The system was based on logic. The younger paid for the older. Since there is always more younger then older it’s a foolproof plan(so we thought).
But only Congress could find a way to screw the system. They have allowed illegals and others who never contributed to the system to milk it for all it’s worth. They have stolen(not borrowed) money from it’s reserves.
They have basically ruined it.
Why would Illegals pay taxes if they can get away with it and be at risk for deportation with knowledge of their location? Sorry, that just doesn’t make sense
Also you are assuming that every business plays buy the rules. That isn’t ture.
Yes, I’m amazed and mad about it. They also "borrowed" money from S.S. decades ago and put it in the general fund which kept S.S. from collecting and accumulating interest which would have helped keep the system solvent.
February 21st, 2010 at 8:39 pm
LOL.
Social Security is the biggest legal PONZI SCHEME ever made. It was just a matter of time before it failed.
Xavier. Yes it is the fault of Congress. They started the Draft didnt they. Or maybe we could just blame Hitler. Yeah thats it the system failed because of Hitler.
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February 21st, 2010 at 8:59 pm
Your right. Vote out all Democrats and take our country back.
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February 21st, 2010 at 9:19 pm
This is a perfect example why our Federal Government should not be in charge of programs such as this. Where ever there is money, they will inappropriately use it.
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February 21st, 2010 at 9:27 pm
Socialist Security was a failure waiting to happen.
Peace
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February 21st, 2010 at 9:49 pm
so all the NOW old baby-boomers is the fault of congress?
no wonder…darn congress
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February 21st, 2010 at 10:16 pm
A government sponsored "Ponzi Scheme" perfect?
I don’t think so.
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February 21st, 2010 at 10:32 pm
Yes, I’m amazed and mad about it. They also "borrowed" money from S.S. decades ago and put it in the general fund which kept S.S. from collecting and accumulating interest which would have helped keep the system solvent.
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February 21st, 2010 at 11:05 pm
You are basically correct, but SSA has no reserves. All money not collected in a given year but not paid out in that year is turned over, by terms of the Social Security Act, to the US Treasury. The Treasury promptly spends it. All SSA gets is a non-negotiable (and worthless) IOU back from Treasury.
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February 21st, 2010 at 11:54 pm
Well they did resolve one thing, held back stimulus money to create jobs until SEPT 2010., so that the impact of the first wave on retiring babyboomers will be delayed as people won’t be able to afford to retire.
Thus allowing Democrats to maintain control of the House and senate.
One thing about Democrats, you always know their motives = power and control
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February 22nd, 2010 at 12:17 am
its a mess they still owe me $250 for my free check for seniors bastards.
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February 22nd, 2010 at 12:55 am
Not really, what amazes me is all of these followers of the blind can’t figure out our government under Obama wants much more control and will drive us further in the hole.
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February 22nd, 2010 at 1:25 am
Wrong. Social security was doomed from the moment it was conceived. Demographics and an increase in life span means that in a few years there will be almost as many people drawing social security as those paying it. Ever heard of the baby boom generation, well the first of them started to retire last year. By the end of this year with the economy in the tank social security will paying out more than it brings in.
Oh yeah the "trust fund" well its and IOU, sure government bonds, that’s a distinction without a difference. Fact is to make social security payments they are going to have to either raise taxes, reduce benefits or increase the retirement age (which they already did several times).
Don’t blame the illegals. That’s why the IRS gives them tax ID numbers so they can get jobs. They are paying into social security and the vast majority of them will never draw a dime.
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February 22nd, 2010 at 2:07 am
I know, man. It’s like they don’t think.
Hmmmm. What do we pay them for agian?
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February 22nd, 2010 at 2:54 am
It wasn’t Congress and the dreaded illegals, my dear. It was our presidents who saw the nice, fat Social Security Reserve fund with the billions that us boomers had paid in in extra SS taxes since President Reagan upped our tax rate from 6% to 12 % to help cover the extraordinary expense of our very large generation. Somebody left the lock off the vault’s door and yelled "Free Money!". Our money was used as part of the country’s general fund instead of being set aside as the earmarked money it was…… and I’m still fuming.
(FYI – many illegals, especially in the midwest and south, work in large food production facilities which, by law, have to have auditable books. Their checks are processed and printed along with everyone else’s and they have all the taxes and other levies deducted just like everyone else. We’re talking giant multi-national corps not Joe Smith with 10 workers and hand written paychecks.)
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