Scheme to Loot Social Security Must be stopped,before Dems Think it's Smart Politics

[AmericasBrave58]

Scheme to Loot Social Security Must Be Stopped Before the Dems Think It's Smart Politics | Politics | AlterNet

 

[Old Rocks]

Best way to stop any plans to loot the SS system is to remove all Republicans from both houses, election by election.

 

[ScreamingEagle]

Best way to stop any plans to loot the SS system is to remove all Republicans from both houses, election by election.

Evidently you didn't read the whole article....

A year ago, the Obama White House was playing footsie with Peterson and intended to give him a starring role in its "fiscal responsibility summit."

But the assault on Society Security, we knew, would come back sooner or later because many of Obama's lieutenants are devoted to Peterson's fiscal logic.

Likewise, people need to confront Harry Reid and Nancy Pelosi immediately. It has been reported the two Congressional leaders are prepared to go along with this ugly ploy.

 

[Titanic Sailor]

Oh please, one fourth of all public employees don't even pay into Social Security and growing. In fact 500K left on the federal side hired before 1983 who don't pay in either. These government workers are mostly Democrats. In one breath they support Social Security, and in the next, they don't pay into the system. Do you know most of the management at Social Security, a Democrat kingdom, do not pay into the system? Most hired before 1983. These are the folks who make recommendations to your Congress on SS reform. Nice gig huh? With your money.

 

[Skull Pilot]

Oh please, one fourth of all public employees don't even pay into Social Security and growing. In fact 500K left on the federal side hired before 1983 who don't pay in either. These government workers are mostly Democrats. In one breath they support Social Security, and in the next, they don't pay into the system. Do you know most of the management at Social Security, a Democrat kingdom, do not pay into the system? Most hired before 1983. These are the folks who make recommendations to your Congress on SS reform. Nice gig huh? With your money.

Government workers, both state and federal who don't pay into SS pay 7.5% of their income into their respective pension plans instead of SS. At retirement, in most cases the employing agency will use the employee contributions to partially fund an annuity that will result in the retiree's income. So those government workers do not collect SS unless they paid into it from another job.

That aside, we would all be better off if we controlled that 15% of our lifetime earnings rather than letting the government have it.

 

[Gatekeeper]

Best way to stop any plans to loot the SS system is to remove all Republicans from both houses, election by election.

Just removing Republicans isn't going to solve anything, they are all to blame. How can anyone align politically today with one side exclusively? Seems ALL of them are in a state of confusion. These people will loot anything they can to try 'keeping the ship afloat' A giant Ponzie scheme, which when the government does it, it's legal. usually resulting in disaster or near to it.

Is there a solution? At this point I think the answer is NO. The average person is too into their 'comfort zone'.

 

[Skull Pilot]

The solution is to allow us to hold our SS contributions in privately owned accounts that the government can't get its filthy paws on.

 

[Gatekeeper]

The solution is to allow us to hold our SS contributions in privately owned accounts that the government can't get its filthy paws on.

That's probably why it may never be implemented.

 

[DiamondDave]

The solution is to allow us to hold our SS contributions in privately owned accounts that the government can't get its filthy paws on.

That's probably why it may never be implemented.

Bingo

 

[uscitizen]

Oh please, one fourth of all public employees don't even pay into Social Security and growing. In fact 500K left on the federal side hired before 1983 who don't pay in either. These government workers are mostly Democrats. In one breath they support Social Security, and in the next, they don't pay into the system. Do you know most of the management at Social Security, a Democrat kingdom, do not pay into the system? Most hired before 1983. These are the folks who make recommendations to your Congress on SS reform. Nice gig huh? With your money.

Government workers, both state and federal who don't pay into SS pay 7.5% of their income into their respective pension plans instead of SS. At retirement, in most cases the employing agency will use the employee contributions to partially fund an annuity that will result in the retiree's income. So those government workers do not collect SS unless they paid into it from another job.

That aside, we would all be better off if we controlled that 15% of our lifetime earnings rather than letting the government have it.

And you actually think your employer would just give you his 7.5% contribution if not forced by the gummit to do so?

Pretty funny stuff.

 

[DiamondDave]

Funny... think I would use that in my salary negotiations in my career...

I know it's hard for you to negotiate your standard salary for burger flipping and urinal scrubbing, but you might want to give it a try

 

[uscitizen]

I only flip burgers for myself and friends.
I am comfortably retired.

 

[Skull Pilot]

Oh please, one fourth of all public employees don't even pay into Social Security and growing. In fact 500K left on the federal side hired before 1983 who don't pay in either. These government workers are mostly Democrats. In one breath they support Social Security, and in the next, they don't pay into the system. Do you know most of the management at Social Security, a Democrat kingdom, do not pay into the system? Most hired before 1983. These are the folks who make recommendations to your Congress on SS reform. Nice gig huh? With your money.

Government workers, both state and federal who don't pay into SS pay 7.5% of their income into their respective pension plans instead of SS. At retirement, in most cases the employing agency will use the employee contributions to partially fund an annuity that will result in the retiree's income. So those government workers do not collect SS unless they paid into it from another job.

That aside, we would all be better off if we controlled that 15% of our lifetime earnings rather than letting the government have it.

And you actually think your employer would just give you his 7.5% contribution if not forced by the gummit to do so?

Pretty funny stuff.

Why can't it still be a requirement?

It can still be required of employers to match the 7.5% only we would get to hold it in an account we own just like any other retirement account, IRA or such.

It's not a difficult concept to grasp.

 

[uscitizen]

Government workers, both state and federal who don't pay into SS pay 7.5% of their income into their respective pension plans instead of SS. At retirement, in most cases the employing agency will use the employee contributions to partially fund an annuity that will result in the retiree's income. So those government workers do not collect SS unless they paid into it from another job.

That aside, we would all be better off if we controlled that 15% of our lifetime earnings rather than letting the government have it.

And you actually think your employer would just give you his 7.5% contribution if not forced by the gummit to do so?

Pretty funny stuff.

Why can't it still be a requirement?

It can still be required of employers to match the 7.5% only we would get to hold it in an account we own just like any other retirement account, IRA or such.

It's not a difficult concept to grasp.

so it will be a govt enforced wage? Instead of a govt enforced insurance payment?

 

[Skull Pilot]

And you actually think your employer would just give you his 7.5% contribution if not forced by the gummit to do so?

Pretty funny stuff.

Why can't it still be a requirement?

It can still be required of employers to match the 7.5% only we would get to hold it in an account we own just like any other retirement account, IRA or such.

It's not a difficult concept to grasp.

so it will be a govt enforced wage? Instead of a govt enforced insurance payment?

does it matter?

It's a wash as far as employers are concerned

 

[Titanic Sailor]

I thought the issue here was related towards saving Social Security, not making excuses for millions of mostly Democrat government workers to not have to pay into the system. Ask any kid in America what he would like to have, a government pension or Social Security.

I think we all know the answer to that. The rate is lot higher than 7.5% in many states and municipalities by the way, with interest. Hence government unions, to suck up pension cash, and fund Democrat re-elections.

 

[Joe Steel]

The solution is to allow us to hold our SS contributions in privately owned accounts that the government can't get its filthy paws on.

Like 401(k)s!

They'll never lose money.

 

[DiamondDave]

The freedom to succeed goes hand in hand with the freedom to fail

Funny thing is that a guaranteed long term bond or CD outperforms the SS system... I'd rather take my chances on my own investing than have the government continue to rape my paycheck and abuse the funds to spend on bullshit

 

[Joe Steel]

The freedom to succeed goes hand in hand with the freedom to fail

Funny thing is that a guaranteed long term bond or CD outperforms the SS system... I'd rather take my chances on my own investing than have the government continue to rape my paycheck and abuse the funds to spend on bullshit

Not adjusted for risk it doesn't. Social Security will never default. No private investment can say that.

 

[Skull Pilot]

The solution is to allow us to hold our SS contributions in privately owned accounts that the government can't get its filthy paws on.

Like 401(k)s!

They'll never lose money.

A 401 K is only as good as the investments one chooses.

But if I had my way I would take my chances in the market over a 45 year working career. I'll beat the government every time.

And besides, there won't be enough money coming in to fund SS's future liabilities so you lose anyway. The Ponzi scheme has maxed out as they all do sooner or later.

But let's have some fun and use real numbers here.

The average income in the US is about 46K or 3833 per month. Let's assume that one makes 46K from age 22 to 67 with no pay increases for that time period.

15% of 3833 per month is 575.

What would 575 per month get you after 45 years of investing?

at 5% $1,165,201.44

at 7% $ 2,180,741.93

a7 8% $3,032,860.43

Now if one also saves an additional 15% towards retirement in an employer offered plan and IRAs what would you have after 45 years

here's a hint: You'd have double. What would you have if you saved 25-30% in addition to the 15% like I do.

A hell of a lot more.

Now I used 5,7 and 8% returns for this calculation and all of those figures are considered conservative over a 45 year time frame. You might do better but I doubt you would do worse unless of course you were a complete moron.

And so you know what kind of income you would receive on those sums, here's a little formula.

$150,000 earning 5% will produce $1000 per month for 20 years

So $1,500,000 will produce $10,000 per month for 20 years.

Compare that to the maximum SS benefit of $25,392 per year or a measly $2,116 per month and tell me we wouldn't all be better off if we controlled our SS contributions.