Gas prices..
#101
Guest
Posts: n/a
Re: Gas prices..
*You* are badly misinformed.
http://www.ssa.gov/history/InternetMyths.html
"----" <LeadWinger> wrote in message
news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
The
> reason we are in trouble now is that Lyndon Johnson took the S.S.
> trust fund and put it into the general fund so that the liberals could
> get their grubby hands on it. Now the money has been spent, and the
> program has become a pay-as-you-go system. To add insult to injury,
> not only was the trust fund stolen, but we now have to pay tax on the
> benefits. We can thank Al Gore for that one when he was Senate
> President. Oh, and let's not forget that Jimmy Carter elected to give
> S.S. benefits to immigrants who never paid anything into the system.
> Grumble, grumble.
>
> ----
>
> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>
>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>some other welfare queen sucking off the public teat known as Social
>>Security.
>>
>>L.W.(ßill) ------ III wrote:
>>> Except I'm retired, so know every dollar flipping hamburger you
>>> make will go towards some screaming greenie bleeding heart liberal
>>> that's being subsidized by you.
>
http://www.ssa.gov/history/InternetMyths.html
"----" <LeadWinger> wrote in message
news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
The
> reason we are in trouble now is that Lyndon Johnson took the S.S.
> trust fund and put it into the general fund so that the liberals could
> get their grubby hands on it. Now the money has been spent, and the
> program has become a pay-as-you-go system. To add insult to injury,
> not only was the trust fund stolen, but we now have to pay tax on the
> benefits. We can thank Al Gore for that one when he was Senate
> President. Oh, and let's not forget that Jimmy Carter elected to give
> S.S. benefits to immigrants who never paid anything into the system.
> Grumble, grumble.
>
> ----
>
> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>
>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>some other welfare queen sucking off the public teat known as Social
>>Security.
>>
>>L.W.(ßill) ------ III wrote:
>>> Except I'm retired, so know every dollar flipping hamburger you
>>> make will go towards some screaming greenie bleeding heart liberal
>>> that's being subsidized by you.
>
#102
Guest
Posts: n/a
Re: Gas prices..
Actually, Matt, he's right. In the run up to LBJs election in '64, Social
Security was running large surpluses, which were to that point saved and
invested strictly to pay for for future retiree benefits. The interest
earned on the surplus funds meant that at the time FICA taxes were
miniscule. When adjusted for inflation, benefits paid out at the time were
much higher than they are now.
Costs of the Vietnam war, (which adjusted for inflation, dwarf what's being
paid out for the current conflict) and Johnson's "Great Society" social
programs were enormous. In order to avoid even greater tax increases than
they had already enacted, the Democrats (who had a total lock on both houses
of Congress, much greater than the Republicans have now) passed legislation
that allowed the Feds to use Social Security surpluses to pay general
expenses. This was done in in exchange for "IOUs". In other words, the Feds
were to pay back the Social Security system in time to pay out benefit
commitments. They've never paid it back.
As a result, to keep the system afloat there have been a HUGE increases in
FICA / Medicare taxation over the ensuing 40 years. They now equal about 15%
of every taxpayers income. Forget that charade about "your employer pays
1/2". Your employer just counts it as an expense to employ you, it's figured
as part of your income on your employers books. (Self - employed folks like
me get the joy of paying it all.)
As for taxation of benefits, in the late 80's the Democrats did pass
legislation to tax the Social Security benefits of so-called "wealthy
retireees", which turns out to be anyone retired who's not living in a
carboard box and eating dry dog food. He's also correct that Democrats
changed the law to permit paying out disability, Social Security, etc. to
illegal immigrants. Not sure it was Carter that signed off on it.
IMHO, Republicans have been no better than Democrats on this issue, they've
more than happy to raid Social Security, and any time you hear a politician
talk about the "Social Security Trust Fund", or my favorite, the "Lock Box"
they're just plain lying. The system is flat broke, there is NO trust fund,
all there is is a bunch of debt that has to be paid by someone, probably our
kids.
In actual fact, the "pay as you go" scheme used by the Government for Social
Security is known as a "Ponzi Scheme" and is illegal for everyone else. If
you did such a thing to run a business you'd end up in the slammer. I figure
that's where the politicians that have screwed this thing belong, too.
For you youngsters out there, Social Security is THE WORST "investment"
you'll ever make, and you have no choice in the matter. Do yourself a favor,
invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
of substance you'll have when you retire. If you retire at 65 right now, no
matter how much you've been taxed over the years, the most you collect is
about $1,600 a month. Had the same money been invested, your returns would
dwarf that, even adjusting for down markets, etc. Your government is LYING
TO YOU when it says Social Security is a "good deal". Don't get played, save
your money!
"Matt Macchiarolo" <matt@nospamplease.com> wrote in message
news:7cCdnb-X-KefDb7eRVn-qA@comcast.com...
> *You* are badly misinformed.
>
> http://www.ssa.gov/history/InternetMyths.html
>
> "----" <LeadWinger> wrote in message
> news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
>
> The
>> reason we are in trouble now is that Lyndon Johnson took the S.S.
>> trust fund and put it into the general fund so that the liberals could
>> get their grubby hands on it. Now the money has been spent, and the
>> program has become a pay-as-you-go system. To add insult to injury,
>> not only was the trust fund stolen, but we now have to pay tax on the
>> benefits. We can thank Al Gore for that one when he was Senate
>> President. Oh, and let's not forget that Jimmy Carter elected to give
>> S.S. benefits to immigrants who never paid anything into the system.
>> Grumble, grumble.
>>
>> ----
>>
>> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
>> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>>
>>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>>some other welfare queen sucking off the public teat known as Social
>>>Security.
>>>
>>>L.W.(ßill) ------ III wrote:
>>>> Except I'm retired, so know every dollar flipping hamburger you
>>>> make will go towards some screaming greenie bleeding heart liberal
>>>> that's being subsidized by you.
>>
>
>
Security was running large surpluses, which were to that point saved and
invested strictly to pay for for future retiree benefits. The interest
earned on the surplus funds meant that at the time FICA taxes were
miniscule. When adjusted for inflation, benefits paid out at the time were
much higher than they are now.
Costs of the Vietnam war, (which adjusted for inflation, dwarf what's being
paid out for the current conflict) and Johnson's "Great Society" social
programs were enormous. In order to avoid even greater tax increases than
they had already enacted, the Democrats (who had a total lock on both houses
of Congress, much greater than the Republicans have now) passed legislation
that allowed the Feds to use Social Security surpluses to pay general
expenses. This was done in in exchange for "IOUs". In other words, the Feds
were to pay back the Social Security system in time to pay out benefit
commitments. They've never paid it back.
As a result, to keep the system afloat there have been a HUGE increases in
FICA / Medicare taxation over the ensuing 40 years. They now equal about 15%
of every taxpayers income. Forget that charade about "your employer pays
1/2". Your employer just counts it as an expense to employ you, it's figured
as part of your income on your employers books. (Self - employed folks like
me get the joy of paying it all.)
As for taxation of benefits, in the late 80's the Democrats did pass
legislation to tax the Social Security benefits of so-called "wealthy
retireees", which turns out to be anyone retired who's not living in a
carboard box and eating dry dog food. He's also correct that Democrats
changed the law to permit paying out disability, Social Security, etc. to
illegal immigrants. Not sure it was Carter that signed off on it.
IMHO, Republicans have been no better than Democrats on this issue, they've
more than happy to raid Social Security, and any time you hear a politician
talk about the "Social Security Trust Fund", or my favorite, the "Lock Box"
they're just plain lying. The system is flat broke, there is NO trust fund,
all there is is a bunch of debt that has to be paid by someone, probably our
kids.
In actual fact, the "pay as you go" scheme used by the Government for Social
Security is known as a "Ponzi Scheme" and is illegal for everyone else. If
you did such a thing to run a business you'd end up in the slammer. I figure
that's where the politicians that have screwed this thing belong, too.
For you youngsters out there, Social Security is THE WORST "investment"
you'll ever make, and you have no choice in the matter. Do yourself a favor,
invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
of substance you'll have when you retire. If you retire at 65 right now, no
matter how much you've been taxed over the years, the most you collect is
about $1,600 a month. Had the same money been invested, your returns would
dwarf that, even adjusting for down markets, etc. Your government is LYING
TO YOU when it says Social Security is a "good deal". Don't get played, save
your money!
"Matt Macchiarolo" <matt@nospamplease.com> wrote in message
news:7cCdnb-X-KefDb7eRVn-qA@comcast.com...
> *You* are badly misinformed.
>
> http://www.ssa.gov/history/InternetMyths.html
>
> "----" <LeadWinger> wrote in message
> news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
>
> The
>> reason we are in trouble now is that Lyndon Johnson took the S.S.
>> trust fund and put it into the general fund so that the liberals could
>> get their grubby hands on it. Now the money has been spent, and the
>> program has become a pay-as-you-go system. To add insult to injury,
>> not only was the trust fund stolen, but we now have to pay tax on the
>> benefits. We can thank Al Gore for that one when he was Senate
>> President. Oh, and let's not forget that Jimmy Carter elected to give
>> S.S. benefits to immigrants who never paid anything into the system.
>> Grumble, grumble.
>>
>> ----
>>
>> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
>> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>>
>>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>>some other welfare queen sucking off the public teat known as Social
>>>Security.
>>>
>>>L.W.(ßill) ------ III wrote:
>>>> Except I'm retired, so know every dollar flipping hamburger you
>>>> make will go towards some screaming greenie bleeding heart liberal
>>>> that's being subsidized by you.
>>
>
>
#103
Guest
Posts: n/a
Re: Gas prices..
Actually, Matt, he's right. In the run up to LBJs election in '64, Social
Security was running large surpluses, which were to that point saved and
invested strictly to pay for for future retiree benefits. The interest
earned on the surplus funds meant that at the time FICA taxes were
miniscule. When adjusted for inflation, benefits paid out at the time were
much higher than they are now.
Costs of the Vietnam war, (which adjusted for inflation, dwarf what's being
paid out for the current conflict) and Johnson's "Great Society" social
programs were enormous. In order to avoid even greater tax increases than
they had already enacted, the Democrats (who had a total lock on both houses
of Congress, much greater than the Republicans have now) passed legislation
that allowed the Feds to use Social Security surpluses to pay general
expenses. This was done in in exchange for "IOUs". In other words, the Feds
were to pay back the Social Security system in time to pay out benefit
commitments. They've never paid it back.
As a result, to keep the system afloat there have been a HUGE increases in
FICA / Medicare taxation over the ensuing 40 years. They now equal about 15%
of every taxpayers income. Forget that charade about "your employer pays
1/2". Your employer just counts it as an expense to employ you, it's figured
as part of your income on your employers books. (Self - employed folks like
me get the joy of paying it all.)
As for taxation of benefits, in the late 80's the Democrats did pass
legislation to tax the Social Security benefits of so-called "wealthy
retireees", which turns out to be anyone retired who's not living in a
carboard box and eating dry dog food. He's also correct that Democrats
changed the law to permit paying out disability, Social Security, etc. to
illegal immigrants. Not sure it was Carter that signed off on it.
IMHO, Republicans have been no better than Democrats on this issue, they've
more than happy to raid Social Security, and any time you hear a politician
talk about the "Social Security Trust Fund", or my favorite, the "Lock Box"
they're just plain lying. The system is flat broke, there is NO trust fund,
all there is is a bunch of debt that has to be paid by someone, probably our
kids.
In actual fact, the "pay as you go" scheme used by the Government for Social
Security is known as a "Ponzi Scheme" and is illegal for everyone else. If
you did such a thing to run a business you'd end up in the slammer. I figure
that's where the politicians that have screwed this thing belong, too.
For you youngsters out there, Social Security is THE WORST "investment"
you'll ever make, and you have no choice in the matter. Do yourself a favor,
invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
of substance you'll have when you retire. If you retire at 65 right now, no
matter how much you've been taxed over the years, the most you collect is
about $1,600 a month. Had the same money been invested, your returns would
dwarf that, even adjusting for down markets, etc. Your government is LYING
TO YOU when it says Social Security is a "good deal". Don't get played, save
your money!
"Matt Macchiarolo" <matt@nospamplease.com> wrote in message
news:7cCdnb-X-KefDb7eRVn-qA@comcast.com...
> *You* are badly misinformed.
>
> http://www.ssa.gov/history/InternetMyths.html
>
> "----" <LeadWinger> wrote in message
> news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
>
> The
>> reason we are in trouble now is that Lyndon Johnson took the S.S.
>> trust fund and put it into the general fund so that the liberals could
>> get their grubby hands on it. Now the money has been spent, and the
>> program has become a pay-as-you-go system. To add insult to injury,
>> not only was the trust fund stolen, but we now have to pay tax on the
>> benefits. We can thank Al Gore for that one when he was Senate
>> President. Oh, and let's not forget that Jimmy Carter elected to give
>> S.S. benefits to immigrants who never paid anything into the system.
>> Grumble, grumble.
>>
>> ----
>>
>> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
>> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>>
>>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>>some other welfare queen sucking off the public teat known as Social
>>>Security.
>>>
>>>L.W.(ßill) ------ III wrote:
>>>> Except I'm retired, so know every dollar flipping hamburger you
>>>> make will go towards some screaming greenie bleeding heart liberal
>>>> that's being subsidized by you.
>>
>
>
Security was running large surpluses, which were to that point saved and
invested strictly to pay for for future retiree benefits. The interest
earned on the surplus funds meant that at the time FICA taxes were
miniscule. When adjusted for inflation, benefits paid out at the time were
much higher than they are now.
Costs of the Vietnam war, (which adjusted for inflation, dwarf what's being
paid out for the current conflict) and Johnson's "Great Society" social
programs were enormous. In order to avoid even greater tax increases than
they had already enacted, the Democrats (who had a total lock on both houses
of Congress, much greater than the Republicans have now) passed legislation
that allowed the Feds to use Social Security surpluses to pay general
expenses. This was done in in exchange for "IOUs". In other words, the Feds
were to pay back the Social Security system in time to pay out benefit
commitments. They've never paid it back.
As a result, to keep the system afloat there have been a HUGE increases in
FICA / Medicare taxation over the ensuing 40 years. They now equal about 15%
of every taxpayers income. Forget that charade about "your employer pays
1/2". Your employer just counts it as an expense to employ you, it's figured
as part of your income on your employers books. (Self - employed folks like
me get the joy of paying it all.)
As for taxation of benefits, in the late 80's the Democrats did pass
legislation to tax the Social Security benefits of so-called "wealthy
retireees", which turns out to be anyone retired who's not living in a
carboard box and eating dry dog food. He's also correct that Democrats
changed the law to permit paying out disability, Social Security, etc. to
illegal immigrants. Not sure it was Carter that signed off on it.
IMHO, Republicans have been no better than Democrats on this issue, they've
more than happy to raid Social Security, and any time you hear a politician
talk about the "Social Security Trust Fund", or my favorite, the "Lock Box"
they're just plain lying. The system is flat broke, there is NO trust fund,
all there is is a bunch of debt that has to be paid by someone, probably our
kids.
In actual fact, the "pay as you go" scheme used by the Government for Social
Security is known as a "Ponzi Scheme" and is illegal for everyone else. If
you did such a thing to run a business you'd end up in the slammer. I figure
that's where the politicians that have screwed this thing belong, too.
For you youngsters out there, Social Security is THE WORST "investment"
you'll ever make, and you have no choice in the matter. Do yourself a favor,
invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
of substance you'll have when you retire. If you retire at 65 right now, no
matter how much you've been taxed over the years, the most you collect is
about $1,600 a month. Had the same money been invested, your returns would
dwarf that, even adjusting for down markets, etc. Your government is LYING
TO YOU when it says Social Security is a "good deal". Don't get played, save
your money!
"Matt Macchiarolo" <matt@nospamplease.com> wrote in message
news:7cCdnb-X-KefDb7eRVn-qA@comcast.com...
> *You* are badly misinformed.
>
> http://www.ssa.gov/history/InternetMyths.html
>
> "----" <LeadWinger> wrote in message
> news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
>
> The
>> reason we are in trouble now is that Lyndon Johnson took the S.S.
>> trust fund and put it into the general fund so that the liberals could
>> get their grubby hands on it. Now the money has been spent, and the
>> program has become a pay-as-you-go system. To add insult to injury,
>> not only was the trust fund stolen, but we now have to pay tax on the
>> benefits. We can thank Al Gore for that one when he was Senate
>> President. Oh, and let's not forget that Jimmy Carter elected to give
>> S.S. benefits to immigrants who never paid anything into the system.
>> Grumble, grumble.
>>
>> ----
>>
>> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
>> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>>
>>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>>some other welfare queen sucking off the public teat known as Social
>>>Security.
>>>
>>>L.W.(ßill) ------ III wrote:
>>>> Except I'm retired, so know every dollar flipping hamburger you
>>>> make will go towards some screaming greenie bleeding heart liberal
>>>> that's being subsidized by you.
>>
>
>
#104
Guest
Posts: n/a
Re: Gas prices..
Actually, Matt, he's right. In the run up to LBJs election in '64, Social
Security was running large surpluses, which were to that point saved and
invested strictly to pay for for future retiree benefits. The interest
earned on the surplus funds meant that at the time FICA taxes were
miniscule. When adjusted for inflation, benefits paid out at the time were
much higher than they are now.
Costs of the Vietnam war, (which adjusted for inflation, dwarf what's being
paid out for the current conflict) and Johnson's "Great Society" social
programs were enormous. In order to avoid even greater tax increases than
they had already enacted, the Democrats (who had a total lock on both houses
of Congress, much greater than the Republicans have now) passed legislation
that allowed the Feds to use Social Security surpluses to pay general
expenses. This was done in in exchange for "IOUs". In other words, the Feds
were to pay back the Social Security system in time to pay out benefit
commitments. They've never paid it back.
As a result, to keep the system afloat there have been a HUGE increases in
FICA / Medicare taxation over the ensuing 40 years. They now equal about 15%
of every taxpayers income. Forget that charade about "your employer pays
1/2". Your employer just counts it as an expense to employ you, it's figured
as part of your income on your employers books. (Self - employed folks like
me get the joy of paying it all.)
As for taxation of benefits, in the late 80's the Democrats did pass
legislation to tax the Social Security benefits of so-called "wealthy
retireees", which turns out to be anyone retired who's not living in a
carboard box and eating dry dog food. He's also correct that Democrats
changed the law to permit paying out disability, Social Security, etc. to
illegal immigrants. Not sure it was Carter that signed off on it.
IMHO, Republicans have been no better than Democrats on this issue, they've
more than happy to raid Social Security, and any time you hear a politician
talk about the "Social Security Trust Fund", or my favorite, the "Lock Box"
they're just plain lying. The system is flat broke, there is NO trust fund,
all there is is a bunch of debt that has to be paid by someone, probably our
kids.
In actual fact, the "pay as you go" scheme used by the Government for Social
Security is known as a "Ponzi Scheme" and is illegal for everyone else. If
you did such a thing to run a business you'd end up in the slammer. I figure
that's where the politicians that have screwed this thing belong, too.
For you youngsters out there, Social Security is THE WORST "investment"
you'll ever make, and you have no choice in the matter. Do yourself a favor,
invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
of substance you'll have when you retire. If you retire at 65 right now, no
matter how much you've been taxed over the years, the most you collect is
about $1,600 a month. Had the same money been invested, your returns would
dwarf that, even adjusting for down markets, etc. Your government is LYING
TO YOU when it says Social Security is a "good deal". Don't get played, save
your money!
"Matt Macchiarolo" <matt@nospamplease.com> wrote in message
news:7cCdnb-X-KefDb7eRVn-qA@comcast.com...
> *You* are badly misinformed.
>
> http://www.ssa.gov/history/InternetMyths.html
>
> "----" <LeadWinger> wrote in message
> news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
>
> The
>> reason we are in trouble now is that Lyndon Johnson took the S.S.
>> trust fund and put it into the general fund so that the liberals could
>> get their grubby hands on it. Now the money has been spent, and the
>> program has become a pay-as-you-go system. To add insult to injury,
>> not only was the trust fund stolen, but we now have to pay tax on the
>> benefits. We can thank Al Gore for that one when he was Senate
>> President. Oh, and let's not forget that Jimmy Carter elected to give
>> S.S. benefits to immigrants who never paid anything into the system.
>> Grumble, grumble.
>>
>> ----
>>
>> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
>> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>>
>>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>>some other welfare queen sucking off the public teat known as Social
>>>Security.
>>>
>>>L.W.(ßill) ------ III wrote:
>>>> Except I'm retired, so know every dollar flipping hamburger you
>>>> make will go towards some screaming greenie bleeding heart liberal
>>>> that's being subsidized by you.
>>
>
>
Security was running large surpluses, which were to that point saved and
invested strictly to pay for for future retiree benefits. The interest
earned on the surplus funds meant that at the time FICA taxes were
miniscule. When adjusted for inflation, benefits paid out at the time were
much higher than they are now.
Costs of the Vietnam war, (which adjusted for inflation, dwarf what's being
paid out for the current conflict) and Johnson's "Great Society" social
programs were enormous. In order to avoid even greater tax increases than
they had already enacted, the Democrats (who had a total lock on both houses
of Congress, much greater than the Republicans have now) passed legislation
that allowed the Feds to use Social Security surpluses to pay general
expenses. This was done in in exchange for "IOUs". In other words, the Feds
were to pay back the Social Security system in time to pay out benefit
commitments. They've never paid it back.
As a result, to keep the system afloat there have been a HUGE increases in
FICA / Medicare taxation over the ensuing 40 years. They now equal about 15%
of every taxpayers income. Forget that charade about "your employer pays
1/2". Your employer just counts it as an expense to employ you, it's figured
as part of your income on your employers books. (Self - employed folks like
me get the joy of paying it all.)
As for taxation of benefits, in the late 80's the Democrats did pass
legislation to tax the Social Security benefits of so-called "wealthy
retireees", which turns out to be anyone retired who's not living in a
carboard box and eating dry dog food. He's also correct that Democrats
changed the law to permit paying out disability, Social Security, etc. to
illegal immigrants. Not sure it was Carter that signed off on it.
IMHO, Republicans have been no better than Democrats on this issue, they've
more than happy to raid Social Security, and any time you hear a politician
talk about the "Social Security Trust Fund", or my favorite, the "Lock Box"
they're just plain lying. The system is flat broke, there is NO trust fund,
all there is is a bunch of debt that has to be paid by someone, probably our
kids.
In actual fact, the "pay as you go" scheme used by the Government for Social
Security is known as a "Ponzi Scheme" and is illegal for everyone else. If
you did such a thing to run a business you'd end up in the slammer. I figure
that's where the politicians that have screwed this thing belong, too.
For you youngsters out there, Social Security is THE WORST "investment"
you'll ever make, and you have no choice in the matter. Do yourself a favor,
invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
of substance you'll have when you retire. If you retire at 65 right now, no
matter how much you've been taxed over the years, the most you collect is
about $1,600 a month. Had the same money been invested, your returns would
dwarf that, even adjusting for down markets, etc. Your government is LYING
TO YOU when it says Social Security is a "good deal". Don't get played, save
your money!
"Matt Macchiarolo" <matt@nospamplease.com> wrote in message
news:7cCdnb-X-KefDb7eRVn-qA@comcast.com...
> *You* are badly misinformed.
>
> http://www.ssa.gov/history/InternetMyths.html
>
> "----" <LeadWinger> wrote in message
> news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
>
> The
>> reason we are in trouble now is that Lyndon Johnson took the S.S.
>> trust fund and put it into the general fund so that the liberals could
>> get their grubby hands on it. Now the money has been spent, and the
>> program has become a pay-as-you-go system. To add insult to injury,
>> not only was the trust fund stolen, but we now have to pay tax on the
>> benefits. We can thank Al Gore for that one when he was Senate
>> President. Oh, and let's not forget that Jimmy Carter elected to give
>> S.S. benefits to immigrants who never paid anything into the system.
>> Grumble, grumble.
>>
>> ----
>>
>> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
>> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>>
>>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>>some other welfare queen sucking off the public teat known as Social
>>>Security.
>>>
>>>L.W.(ßill) ------ III wrote:
>>>> Except I'm retired, so know every dollar flipping hamburger you
>>>> make will go towards some screaming greenie bleeding heart liberal
>>>> that's being subsidized by you.
>>
>
>
#105
Guest
Posts: n/a
Re: Gas prices..
Actually, Matt, he's right. In the run up to LBJs election in '64, Social
Security was running large surpluses, which were to that point saved and
invested strictly to pay for for future retiree benefits. The interest
earned on the surplus funds meant that at the time FICA taxes were
miniscule. When adjusted for inflation, benefits paid out at the time were
much higher than they are now.
Costs of the Vietnam war, (which adjusted for inflation, dwarf what's being
paid out for the current conflict) and Johnson's "Great Society" social
programs were enormous. In order to avoid even greater tax increases than
they had already enacted, the Democrats (who had a total lock on both houses
of Congress, much greater than the Republicans have now) passed legislation
that allowed the Feds to use Social Security surpluses to pay general
expenses. This was done in in exchange for "IOUs". In other words, the Feds
were to pay back the Social Security system in time to pay out benefit
commitments. They've never paid it back.
As a result, to keep the system afloat there have been a HUGE increases in
FICA / Medicare taxation over the ensuing 40 years. They now equal about 15%
of every taxpayers income. Forget that charade about "your employer pays
1/2". Your employer just counts it as an expense to employ you, it's figured
as part of your income on your employers books. (Self - employed folks like
me get the joy of paying it all.)
As for taxation of benefits, in the late 80's the Democrats did pass
legislation to tax the Social Security benefits of so-called "wealthy
retireees", which turns out to be anyone retired who's not living in a
carboard box and eating dry dog food. He's also correct that Democrats
changed the law to permit paying out disability, Social Security, etc. to
illegal immigrants. Not sure it was Carter that signed off on it.
IMHO, Republicans have been no better than Democrats on this issue, they've
more than happy to raid Social Security, and any time you hear a politician
talk about the "Social Security Trust Fund", or my favorite, the "Lock Box"
they're just plain lying. The system is flat broke, there is NO trust fund,
all there is is a bunch of debt that has to be paid by someone, probably our
kids.
In actual fact, the "pay as you go" scheme used by the Government for Social
Security is known as a "Ponzi Scheme" and is illegal for everyone else. If
you did such a thing to run a business you'd end up in the slammer. I figure
that's where the politicians that have screwed this thing belong, too.
For you youngsters out there, Social Security is THE WORST "investment"
you'll ever make, and you have no choice in the matter. Do yourself a favor,
invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
of substance you'll have when you retire. If you retire at 65 right now, no
matter how much you've been taxed over the years, the most you collect is
about $1,600 a month. Had the same money been invested, your returns would
dwarf that, even adjusting for down markets, etc. Your government is LYING
TO YOU when it says Social Security is a "good deal". Don't get played, save
your money!
"Matt Macchiarolo" <matt@nospamplease.com> wrote in message
news:7cCdnb-X-KefDb7eRVn-qA@comcast.com...
> *You* are badly misinformed.
>
> http://www.ssa.gov/history/InternetMyths.html
>
> "----" <LeadWinger> wrote in message
> news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
>
> The
>> reason we are in trouble now is that Lyndon Johnson took the S.S.
>> trust fund and put it into the general fund so that the liberals could
>> get their grubby hands on it. Now the money has been spent, and the
>> program has become a pay-as-you-go system. To add insult to injury,
>> not only was the trust fund stolen, but we now have to pay tax on the
>> benefits. We can thank Al Gore for that one when he was Senate
>> President. Oh, and let's not forget that Jimmy Carter elected to give
>> S.S. benefits to immigrants who never paid anything into the system.
>> Grumble, grumble.
>>
>> ----
>>
>> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
>> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>>
>>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>>some other welfare queen sucking off the public teat known as Social
>>>Security.
>>>
>>>L.W.(ßill) ------ III wrote:
>>>> Except I'm retired, so know every dollar flipping hamburger you
>>>> make will go towards some screaming greenie bleeding heart liberal
>>>> that's being subsidized by you.
>>
>
>
Security was running large surpluses, which were to that point saved and
invested strictly to pay for for future retiree benefits. The interest
earned on the surplus funds meant that at the time FICA taxes were
miniscule. When adjusted for inflation, benefits paid out at the time were
much higher than they are now.
Costs of the Vietnam war, (which adjusted for inflation, dwarf what's being
paid out for the current conflict) and Johnson's "Great Society" social
programs were enormous. In order to avoid even greater tax increases than
they had already enacted, the Democrats (who had a total lock on both houses
of Congress, much greater than the Republicans have now) passed legislation
that allowed the Feds to use Social Security surpluses to pay general
expenses. This was done in in exchange for "IOUs". In other words, the Feds
were to pay back the Social Security system in time to pay out benefit
commitments. They've never paid it back.
As a result, to keep the system afloat there have been a HUGE increases in
FICA / Medicare taxation over the ensuing 40 years. They now equal about 15%
of every taxpayers income. Forget that charade about "your employer pays
1/2". Your employer just counts it as an expense to employ you, it's figured
as part of your income on your employers books. (Self - employed folks like
me get the joy of paying it all.)
As for taxation of benefits, in the late 80's the Democrats did pass
legislation to tax the Social Security benefits of so-called "wealthy
retireees", which turns out to be anyone retired who's not living in a
carboard box and eating dry dog food. He's also correct that Democrats
changed the law to permit paying out disability, Social Security, etc. to
illegal immigrants. Not sure it was Carter that signed off on it.
IMHO, Republicans have been no better than Democrats on this issue, they've
more than happy to raid Social Security, and any time you hear a politician
talk about the "Social Security Trust Fund", or my favorite, the "Lock Box"
they're just plain lying. The system is flat broke, there is NO trust fund,
all there is is a bunch of debt that has to be paid by someone, probably our
kids.
In actual fact, the "pay as you go" scheme used by the Government for Social
Security is known as a "Ponzi Scheme" and is illegal for everyone else. If
you did such a thing to run a business you'd end up in the slammer. I figure
that's where the politicians that have screwed this thing belong, too.
For you youngsters out there, Social Security is THE WORST "investment"
you'll ever make, and you have no choice in the matter. Do yourself a favor,
invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
of substance you'll have when you retire. If you retire at 65 right now, no
matter how much you've been taxed over the years, the most you collect is
about $1,600 a month. Had the same money been invested, your returns would
dwarf that, even adjusting for down markets, etc. Your government is LYING
TO YOU when it says Social Security is a "good deal". Don't get played, save
your money!
"Matt Macchiarolo" <matt@nospamplease.com> wrote in message
news:7cCdnb-X-KefDb7eRVn-qA@comcast.com...
> *You* are badly misinformed.
>
> http://www.ssa.gov/history/InternetMyths.html
>
> "----" <LeadWinger> wrote in message
> news:vaarh1l85aev5bevvpcijenivdi0vh1872@4ax.com...
>
> The
>> reason we are in trouble now is that Lyndon Johnson took the S.S.
>> trust fund and put it into the general fund so that the liberals could
>> get their grubby hands on it. Now the money has been spent, and the
>> program has become a pay-as-you-go system. To add insult to injury,
>> not only was the trust fund stolen, but we now have to pay tax on the
>> benefits. We can thank Al Gore for that one when he was Senate
>> President. Oh, and let's not forget that Jimmy Carter elected to give
>> S.S. benefits to immigrants who never paid anything into the system.
>> Grumble, grumble.
>>
>> ----
>>
>> On Tue, 06 Sep 2005 13:34:19 GMT, jeff
>> <jalowe44INVALID@hotmail.com.INVALID> wrote:
>>
>>>No Bill. You are retired, so 15c of every dollar I make goes to you or
>>>some other welfare queen sucking off the public teat known as Social
>>>Security.
>>>
>>>L.W.(ßill) ------ III wrote:
>>>> Except I'm retired, so know every dollar flipping hamburger you
>>>> make will go towards some screaming greenie bleeding heart liberal
>>>> that's being subsidized by you.
>>
>
>
#106
Guest
Posts: n/a
Re: Gas prices..
On Sat, 10 Sep 2005 21:13:09 -0600, "SoK66" <Nospam@SoK.net> wrote:
>For you youngsters out there, Social Security is THE WORST "investment"
>you'll ever make, and you have no choice in the matter. Do yourself a favor,
>invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
>of substance you'll have when you retire. If you retire at 65 right now, no
>matter how much you've been taxed over the years, the most you collect is
>about $1,600 a month. Had the same money been invested, your returns would
>dwarf that, even adjusting for down markets, etc. Your government is LYING
>TO YOU when it says Social Security is a "good deal". Don't get played, save
>your money!
There is no doubt that it is a poor investment, but if a person has a
spouse that has never worked, the max together is more like $2,400 a
month coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.
I don't even like to think how much the contributions from both me and
my employers would be worth today at even 5% interest. I started
paying into Social Security when I was 12 years old. It's like trying
to comprehend the Universe. I get a headache with either one.
----
>For you youngsters out there, Social Security is THE WORST "investment"
>you'll ever make, and you have no choice in the matter. Do yourself a favor,
>invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
>of substance you'll have when you retire. If you retire at 65 right now, no
>matter how much you've been taxed over the years, the most you collect is
>about $1,600 a month. Had the same money been invested, your returns would
>dwarf that, even adjusting for down markets, etc. Your government is LYING
>TO YOU when it says Social Security is a "good deal". Don't get played, save
>your money!
There is no doubt that it is a poor investment, but if a person has a
spouse that has never worked, the max together is more like $2,400 a
month coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.
I don't even like to think how much the contributions from both me and
my employers would be worth today at even 5% interest. I started
paying into Social Security when I was 12 years old. It's like trying
to comprehend the Universe. I get a headache with either one.
----
#107
Guest
Posts: n/a
Re: Gas prices..
On Sat, 10 Sep 2005 21:13:09 -0600, "SoK66" <Nospam@SoK.net> wrote:
>For you youngsters out there, Social Security is THE WORST "investment"
>you'll ever make, and you have no choice in the matter. Do yourself a favor,
>invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
>of substance you'll have when you retire. If you retire at 65 right now, no
>matter how much you've been taxed over the years, the most you collect is
>about $1,600 a month. Had the same money been invested, your returns would
>dwarf that, even adjusting for down markets, etc. Your government is LYING
>TO YOU when it says Social Security is a "good deal". Don't get played, save
>your money!
There is no doubt that it is a poor investment, but if a person has a
spouse that has never worked, the max together is more like $2,400 a
month coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.
I don't even like to think how much the contributions from both me and
my employers would be worth today at even 5% interest. I started
paying into Social Security when I was 12 years old. It's like trying
to comprehend the Universe. I get a headache with either one.
----
>For you youngsters out there, Social Security is THE WORST "investment"
>you'll ever make, and you have no choice in the matter. Do yourself a favor,
>invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
>of substance you'll have when you retire. If you retire at 65 right now, no
>matter how much you've been taxed over the years, the most you collect is
>about $1,600 a month. Had the same money been invested, your returns would
>dwarf that, even adjusting for down markets, etc. Your government is LYING
>TO YOU when it says Social Security is a "good deal". Don't get played, save
>your money!
There is no doubt that it is a poor investment, but if a person has a
spouse that has never worked, the max together is more like $2,400 a
month coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.
I don't even like to think how much the contributions from both me and
my employers would be worth today at even 5% interest. I started
paying into Social Security when I was 12 years old. It's like trying
to comprehend the Universe. I get a headache with either one.
----
#108
Guest
Posts: n/a
Re: Gas prices..
On Sat, 10 Sep 2005 21:13:09 -0600, "SoK66" <Nospam@SoK.net> wrote:
>For you youngsters out there, Social Security is THE WORST "investment"
>you'll ever make, and you have no choice in the matter. Do yourself a favor,
>invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
>of substance you'll have when you retire. If you retire at 65 right now, no
>matter how much you've been taxed over the years, the most you collect is
>about $1,600 a month. Had the same money been invested, your returns would
>dwarf that, even adjusting for down markets, etc. Your government is LYING
>TO YOU when it says Social Security is a "good deal". Don't get played, save
>your money!
There is no doubt that it is a poor investment, but if a person has a
spouse that has never worked, the max together is more like $2,400 a
month coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.
I don't even like to think how much the contributions from both me and
my employers would be worth today at even 5% interest. I started
paying into Social Security when I was 12 years old. It's like trying
to comprehend the Universe. I get a headache with either one.
----
>For you youngsters out there, Social Security is THE WORST "investment"
>you'll ever make, and you have no choice in the matter. Do yourself a favor,
>invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
>of substance you'll have when you retire. If you retire at 65 right now, no
>matter how much you've been taxed over the years, the most you collect is
>about $1,600 a month. Had the same money been invested, your returns would
>dwarf that, even adjusting for down markets, etc. Your government is LYING
>TO YOU when it says Social Security is a "good deal". Don't get played, save
>your money!
There is no doubt that it is a poor investment, but if a person has a
spouse that has never worked, the max together is more like $2,400 a
month coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.
I don't even like to think how much the contributions from both me and
my employers would be worth today at even 5% interest. I started
paying into Social Security when I was 12 years old. It's like trying
to comprehend the Universe. I get a headache with either one.
----
#109
Guest
Posts: n/a
Re: Gas prices..
On Sat, 10 Sep 2005 21:13:09 -0600, "SoK66" <Nospam@SoK.net> wrote:
>For you youngsters out there, Social Security is THE WORST "investment"
>you'll ever make, and you have no choice in the matter. Do yourself a favor,
>invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
>of substance you'll have when you retire. If you retire at 65 right now, no
>matter how much you've been taxed over the years, the most you collect is
>about $1,600 a month. Had the same money been invested, your returns would
>dwarf that, even adjusting for down markets, etc. Your government is LYING
>TO YOU when it says Social Security is a "good deal". Don't get played, save
>your money!
There is no doubt that it is a poor investment, but if a person has a
spouse that has never worked, the max together is more like $2,400 a
month coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.
I don't even like to think how much the contributions from both me and
my employers would be worth today at even 5% interest. I started
paying into Social Security when I was 12 years old. It's like trying
to comprehend the Universe. I get a headache with either one.
----
>For you youngsters out there, Social Security is THE WORST "investment"
>you'll ever make, and you have no choice in the matter. Do yourself a favor,
>invest everything you can in IRAs, 401(k)s, etc. It will be the only thing
>of substance you'll have when you retire. If you retire at 65 right now, no
>matter how much you've been taxed over the years, the most you collect is
>about $1,600 a month. Had the same money been invested, your returns would
>dwarf that, even adjusting for down markets, etc. Your government is LYING
>TO YOU when it says Social Security is a "good deal". Don't get played, save
>your money!
There is no doubt that it is a poor investment, but if a person has a
spouse that has never worked, the max together is more like $2,400 a
month coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.
I don't even like to think how much the contributions from both me and
my employers would be worth today at even 5% interest. I started
paying into Social Security when I was 12 years old. It's like trying
to comprehend the Universe. I get a headache with either one.
----
#110
Guest
Posts: n/a
Re: Gas prices..
> There is no doubt that it is a poor investment, but if a person has a
> spouse that has never worked, the max together is more like $2,400 a month
> coming from a single worker. Not a huge sum, but if you have no
debts, you can get by on that amount.>
Hell, that wouldn't pay some folks property taxes! Most retirees are going
to get less than HALF that, after paying the max 9into it all their lives.
The damn politicians who support this criminal rip off spin this thing as
some kind of salvation, but the real reason is the beauraucracy that
supports it is enormous, full of political appointments, patronage stooges,
***** & fools, who in turn get out the vote for the crooks of your choice.
Even AARP defends this crap.
> I don't even like to think how much the contributions from both me and my
> employers would be worth today at even 5% interest. I started paying into
> Social Security when I was 12 years old. It's like trying to comprehend
> the Universe. I get a headache with either one.>
That's exactly what the pols hope. They've made the damn thing so complex
it's virtually impossible for the average mook to grasp. Make no mistake,
you're getting hosed.