GUNWOUNDS Posted December 21, 2004 Posted December 21, 2004 Here is an elightening article for those who dont know much about SS or for those who think they know all there is to know.http://moneycentral.msn.com/content/Retirementandwills/Createaplan/P90016.asp?GT1=5853some quick projections...-In 2018, Social Security will begin paying out more than it takes in. For the first time, it will have to use the interest being paid on the securities (a security is bond issued by the government when it takes out a loan from SS) it holds in order to meet its obligations.-In 2028, Social Security would have to start redeeming the securities themselves.-By 2042, Social Security would have cashed in the last security, and the system would have enough revenue to pay out only 73% of promised benefits. That percentage would drop over time if Congress failed to act.And some of the blame is due to add-ons... meaning that SS doesnt just cover retireees... it covers much more due to add-ons....-In 1939, five years after Social Security began, Congress added payments for the families of workers who died, and for retirees
Edric O Posted December 21, 2004 Posted December 21, 2004 Assuming, of course, that population growth and other factors remain the same as they are today. But if that happens, then, by 2042, Social Security will be the least of your problems.On another note, I strongly suggest you should scrap Medicare and get a National Healthcare System with universal coverage like the rest of the civilized world. The current state of affairs in the American health system is insane: Your government pays more money for less coverage than any other.
nemafakei Posted December 21, 2004 Posted December 21, 2004 Well, the obvious answer is that your social security system needt to take in some more money. Dare I say it - actually get yourself some respectable taxation?"... but with all of the widows, orphans, disabled persons, and poor seniors siphoning cash out of the account"Because these good-for-nothings are undeserving recipients of poverty assistance.
DukeLeto Posted December 21, 2004 Posted December 21, 2004 "... but with all of the widows, orphans, disabled persons, and poor seniors siphoning cash out of the account"Because these good-for-nothings are undeserving recipients of poverty assistance.Laugh, but that's basically the Republican attitude towards it.And on taxation:Liberal: "There needs to be a better taxation curve."Conservative: "The top 10% of the population already pay 80% of the taxes!"L: "But they hold 97% of the money!"*pause*C: "...shut up, you stupid filthy liberal. Go back to killing babies."
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