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Thread: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a future Am

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by ggh View Post
    In 2008, the additional SS tax of those with salaries and wages of 100,000 or more would have come to a total of 5,243,610,342. This is hardly enough to keep the SSI system solvent under the current expenditures of the SS system, much less to pay for the future expenditures. Data from the IRS is not available for 2009 or 2010, but it is likely that those numbers are smaller for both years. 2008 Tax Data
    You are correct. But it seems to be an effective talking point that politicians will continue to use as long as there are people gullible enough to believe that is the magic wand to fix all the ills of social security.

    Look to the 80s, the last time a real fix was put in place. caps did rise and the age to get social security was also increased. When politicians get serious about fixing this problem a similar solution will occur.

    We might need to have a president who does more than vote present before we fix our economic woes.

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by washunut View Post
    Last time I looked Ryan is just a proposal that will not go into effect. Reagan was 35 years ago, please try better.
    Please stop playing games, you asked me a question and I gave you a direct answer

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by lpast View Post
    Please stop playing games, you asked me a question and I gave you a direct answer
    A lot of peole give answers that does not mean they are correct or legitimate. What I tried to explain is that the Ryan plan is just that a plan or startpoint. I agree with little of it, but it will help move the discussion to some real fixes to our problems. We probably won't know any final proposed legislation for at least a year.

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by EarlzP View Post
    Duuude.



    The Bailout Was a Wealth Transfer Scheme

    “This explicit promise by the Treasury to bail out GSEs in times of economic difficulty helps the GSEs attract investors who are willing to settle for lower yields than they would demand in the absence of the subsidy. Thus, the line of credit distorts the allocation of capital. More importantly, the line of credit is a promise on behalf of the government to engage in a huge unconstitutional and immoral income transfer from working Americans to holders of GSE debt…
    generally, I agree. what you are missing is that much of that wealth transfer went to the UAW, not to investors. Bondholders of GM in particular got screwed. and the American Taxpayer at large got and is getting screwed by the bailout of Fannie and Freddie.




    None of which changes the fact that our entitlement system is unsustainable.

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by ggh View Post
    In 2008, the additional SS tax of those with salaries and wages of 100,000 or more would have come to a total of 5,243,610,342. This is hardly enough to keep the SSI system solvent under the current expenditures of the SS system, much less to pay for the future expenditures. Data from the IRS is not available for 2009 or 2010, but it is likely that those numbers are smaller for both years. 2008 Tax Data
    yup.


    There Aren't Enough Millionaires

    ...When it comes to the Scrooge McDuck set, the problem isn’t that they’re not rich enough, it’s that there aren’t enough rich — not enough to do what liberals want to do, anyway, which is to balance the budget by increasing taxes on them. Let’s deploy some always-suspect English-major math:

    There are lots of liberal definitions of “rich.” When Pres. Barack Obama talks about the rich, he’s talking about people living in households with income of more than $250,000 or more, the rarefied caviar-shoveling stratum occupied by the likes of second-tier public-broadcasting executives, Boston cops, nurses, and the city manager of Lubbock, Texas (assuming somebody in her household earns the last $25,000 to carry her over the line). Club 250K isn’t all that exclusive, and most of its members aren’t the yachts-and-expensive-mistresses types.

    Nonetheless, there aren’t that many of them. In fact, in 2006, the Census Bureau found only 2.2 million households earning more than $250,000. And most of those are closer to the Lubbock city manager than to Carlos Slim, income-wise. To jump from the 50th to the 51st percentile isn’t that tough; jumping from the 96th to the 97th takes a lot of schmundo. It’s lonely at the top.

    But say we wanted to balance the budget by jacking up taxes on Club 250K. That’s a problem: The 2012 deficit is forecast to hit $1.1 trillion under Obama’s budget. (Thanks, Mr. President!) Spread that deficit over all the households in Club 250K and you have to jack up their taxes by an average of $500,000. Which you simply can’t do, since a lot of them don’t have $500,000 in income to seize: Most of them are making $250,000 to $450,000 and paying about half in taxes already. You can squeeze that goose all day, but that’s not going to make it push out a golden egg.

    But like certain other exclusive clubs, Club 250K has an inner sanctum, a special club within the club, the champagne room of socioeconomic status. And that is Club 1: the million-dollar-a-year club. Not the millionaires’ club — lots of the people earning $1 million in any given year do not have $1 million in assets — but, still, a million a year, even in rapidly depreciating U.S. dollars, is not too shabby. But the trouble for liberals is, Club 1 is really, really exclusive: Only 0.2 percent of U.S. households have incomes that high, meaning that there’s only about 200,000 of them. And like Club 250K, Club 1 is bottom-heavy: There are a lot more $1 million men than there are $6 million men. And there are a whole heck of a lot more $6 million men than there are $60 million men.

    You want to tax Club 1 to get rid of the deficit, you have to hit each of those 200,000 households with an average tax hike — not an average tax bill, but tax increase — of $6 million. And a lot of those Club 1 households don’t have $6 million in income to start with, much less $6 million left after the taxes they’re already paying.

    Every time you raise the threshold for eating the rich, you get a much, much smaller serving of meat on the plate — but the deficit stays the same. The long division gets pretty ugly. You end up chasing a revenue will-o’-the-wisp....
    Last edited by cpwill; 04-10-11 at 08:56 PM.

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by danarhea View Post
    Here is the way I see it - If Republicans gain enough control to eliminate Social Security, then they had better damn well give me the money back that they have been taking from me for almost 50 years. If they don't, then I can damn well guarantee that senior citizens, refusing to be floated out to sea on icebergs, will declare war on the robber barons who stole their money. These are the very same assholes who smack the Democrats over statements of "redistribution of wealth", and "class warfare". If they steal the money of senior citizens, THEY will be the ones who are redistributing wealth (from old folks to corporate cronies), it WILL be class warfare, and I, like many other seniors, won't take it sitting down. You will see protests and civil disobedience the likes you have never imagined in your wildest "tea induced" hallucinations. What will you do then? Shoot us all down, in front of the entire world? Because that is the only way you will be able to stop it. Old people who have nothing to lose will be your worst nightmare.

    Article is here.

    NOTE 1: Just engaging in a little hyperbole here, to counteract the bat**** crazy hyperbole of Eric Cantor. I know that it will never come to this because most Republicans aren't bat**** crazy, like a few of them are. Thank God for reasonable people on both sides of the aisle. LOL.

    NOTE 2: What the hell was Cantor thinking when he said what he said? Whatever drugs he was on, give me a six pack. They must be pretty damn good.
    Every time I look at my pay stub and see how much money I have paid into SS, I think the same... If the government does away with it, I better get all that money back. I have paid so much SS tax...

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by SheWolf View Post
    Every time I look at my pay stub and see how much money I have paid into SS, I think the same... If the government does away with it, I better get all that money back. I have paid so much SS tax...
    :sorry: that money is gone. every time you look at that pay stub; that is money you will never see again

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by cpwill View Post
    :sorry: that money is gone. every time you look at that pay stub; that is money you will never see again
    Our SS money was borrowed not stolen, the government borrowed our Federal income tax dollars to save Wall Street and the Banks and we want every cent of that back with interest the same interest rates that the mafia banks get when they loan money, no more big salaries or bonuses for managers who have proven that they are high risk

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by EarlzP View Post
    Our SS money was borrowed not stolen, the government borrowed our Federal income tax dollars to save Wall Street and the Banks and we want every cent of that back with interest the same interest rates that the mafia banks get when they loan money, no more big salaries or bonuses for managers who have proven that they are high risk
    The problem being is that all or almost all of the money that went to the banks and to wall street firms has been paid back with interest, it is the money that went to GM and their UNIONS and to Freddie and Fanny that have not been paid back. Of course, Obama went and spent the money that was paid back on other buy vote schemes.

    Even so, none of the money that went to the bailouts came from SS, that fund had already been tapped out and the Federal Government was already having to borrow money to pay for SS benefits.

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    Re: Schakowsky tears into Cantor for saying Social Security ‘cannot exist’ in a futur

    Quote Originally Posted by ggh View Post
    In 2008, the additional SS tax of those with salaries and wages of 100,000 or more would have come to a total of 5,243,610,342. This is hardly enough to keep the SSI system solvent under the current expenditures of the SS system, much less to pay for the future expenditures. Data from the IRS is not available for 2009 or 2010, but it is likely that those numbers are smaller for both years. 2008 Tax Data
    that is not what I read elsewhere.

    Five Ways to Fix Social Security Before It Runs Dry




    Currently, workers and employers each pay Social Security taxes on the first $106,800 of income -- about 83% of all wages. Anything earned over and above escapes taxation. If we tax all income -- but don't raise payments to workers who make more than the cap -- we'll eliminate 100% of the shortfall, according to the American Academy of Actuaries. The problem will be persuading all those powerful high earners that they should pay more without getting more.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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