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some waygug-in
Joined: 25 Jan 2003
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 Posted: Fri Jul 08, 2005 1:11 am Post subject: What do you think of this? |
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http://www.buzzflash.com/premiums/05/07/pre05085.html
Bush talks about a "crisis" in Social Security with some accuracy. But he doesn't dare tell us what the real "crisis" is, or how Reagan and Greenspan set it up, because when it becomes widely known that the real crisis is that Reagan set the course to steal Boomers' Social Security savings, it will destroy the reputation of both supply-side economics and the Republican Party for generations to come.
* * *
Hmm, not entirely unexpected, but the question remains "what to do about it now?" |
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funplanet
Joined: 20 Jun 2003
Location: The new Bucheon!
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| Posted: Fri Jul 08, 2005 3:38 am Post subject: |
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the real crisis is that there is no money in the so-called SS accounts...it's all IOU's....every dollar put in is used to fund other programs....also, there is no promise, legal or otherwise, that the government even has to honor the SS program...otherwise, you can put in $ all your life and then suddenly the gov will say, "oops, sorry but we can't pay you"
that is why it is important for people to have the choice of what to do with their $....if you can't handle your finances on your own, fine...take a chance with the gov
me, I'm sitting pretty and don't even need my SS....I may never see it anyway...
I'd love to see the whole program made voluntary.... |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri Jul 08, 2005 5:12 am Post subject: |
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It's pretty much what I've been saying in posts here at Dave's since last fall and from time to time before that.
The only possible solution is to raise SS taxes now and keep your fingers crossed the Chinese keep funding the national debt. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Fri Jul 08, 2005 9:23 pm Post subject: |
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| funplanet wrote: |
| the real crisis is that there is no money in the so-called SS accounts...it's all IOU's....every dollar put in is used to fund other programs....also, there is no promise, legal or otherwise, that the government even has to honor the SS program...otherwise, you can put in $ all your life and then suddenly the gov will say, "oops, sorry but we can't pay you" |
So IOU's aren't real? I realize that's the president's line on SS but it's a hell of a thing to say. Our economy operates based on IOU's. No modern economy could possibly function without them. I'm sure all of the investors, foreign and otherwise, who fund our national debt are happy to hear the president say IOU's are just pieces of paper.
The plain facts are that an IOU is a legally enforceable promise, the US has never defaulted on any of its debt, and it won't fail to pay its SS debt either. |
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R. S. Refugee
Joined: 29 Sep 2004
Location: Shangra La, ROK
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| Posted: Sat Jul 09, 2005 2:56 am Post subject: |
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| Hater Depot wrote: |
| funplanet wrote: |
| the real crisis is that there is no money in the so-called SS accounts...it's all IOU's....every dollar put in is used to fund other programs....also, there is no promise, legal or otherwise, that the government even has to honor the SS program...otherwise, you can put in $ all your life and then suddenly the gov will say, "oops, sorry but we can't pay you" |
So IOU's aren't real? I realize that's the president's line on SS but it's a hell of a thing to say. Our economy operates based on IOU's. No modern economy could possibly function without them. I'm sure all of the investors, foreign and otherwise, who fund our national debt are happy to hear the president say IOU's are just pieces of paper.
The plain facts are that an IOU is a legally enforceable promise, the US has never defaulted on any of its debt, and it won't fail to pay its SS debt either. |
You must forgive the poor boy. He gets all of his political "wisdom" from the Great Bloviator. (Or so it sounds, anyway.)    |
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some waygug-in
Joined: 25 Jan 2003
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| Posted: Sat Jul 09, 2005 4:30 am Post subject: |
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I've heard all the talk about how demographics are going to cause a crash in social programs, not just in the US, but in other countries as well.
So what do you think about allowing more immigration? The new emmigres (sp?) would take up the slack, so to speak, and ease the "crisis". (if indeed there really is one)
There are enough willing young families in Mexico, Korea, China and a host of other places who could make the system viable for many years to come. Do you think this is feasable? and if not, why not?
Just putting this up for discussion.
cheers |
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