Stop, Drop, And Roll

Discussion in 'Politics' started by flacaltenn, Jul 17, 2011.

  1. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    Forget Cut, Cap, and Balance.. Remember what we were originally taught to do..

    Stop, Drop, and Roll...

    # Stop the spending.

    # Drop the size of the Federal Govt.

    # Roll thru Washington and remove any politician who doesn't understand the problem or claims that Soc Sec is not broken.

    Hope we've saved some lives today..

    :cool:
    This has been a public service message from the National Fire Sale Safety Council..
    :cool:
     
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  2. Flopper
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    Flopper Gold Member

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    Social Security isn't broken, however our politicians certainly are. The S.S. administration has been warning every president and congress for 50 years that the baby boomers are going to retire and there will not be sufficient assets in the trust fund to meet benefit payments. Congress responded by increasing benefits without matching increases in payroll taxes. And guess what? The baby boomers are retiring and the fund will be exhausted in in about 15 or 20 years and congress continues to do nothing about the problem.

    If congress does nothing, the balance in the fund will be depleted in 15 or 20 years and payments will be reduced to equal the payroll taxes being collected. The result will be a benefit reduction of about 25%, possibly more. The solution to the problem is incredibly simply. Just increase the retirement age about 2 years.
     
  3. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    I'm SOOO relieved Flopper.. :cuckoo:

    Except that everything you said about Soc Sec is wrong..

    Nope.. Social Security is "pay as you go".. And for the past 20 years it has been
    OVERCHARGING the public with excess payroll tax collection. This is tantamount to ROBBING and obtaining a PROFIT off the backs of the working poor and middle class. To the tune of over $2Trill. The largest theft of profit that I can think of in my lifetime.. Nothing was placed in the "Trust Fund" except SPECIAL ISSUE, NON-transferable interagency bonds.. Essentially the robbers left IOUs...

    Nope #2... In 2010, the tax reciepts for Soc Sec were $40B less than actual payment out.

    It is NOW -- officially insolvent. Could return to a surplus if the economy picks up -- but the problem 15 to 20 years down the road -- is right now passing under the bumper...

    Nope #3... Benefit reductions will never globally happen. and the solution is NOT simple since it causes a shift in the budget IMMEDIATELY from being able to STEAL $120Bill to having to cough up $100Bill or so.. And YOU are paying TWICE for this. It does NOT come out of a magic fairytale trust fund. It comes from NEW DEBT being issued to cover the shortages.

    Where do you HEAR these lies? That's why we need to choke-up on any pundits and politicians who are INSISTING on lying to the American people about SocSec financing. and thus the "ROLL" them out of Washington. Stop, Drop & Roll.....

    Just as back-up to Soc Sec insolvency problem TODAY....

    Social Security Is in Far Worse Shape Than You Think - DailyFinance

     
  4. Mr.Nick
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    Mr.Nick VIP Member

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    :lol:

    SS is a broke program.

    There is no SS fund...

    All that money has been borrowed or eaten up in interest.

    When the truth finally comes out it will be 15 years too late...
     
    Last edited: Jul 17, 2011
  5. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    Mr. Nick:

    I don't get how this myth is perpetrated? Why are there STILL folk out there DENYING the problem?

    Can't we just crush all this Trust Fund mythology?

    New problem... SSA is showing "the interest payments" going into the Soc Sec to keep the fund solvent. However -- they are putting MORE interest into the SS fund than is required to simply balance out the yearly liability. Is this just part of the fraud? Or have they discovered that now that the fund can't be robbed yearly -- they can use it to HIDE some of the "on-budget" debt? I think the robbery is STILL in progress...
     
  6. Flopper
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    Flopper Gold Member

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    Had the government not been “overcharging”, Social Security would not have had sufficient funds to cover benefits paid in the years 1959,1961,1963,1965,1975,1976,1977,1978,1980, and 1981. Also, there would be no assets in the fund to pay benefits to baby boomers today.

    You’re correct in 2010 and also 2011 tax receipts were not enough to pay benefits so funds from the trust were used to pay benefits as has been done 10 times in the last 60 years. However in 2010 and 2011, the fund still grew because interests earned exceed payouts. The fund grew by 68 million in 2010 in spite of the 40 billion withdrawal.

    Benefits will decrease 25% only if Congress does not take action. The fund will reach a zero balance, then all benefits will be paid from current payroll tax collection.

    The Social Security Trust Fund is a fairy tale if its assets are worthless; that is the special issue treasury bonds are worthless. Unlike regular treasury bonds, the administration cannot refuse to pay principal or interest on special interest bonds without the approval of congress, making special interest bonds safer than regular treasury bonds.

    I don’t know where you get your information, but mine comes from CBO, Actuarial Publications, and the Social Security Act as amended in 1939 and 1965.

    http://www.cbo.gov/ftpdocs/96xx/doc9649/08-20-SocialSecurityUpdate.pdf
    Social Security Trust Funds
    Social Security Act of 1965 - Wikipedia, the free encyclopedia
     
  7. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    Flopper:

    You've been ROBBED, you've been LIED TO, and you refuse to acknowledge that the "trust fund" IS a fiction. There is NOTHING of value in the trust fund with which to pay current or future liabilities. Those can ONLY be covered by new DEBT issuance (payable by current and future taxpayers). If this was NOT the case -- Obama and Congress couldn't threaten that the SS checks "might not go out" because the tax-cheat Treas Sec could just open the trust fund lockbox and pull out all that valuable stuff and write checks.

    I have NO IDEA why you're talking about 1961. The SS Fund last went negative in the 80's. They RAISED the payroll tax withholding so high to keep it solvent back then -- that they were able to plunder over $2Trill from the pockets of the working poor over the next 30 years. That money is GONE... Nothing of value remains except IOUs.

    And this is an ABSOLUTE gem...

    Why ON EARTH would interest payments EXCEED the current year liabilities for payout? You think any of the EXCESS is in the LOCKBOX for next year? It's an accounting fiction that they are using to hide some of NEW "on-book" debt that they are generating by the dumpster full. That way they can CLAIM that the excess went to Soc Sec instead of to 3 or 4 wars and ethanol subsidies. It's the NEW theft that being perpetrated on the public by having SS convieniently "off budget"..

    Until we smash this myth that SS "is financially secure" -- we can't even BEGIN to prioritize the process of fixing this economic mess. And here is the ONLY CBO statement required so that you can STOP fantasizing and get with reality..

    http://www.cbo.gov/ftpdocs/120xx/doc12039/01-26_FY2011Outlook.pdf

     
  8. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    Is there ANYONE left out there who still wants to contend that Social Security is just Fine???

    We need to nail this one and get on with the solutions...
     
  9. kyzr
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    kyzr Gold Member

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    Totally agree. Its time to kick-off the ones who didn't pay in, and put Medicare lifetime limits on benefits, just like real insurers.

    Trustees Report Summary

    Medicare will be bankrupt in 2017 & SS in 2037
    Trustees Report Summary

    That means that SS folks get at least 70% of promised benefits. The Medicare folks are fucked-over because no money means no healthcare.
     
  10. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    ""Medicare will be bankrupt in 2017 & SS in 2037""

    Soc Sec is bankrupt TODAY.. That's the point. It is officially paying out MORE than it took in as of 2010... This occurred at least 6 years prior to any Federal predictions..

    You are correct about treating these like REAL insurance programs. But Congress has raped and pillaged these programs and are asking us to pay for them AGAIN...

    That will certainly put us in the mood to do more UNIVERSAL stuff -- won't it?
     

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