The Missing Money....

[redcliffsw]

Someone needs to say to those who want Social Security and Medicare to continue on unchanged: "Don't you understand? The money is not there any more."

Many retired people remember the money that was taken out of their paychecks for years and feel that they are now entitled to receive Social Security benefits as a right. But the way Social Security was set up was so financially shaky that anyone who set up a similar retirement scheme in the private sector could be sent to federal prison for fraud.
-Thomas Sowell

http://lewrockwell.com/sowell/sowell49.1.html

[srkruzich]

Someone needs to say to those who want Social Security and Medicare to continue on unchanged: "Don't you understand? The money is not there any more."

Many retired people remember the money that was taken out of their paychecks for years and feel that they are now entitled to receive Social Security benefits as a right. But the way Social Security was set up was so financially shaky that anyone who set up a similar retirement scheme in the private sector could be sent to federal prison for fraud.
-Thomas Sowell

http://lewrockwell.com/sowell/sowell49.1.html

You know, yes we do want it changed.  Seriously.   The change is, privatization.  Make each account owned by the person.  That way you can keep the damn government out of it.  Secondly start it with anyone under 40.  That will give them time to build up their retirement.  IN FACT, if you do this, the stock market has a history of growing over time.  It has grown steadily since the last depression and on through this current one.  IT IS NOT A SHORT TERM INVESTMENT.   You really won't lose. 

But back to those of us who have paid into the SS scheme. YOUR DAMN RIGHT we are entitled to what we paid in.  THey made a contract with us and by God they will honor that contract or you'll find a whole lot of bluehairs with sawed off shotguns at their front door.    What has a 80 year old Got to lose if you take his social security check.  Not a damn thing.  So when these politicians start talking bout cutting out social security, they aren't just quaking in their boots for nothing, they are quaking cause they know that if they touch anyones SS that is over 65, they will have a literal war on their hands and that the folks that will be shooting at them do not have a thing to lose. What is the government going to do? Lock em up? Kill them?  So what.  They got like what 20 years left?  20 years of starvation if they take their checks.  Or lock them up. Woo hoo you hit the jackpot if that happens. SHooot 70 years old, too old for the boys in prison to bother them, plus you get 3 squares, a bed, warm place to sleep, cable tv, pool tables, weight rooms, gyms, personal security, and if something breaks on your body, they take ya to a hospital and patch you up. No copays.

Yeah the older folks know full well they got the power.   

The solution is this......Privatize anyone under 40.  Fulfil their obligation to anyone over.  It will hurt for a while.  But they owe us that much. I suspect that they would have to raise SS tax about 3.5% take that 3.5% to fund out the rest of those over 40.  Maybe not.  But the key thing that those under 40 will have for the loss of 3.5%   They will have a account that they will build up at a reasonable interest rate instead of 1%. They will be able to leave their money to their heirs when they die.  in 20 years their Privatized accounts would produce over 2 million dollars for their retirements based on a reasonable 5% return on a average of around 100 bucks a month input of money.  Thats a deal. 

Chile did this and it works like a charm.  I think houston texas govenrment did this for their employees and it works.

[Patriot]

Chile did this and it works like a charm.  I think houston texas govenrment did this for their employees and it works.

Singapore has a similar system.

[Lookatmeknow!!]

Ok, I'm going to ask a silly question, but are they no longer paying people their social security? I am not sure, I have heard over and over again, that by the time I am old enough to retire there won't be SS. Is this true or some truth to it? I really need to catch up on things??

[Diane Amberg]

Yes,I get mine every month. In fact I just got a letter from SS today telling me my check will increase a bit next month because the cost of living increased.

[srkruzich]

Yes,I get mine every month. In fact I just got a letter from SS today telling me my check will increase a bit next month because the cost of living increased.

DO WHAT?  Why the hell aren't we getting our colas??

[W. Gray]

Don't have a clue as to what Diane is talking about, but the January 1, 2012, SS cola stood at a 2.8% increase to SS as of June 15.

That amount is subject to change up or down between now and October 15, when the actual cola for 2012 will be announced.

[Diane Amberg]

I'm talking about a letter I got today .It says in part "The next check you are you receive will be for $51.00 which is the money you are due through May 2011." "Your next scheduled payment of......($3.00 more) which is for June ...2011, will be received on or about.....July 2011  After that you will receive ......on or about the .....of each month. My payment has a catch up check and then will go up by $3.00 per month as of next month. I'm sure it's not just because of my good looks and winning ways.

[srkruzich]

Don't have a clue as to what Diane is talking about, but the January 1, 2012, SS cola stood at a 2.8% increase to SS as of June 15.

That amount is subject to change up or down between now and October 15, when the actual cola for 2012 will be announced.

:|  wow big 35 dollars and my insurance will go up 60

[Diane Amberg]

Yup ,for sure.