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  • demetergreen demetergreen Dec 13, 2012 8:14 AM Flag

    No, I never thought

    SS is in huge trouble because we extended it to the Russians (our allies during WW2) when they arrived here. They didn't put anything into the system.They claimed they were "entitled" because their govt collapsed-and they sued and won. Go figure..

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    • Re: "SS is in huge trouble because we extended it to the Russians (our allies during WW2) when they arrived here. They didn't put anything into the system.They claimed they were "entitled" because their govt collapsed-and they sued and won. Go figure.."

      deme, Social Security is not currently in trouble nor has it ever been. The rest of the above is also total nonsense generated by the worst and most transparent #$%$ machines of the extreme Right Wing Bubble. That is very easy to check out and the fact that you don't do even the most minimal checking on such things does not speak well for your opinions.

      Sentiment: Strong Buy

      • 1 Reply to elk_1l
      • Be quiet-I live here-very close to Brighton Beach-aka Little Odessa, I know exactly how the Russians are collecting SSI and SSD. This is also very easy to check out-it was a lawsuit. No COL increases, everyone trying to dip into it or thinks they have a right to it. Any "fund" that has a $$$ value is now a target for deficit reduction. Guess what I think of your opinion?

    • Re: "Be quiet-I live here-very close to Brighton Beach-aka Little Odessa, I know exactly how the Russians are collecting SSI and SSD. This is also very easy to check out-it was a lawsuit."

      OK, deme, how about some references then. SSD as far as I know is very hard to get. As for SSI ((Supplemental Security Income), it is not even relevant to your false claim that Social Security is in trouble. Although SSI is administered by the Social Security Administration, it is funded from U.S. Treasury general funds, not the Social Security trust fund, and therefore has no impact on the solvency of Social Security (and Social Security currently brings in, and always has brought in, more money than it pays out).

      Sentiment: Strong Buy

      • 3 Replies to elk_1l
      • Elk,

        Its about the future, baby boomers hitting the pot and NOT ENOUGH WORKERS! At that point it would add to the deficit. I stand buy my original comment that it needs to be raised 2-3 years or there won't be anything left but a black hole. And Deme is right about scammers galore. Russians rape the system, Mexicans rape the system and white trash rape the system. We had a woman working for us who had a drunk for a husband who died of liver failure at 33. They were illegal’s and she has been living of SS for 20 years now. We had another one with 3 SS ids! And she said her friends were all doing the same. Its Christmas 24/7 at the SS office and its going to need to be changed soon.

        Lars

      • Lars-they are not scamming the system-it's legal, it's just astonishing how they were able to tap into that-it was an example of how qualifications are changed with the times or bent with a lawsuit and moving forward if they could tap into it, then others (like lobbyists) will find a way too and nothing is safe or guaranteed.

      • It was a Chicago lawyer-in that case. They collect income-NY Newspapers-$450 per month to Russian seniors 10--15 years ago- And a Russian tenant-(not here long) SSD for her kid-I don't know how they did it.
        You cannot live on Social Security here-and increases are never enough-Goog it. Enough with your false claim #$%$-I floated my tenants until their next check, so they could eat.
        How solvent is that, really?

    • Re: "It was a Chicago lawyer-in that case. They collect income-NY Newspapers-$450 per month to Russian seniors 10--15 years ago- And a Russian tenant-(not here long) SSD for her kid-I don't know how they did it.
      You cannot live on Social Security here-and increases are never enough-Goog it. Enough with your false claim #$%$-I floated my tenants until their next check, so they could eat.
      How solvent is that, really?"

      deme, you have a couple of cases here of SSD or SSI from 10-15 years ago that have nothing to do with the Social Security Trust Fund yet you try to use them to say SS is currently in trouble. SS is not now and never has been in trouble.

      Sentiment: Strong Buy

      • 2 Replies to elk_1l
      • Re: || President Obama famously played to grandma’s Social Security fears this week, saying in an interview about the debt-ceiling talks that “I cannot guarantee that those checks go out on August 3 if we haven’t resolved this issue because there may simply not be the money in the coffers to do it.” ||

        OMG, deme, you mean politicians (even Democrats) are capable of playing politics, exaggerating, even misleading the public?!! And is it especially true in crises, especially very dumb and destructive artificially created and self-imposed crises such as when one Party grabs on to an artificial debt-ceiling gun and threatens to shoot it willy-nilly at its own country?

        As for myths and fallacies about the Social Security Trust Fund, to repeat (and it is relatively simple):

        ...the way the Social Security works is that current workers make contributions, from their paychecks, to current retirees. (This arrangement is often forgotten about -- too many people have been led to believe that they are “paying in” to their own Social Security savings, and they aren’t -- those contributions will be made by a younger generation.)

        So SOCIAL SECURITY ADDS TO THE DEBT IF IT SPENDS MORE MONEY THAN IT TAKES IN
        ----- 



        IN THE MOST RECENT FISCAL YEAR



        Social Security brought In---$831 B

        Social Security Spent---------$775 B

        The solvency of Social Security is at risk if the following two things happen: 1) the number of recipients overwhelmingly outnumber the number of contributors and 2) American lawmakers forget how to do math.

 What we popularly refer to as the “Social Security solvency crisis” refers to a large population of Americans (the “Baby Boom Generation”) entering their retirement years at a time when the number of contributors is less than ideal. Hopefully, however, SOMEONE AT SOME POINT IS GOING TO REMEMBER HOW TO SOLVE A SIMPLE ARITHMETIC PROBLEM, RAISE OR REMOVE THE INCOME CAPS ON CONTRIBUTIONS (RIGHT NOW, INCOMES THAT EXCEED $110,100 ARE NOT SUBJECT TO CONTRIBUTIONS BEYOND THAT AMOUNT), AND THEN WE WILL NEVER HAVE TO WORRY ABOUT SOCIAL SECURITY SOLVENCY AGAIN. .........

        Sentiment: Strong Buy

      • Elk-enough. from 2011 not 1955

        The Fraud of the Social Security ‘Trust Fund’ Exposed by a Most Unlikely Source
        by DON BOUDREAUX on JULY 16, 2011
        in COUNTRY PROBLEMS, MYTHS AND FALLACIES, OTHER PEOPLE'S MONEY, POLITICS, SOCIAL SECURITY, VIDEO
        Today’s Wall Street Journal exposes the lie that is the so-called “Social Security Trust Fund” – and further reveals the disgraceful flippancy with which politicians and their go-fers mislead the public about it. Here’s a slice:

        President Obama famously played to grandma’s Social Security fears this week, saying in an interview about the debt-ceiling talks that “I cannot guarantee that those checks go out on August 3 if we haven’t resolved this issue because there may simply not be the money in the coffers to do it.”

        To which a friend of ours replied, whatever happened to the trust fund?

        That’s the fund that, according to our politicians, is holding all those Social Security taxes that workers pay. Why can’t Congress or Mr. Obama dip into that $2.6 trillion cash hoard to pay benefits until this debt-limit business gets sorted out? After all, as White House budget director Jack Lew put it in a February USA Today op-ed, “Social Security benefits are entirely self-financing.”

        Not quite. As everyone in Washington knows, the trust fund contains not cash but IOUs. Payroll taxes don’t go to some vault in Fort Knox, and they certainly aren’t invested. When Social Security runs a surplus, Congress spends the money immediately on something else and then the government claims its owes a debt to itself. Where the money will come from to pay these IOUs is anybody’s guess—though Mr. Obama is hoping it will be higher taxes.

        Trust fund balances only exist in “a bookkeeping sense,” as Bill Clinton’s budget director put it in 1999.

        Ignoring the question of whether or not failure to raise Uncle Sam’s current statutorily set debt ceiling will oblige him to default on paying creditors (or, what is a different thing, to reduce his spending), clearly and unquestionably fraudulent (or inexcusably reckless) are the many claims made over the years that the bonds in the Social Security ‘trust fund’ are real wealth held by the Social Security Administration, thus protecting it and its beneficiaries from any fiscal problems that might beset Uncle Sam.

        An I.O.U. that you write to yourself and that you yourself hold might be a useful accounting device, but it is not wealth. Unfortunately, many politicians and bureaucrats enamored with Social Security lie (the word is not too strong) repeatedly about the nature of these bonds and what they imply about the solvency of Social Security.

        Here’s more of what Pres. Obama’s Director of OMB, Jacob “Jack” Lew, wrote this past Spring in the pages of USA Today about the ‘trust fund’:

        Social Security benefits are entirely self-financing. They are paid for with payroll taxes collected from workers and their employers throughout their careers. These taxes are placed in a trust fund dedicated to paying benefits owed to current and future beneficiaries.

        When more taxes are collected than are needed to pay benefits, funds are converted to Treasury bonds — backed with the full faith and credit of the U.S. government — and are held in reserve for when revenue collected is not enough to pay the benefits due. We have just as much obligation to pay back those bonds with interest as we do to any other bondholders. The trust fund is the backbone of an important compact: that a lifetime of work will ensure dignity in retirement.

        Mr. Lew is either a liar or he is incompetent at understanding even the most basic tasks and features of bookkeeping, finance, and clear thinking. His own boss earlier this week inadvertently gave strong evidence to this effect.

 
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