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Linn Energy, LLC (LINE) Message Board

  • norrishappy norrishappy Dec 3, 2012 2:30 PM Flag

    Looks like the Republicans finally have their solution

    All Bush tax rates to stay for middle class. Table the rest. Hopefully they will show some backbone and not renew the SS revenue give away. Politicos have stolen enough from Social Security without further defunding just as the 'bonds' or 'empty promises' must be redeemed for cash.

    This is no time to be hitting individual investors who are usually retirees or near retirement with taxes on their savings because they have no real choice but to get income from equities. They already get hit with the extra taxes on their social security because they save and were to responsible. They are paying hidden taxes as the Fed manipulates interest rates to real negative.

    Probably get us through the year without an Obama made market panic too.

    But the reality is it is difficult to see how our economy does not slow to zero or recession next year. Obama knows it as well.

    If Tea Party folks are out there please recognize this is the best they can do right now. It is the Progressive spending which needs to be taken head on and this strengthens their position for the fight which must come.

    Standing on principal so Obama can muddy what is policy do to the economy for fellow Americans is no principals. You need to be able to show and explain as we all know the dishonored press will not.

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    • Norris, I see that you are confused by the Republican proposal. Maybe you can figure it out when you read more about it on Tuesday. Also, you repeat the old charge that politicos have stolen from the Social Security Trust Fund. In fact, the portion of the Fund that is not used for benefits immediately is invested in special US Treasury notes. I take comfort from that, since I'm drawing SS retirement. Do you have a better suggestion for how the Trust Fund should be invested? Do you know of an investment that is more secure than the US Treasury?

      • 3 Replies to genetuck
      • Sorry Gene you are not just wrong but are incorrect on every comment.

        ocial Security income (in billions)

        • Revenue: $675

        • Interest: $110

        • Other income: $70

        Total income: $854

        Total outgo: $819

        This looks like surplus, about $36 billion after rounding.

        "But notice that fully $110 billion of the income was interest on Treasury securities. That interest is simply paid with new bonds. So when that money is subtracted, the actual cash flow is negative -- and getting worse.

        In 2012, the cash flow deficit was $58 billion. In 2013, it will be negative $75 billion -- and then negative $82 billion in 2014. By 2016, the trust fund for disability insurance will be exhausted, so in theory, full disability benefits could not be paid."

        SS does not hold treasury notes as the IOUs can only be redeemed for cash as needed rather than sold. The idea that an entity can borrow money from itself spend the money and claim the loan is an asset is something only progressive would try trick other people into believing.

        So the government has to pay back the Social Security money; it spent the other things, with other taxes or printing money as the Fed now does. The IOUs are simply a promised to do one or the other when current benefits exceed current SS taxes - as is now the reality.

      • Hi Gene,

        Question for you or anyone else. Who are the 250kers that the repubs are protecting? Are they really creating jobs or just enjoying life? As well football basketball and baseball players make millions in a year. Are they creating jobs for others. What small bizz really clears 250k a year? What kind of jobs are they creating?

        The repubs rehashed the same old plan that was on the table 2 years ago. Mitt ran on the assumption that medicare age should be raised. Now Boehner says the samething on how to cut money. That isn't cutting money that is making people of this country wait.

      • Worry about it next year. Congress only has the dec vacation in mind.No real effort to solve the problem.Hope i am wrong.

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