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  1. #1
    MarkM's Avatar
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    Social Security Warning - Who Is Really To Blame?

    I received this e-mail today from NewsMax.com which brings up some very pertinent points about the future of our Social Security. I followed through with the link which is listed below and read the whole article that is published in their Financial Intelligence Report. Granted, the article itself promotes a subscription for ongoing financial news, but the article is quite detailed in regard to the baby boomer generation reaching retirement age and its perceived fiscal impact upon our national economy and our Social Security systems.

    What is most troubling to me about this article is the fact that it tends to blame the coming crisis of Social Security and Financial Security solely on aging baby-boomers who are reaching retirement age. The fact is that all of those baby-boomers have paid into the Social Security system through Social Security taxes and therefore, that money should be there for them.

    What the article fails to recognize is the fact that Social Security has been dipped into countless times and re-apportioned. And what about those Illegal Aliens who do not pay into the Social Security system or else who secure false Social Security Cards which sometimes end up taking the identity of that SS Card's legal owners? Former Mexican President Fox was the first to suggest that Mexican citizens should have access to our Social Security. Current Mexican President Caulderon apparenty goes right along with that thinking!

    I would think that the billions of dollars that are sent down to Mexico each year would more than cover any problems that may be associated with the future of Social Security or our nation's fiancial security as a whole. Perhaps it would be better that those billions of dollars that are being sent to Mexico should be re-apportioned into our Social Security system ONLY FOR THOSE AMERICAN TAXPAYERS WHO HAVE PAID INTO IT!

    Read the article for yourself and tell us what you think! Here is the message. Don't forget to use the link listed below so that you may read the entire article:

    Dear Newsmax and MoneyNews Reader:

    Earlier this week the nation's first Baby Boomer, a retired school teacher from New Jersey, applied for social security benefits, marking the start of an expected avalanche of applications from the post World War II generation.

    This was the first of more than 77 million Baby Boomers in the system who will soon be applying for benefits in the coming years, whose eligibility for this program's cash payouts threaten to overwhelm the federal government.

    This comes as no surprise to readers of our Financial Intelligence Report. We've been warning our subscribers about this coming crisis since our September 2004 issue, urging them to protect their wealth from this looming tidal wave before it was upon us.

    There is no doubt that retiring Baby Boomers will impact our systems and portfolios in huge ways. Last August we released a special report titled "Protecting Your Wealth From the Baby Boomer Tidal Wave" giving readers a step-by-step plan to protect their assets. I want you to have a copy of this special report today.

    So please take a look at our special message below repeating our warning of the coming Baby Boomer tidal wave. The advice is still valuable today, but more importantly, our next piece of advice or warning may be the one you don't want to miss.

    Go here now: http://w3.newsmax.com/fir/fir_34.cfm...mo_code=3B8F-1
    Remember that*all Politicians work for us, the U.S. Taxpaying Citizens.* If they are not doing their jobs to your liking, FIRE THEM in the next elections.

  2. #2
    Senior Member redbadger's Avatar
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    This was the first of more than 77 million Baby Boomers in the system who will soon be applying for benefits in the coming years, whose eligibility for this program's cash payouts threaten to overwhelm the federal government.
    Bull...blaming us for those in Government paying Mexico....what a pile

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    Hapexamendios's Avatar
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    There's nothing "secure" about social security, might as well just be called social slavery, because that's all it is.

    One generation supporting the other, we used to call that slavery, now we call it "social security" call it by it's true name the next time you talk to someone about it. SOCIAL SLAVERY
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  4. #4
    Senior Member Gogo's Avatar
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    They need a tax an any money sent to Mexico. Put that money in the SS system.

    They believe that SS will be totally bankrupt by 2017. Make sure you tell your kids to get their own private retirement funds going when they are young. Check the newest tax issues for each type of account. We told our son yesterday that he will not have SS. He said he thought Bushes plan for private accounts was a good idea. I told him he needs to do that on his own, which he is. Kids don't get it. They need to start in their twenties and they will be doing fine.
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  5. #5
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    I honestly think part of the reason illegal immigration was allowed and amnesty was almost rammed down our throats was to "solve" social security - generate a new base of young people and increase the population. Of course this doesnt solve the problem - just delays it another 40 years. You still have the problem of people paying now, not for themselves, but for those on SS.

    Worst way to "solve" the Social Security problem.

    Ill take any financial trouble, no social security is fine, Ill forget what I paid. But dont shove amnesty on me as a way to pay for governments past mistakes.

  6. #6
    Senior Member Gogo's Avatar
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    Quote Originally Posted by stealthwii
    I honestly think part of the reason illegal immigration was allowed and amnesty was almost rammed down our throats was to "solve" social security - generate a new base of young people and increase the population. Of course this doesnt solve the problem - just delays it another 40 years. You still have the problem of people paying now, not for themselves, but for those on SS.

    Worst way to "solve" the Social Security problem.

    Ill take any financial trouble, no social security is fine, Ill forget what I paid. But dont shove amnesty on me as a way to pay for governments past mistakes.
    I've thought of that too, but according The Heritage Foundation, their input will not be equal to what we need just to cover them. Most are uneducated and the percentage they give will be very small.

    I say we tax the money they send out of the country.
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  7. #7
    Senior Member NOamNASTY's Avatar
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    SSD and SSI was an insurance policy forced on the public years ago ,just like auto insurance . People don't have a problem with any insurance other than SS . Most pay more into it than they will ever live collect ! Some die and lose all the money they paid into it .

    Congress doesn't pay one dime into SS but they get a retirement payment from it that we would have to live to be 168 years old just to collect what their spouses get paid ! It's a forced racket . I feel more than entitled to get back up to more than $150 a week they took from us for 40 o 50 years .

    This was just another way to seperate and divide the familiy . Children re no longer exspected to care for the elderly ,just put them in a strange home to die .

  8. #8
    Senior Member Captainron's Avatar
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    I beg to differ with a lot of these comments. Even before the immigration debate roared into the nations consciousness (and not a moment too soon either!!!) I had seen estimates of the Federal tax collection shortfall at about $200 billion per year. Since IRS audits have now been shown to be cost-effective, collecting this figure each year (or even three fourths of it) would both solve the SS deficit and the general federal budget deficit. This would save time wasted in Congress in debating the SS issue.

    The cheaters are all the way from the great ( think offshore tax havens) to the small (think unreported side businesses). Working in construction, it now seems that a certain amount of tax cheating is the norm and I encounter a certain number of people who advance the theory that any federal tax collection is unconstitutional. (I don't know how they would have financed our participation in World War 2??)

    What else could be done? Perhaps reforming the disability program would be a help. I would think with advancements in medical science happening at a rapid rate, a larger number of disabled people could be rehabbed, getting them off SSDI. People will start living longer and this will place a greater strain on the system. I've had some relatives living into their late 90's drawing SS checks every month.

    The other point where I differ is that I think illegal aliens may be putting a surplus into the SS system. I did read recently that there is about $450 billion extra in the fund, although certainly not all of this is from illegal aliens, and they are costing our society in many other ways.

    As a result of legislation in 1983 and generally healthy economic growth during the rest of the decade, Social Security is running a surplus of about $50 billion annually and accumulating assets rapidly. Trust fund assets have quadrupled in the past five years and now top $325 billion ($450 billion including Medicare). Social Security's total asset holdings are greater than those of the top fifteen private pension plans combined—including General Motors, AT&T, IBM, and Ford. According to the Social Security Board of Trustees, assets will peak in the 2020s at $5.5 trillion (roughly $2 trillion in today's dollars). Interest earned on trust fund assets is expected to defray a significant portion of the cost of future benefits. from Social Security by Carolyn Weaver

    I am not dissatisfied with our Social Security tax or the benefits projected, although I hope there will be raises if we have inflation. I would be alarmed, however, if there is any move to totalization with Mexico or similar countries. I am more concerned with some of the private pension trusts. My vocation is covered by a trust which construction contractors pay into. If baby boomers live a lot longer these companies will be scrambling for ways to keep paying into the pension trust, and they may start demanding that they can hire illegal aliens.
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