GOP Plan Will Slash Benefits

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A Republican plan to control the rising cost of Social Security would raise the retirement age and trim benefits for the 70 percent of earners. The proposal, put forward by Wisconsin Rep. Paul Ryan, would cut the benefits middle-income Americans who turn 65 in 2050 by a quarter, wealthier Americans by a third—and by as much as half if they turn 65 in 2080. Things don’t look much better under other plans to overhaul social security. According to the chief actuary for the Social Security Administration, another plan under consideration, raising the retirement age by two months per year until it reaches age 70, would cut benefits by nearly 20 percent for anyone who turns 65 in 2050.

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/20/AR201010...

Meanwhile, those making above $106,800 pay nothing above that rate into social security.

No votes yet

They should have never implemented this shit in the first place. I'm 27 so maybe I'm biased because I'll never reap the fruits of this ponzy scheme.

A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors (retired people) from their own money ( withholding) or money paid by subsequent investors (the yet to be employed) , rather than from any actual profit earned. The Ponzi scheme usually entices new investors by offering returns other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors to keep the scheme going.
We don't have the ever-increasing flow of money as the population ages and families grow smaller. The "investors" will be forced to carry a bigger burden for the "investors" who have already retired and are collecting.
Yes, it is a Ponzi scheme.

Any statement I make is the opinion of me exercising my first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and is generally permitted.

MARCY KAPTUR and her UNION thugs

It's not a Ponzi scheme. It offers no promise of huge returns. It's not an investment program--it's an insurance program, and everyone knows how it works. Current workers are taxed on their income to pay benefits.

Pink Slip

Actually Pink the promise of big returns is there. When you retire you expect the payments to continue until you die. By that time you have long since used up all the money you put into the system, and the government has promised you this "safety net". If the government actually turned around and just gave you the money you put in people would shut the sytem down immediately

Any statement I make is the opinion of me exercising my first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and is generally permitted.

"When you retire you expect the payments to continue until you die. By that time you have long since used up all the money you put into the system, and the government has promised you this "safety net"

These aren't promises of "big returns". This is just understanding how social security works.

"If the government actually turned around and just gave you the money you put in people would shut the sytem down immediately.

Sure--if you don't use it the way it's intended, it won't work. Duh. Do you get paid for this keen insight?

Pink Slip

Right now, the Government takes money out of your checks to put into a public trust fund.

That trust fund can be and has been raided by Congress and spent. Then Congress and/or The Fed can decide at what age you can retire, how much money you will get per month, how long you will get that money and, if you pass away early, the government keeps your money to give to someone else.

What if the Government made your employer take money out of your paycheck and put it into an IRA account in your name?

Then, YOU decide how much you need to retire on. YOU decide at what age to retire. YOU decide how much per month you will need and, if you need more, you can make extra contributions to your IRA while you are working. YOU decide how long you think you will live and can adjust your contributions accordingly.
And, the kicker, if you pass away early, you can leave your IRA to your next of kin for their retirement, college, etc etc.

Don't blame me,
I didn't vote for a
socialist.

OMG! Are you serious? Allow the people to do what they want with thier own money? Are you insane? I think you know LIbs that the government knows better how to spend your money than you do, it's been proven time and again. That's a funny idea though; work, earn you pay, keep your pay, invest it how you like, retire on what you save.

Any statement I make is the opinion of me exercising my first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and is generally permitted.

I love conservatives. Ninety-nine percent of them doing the bidding of the top one percent. Take Fraud here for instance--a millionaire ideology & a ten cent head.

Pink Slip

Either it's an insurance or it's a tax. It can't be both. It needs an "Opt out" option. I would gladly give up all the money I have already put in to Social Security to gladly work the rest of my life doing my own retirement planning without having to thow money into this pit.

I can make better financial decisions than the government. I can pay my bills myself and I my books are in the black.

If they never give me that option I am confident I will NEVER see a dime of any of the money I have put in.

MikeyA

Yes, we can all make better decisions about our own investments than the government. No one questions that. But social security isn't an investment program. It's a social safety net. And it's a popular one at that. More people prefer to lift the cap, rather than cutting benefits.

Pink Slip

It won't make any difference, the Scheme will crash and burn anyway.

Pink Slip

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