The Ecomomic Tsunami Coming.....and Obama's only...

Discussion in 'Politics' started by Philobeado, May 12, 2009.

  1. Philobeado
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    Philobeado Active Member

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    exacerbating it with his policies. The dirty little secret that he's not sharing with all the koolaid drinkers is that with regards to Medicare, all those old people are eventually going to be told that they're expendable. Don't even get me started about Social Security...

    Social Security and Medicare finances worsen
     
  2. Iriemon
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    Iriemon VIP Member

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    I've been talking about this for years. There will be a giant struggle between the boomers that don't want to lose benefits and later generations that will balk at the return of 70% tax rates to pay for it.

    The irony is that it is nothing that is news. The problem with the boomer retirement bubble has been known for decades.

    In the mid-1980s, Congress and Reagan had the remarkable foresight to address it by raising SS taxes 2 percentage points, knowing people would be paying higher SS taxes than they were supposed to, with the idea that a SS trust would have $3+ trillion in it to fund the boomers' retirements.

    $3 trillion would maybe not completely solve the SS problem, but would put a big dent in it.

    Unfortunately, in one of the greatest thefts of all time, that $3 trillion was stolen to finance the deficits over the past 25 years. There is nothing left but worthless IOUs.

    The skeptical part of me would believe this was no accident. SS is a regressive tax the working middle and lower classes pay -- it's not levied on incomes over about $100k and therefore the really rich don't effectively pay SS tax as a percentage of their income. When it was increased it burdened the lower and middle classes -- not the very rich.

    So what has effectively happened is that the extra tax the middle and lower classes paid was stolen to finance income tax and investment tax cuts -- that benefit the really rich.

    Did this happen by coincidence? You all be the judge.
     
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    Last edited: May 12, 2009
  3. 007
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    007 Charter Member Supporting Member

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    Social Security would still be solvent for decades to come had our illustrious elected officials kept their GREEDY little fingers out of it, taking the surplus money and leaving worthless IOU's in it's place. But hey, the government now wants to run major car companies, banks, and HEALTH CARE. The government has FUCKED UP EVERYTHING IT'S TOUCHED, yet we have kool aide drinkers thinking it's fine for oblahma to turn us into a socialist, third world, shit hole.
     
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    Last edited: May 12, 2009
  4. alan1
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    alan1 USMB Mod Staff Member Supporting Member

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    Maybe it's time for a financial stress test.
     
  5. auditor0007
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    auditor0007 Gold Member

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    There are solutions available. It's just that nobody wants to discuss something that may require a reduction in benefits. But that is the only logical answer at this point.
     
  6. Angel Heart
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    Angel Heart Conservative Hippie

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    How about an audit of the Federal Reserve while we're at it?
     
  7. Annie
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    Annie Diamond Member

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    and Soylent Green becomes reality.
     
  8. alan1
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    alan1 USMB Mod Staff Member Supporting Member

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    That needs to happen to.
     
  9. Seraega
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    Seraega Member

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    I'm all for reducing benefits on people with enough cash flow to cover their own retirement. It should be a stop gap like any other welfare program... the flip side of this is that the $106k cap. There's no reason for the burden of the program to only fall on the working poor and middle class. The rich benefit by not having homeless old people wandering the street too.
     
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  10. alan1
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    alan1 USMB Mod Staff Member Supporting Member

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    How about if we remove the pension that our congressmen get paid when they retire, and let them collect Social Security instead.
     
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