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The latest Bush administration bull: Social Security's is "unsustainable" by Spud Packard
| Mar. 28, 2008 |
Hazel predicted it ...
Trillions of reasons to be optimistic by Hazel Burke, Unknown News| | Excerpt: The socialized losses -- AKA "bail-outs" -- will be at least $1 trillion, and probably much more when you total the direct payments and the resulting inflation (which steals from the poor, savers, widows and orphans.) Add in the $2 trillion Iraq fuck-ups and voila, everyone is fully aware of The Truth, because The Truth has gotten too big to hide! In 2017 when the Social Security Trust fund is required to start paying out some of the trillions of dollars they've taken out of our paychecks over the decades, individuals are not going to be receptive to politicians |
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Social Security faces a 4.3 trillion dollar unfunded liability over the next 75 years?
BIG FUCKING DEAL.
George W. Bush blew through 5 trillion in just 7 years, increasing the actual national debt from under $5 trillion to almost $10 trillion.
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| | saying that Social Security is broke. Same for Medicare. If we can have socialized mortgages, socialized banking and socialized stock markets, then why NOT socialized medicine? |
OK, this week government officials sounded like Trailer Park Dads who spent their unemployment checks on freebase and booze at the local Nudie Bar, then came home and told the kids that real Velveeta is too expensive and they'd have to eat bread and mustard sandwiches until the 1st of the month when the new food stamp allocation arrives.
US Treasury chief says Social Security 'unsustainable'| | Excerpt: US Treasury Secretary Henry Paulson said Tuesday that America's Social Security program for the retired is "financially unsustainable" and needs an urgent overhaul. ...
Paulson said the Social Security program's cash flows are projected to turn negative in under 10 years and that a Social Security trust fund would likely be exhausted in 2041 without urgent reform.
Social Security's unfunded obligation, the difference between the present values of Social Security inflows and outflows less the existing trust funds, equals 4.3 trillion dollars over the next 75 years and 13.6 trillion on a permanent basis, according to the Treasury.
Medicare, which pays medical bills for retired Americans, is facing bigger financial challenges because of soaring health care and drug costs. |
OK!!! Get that from Trailer Park Hank: Social Security faces a 4.3 trillion dollar unfunded liability over the next 75 years?
BIG FUCKING DEAL. George W. Bush blew through 5 trillion in just 7 years, increasing the actual national debt from under $5 trillion to almost $10 trillion. And it wasn't just his war addiction that caused the debt increase. Tax cuts for millionaires and billionaires are a major part of the problem. Bush is a big time "Tax Cut and Over-spend" nutjob, in actuality.
So now they're saying that over 75 years there will be a 4.3 trillion deficit. I think we need to go back to those rich guys and get our money back.
ALSO... the Wall Street bail-outs and the on-going nationalization of real estate by the Fed, Treasury and Fannie Mae/Freddie Mac have a major purpose of halting the decrease in real estate prices. The real problem for average Americans is that their wages need to rise to make housing and health care available.
But instead of doing that, having the government prop up real estate prices mainly benefits the millionaires who are heavily invested in mansions and other tangible assets. The resulting inflation will crucify poor and middle class Americans.
If they think that we will accept getting screwed out of our Social Security checks after having paid in huge amounts over decades, they've got another think coming. We paid in the money and we want it back -- with interest, motherfuckers.
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I ain't no expert on any of this, or anything really, but my understanding is that there's a ceiling on payroll taxes for Social Security -- that after your annual earnings top a comfy but not ridiculous figure (something like $200,000) these taxes stop. So someone making $200k pays the same as someone making $20,000,000.
Crack a hole in that ceiling and the Social Security "crisis" probably becomes a surplus.
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