antisocial security=pfft

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antisocial security=pfft

Postby pesetas » Thu May 14, 2009 10:07 am

I got bored and decided to stir folks up...happy reading!

"Social Security is a pay as you go system. The payroll taxes of current employees are used to pay benefits to retirees. In the 1980s President Reagan appointed a commission led by Alan Greenspan to fix the system and increase the Social Security Trust Fund to help pay for the Baby Boomer retirement wave. Since that time about 85 percent of Social Security taxes were used to pay benefits and 15 percent were supposed to be put aside in a Trust Fund to help pay Baby Boomer Social Security benefits.

Congress has been using that Trust Fund as its personal piggy bank, taking IOUs from the Trust Fund to pay for their pet projects. Well the party's over. Now that the surplus is gone thanks to the recession, Congress will have to look elsewhere for extra funds. Also, once the taxes collected are not enough to cover benefits and its time to withdraw funds from the Trust Funds, the situation will get even worse. Congress will have to start repaying those IOUs. That's now expected to happen two years earlier in 2017 thanks the to the recession."
"The clever combatant imposes his will on the enemy, but does not allow the enemy's will to be imposed on him"
- Sun Tzu

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Re: antisocial security=pfft

Postby Your Hero Jed » Thu May 14, 2009 10:33 am

I just wish i was a congressman. Once in, it can be your job for life. And hey after a year maybe i'll quit and write a book cuz i'm still on salary. I talked to my boss the other day, and did you know working class people don't get to vote on their raises?
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