Author Topic: Do you guys remember Bush's promise on Social Security? (Read 978 times)

Red Tail 444 · « **Reply #15 on:** January 18, 2005, 10:51:43 AM »

Careful, Oboe, bring up dishonest campaign promises during a time of war might get you hurt.

KBall · « **Reply #16 on:** January 18, 2005, 12:28:17 PM »

Quote

Originally posted by J_A_B

Everybody I know who is old enough to remember swears up and down that this is exactly what happened to SS back in the '50's.

J_A_B

Social Security began in its own protected private account. Then Congress in its greediness voted to move SS into the general account where they could legally spend SS money for other areas.

john9001 · « **Reply #17 on:** January 18, 2005, 12:43:46 PM »

Quote

Originally posted by KBall
Social Security began in its own protected private account. Then Congress in its greediness voted to move SS into the general account where they could legally spend SS money for other areas.

excess SS taxes are invested in interest bearing govt bonds and always have been, what would you do with the money? put it into algores "lock box"?

KBall · « **Reply #18 on:** January 18, 2005, 01:07:47 PM »

Quote

Originally posted by john9001
excess SS taxes are invested in interest bearing govt bonds and always have been, what would you do with the money? put it into algores "lock box"?

I don't quite understand what you are saying here. Exactly what are excess SS taxes? As far as I know SS is going broke. Or are you saying that we are being taxed to much for SS to arrive at "excess"?

At the least I would take the money and put it BACK into a secure interest bearing account where Congress can't borrow or otherwise screw with the money at will. Preferably I would have the choice to invest my SS taxes. I know damn well I handle my earnings better then Congress does.

Sandman · « **Reply #19 on:** January 18, 2005, 01:10:19 PM »

Quote

Originally posted by KBall
I don't quite understand what you are saying here. Exactly what are excess SS taxes? As far as I know SS is going broke. Or are you saying that we are being taxed to much for SS to arrive at "excess"?

If I understand correctly, SS currently has a surplus, but they expect that surplus to drain away once the baby boomers start retiring.

Shamus · « **Reply #20 on:** January 18, 2005, 01:12:33 PM »

Quote

Originally posted by john9001
excess SS taxes are invested in interest bearing govt bonds and always have been, what would you do with the money? put it into algores "lock box"?

These so called "interest bearing govt bonds" are not traded and therfore have no value, so you can put them in a "lock box", the ditch or burn them for that matter.

shamus

john9001 · « **Reply #21 on:** January 18, 2005, 01:17:41 PM »

i think it was in the 80's that congress increased SS taxes to create a surplus to build up a fund to handle the baby boomers when they retire, estiments vary but SS will break even( taxes equel paid benifits) in 2041 or 2077 or going bust today depending on which politician is trying to get re-elected

john9001 · « **Reply #22 on:** January 18, 2005, 01:21:08 PM »

Quote

Originally posted by Shamus
These so called "interest bearing govt bonds" are not traded and therfore have no value, so you can put them in a "lock box", the ditch or burn them for that matter.

shamus

the bonds can be traded(bought/sold) on the secondary mkt, but i think SS just holds them to muturity.

GreenCloud · « **Reply #23 on:** January 18, 2005, 01:33:54 PM »

i worked for a huge project that Calpers was the major backer..

wow..what a scam...talk about milking...

Im suprised that calpers is still around...dam i seen so much back door deals....I guess they dont get caught often..what a huge black hole of money

Raider179 · « **Reply #24 on:** January 18, 2005, 01:34:29 PM »

Just shows bush says whatever he needs to

Yeager · « **Reply #25 on:** January 18, 2005, 01:34:35 PM »

let younger workers invest a single digit of their confiscated salary
fees for SS in a narrow and confined set of interests....Ive always wondered what the socilaists had against this idea. Anyway, keep harping and soon there will be more libertarians then democrats holding political office. The party of ted kennedy and jessie jackson is waning big time and its no wonder.

-MZ- · « **Reply #26 on:** January 18, 2005, 01:36:53 PM »

Quote

Originally posted by DREDIOCK
How did you get out of the SS system?

I didnt know not being in it was an option

You need to work for a government agency to opt out of Social Security, and you need to be a state or local government worker in California to be a member of CALPERS.

Shamus · « **Reply #27 on:** January 18, 2005, 01:47:48 PM »

Quote

Originally posted by john9001
the bonds can be traded(bought/sold) on the secondary mkt, but i think SS just holds them to muturity.

The bonds issued to the SS Administration by the government for the transfer of funds to the general fund are not traded on any market.

I will be happy to retract if you can provide valid evidence.

shamus

KBall · « **Reply #28 on:** January 18, 2005, 02:03:06 PM »

"Congress designed Social Security to operate as a pay-as-you-go system. That means no money is actually set aside by the government to pay benefits in the future. When workers pay taxes into the Social Security "trust fund," most of the money is immediately paid out as benefits to today's retirees.The leftovers go straight to the Treasury in exchange for federal IOUs and are used to finance the national budget.

But when Social Security begins running a deficit in 2014, there will be no more leftovers, and the government must begin paying back its IOUs to keep the system afloat. Because no money has actually been saved for this purpose, Congress will be forced to significantly increase public debt, cut spending or raise taxes."

http://www.socialsecurityreform.org/problem/index.cfm

Shuckins · « **Reply #29 on:** January 18, 2005, 05:26:00 PM »

Social Security monies SHOULD have been placed in private sector investments from the very start. A committee comprised of the nation's top businessmen could have made it a profitable and healthy program. Give them 5% of the net from such a system and I GUARANTEE you that they would have made it work.

Instead of that, Social Security has always been a government milch cow presided over by politicians who have used it to satisfy their greed for "campaign funds." Therefore, the system is rapidly approaching bankruptcy.