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Gonna be rough for you folks I guess..........
The baby boomers are keeping Ron Paul from getting elected.
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You do know that only a few years worth of the oldest boomers have even started to collect SS. Don't forget that when we started paying in to SS minimum wage was only $8-10 a day. Today minimum wage is that much an hour, so figure inflation into the scenario as well.
You should realize that us boomers gave the world the greatest advancement in technology and living standards ever seen. It just so happens that we were here at the right time and right place.
SS is not an entitlement, we paid into an insurance policy and now it is time to collect. If you paid an insurance policy for 50 years you would demand your rightful benefits as well.
LIVE WITH IT,,,,, or fix it.
This is from an e-mail that came around to me recently.
THINK ABOUT THIS AND LET IT SINK IN
OUR WASHINGTON TRIPE AT WORK?
--
KEEP PASSING THIS AROUND UNTIL EVERY ONE HAS READ IT.....
SOMETHING TO THINK ABOUT
THE ONLY THING WRONG WITH THIS CALCULATION IS THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY COLLECTED THEIR SOCIAL SECURITY!!!! WHERE DID THAT MONEY GO?????????????
This was sent to me, I am forwarding it because it does touch a nerve in me.
This is another example of what Rick Perry called "TREASON in high places" !!! Get angry and pass this on!
Remember, not only did you contribute to Social Security but your employer did too. It totaled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500.
If you calculate the future value of $4,500 per year (yours & your employer's contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working you'd have $892,919.98.
If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.
The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
Entitlement my butt. I paid cash for my social security insurance!!!! Just because they borrowed the money, doesn't make my benefits some kind of charity or handout!!
Congressional benefits ---- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days, now that's welfare, and they have the nerve to call my social security retirement entitlements?
We're "broke" and can't help our own Seniors, Veterans, Orphans & Homeless. We have provided aid to Haiti , Chile , and Turkey . And now Pakistan .....home of bin Laden. Literally, BILLIONS of DOLLARS!!!
Our retired seniors living on a 'fixed income' receive no aid nor do they get any breaks while our government and religious organizations pour Hundreds of Billions of $$$$$$'s and Tons of Food to Foreign Countries!
They call Social Security and Medicare an entitlement even though most of us have been paying for it all our working lives and now when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? Imagine if the*GOVERNMENT* gave 'US' the same support they give to other countries.
Sad isn't it?
I agree with your letter....you paid into a ponzi scheme.
The fix will be tremendous cuts to your entitlement/benefits.
Boomers always get ****ed when I mention this, but successor generations did not create this situation...you just expect us to flip the bill.
The fix will be tremendous cuts to your entitlement/benefits.
Boomers always get ****ed when I mention this, but successor generations did not create this situation...you just expect us to flip the bill.
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The cuts, if any, will be done to your generation by yourselves. The boomers have too many votes (because they actually vote, not blog about it) and there is NO political or popular will to change it anyway.
That's the evil genius of the system ... everyone "hates" it when they're 30 ..... starts to "love" it around 55 or so.
I don't get ****ed when you folks spout off ... I laugh because I hear myself talking ..... 30 years ago.
Nothing changed then (except for the rules for collecting full benefits DID get changed in the middle of the game for many of us in 1983) and nothing will change now.
Look at any poll you'd like ... look what happens to ANY politician who even DARES mention possibly maybe taking a look at changing the system.
Get used to it because it's going NOWHERE anytime soon save for a few tweaks and adjustments.
That's fact, not wishful venting.
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11,927 Posts
SS is not an entitlement, it is an insurance policy. You obviously didn't read the information I presented above.
As I said before, LIVE WITH IT,,,,, or fix it.
Personally I believe our government, central bank and corporate powers will fix everything for us through debasement of our currency beyond our imaginations.
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11,927 Posts
Cool, you were there also.
Do you really believe that we wanted to pay for the generations before us? Because I owned my business I paid double the SS costs. AND I paid for the unemployment insurance and half the SS taxes for my employees! I really got screwed.
Do you think all of us baby boomers need the pitiful little SS payment? Long ago I made more than enough to live very well and debt free far longer than you can imagine. There are many other hard working boomers that did the same.
You think we don't know that the system isn't sustainable? Maybe you over estimate your intelligence and under estimate ours.
Red
Do you think all of us baby boomers need the pitiful little SS payment? Long ago I made more than enough to live very well and debt free far longer than you can imagine. There are many other hard working boomers that did the same.
You think we don't know that the system isn't sustainable? Maybe you over estimate your intelligence and under estimate ours.
Red
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5,788 Posts
Hold on here... an insurance policy is something that protects against unlikely catastrophic events. Growing old and retiring are neither unlikely or catastrophic. SS fits the definition of entitlement much better than insurance.
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3,828 Posts
It is irrelevent whether you think SS is an entitlement or an earned right, the reality is that it is a failed program managed by thieves.
I would like to see anyone claim it to be a viable well run machine. Most of us intellegent folks can recognize that it needs to be eliminated. How we do this is the question, but first we have to accept that doing so comes with pain.
It is not reasonable for anyone to claim they deserve their fare share when it is not providable. True americans would suck it up and find a solution that does not punish or steal freedom and prosperity from future americans.
I'm 49 and have been paying in since I was 16. I would love nothing more than to see SS eliminated quickly. I would love to stop paying in and save for myself, but I would be willing to continue to pay in without getting benefits in a phase out period for those who truly need it. I would even consider the most evil solution of all, which is means testing for a rapid end.
I would like to see anyone claim it to be a viable well run machine. Most of us intellegent folks can recognize that it needs to be eliminated. How we do this is the question, but first we have to accept that doing so comes with pain.
It is not reasonable for anyone to claim they deserve their fare share when it is not providable. True americans would suck it up and find a solution that does not punish or steal freedom and prosperity from future americans.
I'm 49 and have been paying in since I was 16. I would love nothing more than to see SS eliminated quickly. I would love to stop paying in and save for myself, but I would be willing to continue to pay in without getting benefits in a phase out period for those who truly need it. I would even consider the most evil solution of all, which is means testing for a rapid end.
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I heard about some Boomers recently who fell on hard times. Mortgaged their homes to the hilt, bought nice vacation properties, tried to subdivide raw land for development, gambled a lot of money away (literally, at casinos). Lived the high life. They say the WWII generation is the generation that saved. The Boomers are the generation that peed it away. I predict the X/Y will be the generation that couldn't earn anything to lose. At least some of us. I intend to be on top of that game. If I could pick a new icon, it would be that of a vulture. That's the only way in the new economy. It's that prophetic phrase in Mad Max: living on the corpse of the old world.
I would liek to point out....again......its NOT us boomers, born after 1945 that are currently on SS.
Its the greatest generation...yeah, your parents and grand parents.
And there the mokes that kept electing and supporting the theives in Washington who called them selves yellow dog democrats and the great society that have put US in this mess.
Go **** up a rope that we boomers are the problem..........
Its the greatest generation...yeah, your parents and grand parents.
And there the mokes that kept electing and supporting the theives in Washington who called them selves yellow dog democrats and the great society that have put US in this mess.
Go **** up a rope that we boomers are the problem..........
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11,927 Posts
Insurance doesn't require catastrophic events. You do not need to break an arm to use your medical insurance, preventative care rates as well.
Insurance does require premiums like the 15% of my lifetime earnings. This premium was set aside for assistance in old age. Go back and read the numbers.
What is wrong with you folks? These people have taken 15% of my lifetime earnings to help me out in retirement or old age. That is by no means an entitlement. I didn't voluntarily go out and buy lotto tickets.
I played by the rules,,,, I could have gone underground/black market and never paid taxes at all.
PS I haven't even become eligible yet and would do fine without it.
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811 Posts
All the 17 pages aside, we are broke. Prepare to take a bath, get it over with now or make it worst hoping for another 4 years...
Social Security & Medicare Tax Rates
Social Security & Medicare Tax Rates
The first two generations paid almost nothing in rates. See historical rates below. The baby Boomers will NOT pay as much as their kids and grandkids and will get way more out of SSN than they put in on average.
http://www.ssa.gov/OACT/ProgData/taxRates.html
I believe in having a SSN system, but it is a Ponzi scheme
Social Security & Medicare Tax Rates
The first two generations paid almost nothing in rates. See historical rates below. The baby Boomers will NOT pay as much as their kids and grandkids and will get way more out of SSN than they put in on average.
http://www.ssa.gov/OACT/ProgData/taxRates.html
I believe in having a SSN system, but it is a Ponzi scheme
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369 Posts
SS is and always will be an entitlement, the biggest benefactor was the elderly at the time it was created who got something for nothing. The next generation saw it as there entitlement for the payments they made in, so they did nothing. Next generation? Same thing. For each generation it became less sustainable as the population continued to rise and people lived longer and here we are. Most of us can thank our Great Grandparents and everyone in between.
Was it the Boomer's fault? Yeah partly. Statistically, over 1/2 the boomers will be dead by 2020, causing their influence on our economy, politics and society in general to decrease dramatically. Yeah Yeah, maybe we'll decline without ya, but you probably wont be around to see how the next generation does. Granny over the cliff? Not until the boomers kids become the main demographic voting block.
Was it the Boomer's fault? Yeah partly. Statistically, over 1/2 the boomers will be dead by 2020, causing their influence on our economy, politics and society in general to decrease dramatically. Yeah Yeah, maybe we'll decline without ya, but you probably wont be around to see how the next generation does. Granny over the cliff? Not until the boomers kids become the main demographic voting block.
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Your data is incomplete. The FICA tax WILL be raised .... and paid by plenty of boomers not yet in the system. The "means testing" spectre will be raised again ... affecting boomers. Medicare premiums WILL go up .... paid by boomers. The 106K cap on taxable earnings will be eliminated .... catching plenty of boomers.Social Security & Medicare Tax Rates
The first two generations paid almost nothing in rates. See historical rates below. The baby Boomers will NOT pay as much as their kids and grandkids and will get way more out of SSN than they put in on average.
http://www.ssa.gov/OACT/ProgData/taxRates.html
I believe in having a SSN system, but it is a Ponzi scheme
There's even a chance that the last boomers will see their benefit age raised (again).
You cannot make blanket statements about the conclusion while the game is still being played.
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3,048 Posts
And it's easily fixed (the income side, anyway) And most importantly, it will be because there is no other choice. It's simple math.Social Security & Medicare Tax Rates
The first two generations paid almost nothing in rates. See historical rates below. The baby Boomers will NOT pay as much as their kids and grandkids and will get way more out of SSN than they put in on average.
http://www.ssa.gov/OACT/ProgData/taxRates.html
I believe in having a SSN system, but it is a Ponzi scheme
http://money.usnews.com/money/blogs/planning-to-retire/2010/05/18/12-ways-to-fix-social-security
Raising the FICA tax 1% or so eliminates the projected shortfall
Eliminating the 106K cap but not raising the benefit payout accordingly eliminates the shortfall (The Marxist redistributionists, the tax-the-rich gang, and the Occutards should be all over this one)
Even if you raise the benefit payout accordingly 95% of the shortfall is eliminated
Raising the benefit age and indexing it against life expectancy rates eliminates the shortfall.
These and many more tweaks are available to ensure the viability of the system moving forward for decades.
So stop the endless whining and complaining. It'll get fixed because there is no other choice politically or socially, frankly, with ANY generation to change it.
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