McConnell digs a hole on Social Security, falls in

[g5000]

"Privatizing Social Security" is another way of saying "throw you to the wolves of Wall Street to eat you alive."

This is a scheme by Wall Street to steal more of your money.

And then when all the rubes have lost their asses to the crooks who will flourish under this scheme, just like they did before the days of Social Security, the rubes will come to Washington with their begging bowls.

That's a solid gold guarantee.

Privatizing Social Security would underscore the fact that there is no need for the program to exist in the first place.

Privatizing Social Security would educate the historically ignorant rubes, once they are fleeced into pennilessness, as to why Social Security was created in the first place.

 

[OnePercenter]

LBJ did that when he put SS into the General fund which they've been robbing ever since.

Oh and last I heard LBJ was a Dem. Color me shocked.

The Social Security Trust Fund has never been “put into the general fund of the government.”

Did Lyndon Johnson Steal From the Social Security Trust Fund FedSmith.com

 

[OnePercenter]

Okay, so you're against privatizing social security. Here's the question: You got any other plan? Or do you simply want to continue on with the same broken system and let it break the back of the economy?

Yes I do!

-Raise minimum wage to $23.50/hr. Based on where minimum wage should be using 1970-2013 rise in food, shelter, and transportation.

-Eliminate all business subsidies (deductions/write-off’s/write-downs) except for employee expenses which are deducted dollar-for-dollar on all city, state, and Federal taxes and fees with the Feds refunding city, State, and fees.

-Companies with 300 employees or less, employee expenses above the deduction are subsidized at 100% with funds usually give back to the States.

-Adjust Social Security and private/public retirement and pension payments using 1970-2013 price structure. Remove the FICA limit.

-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 10 years which will eliminate inflation.

-Recall ALL off-shore investments tax free, and disallow any further off-shore investments.

-Make inversion illegal.

 

[The Rabbi]

LBJ did that when he put SS into the General fund which they've been robbing ever since.

Oh and last I heard LBJ was a Dem. Color me shocked.

The Social Security Trust Fund has never been “put into the general fund of the government.”

Did Lyndon Johnson Steal From the Social Security Trust Fund FedSmith.com

OOps. Wrong again. What a shock.

Money flowing into the trust funds is invested in U. S. Government securities. Because the government spends this borrowed cash, some people see the trust fund assets as an accumulation of securities that the government will be unable to make good on in the future. Without legislation to restore long-range solvency of the trust funds, redemption of long-term securities prior to maturity would be necessary.

Far from being "worthless IOUs," the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.

Many options are being considered to restore long-range trust fund solvency. These options are being considered now, well in advance of the year the funds are likely to be exhausted. It is thus likely that legislation will be enacted to restore long-term solvency, making it unlikely that the trust funds' securities will need to be redeemed on a large scale prior to maturity.

Trust Fund Data

 

[The Rabbi]

Okay, so you're against privatizing social security. Here's the question: You got any other plan? Or do you simply want to continue on with the same broken system and let it break the back of the economy?

Yes I do!

-Raise minimum wage to $23.50/hr. Based on where minimum wage should be using 1970-2013 rise in food, shelter, and transportation.

-Eliminate all business subsidies (deductions/write-off’s/write-downs) except for employee expenses which are deducted dollar-for-dollar on all city, state, and Federal taxes and fees with the Feds refunding city, State, and fees.

-Companies with 300 employees or less, employee expenses above the deduction are subsidized at 100% with funds usually give back to the States.

-Adjust Social Security and private/public retirement and pension payments using 1970-2013 price structure. Remove the FICA limit.

-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 10 years which will eliminate inflation.

-Recall ALL off-shore investments tax free, and disallow any further off-shore investments.

-Make inversion illegal.

Stop! You're killing me with this. It's just way too funny anyone thinks that will solve any problem whatsoever.

 

[OnePercenter]

LBJ did that when he put SS into the General fund which they've been robbing ever since.

Oh and last I heard LBJ was a Dem. Color me shocked.

The Social Security Trust Fund has never been “put into the general fund of the government.”

Did Lyndon Johnson Steal From the Social Security Trust Fund FedSmith.com

OOps. Wrong again. What a shock.

Money flowing into the trust funds is invested in U. S. Government securities. Because the government spends this borrowed cash, some people see the trust fund assets as an accumulation of securities that the government will be unable to make good on in the future. Without legislation to restore long-range solvency of the trust funds, redemption of long-term securities prior to maturity would be necessary.

Far from being "worthless IOUs," the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.

Many options are being considered to restore long-range trust fund solvency. These options are being considered now, well in advance of the year the funds are likely to be exhausted. It is thus likely that legislation will be enacted to restore long-term solvency, making it unlikely that the trust funds' securities will need to be redeemed on a large scale prior to maturity.

Trust Fund Data

The post was answering 'LBJ did that when he put SS into the General fund which they've been robbing ever since.'

 

[OnePercenter]

Stop! You're killing me with this. It's just way too funny anyone thinks that will solve any problem whatsoever.

Increasing FICA income wouldn't solve the problem?

 

[SwimExpert]

Yes I do!

You immediately lose all relevance, all credibility. I continue reading only out of morbid curiosity. Like staring at road kill.

Raise minimum wage to $23.50/hr. Based on where minimum wage should be using 1970-2013 rise in food, shelter, and transportation.

Strike that. This is more like watching two brothers shove roadkill up each other's asses for sexual gratification, then sucking out maggots with no hands.

 

[TooTall]

Republicans not only want to screw the American worker, now they want to screw the retired workers......

With time running out in Kentucky, Mitch McConnell decided to remind the state that he wanted to effectively eliminate the popular and effective Social Security system. Indeed, it’s been part of McConnell’s governing vision for many, many years.

When local reporter Joe Sonka asked McConnell whether voters should expect the senator to push Social Security privatization after the midterms, McConnell replied, “I’m not announcing what the agenda would be in advance.”

Wait, he’s not?

I’m starting to think Republicans have collectively forgotten the point of a political campaign. Last week, Scott Brown told voters in New Hampshire, “I’m not going to talk about whether we’re going to do something in the future.” Around the same time, McConnell said he’ll only announce Senate Republicans’ agenda after the election.

Obama says he will reform immigration by EO and disclose the raise in obamacare healthcare premiums after mid terms. Is that digging a hole as well?

 

[TooTall]

Good luck getting SS out of the hands of the Bankers that control it.

It's a Tax (and a voluntary one) set up in 1933 when the US went Bankrupt.

Social Security is voluntary? Try telling the boss to quit taking it out of your paycheck and see what happens. If you are the boss, try not sending quarterly SS payments to the government and enjoy your time in prison.

 

[jknowgood]

Republicans not only want to screw the American worker, now they want to screw the retired workers......

That goes to what I said the other day. The main problem for the GOP is that almost nothing they really want to do is popular with the American people.

Yet are just days away from taking the senate and keeping the house,so how does that play with your narrative? Repubs suck,Dems suck even more?

People are voting Republican because the Republicans are deftly concealing their real agenda, as the OP points out.

No, because they woke up and realized the failure Obama is the best you got. Also it doesn't help being known as the liar in chief. Just think him being known as a failure with the media in his back pocket.

They are not voting for Oblama, sorry...

They are for his policies, from his mouth. Y'all are screwed. Lol

 

[TooTall]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

The reason for incremental phasing in privatization of SS is to avoid what you described. And, the only thing that changes is that an individual account is created for those who choose to put a portion of their SS into a private SS account.
What ever happened to the SS Trust Fund that politicians used to talk about? LOL

 

[TooTall]

Republicans not only want to screw the American worker, now they want to screw the retired workers......

With time running out in Kentucky, Mitch McConnell decided to remind the state that he wanted to effectively eliminate the popular and effective Social Security system. Indeed, it’s been part of McConnell’s governing vision for many, many years.

When local reporter Joe Sonka asked McConnell whether voters should expect the senator to push Social Security privatization after the midterms, McConnell replied, “I’m not announcing what the agenda would be in advance.”

Wait, he’s not?

I’m starting to think Republicans have collectively forgotten the point of a political campaign. Last week, Scott Brown told voters in New Hampshire, “I’m not going to talk about whether we’re going to do something in the future.” Around the same time, McConnell said he’ll only announce Senate Republicans’ agenda after the election.

Okay, so you're against privatizing social security. Here's the question: You got any other plan? Or do you simply want to continue on with the same broken system and let it break the back of the economy?

Social Security can be 'saved' with minor adjustments.

Remember who saved Social Security in 1983, when it was in far worse shape?

Ronald Reagan!

Social Security was "saved" in 1983 by adding two years to the eligibility age. Except that two years was not to be fully implemented until...drum roll please...2022! 39 years to implement!

Social Security will be broke before then, so it was not saved. There is a big difference between fixing a problem and kicking the can down the road to the next generation.

Our life expectancy has risen by more than two years since then, and we still haven't arrived at the full implementation!

I guess they all wanted to make sure they were dead and gone before the higher retirement age kicked in.

We need to do more drastic measures. We should immediately raise the retirement age to 70, and index it to 9 percent of the population going forward. This will actually save Social Security once and for all.

Social Security was not intended for everyone to draw from it. It was meant for people who lived past the mean. The average life expectancy when SS was enacted was 60 and only 5.4% of the population was over the age of 65 at that time.

When Medicare was piled onto the senior entitlement package, 9 percent of the population was over 65.

Today, over 13 percent of the population is over 65.

This means a smaller and smaller percentage of the population is supporting a larger and larger percentage of the population. This is an unsustainable track.

Japan is about to get hit by a senior citizen tsunami before us. They have an aging population that is soon going to overwhelm their entitlement system.


Here is the situation in a nutshell: We are living longer. We should be working longer. Common sense.

And all this time I thought the I in FICA stood for INSURANCE. Silly me! You are correct that SS needs to be fixed. An insurance company that added payment for surviving children and SSI would have been out of business many years ago. I might add, Medicare is separate from SS and is supported by it's own payroll tax.

 

[Contumacious]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

That is correct.

Social Security taxes were not voluntary.

BUT BUT BUT in the 1960 case of Fleming v. Nestor, the U.S. Supreme Court ruled that workers have no legally binding contractual rights to their Social Security benefits, and that those benefits can be cut or even eliminated at any time.

.

 

[kaz]

Good luck getting SS out of the hands of the Bankers that control it.

It's a Tax (and a voluntary one) set up in 1933 when the US went Bankrupt.

Social Security is voluntary? Try telling the boss to quit taking it out of your paycheck and see what happens. If you are the boss, try not sending quarterly SS payments to the government and enjoy your time in prison.

Technically they won't put you in prison, they will padlock the doors of your business and seize your assets.

 

[kaz]

"Privatizing Social Security" is another way of saying "throw you to the wolves of Wall Street to eat you alive."

This is a scheme by Wall Street to steal more of your money.

I hear you, it's better to not have any assets in social security, just give the bills to your children. Why should you save for your own retirement when you can screw your children and stick them with it?

 

[TooTall]

Good luck getting SS out of the hands of the Bankers that control it.

It's a Tax (and a voluntary one) set up in 1933 when the US went Bankrupt.

Social Security is voluntary? Try telling the boss to quit taking it out of your paycheck and see what happens. If you are the boss, try not sending quarterly SS payments to the government and enjoy your time in prison.

Technically they won't put you in prison, they will padlock the doors of your business and seize your assets.

I do get carried away at times.

 

[kaz]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

So our parents created a "trust fund," lent the money to themselves and spent it. So,

We get the bills to pay for their retirement.

We get the bills to pay back the money they put in the trust fund and spent, we pay double.

Now, we owe them $2 trillion more.

Our parents just screw us over and over, don't they? The Greatest Generation begot the Greediest Generation.

 

[kaz]

Good luck getting SS out of the hands of the Bankers that control it.

It's a Tax (and a voluntary one) set up in 1933 when the US went Bankrupt.

Social Security is voluntary? Try telling the boss to quit taking it out of your paycheck and see what happens. If you are the boss, try not sending quarterly SS payments to the government and enjoy your time in prison.

Technically they won't put you in prison, they will padlock the doors of your business and seize your assets.

I do get carried away at times.

No problem! I "agreed" with your post, you got the idea right. They will put you and all your employees on the street to get theirs. You have no Constitutional rights. You got the right idea.

 

[TooTall]

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

BUT, you can no longer use yearly payroll taxes to pay out benefits, because the payroll tax will disappear with privatization.

Follow me so far?

NOW, you'll have to actually pay back the money the general fund borrowed from the Trust Fund -

OUT OF YOUR INCOME TAXES.

If you privatize Social Security, you still owe the current and future recipients the 2+ trillion in payroll taxes that they put into the Trust Fund.

Yes. And then you'll save more than the 2+ trillion in payroll taxes and have more money for retirement.
And you won't be dependent on the crooks in DC.

That is correct.

Social Security taxes were not voluntary.

BUT BUT BUT in the 1960 case of Fleming v. Nestor, the U.S. Supreme Court ruled that workers have no legally binding contractual rights to their Social Security benefits, and that those benefits can be cut or even eliminated at any time.

.

That is correct and here is who can do it.

Section 1104 of the 1935 Act, entitled "RESERVATION OF POWER," specifically said: "The right to alter, amend, or repeal any provision of this Act is hereby reserved to the Congress."