Tag Archives: Social Security

History Suggests Social Security Insolvency Is Coming Sooner Than Projected

From The Heritage Foundation, By , 12/10/14 –

social security-1This year’s Social Security trustees report was released with little fanfare, as the projected date of Social Security’s financial insolvency held steady at 2033.[1] Many analysts and lawmakers have pointed to 20 years of alleged solvency as an excuse to delay meaningful Social Security reform. However, if history is any guide to future solvency, the Social Security program could become insolvent much sooner than 2033.

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History suggests that era of entitlements is nearly over

social_security_card

From the Washington Examiner, by Michael Barone, January 12, 2013 –

It’s often good fun and sometimes revealing to divide American history into distinct periods of uniform length. In working on my forthcoming book on American migrations, internal and immigrant, it occurred to me that you could do this using the American-sounding interval of 76 years, just a few years more than the biblical lifespan of three score and ten.

It was 76 years from Washington’s First Inaugural in 1789 to Lincoln’s Second Inaugural in 1865. It was 76 years from the surrender at Appomattox Courthouse in 1865 to the attack at Pearl Harbor in 1941.

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A simple number poses a big problem in the debt-ceiling debate

from TheHill.com, By Judd Gregg

There is one number that is not talked about but which is the root cause of much of this debt-default angst.

Between now and 2017, the number of Americans who have reached their retirement age will essentially double, from 35 million to approximately 70 million.

It is hard to overstate the fiscally devastating effect that this ongoing explosion of the number of older people will have. Continue reading →

Obama’s Debt-Ceiling Scare Tactics

By Thomas R. Saving –

The Social Security ‘coffers’ are very far from running dry.

Last week President Obama made an alarming statement to the nation’s senior citizens. He told CBS Evening News anchor Scott Pelley he couldn’t guarantee that $20 billion in Social Security checks will go out on Aug. 3, the day after the government would go into default if it doesn’t raise the debt ceiling. “[T]here may simply not be the money in the coffers to do it,” Mr. Obama said.

This statement completely overlooks the existence of the Social Security Trust Fund. Moreover, government redemption of the bonds in that trust fund does not breach the debt ceiling. Continue reading →

ELABORATE WELFARE HOUSING PROJECT: paid for with your tax dollars

Caution! You may not want to watch this video if you have a hypertension disorder!

Unless you are an illegal alien that is sucking the blood out of America, this video should infuriate you!

If you are an alien who crept into this country illegally, you are a major part of the blight that is destroying the American way of life that drew you here.

But far worse than the crime you committed by coming here illegally, is the unconscionable self-serving government officials that are perpetuating this socialistic thievery of precious American resources.  Ultimate responsibility lies with the voters who elected these #*@!~$>s and the system that allows them to become so entrenched that it is all but impossible to remove them.

Term limits anybody?

Some say we can limit terms in office with our vote.

I say, “How’s that working for you?” – Lenny Leatherman

Update:

Kathleen Merryman of the Tacoma News Tribune asserted that all the claims made in the video regarding Social Security, foreigners, and illegal aliens are false.  She did not state however, that the Salishan project was not funded with your tax dollars; only that the funds did not come from Social Security funds.  Does it really matter from which pocket a thief takes your money (taxes)? See Merryman’s comments at:

http://www.snopes.com/politics/socialsecurity/salishan.asp

Ask Merryman to explain to you how many dollars of the 225 million spent on the Salishan project were NOT tax dollars, and how many tax dollars continue to be spent annually on the ‘residents’ of Salishan!

The Death of the Defined Benefit

Michael Barone

The defined benefit is dying. Barack Obama is struggling to keep it alive, but it’s apparent that it’s something that even as bounteously rich a society as ours can’t afford.

Yes, I know that “defined benefit” is not a common household phrase. But most people know what a defined benefit pension is. It’s when your employer promises to pay you a certain amount of money, pegged to your salary or according to some other formula, when you retire.

Some 30 years ago, most big employers had defined benefit pension plans. Some private-sector employees still have them, and many government employees do.

But a little-known provision of the 1978 tax law, section 401(k), authorized companies to offer defined contribution pensions. Instead of promising to pay workers specific amounts years later when they retire, companies would put certain amounts in the employees’ 401(k) accounts. Continue reading →