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Thread: Official: Obama Proposes Cuts to Social Security

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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by molten_dragon View Post
    Right, which as I pointed out, is just the government owing itself money. If the social security administration ever wants to use that money, it has to come from the general budget. It's not just sitting in a bank vault somewhere for the SSA to use.
    If you ever want to use your T-bills (assuming you have any) you would have to do the same thing.


    If you can't see the difference then there's no point in continuing. You either get it or you don't. That you don't is no doubt the reason some younger people are pushing to risk their retirement in the stock market. I wonder if they'd be good with starving when that doesn't pan out?
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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by MoSurveyor View Post
    If you ever want to use your T-bills (assuming you have any) you would have to do the same thing.
    Yes, I realize that, but I don't issue the T-bills to myself. It's like if I make some extra money at work one month and decide to save it for a rainy day. So I write myself an IOU for $1000 and then go spend the money, then I tell everyone I have $1000 in the bank for a rainy day. It's ridiculous.

    Quote Originally Posted by MoSurveyor View Post
    If you can't see the difference then there's no point in continuing. You either get it or you don't.
    Well there's something we can agree on. I was just about to say the same about you.

    Quote Originally Posted by MoSurveyor View Post
    That you don't is no doubt the reason some younger people are pushing to risk their retirement in the stock market. I wonder if they'd be good with starving when that doesn't pan out?
    Just to set things straight here, I'm not talking about getting rid of social security, or turning it into individual accounts or anything like that. I'm just suggesting it shouldn't be immune to budget cuts.
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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by molten_dragon View Post
    Yes, I realize that, but I don't issue the T-bills to myself. It's like if I make some extra money at work one month and decide to save it for a rainy day. So I write myself an IOU for $1000 and then go spend the money, then I tell everyone I have $1000 in the bank for a rainy day. It's ridiculous.
    I don't see SS that way and never have. At one time SSA was off book (not included in the budget or general fund accounting) so we could keep track of the real deficit (not total debt, which would be the same either way) instead of the fake one we do, now. Nixon did that.

    Quote Originally Posted by molten_dragon View Post
    Just to set things straight here, I'm not talking about getting rid of social security, or turning it into individual accounts or anything like that. I'm just suggesting it shouldn't be immune to budget cuts.
    If it's not taking out of the general fund, and it isn't, then I can't agree. SS supports itself, for now and the near (10+ years) future. If it starts taking out of the general fund then there'll be something to talk about.


    Before you ask: Yes, I'm aware of the long term projections - and the varous ways that have been suggested to handle that.
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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by mtm1963 View Post
    how could this be a compromise when it has no chance of passing?

    they are not touching SS and they certainly aren't getting higher taxes from the republicans.

    yep it's dead.

    Then we will just continue on with the way SS is currently set up! Suits me!
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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by MoSurveyor View Post
    I suggest you check Federal laws and regulations - especially those concerned with the SSA and how it and payroll taxes work. The SS Trust Fund is full of T-bills that are just as valid as any dollar bill in your pocket.
    That is not correct. The dollar bills in my pocket can legally be traded for things. The "Special Promissory Notes" in the SS Fund cannot.

    If your checking account deposits a "I promise to pay you in the future" note in your savings account, your net worth has not increased - because you have not added any wealth. Nor does the "Trust Fund" currently count as wealth - it is simply an annotation that future Congresses will magically figure out a way to tax or borrow enough to pay out what past Congresses have promised.

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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by MaggieD View Post
    Unbelievable. I think it's wrong to take anything away from Social Security recipients -- including COLA adjustments to their meager average of something like $1200/month. This is huge, in my opinion. If the government wants to change SS, it should change it for those 45 years and younger to give those people a chance to do something about it. If his plan is only to effect those people, then it's not as bad.

    There is no doubt in my mind that we are going to eventually inflate ourselves out of the mess we're in. To take away (or minimize) COLAs to those currently receiving SS (or close to receiving it) is unconscionable.
    When no one else is getting COLAs, why do seniors get them?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    Re: Official: Obama Proposes Cuts to Social Security

    $1.8T budget cut over 10 years is a joke. We are running $1T deficits yearly, and we're going to cut 2 years worth of deficits over 10 years....are they kidding?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by American View Post
    When no one else is getting COLAs, why do seniors get them?
    The same reason that Congress votes themselves raises even though this country has a high unemployment rate and they have single digit ratings. Because they can.

    As long as people keep thinking "their" guy in congress isn't the problem, problems will just keep increasing.

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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by Catawba View Post
    Then we will just continue on with the way SS is currently set up! Suits me!
    it will not be able to pay promised benefits in the future if the current setup stays in place.
    Go Vols

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    Re: Official: Obama Proposes Cuts to Social Security

    Quote Originally Posted by American View Post
    When no one else is getting COLAs, why do seniors get them?
    Because that was the promise.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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