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POLITICS: Bush Warns of Social Security Bankruptcy

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posted on Jan, 15 2005 @ 09:57 AM
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Warning that Social Security is on the road to bankruptcy, President Bush took his message to the people in his weekly radio address. Setting the stage for what is likely to be a major battle with congressional Democrats. Bush's plan to privatize some of the Social Security tax is even under fire from within his own party. Calling the system sound for current retirees, Bush pointed to the pending 2042 crisis when the trust fund no longer can cover all of its obligations.
 



story.news.yahoo.com
WASHINGTON - President Bush said Saturday that Social Security "is on the road to bankruptcy" and unable to pay promised benefits to future generations, raising the stakes in a major political battle with Democrats.

Bush used his weekly radio address to try to build support for his plan to allow workers to divert part of their Social Security payroll taxes into private investment accounts. Democrats accuse him of exaggerating the problem to sell a plan that would scale back Social Security.

Bush said the cost of fixing the system grows larger each year, and he quoted Social Security trustees as saying that waiting just one year would add $600 billion to the price of a solution.


Please visit the link provided for the complete story.


The problem I fear is that no politician wants to touch this political hot potato until the crisis is upon us. Fixing it now would be far better. The benefit levels need to be dropped and they need to stop giving it to everybody that land on our shores. My case in point? My grandmother in law who arrived in this country in 1979 got more Social Security money than did my grandmother who was born here. The system needs more than a little tweaking it needs a top to bottom overhaul.




posted on Jan, 15 2005 @ 10:50 AM
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The only problem with social security is the one that the government is creating to deep its nasty hands in it.

Through the years our elected officials has wanted to get that money but none of them has dared to do it.

Now we have somebody that is all for "privatization" and so far has prove to be a big spender and now He is the one that is going to reform it?

Guess what!! I don't trust him or any of his cronies.

I think the deficit should be prove enough of how our president does his finances.



posted on Jan, 15 2005 @ 10:55 AM
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Bush is having a hard time selling his plan. Thats why he's saying without his new plan it will go bankrupt.



posted on Jan, 15 2005 @ 11:12 AM
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It's just a way of getting a huge influx of money into the stock market. This will allow companies to get back to the "record setting" profits of the 90's.
The average american isn't going to make any serious money playing the market...its to provide an influx of capitol in an attempt to jumpstart the economy.
Most people don't that they have the power to regulate corporations. They don't know that they can change the way business is done. As an example, it could be made illegal for an American company to employ anybody but Americans. Did you know that? The American people could put a stop to "outsourcing" if they knew how.

Thats also why you won't see that information.

Capitolism is not "the American way". Its a system of economics. If the American people wanted to create laws and regulations for corporations that benefit the people...they ar legally able.

...of the people, by the people, for the people.......



There is no friend anywhere - Lao Tse



posted on Jan, 15 2005 @ 11:24 AM
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What the hell would W care about 2042.
He can't work out what's been going since 2000.



posted on Jan, 15 2005 @ 12:08 PM
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[move][/move]

There is much more going on here - and the public has a right to be fully informed.

Most important - a disease called fibromuscular dysplasia (FMD) is epidemic in the USA, and infects nearly 100% of the adult population. It usually progresses very slowly and takes decades to create clinically verifiable symptoms - it causes early physical or mental disability - and it's always eventually fatal, causing heart attacks, cancer and stroke.

...Offloading Social Security is just another way of weaselling out of responsibility for containing this epidemic, and dumping the costs on unsuspecting victims. ...The kicker is - it's now possible to prevent FMD's spread and transmission, and prevent disease progression.

Please watch for my research thread on FMD - coming soon.



.

[edit on 15-1-2005 by soficrow]



posted on Jan, 15 2005 @ 12:11 PM
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FEAR = FUNDING

GREED = CORRUPTION

IGNORANCE = BLISS



posted on Jan, 15 2005 @ 01:13 PM
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I agree Social security will go bankrupt.... in about 40 YEARS!!!!

Congress has been using the 'Trust' fund to bolster its bottom line. Practailyl borrowing from it to balance budgets. Also there has been no rate or benifit increase in Social security for years.

Sadly Bush thinks this is going ot be his one legacy to leave to the generations to come and no one is able to tell him otherwise



posted on Jan, 15 2005 @ 01:25 PM
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Originally posted by soficrow
[move][/move]

There is much more going on here - and the public has a right to be fully informed.

Most important - a disease called fibromuscular dysplasia (FMD) is epidemic in the USA, and infects nearly 100% of the adult population. Please watch for my research thread on FMD - coming soon..

[edit on 15-1-2005 by soficrow]


I heard about that I though that the disease affect people in the colder weather, I will like very much to read your research.

My daughter is in majoring in biology and she is studying diseases now, and they are on a research project about ebola and the mutations of the diseases.



posted on Jan, 15 2005 @ 05:34 PM
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I've heard three different dates as to when SS will become insolvent under today's model.

Remember that Social Security is a system that was born in 1935. It's long overdue for some modernization.

Privatization of part of your SS contribution is not intended to make money in the market overnight. Think of it more like a 401K plan - it is intended for the long term investor. That's why the younger worker will be the one to benefit more from this plan.

And remember, you can't invest all of your contribution, and participation is voluntary.



posted on Jan, 15 2005 @ 05:43 PM
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Originally posted by jsobecky

Remember that Social Security is a system that was born in 1935. It's long overdue for some modernization.



I agree that it needs some changes, and is nothing wrong with investing the smart way.

But the elderly ready to retired and people that are already in their middle age is the one that are going to get the short hand of it.

Yes, you have a choice but you will not have a choice on what you will received.

While you will pay the same the returnd at the end of your working years will be cut.

[edit on 15-1-2005 by marg6043]



posted on Jan, 15 2005 @ 05:45 PM
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Originally posted by jsobecky
Privatization of part of your SS contribution is not intended to make money in the market overnight. Think of it more like a 401K plan - it is intended for the long term investor. That's why the younger worker will be the one to benefit more from this plan.

And remember, you can't invest all of your contribution, and participation is voluntary.



Ahhh, but if fewer and fewer are paying into SS, what will happen to those of us, 40s and older, who will not have enough years to provide our own nest eggs?
Does anyone really have an answer for that??????



posted on Jan, 15 2005 @ 05:51 PM
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DontTreadOnMe

You are in the same wagon that I am, we are the ones that will see the short end of the deal.

It should be age guide lines, perhaps it should only start with and age range and they should leave us the way we are right now.



posted on Jan, 15 2005 @ 06:02 PM
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I personally hope it does go bankrupt. I'm ready to say..."well, you got away with that much from me!" as long as I have the option from now on to invest for my retirement as I see fit and not be robbed blind monthly with the hope of having nothing but about 1 grand per month when my med bill will be about $500 a month.

They just need to stop taxing me without representation...and that is EXACTLY what the social security tax is.



posted on Jan, 15 2005 @ 06:03 PM
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OMG, look at who's working on the Social Security, the person who's run many businesses into the ground!!! Let someone capable look at it and take their time, say 3 years to make amends to it. *sniff*



posted on Jan, 15 2005 @ 06:04 PM
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dammit dgtempe....

STOP GIVING THEM POINTERS! I'm never going to get out from under this robbery if you keep trying to fix things.




posted on Jan, 15 2005 @ 06:07 PM
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Actually Val, I though the SS is volunteer you can ask your employer to stop paying it and let you do it, I remember I was freelancing for about 3 years and I had to paid for my taxes and I did but I did not pay any SS for that time, I was send letters explaining why I needed to pay, and the benefits of it, but never they said that I was bind to pay.



posted on Jan, 15 2005 @ 06:08 PM
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Originally posted by marg6043
Actually Val, I though the SS is volunteer you can ask your employer to stop paying it and let you do it, I remember I was freelancing for about 3 years and I had to paid for my taxes and I did but I did not pay any SS for that time, I was send letters explaining why I needed to pay, and the benefits of it, but never they said that I was bind to pay.


Nope...you were breaking the law... LOL. You go girl. (If you need a character witness call me.)



posted on Jan, 15 2005 @ 06:10 PM
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Originally posted by Valhall

Nope...you were breaking the law... LOL. You go girl. (If you need a character witness call me.)


Oh darn, I will be giving you a call from the bird house.



posted on Jan, 15 2005 @ 06:11 PM
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Okay, I'm going to say

"That crazy hispanic chick didn't know! I swear!"

Let me know if that will work.




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