The more you know

[Truthmatters]

enough to keep many old people from starving

 

[g5000]

Social Security Supports Your Local Economy | Entitled to Know

Social Security pumps $725 billion into the national economy each year.

And how much is taken OUT of the economy each year from our paychecks to be put into Social Security?

Here's the answer: $725 billion into the economy, but...

Since the Greenspan Commission in the early 1980s, Social Security has cumulatively collected far more in payroll taxes dedicated to the program than it has paid out to recipients—nearly $2.6 trillion in 2010.

...more than three and a half times taken out each year.

 

[g5000]

enough to keep many old people from starving

$2.6 trillion more than is necessary to feed the old people.


Hmmm...

 

[BDBoop]

So they are ahead of the curve, that's what you're saying - and we still need to destroy it.

Hmmm ....

 

[Mustang]

I wish they would teach people what it was like in this country BEFORE ss.

The elderly were very poor

Destitute is probably a better descriptive word.

 

[g5000]

I find it ridiculous that we pay in for our entire working lives - and this is what the government thinks needs to be cut. With all the government waste there is, with all the good that social security does, this is what they want to cut??

Entitlements are the biggest part of the budget. When you have $15 trillion in debt, you can't leave the biggest part of the budget untouched.

And cuts to SS and Medicare are not the only things on the table. Your own OP clearly states that. They want to means test the mortgage interest deduction, for example. Which is a good idea, right? Right.

You want to know what is REALLY ridiculous? Living longer but not working longer. When the retirement age was set at 65 in 1935, the average life expectancy was 60! Yeah!

Thirty years later, when Medicare was created, life expectancy was 70.

Today, life expectancy is 78, and yet we still have the retirement age pegged to 65. 67 for some people.

In 1935, six percent of the population was over 65. Today, 12 percent are over 65. That's a literal doubling of the entitlement load.

It is far past time to raise the retirement age.

To at least 70.

That way, you are paying in five years longer and sucking from the Treasury five years less. That would make a huge difference.

It would also result in less money being taken from your paycheck to go to SS during your entire working life, since you are working longer and taking out less. That shit adds up! Way, way, way more money into the economy.

 

[Neotrotsky]

Social Security Supports Your Local Economy | Entitled to Know

Social Security pumps $725 billion into the national economy each year.

And how much is taken OUT of the economy each year from our paychecks to be put into Social Security?

Since the SS money is not really invested in anything
except IOU's from the gov't. -

There is no doubt a crowding out effect from people being
able to invest that money

Just think
If the gov't took 100% of our money and then gave some of it
back to us, minus what the gov't keeps and other transaction costs,
then boy the local economy could really take off

 

[Truthmatters]

Social Security and Poverty Among the Elderly - Embargoed Press Release - 4/8/99


SOCIAL SECURITY REDUCES PROPORTION OF ELDERLY WHO ARE
POOR FROM NEARLY ONE IN TWO TO LESS THAN ONE IN EIGHT

More than 60 Percent of Those Lifted From Poverty Are Women

half of the old people lived in poverty before SS

 

[g5000]

So they are ahead of the curve, that's what you're saying

No. What is happening is they are taking money out of every one of your paychecks ostensibly for the Social Security fund. But in reality they are taking more than they need and raiding the fund for other government spending.

This is common knowledge. Or at least I thought it was.

 

[Neotrotsky]

So they are ahead of the curve, that's what you're saying

No. What is happening is they are taking money out of every one of your paychecks ostensibly for the Social Security fund. But in reality they are taking more than they need and raiding the fund for other government spending.

This is common knowledge. Or at least I thought it was.

Good point
God forbid, people should keep their own to invest it
No, depending on a politician to decide on how much of
your own money you should keep is so much better

Indeed, The More you Know...



Galveston vs. Social Security
Upon retirement after 30 years, and assuming a 5 percent rate of return - more conservative than Galveston workers have earned - all workers would do better for the same contribution as Social Security:

• Workers making $17,000 a year are expected to receive about 50 percent more per month on our alternative plan than on Social Security - $1,036 instead of $683. [See the Figure.]
• Workers making $26,000 a year will make almost double Social Security's return - $1,500 instead of $853.
• Workers making $51,000 a year will get $3,103 instead of $1,368.
• Workers making $75,000 or more will nearly triple Social Security - $4,540 instead of $1,645.
• Galveston County's survivorship benefits pay four times a worker's annual salary - a minimum of $75,000 to a maximum $215,000 - versus Social Security, which forces widows to wait until age 60 to qualify for benefits, or provides 75 percent of a worker's salary for school-age children.
• In Galveston, if the worker dies before retirement, the survivors receive not only the full survivorship but get generous accidental death benefits, too. Galveston County's disability benefit also pays more: 60 percent of an individual's salary, better than Social Security's.

 

[BDBoop]

I find it ridiculous that we pay in for our entire working lives - and this is what the government thinks needs to be cut. With all the government waste there is, with all the good that social security does, this is what they want to cut??

Entitlements are the biggest part of the budget. When you have $15 trillion in debt, you can't leave the biggest part of the budget untouched.

And cuts to SS and Medicare are not the only things on the table. Your own OP clearly states that. They want to means test the mortgage interest deduction, for example. Which is a good idea, right? Right.

You want to know what is REALLY ridiculous? Living longer but not working longer. When the retirement age was set at 65 in 1935, the average life expectancy was 60! Yeah!

Thirty years later, when Medicare was created, life expectancy was 70.

Today, life expectancy is 78, and yet we still have the retirement age pegged to 65. 67 for some people.

In 1935, six percent of the population was over 65. Today, 12 percent are over 65. That's a literal doubling of the entitlement load.

It is far past time to raise the retirement age.

To at least 70.

That way, you are paying in five years longer and sucking from the Treasury five years less. That would make a huge difference.

It would also result in less money being taken from your paycheck to go to SS during your entire working life, since you are working longer and taking out less. That shit adds up! Way, way, way more money into the economy.

There we go!!!

SO: Why are big business/oil/corporations are people too my friend NOT included in the package. What makes their entitlements untouchable.

 

[g5000]

There we go!!!

SO: Why are big business/oil/corporations are people too my friend NOT included in the package. What makes their entitlements untouchable.

It is not an either/or proposition. I strongly believe our tax code needs to be reformed. All the breaks, credits, subsidies, whatever you want to call them, need to go into the dustbin and the code reduced to a few pages, with a much lower tax rate applied equally to everyone, regardless of what business they are in. No exceptions made for anyone.

If you follow any of my posts over time, you will find I am all about level playing fields, critical thinking, and as much equality and liberty for all as is humanly possible. All the crooks need to go to jail, including the ones that wear neckties to work. Especially the ones that wear neckties to work. And all the legislation which tilts the field need to be repealed.

 

[Neotrotsky]

I find it ridiculous that we pay in for our entire working lives - and this is what the government thinks needs to be cut. With all the government waste there is, with all the good that social security does, this is what they want to cut??

Entitlements are the biggest part of the budget. When you have $15 trillion in debt, you can't leave the biggest part of the budget untouched.

And cuts to SS and Medicare are not the only things on the table. Your own OP clearly states that. They want to means test the mortgage interest deduction, for example. Which is a good idea, right? Right.

You want to know what is REALLY ridiculous? Living longer but not working longer. When the retirement age was set at 65 in 1935, the average life expectancy was 60! Yeah!

Thirty years later, when Medicare was created, life expectancy was 70.

Today, life expectancy is 78, and yet we still have the retirement age pegged to 65. 67 for some people.

In 1935, six percent of the population was over 65. Today, 12 percent are over 65. That's a literal doubling of the entitlement load.

It is far past time to raise the retirement age.

To at least 70.

That way, you are paying in five years longer and sucking from the Treasury five years less. That would make a huge difference.

It would also result in less money being taken from your paycheck to go to SS during your entire working life, since you are working longer and taking out less. That shit adds up! Way, way, way more money into the economy.

There we go!!!

SO: Why are big business/oil/corporations are people too my friend NOT included in the package. What makes their entitlements untouchable.

If you mean someone keeping more of their own money - you are wrong
that is not an entitlement. Unless of course, you believe all money belongs
to the gov't.

Perhaps you mean an actual subsidy of some type for the oil companies

 

[g5000]

Just to be crystal clear, I did not mean in my last post that everyone who wears a necktie is a crook. It is just that some people seem to believe that NO person who wears a necktie is a crook. Or if they get caught, they should just pay a fine with no admission of wrongdoing.

That shit has to stop. Immediately.

 

[LordBrownTrout]

Again, it should be an option and not forced upon you. If you feel that you can't provide for yourself later in life then opt in....and collect your tidbits on a monthly basis.

 

[The T]

Again, it should be an option and not forced upon you. If you feel that you can't provide for yourself later in life then opt in....and collect your tidbits on a monthly basis.

And No problemwith that...and the program should be revamped so that Young folks (provided they can FIND a job in this current climate)...can pick thier direction and not be forced into a failed Ponzi Scheme.

 

[MikeK]

It amazes as well as angers me that even a tiny percentage of Americans are taken in by extreme right-wing demagogues like Paul Ryan and others who brazenly promote policies which clearly and significantly oppose the interests of the working class. But the percentage of those who do agree and go along with these enemies of the ordinary citizen is frighteningly and discouragingly great.

Every day it becomes more undeniably obvious that citizen ignorance and/or sheer stupidity is more menacing to the future of American democracy than any so-called terrorist threat or potential foreign enemy! We spend trillions on defensive hardware and maintenance of armed forces but we casually hand over the keys to political power to sonsabitches like Paul Ryan, who serve an emerging corporatocracy.

 

[LordBrownTrout]

16 trillion in debt, 60trillion in unfunded entitlements. I have more faith in the people to do the right thing than the government.

 

[The T]

16 trillion in debt, 60trillion in unfunded entitlements. I have more faith in the people to do the right thing than the government.

The Elitists lost FAITH in the people over 100 years ago...

 

[Neotrotsky]

16 trillion in debt, 60trillion in unfunded entitlements. I have more faith in the people to do the right thing than the government.

Agree

no doubt
if we just picked people random from the phone book
to serve as politicians

the system could do no worse
it might even work better