Payroll Tax Cuts: Will They Bankrupt Social Security?

Nov 30, 2011 | Posted by: roboblogger | Full story: WJR-AM Detroit

The Democratic winds of high-income taxation are picking up and the Republican thunderheads of off-setting spending cuts are rolling in as Capitol Hill braces for yet another partisan thunderstorm.

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foxk ministree

B M Goldwater A F Range, AZ

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#1
Nov 30, 2011
 

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wow-beautee pic robotteee! ;) uncle chichiWa ;-0

“Open your eyes”

Since: Sep 09

Central Florida

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#2
Nov 30, 2011
 

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<----prefers to opt out of the SS plan.

Since: Aug 10

Atlanta, GA

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#3
Nov 30, 2011
 

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If Washington would like to see riots erupt on the Capitol steps, bankrupt social security and tell those who are currently getting it and those, like myself, who have invested in it for most of my life that there is no more money. Don't think for a minute that "old" people would just walk away without a fight, especially when we've seen a lifetime of government waste and mismanagement.
Beguiled

Miami, FL

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#4
Nov 30, 2011
 

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Kahoki wrote:
<----prefers to opt out of the SS plan.
Where can I sign up to opt out? No way I'm gonna get more out of it than I pay in like today's SS beneficiaries.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

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#5
Nov 30, 2011
 
It doesn't really matter if the tax cut is extended or paid for or whatever. It's just another dog & pony show for the 2012 elections.

Everyone knows social security will be "fixed" with whatever changes are necessary to keep the system going pretty much as it is. Anything else would be political suicide with over 60 million voting baby boomers starting to retire.
last weddday

B M Goldwater A F Range, AZ

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#6
Nov 30, 2011
 
Kahoki wrote:
-->!<--prefers to opt out of the SS# plan.
;)
last weddday

B M Goldwater A F Range, AZ

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#7
Nov 30, 2011
 
Beguiled wrote:
<quoted text>
Where can I sign up to opt out? No way I'm gonna get more out of it than I pay in like today's SS beneficiaries.
King Jame NBAss#23! ;)
YouHelpFixIt

Scottsdale, AZ

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#8
Nov 30, 2011
 

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tidy catz wrote:
If Washington would like to see riots erupt on the Capitol steps, bankrupt social security and tell those who are currently getting it and those, like myself, who have invested in it for most of my life that there is no more money. Don't think for a minute that "old" people would just walk away without a fight, especially when we've seen a lifetime of government waste and mismanagement.
And what would you say to the people who are paying into it right now (so you can get your monthly payoff) but have no hope of actualy collecting because you and you ilk vilify anyone who tries to change it.
Beguiled

Miami, FL

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#9
Nov 30, 2011
 

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YouHelpFixIt wrote:
<quoted text>
And what would you say to the people who are paying into it right now (so you can get your monthly payoff) but have no hope of actualy collecting because you and you ilk vilify anyone who tries to change it.
He would say Let Them Eat Cake, I Gots Mine!
CBOW

East Berlin, PA

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#10
Nov 30, 2011
 

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It won't be payroll tax cuts that "bankrupt" the SS system, it will be politicians like Pelosi borrowing from it to fund side projects and hiding it with "creative accounting" techniques.
pawn shoppin

B M Goldwater A F Range, AZ

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Nov 30, 2011
 

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YouHelpFixIt wrote:
<quoted text>
And what would you say to the people who are paying into it right now (so you can get your monthly payoff) but have no hope of actualy collecting because you and you ilk vilify anyone who tries to change it.
U r NSA boss move yo ISpiss all over the URL ;-000000
serfs up

Kissimmee, FL

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#12
Nov 30, 2011
 
YouHelpFixIt wrote:
<quoted text>
And what would you say to the people who are paying into it right now (so you can get your monthly payoff) but have no hope of actualy collecting because you and you ilk vilify anyone who tries to change it.
Back in the 1980's there was a mass movement to change the social security system. The elderly and the progressives at that time nullified that. They ended up raising the social security tax several times and raising the age to collect. The baby boomers were in their prime working years and it was possible then. If you really expect the boomers to walk away from their retirement then you are dreaming. It is possible however that the checks collected will be worth less as the years go by through high inflation. I don't blame younger people for being frustrated. Maybe changes can be made to accomadate all and maybe we can start to get some real growth back in America again to soften the blow.
davy

Albuquerque, NM

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#13
Nov 30, 2011
 

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Yeah, because Republicans have NEVER done that.
CBOW wrote:
It won't be payroll tax cuts that "bankrupt" the SS system, it will be politicians like Pelosi borrowing from it to fund side projects and hiding it with "creative accounting" techniques.
YouHelpFixIt

Nottingham, MD

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#14
Dec 1, 2011
 
serfs up wrote:
<quoted text> Back in the 1980's there was a mass movement to change the social security system. The elderly and the progressives at that time nullified that. They ended up raising the social security tax several times and raising the age to collect. The baby boomers were in their prime working years and it was possible then. If you really expect the boomers to walk away from their retirement then you are dreaming. It is possible however that the checks collected will be worth less as the years go by through high inflation. I don't blame younger people for being frustrated. Maybe changes can be made to accomadate all and maybe we can start to get some real growth back in America again to soften the blow.
Social security is indexed to inflation, so if the dollar is worth less they will just get more dollars.

I hope you are right about real changes being possible, but to get to that point we need to educate the people that the money handed out is not free, the trust fund is no more than US treasuries that must be paid for by taxpayers when cashed, that social security is now often sending out more than it collects, and that the system will eventually fail if it is not changed.

It was very refreshing to hear that as of lately some people are starting to realize that it is ponzi scheme.
YouHelpFixIt

Nottingham, MD

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#15
Dec 1, 2011
 

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davy wrote:
Yeah, because Republicans have NEVER done that.
<quoted text>
You are correct, both parties have spent well beyond our means.

But there never was a seperate trust fund for them to raid. They spent everything from the very begining, exactly the was it was designed. The only asset the Social Security Trust fund has ever has was US Treasury securities. Every dollar used buy those securities has already been spent. As those securies are cashed in taxes will have to be raised or more money borrowed to pay for them.
CBOW

East Berlin, PA

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#16
Dec 1, 2011
 
davy wrote:
Yeah, because Republicans have NEVER done that.
<quoted text>
This is about crooked politicians getting caught with their hand in OUR cookie jar, not dems versus reps. The sooner you realize it's us against THEM, the better off you will be.
davy

Albuquerque, NM

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#17
Dec 1, 2011
 
Is that why you mentioneD Pelosi but not Boehner or Cantor?

CBOW wrote:
<quoted text>
This is about crooked politicians getting caught with their hand in OUR cookie jar, not dems versus reps. The sooner you realize it's us against THEM, the better off you will be.
CBOW

East Berlin, PA

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#18
Dec 1, 2011
 
davy wrote:
Is that why you mentioneD Pelosi but not Boehner or Cantor?
<quoted text>
I used Pelosi as an example because I am aware of her dealings in misuse of the SS fund, the other guys, not so much. But you are more than welcome to add your two cents on those guys if you like.

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