And yet another phony crisis

POSTED BY: SignyM
UPDATED: Saturday, January 29, 2005 01:35
VIEWED: 7733
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SIGNYM

Wednesday, January 12, 2005 1:58 AM

The Social Security Crisis.

From the man who brought you phantom WMD and the non-existant link between Iraq and al Qaida.

From the guy who threatened the actuary who would have revealed the true costs of Medicare drug coverage.

At this point, do you still believe ANTHING GWB says???

ROCKETJOCK

Wednesday, January 12, 2005 2:28 AM

Truth to tell, at this point if GWB said the sky was blue, I'd ask for a second opinion.

"Hermanos! The Devil has built a robot! Andale!" -- Numero Cinco

SGTGUMP

Wednesday, January 12, 2005 2:55 AM

The Social Security Crisis is hardly a new issue. Alan Greenspan said that we need to do something different with our Social Security real soon, about a year ago now. I would personally like to see the whole dumbass program abolished, whether Ol' Dub does it or not.

RUE

Wednesday, January 12, 2005 3:35 AM

Every economist and fund manager I have read said that SS is just fine, probably the only solvent portion of the Fed gvnmnt at this point.

I do wonder about those people who think that dubya says anything worth paying attention to.

PS How dubya and Greenspan can wring their hands and moan over a sound program, and remain unfazed over the deficit (500B and counting), exposes the magnitude of their hypocracy.

SIGNYM

Wednesday, January 12, 2005 4:22 AM

My SO's 401K is in TIAA. They've been in existance since 1929... never missed a payment even through the Great Depression. The fund is extremely well-managed, and would give Social Security a run for its money. In fact, if there were to be NO SS, I'd prolly put my retirement $$ there.
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So, when Board of TIAA says there is NO BIG PROBLEM with Social Security, I tend to believe them. In fact, one of the members was under consideration for heading Social Security, but he wouldn't toe the Bush line that Social Security was busted and needed immediate and total revamping. In his view, it needs three small tweaks... that's all. Even money fund managers (like Shearson Lehman's) who would make a huge amount in fees under the Bush plan are against it.

I have no idea why some people think that Social Security as we know it should be abolished. Sgtgump- care to elaborate?

SGTGUMP

Wednesday, January 12, 2005 10:06 PM

Quote:
I have no idea why some people think that Social Security as we know it should be abolished. Sgtgump- care to elaborate?

The government takes my money, without my permission, and uses it to do what they think is best for me. Maybe you don't mind, but I do, and that makes it wrong. I didn't ask for it, and I don't agree with it. No one should be taking my responsibility away from me, regardless of how much 'good' it's going to do me.

RUE

Thursday, January 13, 2005 2:56 AM

I would love to have a line-item veto on my tax forms, too. You know - yes, I support education, alternative energy; no, I refuse to pay for drilling infrastructure in Alaska etc. That would make the prez's budget and congress's pork - moot. Will of the people and all that.

NEUTRINOLAD

Thursday, January 13, 2005 3:22 AM

Quote:
Originally posted by rue:
I would love to have a line-item veto on my tax forms, too.

There was a nice science fiction short story done about this back in the day. It really revolved around the idea that everyone has computers and that makes it practical to file through a government interface that tells them how much they owe, and the citizen says what percent of histotal will go to each item, with 0% being a legitimate amount on any item. Sorta like voting directly on programs with your dollars. If nobody wants to continue paying, say, gas lamp lighters, then that program goes away, or it gets done by all volunteers.
Did anybody else here read Analog in, say, the early 80s? Anyone else recall this story?

PIRATEJENNY

Thursday, January 13, 2005 5:49 AM

Quote:
.about a year ago now. I would personally like to see the whole dumbass program abolished...

I'm curious why do you think Social security is dumb and why do you think it should be abolished!!

nevermind I just read your answer!!!

CONNORFLYNN

Thursday, January 13, 2005 1:25 PM

Quote:
Originally posted by sgtgump:
Quote:
I have no idea why some people think that Social Security as we know it should be abolished. Sgtgump- care to elaborate?

The government takes my money, without my permission, and uses it to do what they think is best for me. Maybe you don't mind, but I do, and that makes it wrong. I didn't ask for it, and I don't agree with it. No one should be taking my responsibility away from me, regardless of how much 'good' it's going to do me.

Well..just a reminder hehe. Your Social Security Taxes are taken out to pay for retirees today. Very little if any of that will be available when you retire if they(The Government) let you retire solely on Social Security. I believe it has moved to age 70. The problem with social security in general is that it relies solely on those working (and paying) to provide for the elderly who can't afford to live otherwise. When I was growing up..the term retire was almost a death sentence. Very few people had savings to allow them to live very long without some sort of additional income such as Social Security. Most of the people I knew lived from week to week during their working lives and didn't have alot of spare coin. It's easy to say abolish Social Security. It's easy to say..I don't want to pay for it. Just remember..Stock Markets can crash (Great Depression anyone?)..the only thing that will keep you from eating something less then palatable so you can pay for your meds is Social Security.

I do believe there is a problem with it. Retirees are starting to outpace those of us who are still working and have also paid in far less then we have. Thats not meant as a criticism. The only difference now is that Social Security is the only means in which many retirees live on. In order to maintain any kind of quality of life..Social Security benefits will need to be increased. This will ultimately mean that we the tax payers will need to pay more. Eventually Retirees will outnumber Workers..particularly with the age of technology and non-manned workstations. That is the problem. Social Security WILL run out of money..because the demand WILL overweigh the Supply. That is what Greenspan is talking about.

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