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(The American Interest)   Social Security runs in the red for a second straight year, but no biggy - our government's obligations are 100% backed by government obligations, which are backed by government obligations backed by government obligations   (blogs.the-american-interest.com) divider line 198
    More: Fail, social security, Capitol Hill  
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3334 clicks; posted to Politics » on 04 Oct 2012 at 10:51 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-04 10:52:16 AM
Xzibit for Treasury Secretary!
 
2012-10-04 10:53:26 AM
Don't worry. Once 0bummer is out of office, we'll cut taxes and balance the budget then there will be higher employment, higher wages, which mean Social Security will be saved.
 
2012-10-04 10:53:52 AM
Vaporware 101

Paging Mr. Ponzi, Mr, Ponzi to the Courtesy Phone ....
 
2012-10-04 10:54:42 AM

RumsfeldsReplacement: Don't worry. Once 0bummer is out of office, we'll cut taxes and balance the budget then there will be higher employment, higher wages, which mean Social Security will be saved.


He won't lower taxes! he's gonna lower rates! those are totes different words!
 
2012-10-04 10:55:12 AM
We're all going to be picking up trash in a Walmart parking lot when we're 90 aren't we?
 
2012-10-04 10:55:21 AM
That's funny as hell, subby.
 
2012-10-04 10:55:47 AM
i.imgur.com
 
2012-10-04 10:56:09 AM
It's planned to operate in the red. It's why they raised taxes on the Boomers in the first place; they knew this was gonna happen decades in advance.
 
2012-10-04 10:56:43 AM

TsarTom: We're all going to be picking up trash in a Walmart parking lot when we're 90 aren't we?


If it weren't for picking up trash at Walmart, I'd never get laid.
 
2012-10-04 10:56:45 AM
But our policies of tax breaks, subsidies, and entitlements for large corporations are totally in the black, so we're good, right?
 
2012-10-04 10:56:58 AM
It's turtles all the way down. Better get into wheelbarrow futures.
 
2012-10-04 10:57:53 AM
We knew it was going to run in the red 60 years ago when the baby boom happened. Maybe if we actually put all the surpluss we had thus far in a lockbox and not raid that fund for wars, tax cuts and other programs that were not paid for we would not have a problem.

But what idiot would propose such a lockbox?
 
2012-10-04 10:58:36 AM
Does anyone seriously not understand that the federal government PRINTS MONEY and CANNOT POSSIBLY RUN OUT OF MONEY?

That there is not a limited supply of money in the world, it is printed and created out of nothing by the government?
 
2012-10-04 10:58:46 AM
So everything for the old people now. The Soon to be old people will get everything as well when we still cant afford it. Then my generation will be left with nothing but but higher taxes and no services. Thanks you age pandering asshats
 
2012-10-04 10:59:05 AM
I know you guys really don't like bush; but I like his idea for individual accounts; where you put your money and you have control over it after you are retired. If you have to pay into that account over a lifetime; you'd be set. And the government could still use that money for it's own purposes; as long as they paid 3% interest, and they guaranteed the account for the entire amount of money inside.

/ but something that simple and sane will never happen
 
2012-10-04 10:59:46 AM

Ass Exploder: Does anyone seriously not understand that the federal government PRINTS MONEY and CANNOT POSSIBLY RUN OUT OF MONEY?

That there is not a limited supply of money in the world, it is printed and created out of nothing by the government?


Yes, and money has a static vale that never changes. Are you an idiot?
 
2012-10-04 11:00:15 AM

dragonchild: It's planned to operate in the red. It's why they raised taxes on the Boomers in the first place; they knew this was gonna happen decades in advance.


It's a good thing we have all those excess taxes tucked away and we can readily convert them back to cash in order to pay the benefits. Oh wait...
 
2012-10-04 11:00:23 AM
Because the free market will solve it, amirite?

We should not have to address potential flaws in the Social Security system as long as the alternative is capable of being worse.
 
2012-10-04 11:01:46 AM

zipdog: Xzibit for Treasury Secretary!


userserve-ak.last.fm
Yo Dawg, I put Government obligations on your Government obligations so you can have no Social Security while you have no Social Security
 
2012-10-04 11:02:56 AM

iheartscotch: I know you guys really don't like bush; but I like his idea for individual accounts; where you put your money and you have control over it after you are retired. If you have to pay into that account over a lifetime; you'd be set. And the government could still use that money for it's own purposes; as long as they paid 3% interest, and they guaranteed the account for the entire amount of money inside.


That doesn't functionally fix the problem any more than just telling Congress to stop farking picking money out of the savings fund and leaving IOUs.

Also, that idea completely eliminates the entire concept of it being a guaranteed safety net. If I have to put my own money in and I get 3% back why wouldn't I just open another IRA and enjoy tax benefits and more flexibility?
 
2012-10-04 11:03:04 AM

Ass Exploder: Does anyone seriously not understand that the federal government PRINTS MONEY and CANNOT POSSIBLY RUN OUT OF MONEY?

That there is not a limited supply of money in the world, it is printed and created out of nothing by the government?


The whole modern monetary system just boggles my mind.
 
2012-10-04 11:03:06 AM
"This currency is backed by the full faith and credit of the United States Government."

And nothing else.

At ALL.

Ah, ha ha. Ever get the feeling you've been cheated?
 
2012-10-04 11:03:27 AM

Brostorm: So everything for the old people now. The Soon to be old people will get everything as well when we still cant afford it. Then my generation will be left with nothing but but higher taxes and no services. Thanks you age pandering asshats




You got that right. If you're a 20 or 30 something, then it is good that you realize now that you are going to retire....poor.


/debt
//more of this?
 
2012-10-04 11:03:33 AM
Social spending is now over half of our budget, and is the one area we've added and kept enlarging since the 1950s.

Does anyone actually think we'll ever be able to pay this off? I doubt it.

We're heading for default, at which point our currency will be worth a lot less, if not worthless.
 
2012-10-04 11:03:44 AM
Well then the SS funding shortfall gets pulled from the general fund. Not paying the obligations of the SS trust fund is akin to halting interest payments on the federal debt.

Regardless, the reason there's a funding shortfall now is that unemployment is so high and wages for those lucky enough to have jobs have been stagnant for 30 years. But you keeping harping on mythical problems and mythical solutions involving tax cuts for rich people, submitter - I'm certain one of them will sleep with you sometime this millennium.
 
2012-10-04 11:04:48 AM
Social Security is a Ponzi Scheme - with overdraft protection.
 
2012-10-04 11:04:49 AM

iheartscotch: I know you guys really don't like bush; but I like his idea for individual accounts; where you put your money and you have control over it after you are retired. If you have to pay into that account over a lifetime; you'd be set. And the government could still use that money for it's own purposes; as long as they paid 3% interest, and they guaranteed the account for the entire amount of money inside.

/ but something that simple and sane will never happen


The problem is that you are relying on private equity investments by doing this. Imagine if you planned to retire in 2008... just when your investments lost 70% of their value.
 
2012-10-04 11:04:50 AM

bunner: Ah, ha ha. Ever get the feeling you've been cheated?


No.

If you weren't so dumb you'd realize there's nothing stopping you from converting your faith-money to some material thing. If you think it's such a bright idea to have precious metals and other resources, why not just go do that?

/ right... because it's actually a stupid idea and you know it.
 
2012-10-04 11:05:33 AM

sodomizer: Social spending is now over half of our budget, and is the one area we've added and kept enlarging since the 1950s.

Does anyone actually think we'll ever be able to pay this off? I doubt it.

We're heading for default, at which point our currency will be worth a lot less, if not worthless.


So stock up on shotguns, beer, and blow while you can!
 
2012-10-04 11:06:01 AM
Retarded right wing blog bullshiat. SS almost always pays out more than it collects in payroll taxes, especially when unemployment is at 8%. These taxes are invested by the SS Trust.

But it's pretty darn good trollin'!
 
2012-10-04 11:06:05 AM

SDRR: sodomizer: Social spending is now over half of our budget, and is the one area we've added and kept enlarging since the 1950s.

Does anyone actually think we'll ever be able to pay this off? I doubt it.

We're heading for default, at which point our currency will be worth a lot less, if not worthless.

So stock up on shotguns, beer, and blow while you can!


shotguns don't have enough range.
 
2012-10-04 11:06:38 AM

Ass Exploder: Does anyone seriously not understand that the federal government PRINTS MONEY and CANNOT POSSIBLY RUN OUT OF MONEY?


The rules by which SS is governed are set by law. It is an off-buget program that has a specific funding source and a specific distibution. Just printing more money does nothing to impact SS directly, so long as you discount the impacts of inflation.

It is probably a good thing that we are decreasing the SS 'trust fund'. In essence, all we are doing is converting intragovernmental debt into public debt. It does not change the total debt at all.

/the game of shuffling liabilities
//who said it was only for large coporations?
 
2012-10-04 11:07:08 AM
The beginning of Idiocracy?
 
2012-10-04 11:07:13 AM

bunner: "This currency is backed by the full faith and credit of the United States Government."

And nothing else.

At ALL.

Ah, ha ha. Ever get the feeling you've been cheated?


By the entire world? Yeah. I honestly can't think of a single country that doesn't use fractional-reserve banking.
 
2012-10-04 11:07:39 AM
If only there was some sort of income limit on paying the social security funding tax that could be raised.

If only.
 
2012-10-04 11:08:59 AM

JackieRabbit: Retarded right wing blog bullshiat. SS almost always pays out more than it collects in payroll taxes, especially when unemployment is at 8%. These taxes are invested by the SS Trust.

But it's pretty darn good trollin'!


People have been getting way more in benefits than they payed in for.ever. The system has never been sustainable. Anyone under what arbitrary age they decide to rape social security at and under should get the option of getting all their money back with interests. This is a ponzi scheme.
 
2012-10-04 11:09:06 AM

Vegan Meat Popsicle: bunner: Ah, ha ha. Ever get the feeling you've been cheated?

No.

If you weren't so dumb you'd realize there's nothing stopping you from converting your faith-money to some material thing. If you think it's such a bright idea to have precious metals and other resources, why not just go do that?

/ right... because it's actually a stupid idea and you know it.


So, snotty insulting wanker STILL = intellectual acuity? Oh, internets, as long as we have you, we'll ALWAYS be the smartest kid in 8th grade! *snort* Bye. : )
 
2012-10-04 11:09:39 AM
WAIT!!!! I saw an article in Time Magazine that said SS was $110 billion in the black this year, and will continue in the black for next 10 years or so.

So much misinformation here.
 
2012-10-04 11:10:17 AM
Ass Exploder

Does anyone seriously not understand that the federal government PRINTS MONEY and CANNOT POSSIBLY RUN OUT OF MONEY?

That there is not a limited supply of money in the world, it is printed and created out of nothing by the government?


Where does the money to create the materials that the money is made from come from anyway? It's not like they pick it up at a dollar store.

We're losing money to print more money causing paper cash to actually lose the value that's printed on it since there's more out there.

Brilliant. I wonder how much my savings will be worth in 20 years
 
2012-10-04 11:10:33 AM
If only someone, perhaps a presidential candidate in 2000, had made the suggestion that the excess funds being collected be placed in some sort of secure container. Perhaps a box. With a lock securing it. The American people, who are well-known for making wise financial decisions, would have demanded such an obviously sound policy be implemented post-haste.
 
2012-10-04 11:10:55 AM

GranoblasticMan: By the entire world? Yeah. I honestly can't think of a single country that doesn't use fractional-reserve banking.


Fiat currency. Giving poor people access to food and distractions since the wealthy figured out it was a good idea.©
 
2012-10-04 11:11:11 AM

JackieRabbit: Retarded right wing blog bullshiat. SS almost always pays out more than it collects in payroll taxes, especially when unemployment is at 8%. These taxes are invested by the SS Trust.


Lol, you actually thing the 'SS Trust' is a pot of money? May want to check on that before you call anyone else retarded.

/or else yousa trollin'
 
2012-10-04 11:11:50 AM

Brostorm: People have been getting way more in benefits than they payed in for.ever.



Both my parents died at age 65. Tell me again about how everyone gets more than they pay in again?
 
2012-10-04 11:11:56 AM

Vegan Meat Popsicle: bunner: Ah, ha ha. Ever get the feeling you've been cheated?

No.

If you weren't so dumb you'd realize there's nothing stopping you from converting your faith-money to some material thing. If you think it's such a bright idea to have precious metals and other resources, why not just go do that?

/ right... because it's actually a stupid idea and you know it.


IRS is.

just sayin. You can't (except for a small set of religious exemptions) get out of paying SS.
 
2012-10-04 11:12:38 AM

bunner: So, snotty insulting wanker STILL = intellectual acuity? Oh, internets, as long as we have you, we'll ALWAYS be the smartest kid in 8th grade! *snort* Bye. : )


If you weren't so dumb you'd have actually replied instead of tucking your tail and running.

Why don't you convert your faith-money into gold, smart guy? What's stopping you if it's such a wondrous idea?
 
2012-10-04 11:12:43 AM
Well if your boy Bush hadn't raided the fund to hand out OUR money to his rich asshole friends we wouldn't need to worry about this crap now, would we???

Emphasis on OUR money there because it most definitely is. In case you weren't aware SS has a cap on how much it takes out from your wages, ie it's only based on the first $100k or so of your income. So the lion share of it is paid by the average American. And it was from this that we had a surplus and from that surplus we got the biggest hand-out in history to a group of people who paid relatively little into it. 

THERE'S YOUR DISTRIBUTION OF WEALTH, TEATARDS.
 
2012-10-04 11:13:04 AM

Rich Cream: Brostorm: People have been getting way more in benefits than they payed in for.ever.


Both my parents died at age 65. Tell me again about how everyone gets more than they pay in again?



again-again. That means do it four times.
 
2012-10-04 11:13:26 AM

GranoblasticMan: TsarTom: We're all going to be picking up trash in a Walmart parking lot when we're 90 aren't we?

If it weren't for picking up trash at Walmart, I'd never get laid.


Damnit, Dude - and I just cleaned my monitor screen!

/good one

//budda-boom-ching
 
2012-10-04 11:13:31 AM
So the past few years of cutting the employee withholding contributions from 6.25% to 4.25% decreased the amount of revenue taken in by the SSA? Color me shocked.

/DNRTFA
 
2012-10-04 11:13:35 AM

thurstonxhowell: Perhaps a box. With a lock securing it.


So you want to put all that money in a container where it will lose value over time as inflation eats away at it?

Sounds like a good way to invest for retirement with a negative ROI.
 
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