congress has to start paying BACK what they borrowed from social security to pay for their spending spending spending on ALL ELSE....

social security is NOT causing the deficit, but spending like drunken sailors is....

 

[Bfgrn]

WHAT is your solution? Thank God Bush was UNsuccessful privatizing Social Security. Ask Italy how that worked out.

Cut government spending across the board (including social security benefits and military spending) while maintaining current tax rates, and use the budget surplus to return America to fiscal solvency. Slow, painful, but doable.

Alternatively, we can continue along our current course uninhibited, so that my children and I can witness the collapse of the United States as a world power.

Don't naively think America is immune.

No, America is not immune. I have witnessed two failed revolutions based on ideology instead of intelligent comprehension of the efforts of our ancestors...

The Bolshevik Revolution and The Reagan Revolution.


Example is the school of mankind, and they will learn at no other.
Edmund Burke

 

[eagleseven]

social security is NOT causing the deficit, but spending like drunken sailors is....

[ame=http://www.youtube.com/watch?v=QMBZDwf9dok]YouTube - Mad As Hell ...[/ame]

Now you see.

 

[Old Rocks]

Were Buffett and the rest of the very wealthy to pay the same 6.2% that I pay, the SS system would be solid for all time. Social Security is not just security for working people, it is also security for the very wealthy. Those gated communities are not proof against dynamite.

t r u t h o u t | I Should Pay More Tax, Says US Billionaire Warren Buffett

I Should Pay More Tax, Says US Billionaire Warren Buffett
By Andrew Clark
The Guardian UK

Wednesday 31 October 2007

The United States' second-richest man has delivered a blunt message to the Bush administration: he wants to pay more tax.

Warren Buffett, the famous investor known as the "Sage of Omaha", has complained that he pays a lower rate of tax than any of his staff - including his receptionist. Mr Buffett, who is worth an estimated $52bn ( 25bn), said: "The taxation system has tilted towards the rich and away from the middle class in the last 10 years. It's dramatic; I don't think it's appreciated and I think it should be addressed."

During an interview with NBC television, Mr Buffett brandished an informal survey of 15 of his 18 office staff at his Berkshire Hathaway empire. The billionaire said he was paying 17.7% payroll and income tax, compared with an average in the office of 32.9%.

 

[Zona]

Annie (Today), boedicca (Today), CrusaderFrank (Today), DiamondDave (Today), Lonestar_logic (Today), Newby (Today), Tech_Esq (Today), The T (Today), Vanquish (Today

Teabaggers unite!

Mocking the firefighters as your home burns, Zona?

Speaking of firefighters and fires, how would Ol Rand feel if black fire fighter refuses to put out a fire if the business had a no blacks policy. Blacks are not allowed there, so they wouldn't be able to put his fire out?

Teabaggers, represent!

 

[Zona]

Were Buffett and the rest of the very wealthy to pay the same 6.2% that I pay, the SS system would be solid for all time. Social Security is not just security for working people, it is also security for the very wealthy. Those gated communities are not proof against dynamite.

t r u t h o u t | I Should Pay More Tax, Says US Billionaire Warren Buffett

I Should Pay More Tax, Says US Billionaire Warren Buffett
By Andrew Clark
The Guardian UK

Wednesday 31 October 2007

The United States' second-richest man has delivered a blunt message to the Bush administration: he wants to pay more tax.

Warren Buffett, the famous investor known as the "Sage of Omaha", has complained that he pays a lower rate of tax than any of his staff - including his receptionist. Mr Buffett, who is worth an estimated $52bn ( 25bn), said: "The taxation system has tilted towards the rich and away from the middle class in the last 10 years. It's dramatic; I don't think it's appreciated and I think it should be addressed."

During an interview with NBC television, Mr Buffett brandished an informal survey of 15 of his 18 office staff at his Berkshire Hathaway empire. The billionaire said he was paying 17.7% payroll and income tax, compared with an average in the office of 32.9%.

Top 2% ers who got two bush tax cuts (during war time might I ad), time to pay back.

 

[eagleseven]

Annie (Today), boedicca (Today), CrusaderFrank (Today), DiamondDave (Today), Lonestar_logic (Today), Newby (Today), Tech_Esq (Today), The T (Today), Vanquish (Today

Teabaggers unite!

Mocking the firefighters as your home burns, Zona?

Speaking of firefighters and fires, how would Ol Rand feel if black fire fighter refuses to put out a fire if the business had a no blacks policy. Blacks are not allowed there, so they wouldn't be able to put his fire out?

Teabaggers, represent!

Your clothes are on fire, Zona.

 

[Zona]

fyi, social security HAS NOT ADDED ONE DIME to our national debt...social security has been in SURPLUS and those surplus monies were used to balance the budget that income taxes should have paid for.....

Technically speaking, Social Security has added $400,000,000 to the national debt in the past six months, but...

Not a dime of our existing debt is from social security overspending on retirements....the debt is from congress overspending on the general budget and not collecting enough INCOME TAXES to pay for it.

...as you say, Congress has robbed the Social Security fund of far more than $400,000,000 over the past three decades.

---

I don't blame the people who are receiving Social Security, because they damn well already paid for it. I blame the Congressmen who have stolen their hard-earned money over the past thirty years.

social security is NOT causing the deficit, but spending like drunken sailors is....

You mean like starting the iraq war...you mean like all the money Bush threw away and you said nothing...NOTHING..

Why now? what changed?

 

[Zona]

Mocking the firefighters as your home burns, Zona?

Speaking of firefighters and fires, how would Ol Rand feel if black fire fighter refuses to put out a fire if the business had a no blacks policy. Blacks are not allowed there, so they wouldn't be able to put his fire out?

Teabaggers, represent!

Your clothes are on fire, Zona.

Can I have some nice refreshing Tea then? Just throw the TEa on me since I am on fire!

 

[eagleseven]

You mean like starting the iraq war...you mean like all the money Bush threw away and you said nothing...NOTHING..

Is this why you are silent today, as your house burns?

The wars continue...the spending continues...the debt continues to grow.

Yet, all you do is poke fun, a deranged jester?

 

[Care4all]

Classic shell game. Where is the money again?

in US Government Securities

I owe myself $3,000,000.

Does this make me a millionaire? Or a fool?

You can thank Ronbo Reagan

A dead man cannot change our future.

us securities are as good as gold.

you try to default on them, then all securities/treasuries out there will fall and we as a country will fall, and all other countries tied to us fall.

we will NEVER renege on paying those securities....no sir ee, never....it would bring a multitude of problems.....

 

[Tech_Esq]

Social Security cash flow suddenly negative | Washington Examiner

Here’s something I didn’t know, from financial blogger Bruce Krasting (via John Ellis): Social Security tax receipts for the first half of 2010: $346.9 billion; Social Security benefits payments for the same period: $347.3 billion. Before this year, projections have always been that Social Security wouldn’t cross that line into negative cash flow for five years or so. Now it’s a reality. Congress has been spending Social Security’s positive cash flow for years. Now there’s no positive cash flow to spend.

Ten years before the worst doomsayers predicted, Social Security has become a net drag on the budget...and will continue to grow our near-catastrophic national debt.

Annie (Today), boedicca (Today), CrusaderFrank (Today), DiamondDave (Today), Lonestar_logic (Today), Newby (Today), Tech_Esq (Today), The T (Today), Vanquish (Today

Teabaggers unite!

Thanks for the request Zona......we'll have someone over to put balls in your mouth shortly. When did you develop this taste for balls anyway?


Just remember, it's better to be a teabagger, than a teabaggee!

Try not to gag!

 

[eagleseven]

us securities are as good as gold.

you try to default on them, then all securities/treasuries out there will fall and we as a country will fall, and all other countries tied to us fall.

we will NEVER renege on paying those securities....no sir ee, never....it would bring a multitude of problems.....

Indeed, the US Government would sooner hyper-inflate our currency, than stop paying those securities.

Remember Zimbabwe? And 1920s Germany?

Business Insider: Why Most Western Economies Are Veering Toward Hyperinflation

 

[Ravi]

So, you are going on record right now to say that you don't have to obey the tax law? That if you you do your taxes and it comes up to pay the top rate, you should just cheat because that's what everyone does? Really?

No, I'm not saying that. I'm saying with deductions and the progressive system, no one pays any where near 39.4% in federal taxes.

Did you not once claim that you paid less than 10% yourself?

So you claim that Obama is raising the tax rate but it's all window dressing. Even though the top marginal rate is going up, they will never collect on it?

So why waste time and money doing this?

Frankly Ravi, that's a completely specious claim and not worthy of you. People will pay it. Deductions and loopholes exist for a lot of people and if you do good tax planning, you can take advantage of many of them, but if you have to pay the AMT, you're fucked. There are no loopholes, you just pay it.

In other cases, the deductions don't apply, there are as many tax situations as there are people. But, I will guarantee you that if there is a marginal tax rate, there is somebody that is paying that rate.

I'm not saying that some people won't pay more, but they won't be paying 39.4%. You are claiming something that isn't true.

The AMT is a separate issue.

I am all for everyone paying the same rate on all income regardless of how much it is and where it comes from. But apparently that is never going to happen because eliminating loopholes would hurt the wealthier portions of our population.

 

[Care4all]

us securities are as good as gold.

you try to default on them, then all securities/treasuries out there will fall and we as a country will fall, and all other countries tied to us fall.

we will NEVER renege on paying those securities....no sir ee, never....it would bring a multitude of problems.....

Indeed, the US Government would sooner hyper-inflate our currency, than stop paying those securities.

Remember Zimbabwe? And 1920s Germany?

Business Insider: Why Most Western Economies Are Veering Toward Hyperinflation

buy gold

 

[kyzr]

Why is it that congress doesn't seem to get it? All they want to do is borrow more and spend more on nonsense, when SS & Medicare benefits were earned and are owed. UHC for mexicans is a losing position, they'll find out in November and in 2012.