Driving Soc. Sec. into the grave....

N

NOVA

U. S. NAVY Veteran
[h=1]Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795[/h]

Between adding 10's of thousands to rolls......enabling high unemployment....borrowing and spending a large portion of money collected,
and excusing every working person from paying the SS tax...

this ass in the White House will drive the SS system into an early grave......

But , no doubt they and the media will convince pinheads its demise will be the fault of Republicans.....
 
bravo said:
Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795



Between adding 10's of thousands to rolls......enabling high unemployment....borrowing and spending a large portion of money collected,
and excusing every working person from paying the SS tax...

this ass in the White House will drive the SS system into an early grave......

But , no doubt they and the media will convince pinheads its demise will be the fault of Republicans.....
Click to expand...
How is money borrowed from SS? And how were working people 'excused' from paying?
 
The treasury owes the SS trust fund around 2 trillion.
The current problem with SS is that now the govt has to repay some of the money it borrowed from SS and most in congress want to welch on their debt to the American People.
 
Everyone borrowed from SS pretty much since it's conception. However it really kicked into gear once massive overcollections started during the Reagan years.
 
uscitizen too said:
Everyone borrowed from SS pretty much since it's conception. However it really kicked into gear once massive overcollections started during the Reagan years.
Click to expand...

Actually that is not correct. Until LBJ payroll taxes were only used for Social Security. But being ever mindful of "dafcits" he knew he could have his "guns and butter" so he started raiding Social Security. Of course they replaced the money with US Treasuries. What could go wrong?

Of course let's also not forget the two year payroll taxcut that is about to expire.

But, yeah, all Bush's fault.
 
I Love America said:
Actually that is not correct. Until LBJ payroll taxes were only used for Social Security. But being ever mindful of "dafcits" he knew he could have his "guns and butter" so he started raiding Social Security. Of course they replaced the money with US Treasuries. What could go wrong?

Of course let's also not forget the two year payroll taxcut that is about to expire.

But, yeah, all Bush's fault.
Click to expand...

do you have a link for that?
 
bravo said:
[h=1]Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795[/h]

Between adding 10's of thousands to rolls......enabling high unemployment....borrowing and spending a large portion of money collected,
and excusing every working person from paying the SS tax...

this ass in the White House will drive the SS system into an early grave......

But , no doubt they and the media will convince pinheads its demise will be the fault of Republicans.....
Click to expand...

It is so sad how many soldiers returning from multiple tours in Afghnistan and Iraq qualify for disability. Those roadside bombs jarred a lot of brains. They haven't seen anything like it in any other wars.

There are also a lot of aging people who aren't 65 and qualify for disability. Their numbers are increasing.

No one disagrees that SS needs some adjustments. It is just how to do it that is the trouble.
 
The origional purpose of SS was for one to ride it to their grave wasn't it?
After of course you pay into it all your working life for most of us.
 
Althea said:
How is money borrowed from SS? And how were working people 'excused' from paying?
Click to expand...

Exaggeration on my part...the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate.
The point is, this is tax money that the SS system sorely needs to sustain it....if anything SS tax collection should be increased to keep up with its obligations....this crap
of passing the buck to future generations is just wrong....


uscitizen too said:
Everyone borrowed from SS pretty much since it's conception. However it really kicked into gear once massive overcollections started during the Reagan years.
Click to expand...

Massive over collections ?....explain that.............. what over collections.

Reagan cut disability and survivor benefits, and increased the FICA tax rate....also increased the SS benefits to seniors.
 
bravo said:
Exaggeration on my part...the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate.
The point is, this is tax money that the SS system sorely needs to sustain it....if anything SS tax collection should be increased to keep up with its obligations....this crap
of passing the buck to future generations is just wrong....

Click to expand...
Yes...I recognized the exaggeration. In essence, SS is losing 4%, because employers get the same tax break. That must end now, as it didn't do anything to stimulate job growth.

IMO, the problem with SS isn't the retirement aspect...it's the disability aspect. People who never paid a dime, are entitled to get the minimum disability payment. App. $640/month. This goes for released convicts, as well as people who are 'crazy', and can't work. I once had a 23 year old tenant with anger issues. He got a monthly check from SS because he kept beating up his bosses. He was deemed unable to work because he was angry.

He was 'allowed' to work x number of hours/week and still collect his free money.


Massive over collections ?....explain that.............. what over collections.

Reagan cut disability and survivor benefits, and increased the FICA tax rate....also increased the SS benefits to seniors.
Click to expand...
By law, all monies collected by FICA that aren't paid out as benefits, MUST be used to purchase treasuries. Right now, said money earns app. 2%-4% until it is used to pay beneficiaries.
 
why is it the right wants to end pensions and SS while distroying unions?


what do they want this country to look like?

the industrial age?
 
Althea said:
Yes...I recognized the exaggeration. In essence, SS is losing 4%, because employers get the same tax break. That must end now, as it didn't do anything to stimulate job growth.

IMO, the problem with SS isn't the retirement aspect...it's the disability aspect. People who never paid a dime, are entitled to get the minimum disability payment. App. $640/month. This goes for released convicts, as well as people who are 'crazy', and can't work. I once had a 23 year old tenant with anger issues. He got a monthly check from SS because he kept beating up his bosses. He was deemed unable to work because he was angry.

He was 'allowed' to work x number of hours/week and still collect his free money.

By law, all monies collected by FICA that aren't paid out as benefits, MUST be used to purchase treasuries. Right now, said money earns app. 2%-4% until it is used to pay beneficiaries.
Click to expand...

What of the earnings cap?
 
Althea said:
By law, all monies collected by FICA that aren't paid out as benefits, MUST be used to purchase treasuries. Right now, said money earns app. 2%-4% until it is used to pay beneficiaries.
Click to expand...

http://www.treasury.gov/resource-ce...interest-rates/Pages/TextView.aspx?data=yield

Interesting, the most recent document put out by the Trustees claims that OASI/DI are earning 4.9%. But if you look at this chart

http://www.treasury.gov/resource-ce...interest-rates/Pages/TextView.aspx?data=yield

the highest rate on a 30 year treasury which is not what OASI is 100% invested in is 3%. So this begs the question, if current US treasuries can only be sold on the open market for 3% interest, where is the gobblement getting the 1.9% difference it is "promising" the so called trust fund.

Socialist inSecurity was always and will always be a scam of monumental proportions. Now, it is too late for people because unfortunately too many have ordered their lives around it.
 
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