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Is Social Security going bankrupt?

#21wolf_blitzer85(Topic Creator)Posted 4/30/2013 6:06:26 AM(edited)
D E E G S posted...
Bankrupt or not. I'd still like to have control of my own retirement savings instead of a governmental IOU.

The govt, cooperating with Wall Street, will find a way to screw you over as a taxpayer.
Now if you got to decide 100% if you even contributed to the system, then, and only then, would you fully have control of your destiny.

I suspect the govt. will sometime offer taxpayers to opt out, but with a certain % they must contribute without receiving anything out of it. 10% seems like a nice round number, but knowing Washington, D.C. it will likely be 25%.

But then again, becoming a taxpayer with an income above $$113,700 means you DO get to opt out completely.
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Redcount doesn't even lift and he thinks he's all badass. -- Cynyn
#22paulo_yamatoPosted 5/1/2013 10:09:26 AM
Social Security is nothing more than a Ponzi scheme; take a look at this worksheet on page 2:
http://www.ssa.gov/pubs/EN-05-10070.pdf

http://www.ssa.gov/retire2/credits1.htm

If I were President I would... well i'll leave that for another topic.
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You see it's been our misfortune to have the wrong religion. The Mohammedan religion too would have been more compatible to us than Christianity. -Adolf Hitler
#23jejasinPosted 5/1/2013 10:33:38 AM
wolf_blitzer85 posted...
When you look at the actual numbers and to the math, it's the govt. that is pretending it's going bankrupt.


No...if it remains the same it won't be solvent past 2037...the article says that. You're giving examples of ways to reform the system, but in its current state, the answer to the TT is yes.
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#24Lionheart_xPosted 5/1/2013 10:50:00 AM(edited)
I wonder which would be easier to do, making it a needs based system or removing the cap...

From: D E E G S | #019
Liquefy posted...
D E E G S posted...
Bankrupt or not. I'd still like to have control of my own retirement savings instead of a governmental IOU.


Social Security is NOT a retirement savings program. Stop being ignorant.


Then what is it exactly? Do tell.


It is supposed to keep the elderly out of poverty.
#25jejasinPosted 5/1/2013 10:52:34 AM
Lionheart_x posted...
I wonder which would be easier to do, making it a needs based system or removing the cap...

From: D E E G S | #019
Liquefy posted...
D E E G S posted...
Bankrupt or not. I'd still like to have control of my own retirement savings instead of a governmental IOU.


Social Security is NOT a retirement savings program. Stop being ignorant.


Then what is it exactly? Do tell.


It is supposed to keep the elderly out of poverty.


By forcing them to save a part of each paycheck essentially?
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Literally.
#26Lionheart_xPosted 5/1/2013 10:56:17 AM
From: jejasin | #025
By forcing them to save a part of each paycheck essentially?


Keeping in mind that originally life expectancy was shorter when it was first implemented, many people never saw that money ever again.
#27paulo_yamatoPosted 5/1/2013 11:49:05 AM
Every week the government receives billions of dollars and then pays out only a % to the beneficiaries. Until the system is "bankrupt", the play money will continue to be misused in Washington.

If I were President... I would allow workers to save up to 50% MANDATORY by investing in the Top 100 bluechip U.S. stocks. The U.S. government would offer insurance on your 50% investment, but I doubt a company like GE, GM, Ford, or Coca Cola is going to go bankrupt anytime soon.

But this will never, ever happen of course. Washington is awash with special interest money; Wall Street would crook the entire system and millions of people would be left with nothing.
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You see it's been our misfortune to have the wrong religion. The Mohammedan religion too would have been more compatible to us than Christianity. -Adolf Hitler
#28Evil Genius 9Posted 5/1/2013 11:55:45 AM
Really, you doubt GM is going to go bankrupt soon? Because they already did about 5 years ago.

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