Comments on: Does it amaze you how Congress can screw up a perfect system like Social Security?

By: Mujer Alta

Mujer Alta — Mon, 22 Feb 2010 07:54:59 +0000

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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By: huliendin

huliendin — Mon, 22 Feb 2010 07:07:59 +0000

I know, man. It’s like they don’t think.

Hmmmm. What do we pay them for agian?
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By: Roadkill

Roadkill — Mon, 22 Feb 2010 06:25:59 +0000

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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By: confusion over

confusion over — Mon, 22 Feb 2010 05:55:59 +0000

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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By: Barny needs sum lovin

Barny needs sum lovin — Mon, 22 Feb 2010 05:17:59 +0000

its a mess they still owe me $250 for my free check for seniors bastards.
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By: Buddy

Buddy — Mon, 22 Feb 2010 04:54:59 +0000

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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By: Shovel Ready

Shovel Ready — Mon, 22 Feb 2010 04:05:59 +0000

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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By: Planet

Planet — Mon, 22 Feb 2010 03:32:59 +0000

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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By: Speedfreak

Speedfreak — Mon, 22 Feb 2010 03:16:59 +0000

A government sponsored "Ponzi Scheme" perfect? I don't think so.
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By: Xavier M

Xavier M — Mon, 22 Feb 2010 02:49:59 +0000

so all the NOW old baby-boomers is the fault of congress?

no wonder…darn congress
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