Greenspan Urges Social Security Cuts

Au1929
AU1929, "improvised" is one of those funny typos that lead to another meaning. :wink:

I think you meant "impoverished."

BBB

I see, so the Social Security mess is all George Bush's fault.

Even though every President since nixon has wanted to cut the SS spending because it was ballooning out of control.

Please don't pretend to be ignorant of this, since it has been in newspapers for as long as I can remember.

I think that the Bush Administration should be applauded for having the courage to touch the 'third rail of American politics'

At least this Administration has the courage to try and do something about it before the system goes belly up. (as it would regardless of whether a Democrat or a Republican was in the White House)

Fedral
Fedral wrote "Even though every President since nixon has wanted to cut the SS spending because it was ballooning out of control."

On what specific evidence do your base your notion of presidential desire to "cut the SS spending"? What do you mean by "spending"?

BBB

How about increasing the number of workers paying into Social Security, as one approach to the problem?

Legalize the illegal immigrants and put them to work?

BBB
Yes, Thanks

Federal
I don't think I blamed Bush for the problems related to SS or did I. However, the solution offered by guru of our economic world, at least the US, is a real stinker.

Re: Fedral


OK, are we now going to do the famous Clinton, asking the deffinition of the word "is".

By "spending" I mean the outlay of monies collected by this country and spent (root word of 'spending') on Social Security via the process of allocation said monies from the Federal budget.

Every President since Nixon has watched SS spending increase far and above the original projected figures and have tried to figure out a way to reduce 'spending' (there is that word again) on Social Security.

From Mirriam Webster:

Main Entry: spend
Pronunciation: 'spend
Function: verb
Inflected Form(s): spent /'spent/; spend·ing
Etymology: Middle English, from Old English & Old French; Old English spendan, from Latin expendere to expend; Old French despendre, from Latin dispendere to weigh out -- more at DISPENSE
transitive senses
1 : to use up or pay out : EXPEND
2 a : EXHAUST, WEAR OUT <the hurricane gradually spent itself> b : to consume wastefully : SQUANDER <the waters are not ours to spend -- J. R. Ellis>
3 : to cause or permit to elapse : PASS <spend the night>
4 : GIVE UP, SACRIFICE
intransitive senses
1 : to expend or waste wealth or strength
2 : to become expended or consumed
3 : to have an orgasm
- spend·able /'spen-d&-b&l/ adjective
- spend·er noun

This just makes me sick to my stomache!

Fedral
Fedral, you would think from your definition that the money in the Social Security Trust Fund is the government's money.

ANNOUNCEMENT! It ain't the Fed's money. The money is that of employers and employees who fund SS. That's why it is called a Trust, beieng administered by the Feds.

And, if the Feds kept it's mitts out of the Trust Fund for other purposes, there would be more money available to fund the Baby Boomer's retirements.

BBB

BBB
You go girl ;-)

I have seen for years how they are steadily dismantling the safety net of Americans. Dirty bastards like Greenspan are not there for the people; only their wealthy friends. If they want to save money, cut the military's bloated budget and stop interference in other countries; halt Bush's tax cuts to the wealthy. Many Democrats as well as Republicans have whittled away at SS and plundered the coffers. Time we SS recipients and would be recipients demand what's ours and have it restored before it is too late.

Re: Fedral


No, I am saying that with the largest group of Americans ever (Baby Boomers) approaching retirement, fairly soon there won't be enough NEW money flowing into the SS coffers to cover the money that is going out in benefits (Economics 101).

The SS Trust Fund does not work the way you think it does BBB.

The money YOU put in pays for those people who are already retired. The money the generation FOLLOWING you will be paying for YOUR benefits. Thats the way it works and since, fairly soon, there will not be enough working Americans to pay for the benefits that are due to the Baby Boom generation, we need to figure out a way to save the system.

Federal
You are correct it is a pay as you go system. However, had the government invested in high interest government paper rather than low interest IOU's there would be much more $s in, the pardon the expression, "lock box." Presently there are two problems one is that the government will have to give back or repay the $ on the paper they have issued, from the general tax revenues, and when that is exhausted inorder to maintain SS they will be forced to supplement the shortfall with the general tax revenues. Yes, there is a major problem however, is the solution reducing SS to a starvation diet. This problem has been discussed for years and all it has gotten is the Scarlet O'Hara approach. We will worry about it tomorrow.

The system hasn't DIED yet! The government is bound to kill it tho!!!

Because the SS is a big chunk of money, the Repugs have always eyed it.

I have a simple solution for the budget deficit. Let the OVERPAID government heads contribute, as the Chrysler Ceo did some years back.
(not quite as severely)

Docking the salaries of every governor- lt. gov.; every congressmember of every state (50) (and every territory); then the President and every cabinet member, every US Congressman---- just a small amount, certainly not enough to "impoverish" them, and in a few years, that ol' deficit will come tumblin' down.

I agree with this in one way, I don't believe that ANY of the members of Congress (House or Senate) should be payed a dime unless they can balance the budget.

Something like:

Find revenue...
Subtract budget outlays...
If there is anything left over (like a surplus) then we will pay you your salaries out of that money.

Why?
Why is it that millionaires & billionaires recieve SS payments? Yeah, I know they might have paid into it but do they need the payment? Also, the Defense Dept. budget should be scrutenized and lowered. Tax cuts for the Upper Class should be taken and back and taxes on the wealthy should be raised. SS fund should never be tapped into for other purposes.

We should then tar and feather anyone making more than $50,000 and seize all their assetts! Then we can spread all that wealth out to the working class people! Then, when American civilization falls in to oblivion we can dance around the fires at night and celebrate the idea that there are no more wealthy Americans!! WAHOO!

pistoff
Do they need it? Of course not. However, since they paid into it they have every right to receive SS payments. When you signed up did you see anything that said if you had over "X" $s income when you retire taxes paid was a donation? I believe SS tax should apply to all earned income with no ceiling. As it stands now the high wage earners pay a pittance in FICA. Far less a percentage than average. As a matter of fact those who can afford it the least, pay in percentage of earnings, the most.

OK
That gets my vote.