Which would you rather have $1m in the bank or Social Security Check???

[Toro]

That's not how the system works, except for the dying young part. If you die even a day before they cut you the first check, the money goes to others, which might include your survivors. And it was never really your money in the first place. It's Pay as you Go, it's not a savings account.

In other words: a Ponzi scheme.

Nope.

Correct.

SS had problems but it isn't a Ponzi Scheme. It's a call on future tax receipts as is a regular government Treasury bond.

 

[CrusaderFrank]

The right stands only for the super rich!!! **** the lower and middle class!

^ used to be a Republican.

Uh huh

Sent from smartphone using my wits and Taptalk

 

[CrusaderFrank]

In other words: a Ponzi scheme.

Nope.

Correct.

SS had problems but it isn't a Ponzi Scheme. It's a call on future tax receipts as is a regular government Treasury bond.

It's not a ponzi scheme only because Chuck ponzi never had the us Treasury to make up the gap. When SonSec is effectively paying wampum to pensioners if won't technically be broke either

Sent from smartphone using my wits and Taptalk

 

[Jarlaxle]

It (like all Ponzi schemes) WILL collapse. It simply is not sustainable. The ratio of payers to collectors is below 3:1 now...I recall it is expected to be at 2.5:1 by 2020. Short of basically gutting it (raising tax rates, raising retirement age, and cutting benefits), it's doomed.

The only way to "save" it would be to index it: Social Security should pay out starting when the recipient reaches the average life expectancy in the United States, plus one.

Curious where you get your stats. So your saying right now there are only 3 people working for every retired person? I wouldn't have guessed.

As of June 30, 2011, 54.8 million people or 17.6% of the U.S. population were receiving monthly Social Security benefits.
Source:2012 Social Security Trustees Report.[1] This report was published in April 2012 and uses data from 2011 as a baseline.
Social Security Basics - Just Facts

Employment peaked in November 2012 at 135,069,000 Current Employment Rate | UnemploymentData.com

So simply divide 135,069,000 that PAY INTO SS by 54,800,000 that receive SS checks.. or 2.46 people working paying into SS to pay 1 person.

2.46? Damn...it's worse than I thought.

 

[P@triot]

I believe it is just income tax people don't pay.

Those teachers also don't collect SS.

Sure - but it proves you are off on your theory that "everyone" pays it. We have tens of millions of Americans not paying into Social Security.

Well we were talking about people collecting SS who didn't pay. I'm not aware that anyone does that.

Everyone on welfare... Unemployed people do not pay into social security but all of them collect it. Every single stay at home mom or dad does not pay into Social Security but all of them will collect it. The list goes on and on...

 

[P@triot]

It's not your money. It's not a savings account. You get credit for what you pay in but the whole system, and the Supreme Court has already ruled on this, can be ended with the stroke of a pen. It can all just go away.

As I said, if you live long enough it pays off, fantastically in some cases. If not, thanks for your contributions, we're passing them along to others.

Rottweiler calls tax payers the "parasite class."

He literally knows only what his overlords tell him and pay him to post here.

SS is an overwhelming deal for the overwhelming majority of Americans.

You're lying AGAIN, Fakey!

Wait a second Fakey Jakey - I thought you were a Republican? But here you are again ranting against the right and defending a radical (and failed) Dumbocrat program

I call you and the rest of the lazy liberals on USMB "parasites" because that's what you are. All of you will pull from Social Security one day but none of you are paying into it (which is why you're so unhinged and angry when discussing the demise of the program).

 

[Politico]

Sorry to interfere in your hypothetical fantasy. Can I have the money I paid in back?

 

[PaintMyHouse]

Sorry to interfere in your hypothetical fantasy. Can I have the money I paid in back?

It's not your money, and what you get back is OPM.

 

[P@triot]

Sorry to interfere in your hypothetical fantasy. Can I have the money I paid in back?

It's not your money, and what you get back is OPM.

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

 

[PaintMyHouse]

Sorry to interfere in your hypothetical fantasy. Can I have the money I paid in back?

It's not your money, and what you get back is OPM.

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

 

[P@triot]

It's not your money, and what you get back is OPM.

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

First of all, thank you for the laugh!

Second, who is this "we" shit? You're just another liberal parasite mooching off of the system. You're not a government IRS agent.

Third, if it's not my money then why does the federal government reach into my bank account to take it? And why do they track what was taken from me if it's not mine

(You continue to illustrate your profound ignorance of Social Security )

 

[Jarlaxle]

Sorry to interfere in your hypothetical fantasy. Can I have the money I paid in back?

Nope. Sorry...it's gone. It's already been paid out to keep the Ponzi scheme going.

 

[Jarlaxle]

It's not your money, and what you get back is OPM.

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

Absolutely: it's a Ponzi scheme with participation forced at gunpoint.

 

[R.C. Christian]

I'd rather have 1 mil converted into hard assets. Once the dollar is worthless there won't be a point in having any.

 

[PaintMyHouse]

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

Absolutely: it's a Ponzi scheme with participation forced at gunpoint.

That is incorrect, on both points.

 

[PaintMyHouse]

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

First of all, thank you for the laugh!

Second, who is this "we" shit? You're just another liberal parasite mooching off of the system. You're not a government IRS agent.

Third, if it's not my money then why does the federal government reach into my bank account to take it? And why do they track what was taken from me if it's not mine

(You continue to illustrate your profound ignorance of Social Security )

1. You're an idiot, or a child, which is the same thing in this case..
2. "We" is your government, your society, your elders.
3. Your money is what is left after we take our cut, and we don't reach into your bank account, we take it from your wages before you are even paid. We allow you to make money here, it's optional, and we take some of it back for things your society agree are necessary, like roads, bridges, courts, police, firemen, and Social Security which is not a savings account.

You have no dollars in Social Security, zero. You have only a credit for what we've taken from you as a tax. If the program folds tomorrow, you get nothing, zero. That's how it works. It's not your money in Social Security. You have none, only a debt to you that will be paid by others. A We Owe You, if you live that long that is. That's it, that how the system works.

[ame=http://www.youtube.com/watch?v=lHAcy4SNVbo]Social Security: Just the Facts - YouTube[/ame]



http://money.cnn.com/retirement/guide/SocialSecurity_basics.moneymag/index3.htm?iid=EL

 

[CrusaderFrank]

It's not your money, and what you get back is OPM.

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

^ Why Progressive economies Fail 100% of the time

 

[The T]

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

^ Why Progressive economies Fail 100% of the time

ALL the Statist creeps think money belongs to them and the government and they let you keep whatever they think you need. They're sick in the heads...ALL of these bastards.

 

[PaintMyHouse]

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

^ Why Progressive economies Fail 100% of the time

ALL the Statist creeps think money belongs to them and the government and they let you keep whatever they think you need. They're sick in the heads...ALL of these bastards.

Part of it does belong to us because without us, your government and society, you couldn't make it in the first place. Capitalism doesn't work in Anarchy or a vacuum. Pay to play children, that's how it works.

 

[PaintMyHouse]

I know you are unquestionably the most ignorant participant on USMB, but can you at least attempt to explain how it is "not your money"?!? If I earned it, I have it, and it's taken from me for my own retirement, how exactly is it not my money??? Please? We're all dying for a good laugh and nobody provides them quite like you do!

1. It's not your money when we can take it, it's ours. 2. The money is NOT for YOUR retirement. It is used to pay the current beneficiaries. You get a Credit for it, that's all. It's not a savings account, and if you die young, you get NOTHING because it wasn't YOUR money.
That's how it works.

^ Why Progressive economies Fail 100% of the time

We don't fail in the slightest in the case. We created the Third Rail of Politics, the most popular and successful program in the history of the American government. That's all...