1% in WNY

[drluv1]

Originally Posted by montana1958

So right OSD.

I know I may be part of a small minority that doesn't want the reduced Social security rate to continue into this year. I didn't agree with it last year. So the answer to a recession is to defund our national retirement program that all agree is on it's last leg going bankrupt in 10/12 years. It's actually bankrupt now. The amount being paid out to the deserving senior citizens this year will be more than what we take in. They claim there is a large surplus out there to cover all this but who really believes that. Lets have some reporters look into the numbers and have a TV special informing us where this country is really at.

The social security surplus is an IOU from the government to the SS fund. So basically it's a future liability that will have to come out of tax receipts, not ss tax receipts but general tax receipts, in the future. I believe reagan started taking the yearly surpluses and putting them into the general fund to make his deficit numbers look better. This continued with all the following presidents and Now totals 2.5 trillion, I believe more than the amount we've borrowed from china that everyone's so worried about.
We will probably get an increase in the retirement age and some other tweeks and maybe a small tax increase and it will "be solvent" again. We should all be PISSED AS HELL that this was allowed to happen Those 55 and under will have to work 2 or 3 extra years and accept reduced benefits because of the mismanagement.
To your point about the government giving the break on SStaxes instead of anywhere else. It really doesn't matter because going to end up being barrowed anyway and end up as an IOU (DEBT) . I think the rationale was to give both workers and businesses a break at the same time as I think the employer's part of the tax was reduced as well.

[drluv1]

Originally Posted by jackfengshui

Sorry for hijacking my own thread, but this speaks volumes about our need to stop denying about our national healthcare crisis and start doing something concrete about it. Healthcare is costing us twice as much per person as other countries. Our system of receiving heath coverage through employment is insane. Conscientious employers are paying through the nose. It is killing our national competitiveness. It hinders career mobility. And yet many people in the middle are not even covered, and are one serious illness away from going broke. Also, because we insist that healthcare should be supplied by the "free market", there is no cost control, and some suppliers, service providers and middle men are making out like bandits.

I give the current administration credit for at least attempting to fix it. The plan that was passed (but vilified by many) might not be the ideal solution (partly because of the need to placate so many sides). I just wish that we can stop the partisan bickering and come up with something that would provide universal coverage and control costs.

Government run health care is good enough for our seniors but not for the rest of us.

[Quail]

Originally Posted by montana1958

So right OSD.

I know I may be part of a small minority that doesn't want the reduced Social security rate to continue into this year. I didn't agree with it last year. So the answer to a recession is to defund our national retirement program that all agree is on it's last leg going bankrupt in 10/12 years. It's actually bankrupt now. The amount being paid out to the deserving senior citizens this year will be more than what we take in. They claim there is a large surplus out there to cover all this but who really believes that. Lets have some reporters look into the numbers and have a TV special informing us where this country is really at.

Your assessment here is well said. I contacted our local social security office last month about my options of beginning to collect in April 2012 when I turn 62, or to wait for future years- hoping that Social Security will be around.

[jackfengshui]

Originally Posted by quail

I contacted our local social security office last month about my options of beginning to collect in April 2012 when I turn 62, or to wait for future years- hoping that Social Security will be around.

According to the SSA Website, if you start collecting social security at 62, your monthly benefit will be 75% of what you will get if you wait until your "full" retirement age, which in your case is 66. I think the bet you have to make is probably not how long Social Security will be around, but how long you will live.

[Quail]

Originally Posted by jackfengshui

According to the SSA Website, if you start collecting social security at 62, your monthly benefit will be 75% of what you will get if you wait until your "full" retirement age, which in your case is 66. I think the bet you have to make is probably not how long Social Security will be around, but how long you will live.

If the expression " only the good die young " is true, then I should live a long time before I die and go to hell.

[montana1958]

Originally Posted by quail

I contacted our local social security office last month about my options of beginning to collect in April 2012 when I turn 62, or to wait for future years- hoping that Social Security will be around.

I think Jack he needs to do some math and know his options. I know when I was doing some planning I looked at when I turn 62 to collect early vs waiting until the full retirement age. It would take until almost 80 when waiting would have been better. It's simple to determine.

As far as the surplus being an iou drluv1, does anyone really believe it will be repaid? There is no money. If this year the soc sec revenue and retirement payments are the same and we have a 1.5 trillion deficit then our deficit is actually much larger and never gets reported properly for it to be general knowledge. And like I said in an earlier post, all the cost saving they talk about over the next 10 years is nothing that is going to provide any real savings against where this country is heading. Scary stuff.

[drluv1]

Originally Posted by montana1958

I think Jack he needs to do some math and know his options. I know when I was doing some planning I looked at when I turn 62 to collect early vs waiting until the full retirement age. It would take until almost 80 when waiting would have been better. It's simple to determine.

As far as the surplus being an iou drluv1, does anyone really believe it will be repaid? There is no money. If this year the soc sec revenue and retirement payments are the same and we have a 1.5 trillion deficit then our deficit is actually much larger and never gets reported properly for it to be general knowledge. And like I said in an earlier post, all the cost saving they talk about over the next 10 years is nothing that is going to provide any real savings against where this country is heading. Scary stuff.

Ideally the money should be repayed. But at the point when SS takes in less than it pays out, 5 or 10 yrs from now, the difference will be made up from the general fund in recognition of the IOU. the first few years of this shouldn't be too bad, but as time goes on the gap will become greater and become more of a strain on the budget. this one of the reasons why younger workers will have their retirement age increased and benefits reduced.
SS had a surplus of about $70 billion last year, so yes the yearly deficit is really that much larger than the " Official " number. By law, SS surpluses are to be invested in government bonds, so the "Trust Fund" does at least a financial instrument backing what is owed to it.At least the 2.5 trillion owed to the trust fund is accounted for in the national debt because of this. THANK GOD
As I said before, For 30 or so years our deficit numbers have looked "better", Because of the surpluses in SS. After a little research, Clinton tried to have the surpluses put away in the years we had a surplus, but was unsuccessful. Remember Bush didn't count he cost of the wars in his deficit numbers because they"weren't ongoing expenditures".I don't even think he counted the interest on the national debt, just to make his numbers look better. Games like that go on all the time with the Budget. I knew Obama was screwed when he took office and said he was going to be " Honest" about the deficit.

[jackfengshui]

Originally Posted by montana1958

I think Jack he needs to do some math and know his options.

I just did that simple math. If Quail lives beyond 78, then he is better off waiting for his full retirement age of 66 to start collecting Social Security. If he does not live past 78, he is better off collecting Social Security early at 62.

Now all he has to do is to visit a reliable fortune teller before making that decision.

[malonely]

SS is an IOU now because we have looted the money for tax cuts and foolish wars, no bid cost + military contracts and the largest growth of government under W with Homeland Security since St Ronnie grew government in his administration. Just because they have successfully stolen our social security surplus doesn't mean we should not ask for restitution now that they have been caught. Why should we reward the thieves with amnesty while we are living on cat food? No pensions, no social security, a stock market that is the personal casino of crooked brokers who get paid if we make money and make money when we lose money. I know I am the 99%.

[Gotyour6]

Originally Posted by malonely

SS is an IOU now because we have looted the money for tax cuts and foolish wars, no bid cost + military contracts and the largest growth of government under W with Homeland Security since St Ronnie grew government in his administration. Just because they have successfully stolen our social security surplus doesn't mean we should not ask for restitution now that they have been caught. Why should we reward the thieves with amnesty while we are living on cat food? No pensions, no social security, a stock market that is the personal casino of crooked brokers who get paid if we make money and make money when we lose money. I know I am the 99%.

No idea Jimmy Carter was on this board.

[offshoredrilling]

no, Bill Clinton.

[JONBALLS]

most welfare recipients receive subsidies between rent, utilities, cell phone minutes, food stamps, ssi, medicare/caid, to the tune on avg $1200. per mo. , for doing NOTHING.Thats a conservative estimate.
I believe even the 1% have to work for at least 1 minute per mo, to earn at least $1200. so in all actuality, welfare recipients are wealthier by far
if a 1% has to work for a firm, they most likely are drug tested and not hired with prior arrests for drugs and assault,and several evictions carrying multi $1000. judgements, all of which is NOT required for welfare recipients to continue benefit distribution.
if a 1% wants to move to a difrent apartment, he has to earn his way to a security deposit and hire a moving company to get to his destination or just do it himself with help from family or friends.
If a welfare recipient wants to move to a new apartment, they just fill out the paperwork for "heading home" and that subsidy pays their security deposit for their next place, and will provide a truck and people to move their stuff, all while they dont have to lift a finger.
every year, the 1% is likely not getting back a tax refund.Regardless of his income, its not arguable that he will atleast pay 15%.
A welfare recipient who hasnt worked one day, will at minumum recieve a tax refund in the form of "earned income credit" for each child.
these are just a few basic examples.If you figure amount of money recieved per actual amount of on the job labor, the welfare beneficiary , I would argue, is welthier by far.

[Justapervert]

There was just a recent report done on the healthcare and those who cost this country the most. They found that the majority of healthcare cost goes to 5% of those who qualify for it, and they repat this trend year to year. One of the major problems with this country and this recession is in the inability of our "leaders" to realize that our infracstructure is whats wrong. Like DT says, it is damn near impossible to operate a small business now on this country. The amount of the burdens being tossed upon us, the small business owners, so that the few, (all these occupy idiots who need to occupy a job and not the street corners) can stand around and demand more of a handout. There is no sense of self worth anymore. The government tells these people that they deserve to have a better way of life, and more money in their pockets and that its unfair for business men and women to make more than they do... Really? any here ever worked for a poor man before? The whole premise of democracy has fallen by the wayside and a new element of socialism has become the prevailing sentiment. Where does our constitution say that its the governments right to take care of those who dont have jobs? or those who dont have health care? Why has this responsibility been handed down to all of us who do pay taxes, and try to provide decent good paying jobs for those who chose to work? Its a belief and a mind set that has taken over this country. No one wants to be responsible for anything any more, let the government do it all for us, and when we want somethign, well damn it its our right to go and take it becasue we feel so entitiled. Its horseshit. WE need to worry about our own homes and take care of that first. Stop pouring money into foreign nations who want to realease their terroists onto our soil. STOP allowing those who immigrate to this country to find a better life, to be allowed to attack our goverment and take from those of us who are legally here, speak this language, and who happen to love this country... you cam here, do not tell me that my laws, beliefs, and constitution dont apply to you.. they do. Stop those who come here, to this state or any other, from moving here to simply get a handout. Get a damn job and have some self respect. Take the job at Micky D's despite your feelign that your previous experience as a window washer makes you qualifies to be a manger of a fortune 500 company. Stop the ignorance, Stop the handouts, and for god sake, STOP making excuses for why your soo entitled to getting some of my hard earned money, for doing nothing. gain some sense of self repect and responsibility for being a contributing member to our society.

[jackfengshui]

The top 1% earn about 20% of all income in America. The top 0.1% earn about 10% of all income. The most lucrative professions are predictable, with finance gaining recently.



You can read more in this article in the Economist.

[Doove]

I benefit off the backs of poor people just as much as poor people benefit off the back of me.