Social Security Reform

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SteveB

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Before 9/11 the hot topic in the news was how the Social Security System was going bankrupt and needed to be overhauled immediately. Now it's 4 years later and it's back in the news. I've tried reading as much as I can stomach on the subject but still have mixed feelings on what should be done. I suspect that if private accounts are authorized I'll tell my kids to go that way but for me (51 years old) I think I'll stay the course. Why? If you privatize your money and die young, your heirs will get it. If you put all your money into SS, it just gets absorbed. I plan to live well into my 90's so hopefully I'll come out ahead! What do you think?
 
Good plan my man , i wonder why everyone else dosent "PLAN" to live :hmm:
 
A couple notes I thought I'd add.

- With Bush's plan, you'd need to make 3% to break even.

- Right now people who make $100,000 pay a lower percentage to social security that you do, if you make under $87,000 a year.

- Right now, a person who makes $1,000,000 pays an unbearably lower percentage towards social security than you do.

- Assuming that everyone makes the 6% to 10% (which in reality would be 9% and 13% when you factor that the government will take back 3% automatically), you are still going to have to pay up for the estimated $2 trillion that must be borrowed to pay for these accounts to be created. So in the end, you'll make just enough money to be able to pay off the loan that was taken out to make that money in the first place.

The solution is simple and easy. Lower the Social Security tax rate from 12.4% (you pay half, the employer pays half) to maybe 10%. Then increase the ceiling limit to perhaps $250,000. What's the benefit? Cut the payroll taxes to the people who could use it the most, and still increase the funding into social security by making people who make more than $87,000 pay the same rate as you already do, instead of at a discount rate.
 
Maybe one of the reasons Social Security is going broke, is a loop hole that allows parents to have thier children put on SSI for such reasons as, learning disabled and hyperactivity. I'm not saying helping these children is wrong, but I don't see the money being put to that use. Instead of paying some parents up to $579 a month for these children,(which in all reality is a blank check) why can't the goverment pay for medications and rehab instead. So lets get all your children on the plan, and you don't have to work! Don't give free money to the parents to spend as they please. Who is to say that money gets spent on the childs health needs. I don't agree with that concept! Just some food for thought.........BTW that is per child!
 
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Theres no shortage of problems with the welfare system in this country. I was in a line at Safeway last week behind a family that was buying one of everything in the store. Of course she paid with food stamps and walked out and had everything loaded into a new Lincoln Navaigator driven by her (I assume) husband.
 
Babedoll39 said:
Maybe one of the reasons Social Security is going broke, is a loop hole that allows parents to have thier children put on SSI for such reasons as, learning disabled and hyperactivity. I'm not saying helping these children is wrong, but I don't see the money being put to that use. Instead of paying some parents up to $579 a month for these children,(which in all reality is a blank check) why can't the goverment pay for medications and rehab instead. So lets get all your children on the plan, and you don't have to work! Don't give free money to the parents to spend as they please. Who is to say that money gets spent on the childs health needs. I don't agree with that concept! Just some food for thought.........BTW that is per child!
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The government is fairly strict on how that money is used. Those who get the money have to show receipts once per year on how the money was spent.

I am a representative payee for my brother, mid-20's, who is disabled. That money goes towards his medication and food. He can't work at all because of his disabilities.
 
SteveB said:
Theres no shortage of problems with the welfare system in this country. I was in a line at Safeway last week behind a family that was buying one of everything in the store. Of course she paid with food stamps and walked out and had everything loaded into a new Lincoln Navaigator driven by her (I assume) husband.
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Yes, and we all know that arguments by allegory are always representative of reality. :banghead:
 
Spaz,your brother is very lucky to have you as his caretaker. God Bless you! Please take no offense. But persons like your brother is not what I am talking about. They very much deserve and need that income. I have worked with handicapped people most of my life. What I am seeing now is a few that after the welfare reform came about, had to find another way to get around the goverment. Example: I had renters move in next door to me in Sept., 2 able bodied persons late 20's to early 30's. Neither work! They have 3 children and other than being a little hyper, they seem to be normal kids. They make no bones about getting SSI for thier children! They seem proud!

Now look at this this way. Neither adult in that family works, hence nothing is paid in to the Social Security system. If you can't get it from welfare, you find other loopholes in the system. I'm 40 something and my generation was taught to work not sponge from the system!

Being 40 something, my generation is probably going to get the shaft when SS reform comes around. So maybe the loopholes in SSI need to be looked at.

Again, Bless you for taking great care of your brother.
 
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