Category Archives: retirement
Federal Reserve is now big part of National Debt for bailing out banks; Social Security $$ not owed to us?
What government pretends to owe…
The Social Security Trust Fund of some $2.8 trillion is often listed in charts – such as the one above – as part of the National Debt. This particular graphic, the latest available, is from the Federal Reserve, an institution that is part of the huge debt and is owed $2.465 trillion by taxpayers.
The difference between the Social Security “debt” and the Fed debt is an amazing accounting sleight of a sharp pencil. Continue reading →
Those April showers have drowned the media this year with reports of a petulant, prosthetic protuberant princess, also know as “What’s Her Name” or “Smarmy Scandals.”
Meanwhile, back in Congress, 233 members – 54% of that angst body – voted to destroy the Social Security system by not allowing the use of its $2.9 trillion in reserves, forcing cuts of up to 24% in coming years.
As a big boy bonus, this bookkeeping manipulation will allow the fiscal twits to proclaim that nearly three trillion dollars has been cut from the National Debt. These reserves come from excess FICA taxes previously paid by Americans to subsidize years where there was a tax collection shortfall.
But like Tiger Woods winning this year’s Masters (tied at 32), it was not to be. The bill – H.J. Res 2 – required a 66% vote to pass. It fell short by 12%, but under House rules this Constitutional Amendment can be brought up over and over again. Continue reading →
N Y Post can’t stand fact that worker earned a big pension while pub’s boss is worth $15,700,000,000
Retired NYC sanitation worker makes $285K a year from pension
That New York Post headline made many folks angry. Do garbage collectors get pensions worth more than they deserve? Are evil unions behind this? Or dopey Dems? Or a PC still running only DOS?
To illustrate their point, the newspaper published a photo, sort of artsy-fartsy, of a trash truck. That’s to show those readers, who live in gated communities, that there is a device, which removes that garbage the help takes out to the curb on Tuesdays and Fridays.
But back to that big pension – $285,000 a year.
The facts often get in the way of a sensational story, and this one is not an exception. Continue reading →
When the right and left political wings agree, you can bet middle-class Americans are in trouble.
And if you are talking about Social Security, a new bipartisan plan spells major cuts in benefits, as the establishment is set to privatize our public retirement system after the mid-term elections next year.
About $2.8 trillion (2,800,000,000) has been borrowed since the 1980s from your Social Security contributions to pay for bureaucratic wars on poverty. to fight real wars on ungrateful Arabs, to sweetheart deals to campaign contributors, and to create a war machine larger than all other countries combined.
But the political class has decided it should not pay back this money, but will instead cut your Social Security benefits enough so they you only get benefits from FICA taxes paid in the current year, and receive none of the money borrowed from the Trust Fund, which will be dissolved. Continue reading →
Social Security really needs to be reformed. Medicaid probably needs to be capped when it comes to the states. Medicare, there needs to be some sort of means testing.
The (Social Security) retirement age needs to be raised. A portion of Social Security ought to be privatized, if not all. And there probably needs to be some means testing. It’s a Ponzi scheme that’s not sustainable.
“Citing a story in USA Today, which reported that a rash of retirements in 2009 is pushing Social Security to the brink, Johnson said the retirement age needs to be raised perhaps to 70 or 72. “This is the reality, we’re broke,” Johnson said in 2012. Continue reading →
Fracker’s friend frets that you might retire and get your Social Security, instead of working to death
When Libertarian Gary Johnson proclaimed that Americans should not get their Social Security until age 72, he was actually condemning many to death before receiving any of their “earned benefits.”
That’s because the average life expectancy of a Black male in the U.S. is 68 years, meaning death four years before Gary would grant retirement security. While the average life expectancy for men in general is 76.9 years, men in the middle and lower income levels die five years sooner, or at 71.9. With a 72 retirement age, most men would die before that first Social Security check.
As an aside, male life expectancy in this country, where we work so long and hard, is ranked 32d in the world, behind such places as Costa Rica, Chile, Greece, Slovenia and Korea, as well as most members of the EU. We did tie with Cuba – for what that’s worth.
David Barton, another Johnson/Tea Party type, personified the big business view of Continue reading →
Chinese women retire 17 years earlier than us, but moronic scolds want to hike pension age even higher
Rep. Kevin Brady (R-TX), House Ways and Means Committee Chairman, pontificated about plans to cut Social Security on Thursday, last week, at the Urban-Brookings Institution Tax Policy Center, Washington, DC. Brady wants to cut Social Security by not only raising the retirement age to 70, but also imposing means testing to cut benefits. He advocated “creating a true cost-of-living for seniors,” meaning using the chained-CPI cost-of-living adjustment formula to further reduce benefits. Chained CPI is lower than the CPI used to adjust everything else.
Brady’s only accomplishment, other than public office, was serving as an executive at the Rapid Cities (ND) Chamber of Commerce before he moved to Texas..
In addition to gutting Social Security he pushes for lower taxes, deficit reduction and Continue reading →
Primary debates hide questions on Social Security! If we knew their actual plans, nearly all would lose
Republican candidates for President have avoided using the Primary debates to explain their plans for Social Security. Exceptions include Chris Christie, who saw his ratings collapse after publicly urging that the retirement age be hiked, and Donald Trump, who said he would not cut benefits.
Ben Carson has not settled yet on a stance, except to remind us that life expectancy has increased. As a doctor, he must realize that today, fewer babies die at birth and feeble seniors are kept alive, but not active, for decades.
First, the GOP.
- John Kasich, Ted Cruz, George Bush and Marco Rubio all want to raise the retirement Continue reading →
The Heritage Foundation is the think tank for so-called conservative Republicans, who offer flat tax plans, skeleton government goals and the destruction of Social Security as we know it today.
The current Social Security program is regressive, and pays a lower percentage in retirement pension, the more you contribute. A retiree, who has paid in the maximum amount (on wages less than about $118,000 in current dollars), will contribute three times as much FICA taxes and receive only twice the benefit at retirement. But at least there is some relationship between the amount of taxes paid and the value of benefits received.
Rather than attempting to make the program more fair, the so-called capitalist Heritage think tank has gone completely Communist by urging a Marxist doctrine of “from each according to their earnings to each according to their needs.”
The foundation wants to pay anyone, who contributes even a pittance into the Continue reading →
Jeb Bush wants to steal $48,060 from each of us with brutal Social Security cuts. His rich backers are overjoyed at scheme!
The median Social Security benefit in the United States is $1,335 a month, before they take out monthly $100+ in Medicare premiums. Jeb Bush, the somewhat fat and very goofy brother of former President George Bush, wants to steal that benefit, not for one month, but for 36 months, or a total of $48,060. What will you get in return – probably just a chance to say you contributed to lower taxes for rich families like the Bushes.
Jeb thinks this plan will win him the Presidency, which is why it was announced today with a peculiar thought process that surrounds most petulant aristocrats. Jeb knows the very rich just don’t need Social Security. Most make more in a day than you will earn in benefits in a year.
The math of these cuts is revealing. About 99% of the folks who currently live to 67 Continue reading →