corysub
Posts: 1492
Joined: 1/1/2004 Status: offline
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quote:
ORIGINAL: rulemylife quote:
ORIGINAL: corysub The democrat party slammed the young people in this country with all that sound and fury against the privatization of Social Security. So now 15&% of your annual income is put into a fund...that is broke to the tune of more than US$60 TRILLIONS, and that estimate was as of a few years ago and is higher today. Now if your over 60 years of age that numbe might not mean a thing...but if you are now making your SSI contributions at 20, 30, or even in your late 40's..lots of luck to ya. If the idiots in Congress did not kill the Bush plan, you would have been able to be in charge of some percentage, maybe half, of your annual donation to the United States Treasury. Particularly if you are one of those enthusiatic citizens of the Obamanation and believe our salvation is at hand...today..right now, would be the perfect time to start a long term investment program. You could be investing in gold you could be investing in a General Electric at close to $10 a share..a Cisco in the mid-teens,and on and on. Even those who have lost 30-50% in their 401k still HAVE 50 to 70% of their money. If I had been able to invest my own funds over the past thirty years I would be one happy camper right now in the midst of all this carnage. Personally, I would rather have my future based on what I do with my money instead of handing in over to Barney Frank, Maxine Waters, that tax cheat Mr. Geithner, and most of all Barack Obama. http://www.socialsecurity.org/sstw/sstw11-04-05.pdf One good blog deserves another: TomPaine.com - Social Security Is Not In Crisiswww.tompaine.com/articles/social_security_is_not_in_crisis.php Why would anyone want to change a system that works so well? The main reason is that President Bush and the financial industry have managed to convince people that Social Security is on the edge of bankruptcy. Millions of younger workers, and even many older workers, now believe that they will never see their Social Security checks. ......... The official numbers tell a very different story. The Social Security trustees' report shows that the program can pay all scheduled benefits through the year 2042, with no changes whatsoever. Even after 2042, the program would always be able to pay a higher benefit (in today’s dollars) than what retirees currently receive, although less than the full scheduled benefit . The non-partisan Congressional Budget Office did an independent investigation of Social Security’s finances and came up with an even brighter picture. They found that it could pay all benefits through the year 2052 with no changes whatsoever. Furthermore, according to both sets of projections, the changes required to keep the program solvent through its entire 75-year planning period are smaller than the changes made in any of the decades from the 1950s to the 1980s. BLOG FIGHT!! True the SSA reports said that even after 2041 the Trust Fund, albeit exhausted, would see annual revenues to pay recepients 74% of promised benefits. Of course it takes a lot of faith in "government promises" to believe that..doesn't it? http://www.aarp.org/special_static/usukpensionsdialogue/conf_papers/remarks/keynote_7.21.05_DWalkerppt.pdf There is no more expert man in the country than David Walker and, while he believes we can still avoid the "big one"...ie the ultimate collapse of our financial system, we have to act intelligently NOW! We are in deep doo doo and and somehow Obama has got to get in front of the legislature and not let them write his program to turn this mess around. Pelosi has destroyed the honeymoon period and good will that a lot of us were prepared to offer the new President..not because we liked his politics, but because we love our families and country and we need him to succeed. We can worry about throwing him out in four years. And, hey, if he should do a great job I might even vote for the guy..( I was seriously considering Hillary over McCain) Be well...
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