Re: Return of funds

LBJ raided the SS trust fund to and used the proceeds for the War on Poverty. Its been a dismal failure so it makes sense that all of the 'war on poverty" programs need to end. Starting with Head Start.
Just increasing the payroll tax does nothing to help SS since the politicians will continue to siphon the revenue and just make the situation worse.
SS has also become a welfare program for illegals and so called disabled. Its makes no sense for CS to qualify for Fed disability and SS disability its 1 of the other end the double dipping

Re: Return of funds

The argument used to be that "LBJ raided Social Security to pay for Vietnam". It's also a myth...the trust funds ratios stayed near 100 throughout the Johnson administration. The idea that "Reagan raided the trust fund" is also a myth. He inherited a ratio of 25 and actually got it back up to 100 by the end of his administration.

The rest of your post is opinion, and last I checked everyone is entitled to their own opinion.

Re: Return of funds

Here is the solution: Raise the regular retirement age to 70 (67 now) and early retirement to 65 (62 now). Our unheathy society with a 40% obesity rate will work its majic and lowerer the current longevity of 78-80 to about 65-68. Throw in Obama care and Social Security will be rolling in the dough.

Re: Return of funds

to Supervisor DOI,
Congress and the president passed a law on social security. I assume the Supreme Court has declared it constitutional;.

Re: Return of funds

Thorn in the Side,

i'm not talking about corporate taxes, i'm talking about individual income tax. The reality is, the top 50% earners pay 95% of the total income tax raked in by Uncle Sugar.

The poor don't pay squat in the federal income tax arena.

http://www.parapundit.com/archives/004657.html

Re: Return of funds

Gov slug,
Of course the higher income people pay most of the taxes. We have a progressive tax system which forces them to pay more. The poor do not have money to pay income taxes.
The wealthy 's income has increased much more, relative to the rest of the country. Therefore, they should pay more as they are more fortunate.

Re: Return of funds

NOAA better stay with your emphasis on global warming since your inability to understand what happened when the unified budget concept was passed. It started us down the slippery road of disguising the deficit.
Let me explain how a budget if you deposit $100 and spend $200 that's a $100 deficit. If you use decide to go to the bank and take money out of you neighbors account that's borrowing to cover your deficit.

Re: Return of funds

To DM DOL,
And now the IOU's will be cashed in to cover social security payouts that exceed social security income. So what is your point?

Re: Its obvioius

The answer from our resident GS-14 far left pundit (with a demonstrated inability to spell or use proper grammar) is to use the power of government to steal money from people who have worked hard, been successful and achieved what we used to call "the American dream." We should, apparently, instead strive to achieve the Marxist dream of everyone being equal without regard to ability, hard work, education, or desire for success. In other words, punish success and reward failure to pay for the failed programs enacted by government.

What a great idea! Could we possibly predict what the result of this will be when we steal assets from the most successful Americans and give it to people who have not been as successful?

Perhaps we should wonder why our corporations are moving more jobs overseas and using their expertise to expand in foreign countries and not here.

Short term thinking--long term disaster--from the country that is the richest and most successful in the world. Let's destroy our success so that everyone is equal.

Re: Its obvioius

You're assuming that people at the top EARNED it. 97% of the people at the top 10% are white while making up only 66% of the population. 1/3 of all millianaires inhereted their positions. 2/3rds of people in the upper middle class were born in the upper middle class and the same can be said for the poor. LUCK is a verry big part of where you are financially. Bill gates stated that it was a great deal of luck that he is the richest man in America. He said he had a unnique group of skills. Had he beem born 10 years sooner or later, he believes he would not have been where he is. LIKE PROMOTIONS BEING RICH IS NOT ALWAYS ABOUT HARD WORK.

Re: Its obvioius

No doubt, some people are lucky. Some are stupid. Some work hard. Some are lazy. Some are white, or black, or red or yellow or some unique combination.

The solution: Steal the money from those that have it and give it to those that don't. That should solve everything. We will punish success, reward failure and use the power of government to make sure everyone is equal.

Does anyone doubt what the result will be? Those who want to be successful will leave as the corporations are doing now as they leave the U.S. for their expansion plans and investments for the benefit of lower taxes and the ability to retain more of their profits.

By the way, if we steal all of the income from the "rich," it won't be enough to pay the debt. Eventually, a big tax hit is going to hit everyone--even if Congress should exert a minimum of self-control and stop the spending spree in excess of $1 trillion over revenue each year. To conclude that only the "rich" will pay for scandalous spending is naive.

Re: Its obvioius

You forget that middle class modern societies are not natural. They have to be created by the political Structure which is why Western Europe, North America, Japan Australia and new Zeeland are wealthy with BIG middle clases. Without a high tax rate on the wealthy supplemented by Inheretance tax the Rich accumulate wealth generation by generation until they own everything, Read history and looka t the rest of the world. And remember, wealth and power are one in the same. Do you really want the top 1% to own EVERYTHING. It is a major threat to a Democracy. It is exactly what happened to Republican Rome. The Secret is not to tax them too much so there is no capital for investment. That is where you and I can agree and argue about

Re: Its obvioius

Shape up, Comrade IR Spec. If we're all not equal (in wealth), someone's feelings may get hurt.

All kidding aside, I didn't see any mention of who is paying a majority of income taxes. It sure ain't the poor. It's the fools that are dumb enough to go out and work hard, create jobs, and generate wealth.

As for you GS14, fantasyland called...they miss you.

Re: Its obvioius

The national median household income is somewhere between $50-60K. Based on the most recently published data I could find, a household with income of $120K just cracks the top 10% of all income earners in the US. Guess how much a senior GS-14 makes? More than $120K, even using the "rest of US" pay chart. So, why is it that you now consider yourself to be in the bottom 10-15% of the population regarding income? While you were a member of the vaunted top 10%, didn't you accumulate the assets you needed to make it without Social Security? And if you didn't, doesn't that cut the legs right out from under your argument?

Re: Its obvioius

Slug,

I'm not sure the wealthiest do pay most of the taxes. Reagan's secretary paid more tax than some corporations. Leona Helmsley said, "We don't pay taxes. The little people pay taxes," and she was telling the truth. people with a lot of resources have ways around it.

Re: Its obvioius

Hey, Accountant, retired, GS 14:

Remember, the USA guarantees opportunity not success. And it looks like you did pretty well for yourself. A poor speller with questionable grammar skills actually made it up the ladder before retiring as a GS-14. That's America for you.

With the hatred and vitriol of your posts, I assume you were promoted per EEO settlements over other more qualified applicants. So why are you still an angry little man?

Your voted was counted and you got what you wanted.

Happy now?

Re: Its obvioius

I said bottom 15%. What I meant was bottom 90% with 15% of all assets. I would be making about 110K if i wasn;'t retired. I make 52K now in retirement. Yes 1/3 of Americans change thier class. My mother was an orphan and my father was a carnie worker. However my IQ is in the top 3% so i had a tremendous advantage over the rest of the US. It was pure dumb genetic luck and california schools only cost a couple of hundred a semester THANKS TO THE STATE COLLEGE LIBERAL WELFARE STATE. I was made because for liberal taxing of the rich which created the opprtunity to get into the top half of the middle class.

Re: Its obvioius

Nuff said. The "genius" has spoken. My argument stands.

Any chance others of your ilk are interested in leaving the workforce? Or the country...

Re: Its obvioius

We at the Circumlocution Office find these exchanges very entertaining, and frequently quite humorous. It makes us proud to be part of the federal family.

Re: Its obvioius

To acct retired GS14,
Although I agree with some of your positions, I believe you have many stats. Would you please show us the source for these stats?
Also social security is paid based on the amount of salary reported. If you include all of this income in social security, then social security must pay benefits on this income. The lowest tier is 15%.
Social security is based on earned income and should remain like that. That is my opinion only.
I am for raising the retirement age to 70 and, if needed, a 2% additional payroll tax to be split evenly.

Re: Its obvioius

Google "Wealth distributionin the US" There are tons of data (all consistent) on the subject including the US Census

Re: Its obvioius

Hey, Accountant, retired, GS 14/DOE: It's obvious you can't spell.

I googled, "Wealth distributionin the US" and was promptly referred to Webster's online dictionary.

Yikes! How did you make it to the GS-14 level without an education? I hope your accounting skills were better than your grammar and spelling skills.

It's sad, really. But I guess that's what the gov't hires and retains...

Re: Its obvioius

To retired acct-Be specfific about which items and be specific about your sites. I want to go right to the site
and see your facts.

Re: Just an intermediate term blip?

Not true. There is no money starting this year and only 4% of the baby boomers have retired. And SS will run out of money after most babyboomers are dead. It's in trouble because 1) benefits were expanded and 2) Each succeeding generation is having fewer and fewer children. This appears to be a permanent problem.

Re: Just an intermediate term blip?

There is a second set of baby boomers, the children of the first baby boomers, i.e. the next generation. An intermediate fix will not take care of them, or their children. There needs to be a perminant fix.

Re: Just an intermediate term blip?

That's not actually true. The truth is, SS is beintg depleted through the squandering of SS funds on those who have NEVER contributed.

Take for example all of the immigrants who have discovered the "trick" of obtaining SSI. That's right, they're "mentally off" so are eligible for SS disability payments.

How's this statistic: A 26 year old immigrant can immediately get over twice the amount than a federal worker who has retired after 26 years of government service. Check the SS calculators.

It's sick, it's sad, it's true. And many, many scammers have found out it's easy to do. Why do you think so many foreign interests are screaming for amnesty?

WORK IS FOR SUCKERS (and apparently Americans).

Re: Just an intermediate term blip?

To DM Duh,
How about you showing your computation. Are referring to FERS or CSRS employees? What about TSP? And what does SSI get? I am not familiar with SSI even though I have heard of it.

Re: Social Security Solution

Do you want them o invest the surplus in the stock market? LOL

Re: Social Security Solution

Retired Acct, I have to believe that the market would be a better investment than the John Murtha Regional Airport...you know, the one that has one scheduled flight a day.

Re: Social Security Solution

Hmm...1963...

Isn't that when Barry Goldwater was considered an idiot because he predicted that some day Social Security taxes would cost more than income taxes in most American households?

[That didn't make him a prophet; seeing the rise of Boomers and birth control should have made it obvious for everyone. It was just one of those "inconvenient truths."]

He recommended that Social Security should be made voluntary, not such a revolutionary thought back then, since federal workers were already exempt...