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As I mentioned above nominee Rick Perry would run from this ponzi bullshit like a scalded ape.
This from the Guardian:
"Perry moved quickly to pull back from his earlier claims that social security, which includes pensions, is a "monstrous lie" and a "Ponzi scheme".
He said: "The people who are on social security today need to understand something: slam dunk guaranteed that programme is going to be there in place for those."
So there you go Bruce. How long did it take for your pants to be pulled down? One day?
Currently, its basically a ponzi scheme. Discussing semantics is irrelevant. Perry is correct.
Worthy to note that Canada was in a similar situation 15 yrs ago. To achieve 100% funding was unrealistic. Immediate target was 20% with long term goal of 30%. Employee & employer contributions were increased 50% in mid 90's to achieve the same payouts. It didnt kill the economy just what needed to be done to stabilize the situation. Probably, taxpayers are overpaying but these are the mistakes of the past. That is why Im mostly disappointed with the older generation re:financial matters.
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You're on a roll, Bruce.
I went and took a look at the report. (I think you got the link wrong, it pointed to the SSI report. The SSA trustees report is at http://www.ssa.gov/OACT/TR/2011/index.html The report title is officially called "The 2011 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds."
Anyway, I don't disagree that SS is a Ponzi and that it's going to collapse. But the situation with the disability fund is much worse. The report projects the fund will go below minimum safe assets in 2012 to 2013, depending on the model assumptions. They have a nice chart at http://www.ssa.gov/OACT/TR/2011/IV_A_SRest.html This seems really tragic to me. We're going to throw disabled folks to the curb? The weakest among us? (Meanwhile, what are those wars costing us?)
I find myself conflicted about the whole SS debate. On the one hand, I have paid a lot of money into SS and yea, I think I should see some of that back, but on the other hand, demographic shifts are making the math impossible, and it's obviously unsustainable.
The larger question to me is: why are we shifting around who pays and who suffers to different generations by delaying the day of reckoning? (Older people benefit, younger people suffer) If we are all at fault, then let all the generations living right now take a hit, so that everyone can learn to live with less at the same time. I'd say the same thing about class. There's no reason why the wealthy shouldn't be chipping in (I'm talking capital gains taxes the same as income). And I'll add, if they're so jazzed about opening that new plant in China, here's a suggestion: Move there. Go. Now. And don't come back. We don't want you.
I feel you. Additional points made on this thread, that we assume SS won't be paid, but China will, has a similar kind of "hey wait a minute" flavor to it.
Don't worry. China won't be paid either.
What a thread. I got a lot out of this. Thanks.
Bruce blogs on this every day (LOL), if you check his blogs and the responses there is more.
Never the less, I benefited, from you, Bruce, Bob, nmewn and others. I did not understand the dimensions involved. It is another disillusionment. I still am not sure what I think but I understand that this is another area where I have swallowed propaganda. Not my fault, I refuse to be ashamed, but I do need to process just what it means.
I don't know if I agree, but a sincere thanks.
You're an intelligent poster and I respect your opinion.
I'll repeat this for all your Rick Perry fans.
Will he end welfare?
Will he repeal ObamaCare?
Will he repeal Bush II's medicare schedule D?
Will he repeal Bush I's ADA?
Will he end the EPA, Education department, Energy department?
Will he restore the Republican party's traditional stance against being the world's policeman?
Will he end the FED?
Rick is a fraud that is looking for some wedge issues. That's all.
I understand Rick Perry shanked a debate tonite. I guess we don't have to worry about Rick any longer.
I just heard Ron Paul tear him a good one. And he finished it with a joke--and it was funny!
Good thing you saw it, Faux News won't report it.
You do know the President can't repeal laws, right? I mean, you're FAMLIAR with America, aren't you?
You sound like a monarchist. Not that there's anything wrong with that.
I've got a good idea how the constitution works. To be clear I am asking if you think Rick Perry will espouse these positions as a candidate, and then work for them as President. I say 'no'. Not even close.
It doesn't matter what they SAY, anyway. If someone who was running for President SAID he'd do all that shit, that's a pretty damn good reason NOT to vote for him.
Come on, man.
If the Fed had actually performed according to their mandate and controlled inflation, as in zero inflation, instead of jawboning for a structural 2%/annum rate of inflation, SS would be in much, much better shape. A compounded 1% return on those nonmarketable government obligations in a 0% inflation environment would be looking pretty good by now. In a zero inflation world, there would have been no COLA.
Wright Patman understood.
I don't even think we will get to this point, because I think the whole fiat game will come crashing down and even the ones right now getting 100% of the money will lose it all when the govt. can't give it out.
One important point that your article failed to mention is that SS would be self sufficient if the money that was stolen from the fund by the government was returned to the fund.
It wasn't stolen, it's in a 'Trust Fund'.
The 'Trust Fund' consists of several books full of IOUs from the Treasury Dept.. Guess who is going to pay back those IOUs?
Hint: It isn't anyone who belongs to AARP.
Let's talk Rick Perry for a minute:
Rick is a fraud that is looking for some wedge issues. He is trying to marginalize Ron Paul.
Ron Paul is the real deal.
"Ron Paul is the real deal."
So you're outing yourself as a republican???
I'm reminded of old SNL where Belushi & Aykroyd are doing the Tom Snyder battered masturbator skit...lol.
Get lost, junior, the adults are talking.
I've got a bicycle that needs fixing. Do it now....I'll pay for it, some other time. The whole US economy is a Ponzi. Ron Paul is an ineffectual pointyhead. Rick Perry is a work-in-progress. So I'll judge him by his enemies: libs, democrats, socialists, the Beltway/Hollywood crowd, MSM, Rove and the Repube establishment.....good enough for me.
Look at my original post above. How do you think Rick will do on those issues?
Hitler and Stalin:
One was a Socialist and one was a Communist, imagine that!
I did hear the Bushes hate Rick Perry, which is why they ran Kay Bailey Hutchinson against him in the primary. Having the Bushes hate you is quite an endorsement, in my view.
I hear they hate Ron Paul, also.
Lot of hate out there. I wonder what these people like. Ummm, maybe not.
Do you know Stalin was Hitler's enemy? Do you judge Hitler by his hate of Stalin?
You're a Stalin guy, ain'tcha?
I think thats been the problem all along...old man.
Nice job of fucking the world up for future generations.
What happened to means testing?
A Ponzi is by definition an investment scam. Social Security is a compulsory wealth transfer plan. Different animals.
Not buying the premise of this article. Sorry.
"What happened to means testing?"
I suspect means testing will be imposed by reducing the value of Social Security payments, to the point that it will need to be be supplimented with other programs that will be means tested, and which will require signature allowing invasive inspection of financial status.
I suspect the same and I think there has been a problem all along.
Getting as many people dependent on a system...any government controlled system...as possible. Many within government recognize it is job security for statists. There was no rational reason to have 1099 disclosures of over 600 bucks a year in a "healthcare" bill.
I don't want to believe it started out that way...but that is what it has become. (Woodrow Wilson, FDR et al aside).
Whatever happened to 200k being branded as rich anyways?...seems like only yesterday...lol.
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