You should see those Delta hotties
On Wednesday, President Bush claimed young Americans face a future of an empty Social Security system.
"If you have a child who is 25 years old, when that person gets near retirement, the system will be bankrupt."
The Bush Administration is seeking to implement changes aimed at stabilizing Social Security for the foreseeable future by cutting benefits Big Time for our generation. The plan is to reduce Social Security costs...by reducing Social Security benefits. Pretty simple.
People would get to invest their own Social Security taxes, too, although where that will leave you is a gamble. The benefit cuts are guaranteed; the investment rewards are not. Even people who don't invest get their benefits cut.
While most agree Social Security needs more money over the long term since people are living longer, skeptics warn the President's words may create a darker impression than reality. Bush's former opponent, Senator John Kerry went so far as to claim the President is playing up a "phony crisis in Social Security" to further his own plans to cut back the system.
Welll, the reality is that Social Security will still be around when today's MTV watchers and Lil' Bow Wow listeners retire. While the system - were it to remain as is - would no longer have enough funds to pay full benefits sometime around mid century, according to the Congressional Budget Office Social Security will still be able to pay 80% benefits through out the century.
Trying to figure out how to get your money from 80% to 100% paid is a little different that trying to climb out of bankruptcy. Check out the USA Today fact check thingy for more info.
So relax, you may not be able to afford South Florida, but south Mississippi has beaches and warm weather too, at less than 80% of the cost!
On second thought, south Missisippi sounds more like the Bush Social Security plan....At 80% you can still find a little spot with the Fockers in Coral Gables....
-- Miles Granderson
"If you have a child who is 25 years old, when that person gets near retirement, the system will be bankrupt."
The Bush Administration is seeking to implement changes aimed at stabilizing Social Security for the foreseeable future by cutting benefits Big Time for our generation. The plan is to reduce Social Security costs...by reducing Social Security benefits. Pretty simple.
People would get to invest their own Social Security taxes, too, although where that will leave you is a gamble. The benefit cuts are guaranteed; the investment rewards are not. Even people who don't invest get their benefits cut.
While most agree Social Security needs more money over the long term since people are living longer, skeptics warn the President's words may create a darker impression than reality. Bush's former opponent, Senator John Kerry went so far as to claim the President is playing up a "phony crisis in Social Security" to further his own plans to cut back the system.
Welll, the reality is that Social Security will still be around when today's MTV watchers and Lil' Bow Wow listeners retire. While the system - were it to remain as is - would no longer have enough funds to pay full benefits sometime around mid century, according to the Congressional Budget Office Social Security will still be able to pay 80% benefits through out the century.
Trying to figure out how to get your money from 80% to 100% paid is a little different that trying to climb out of bankruptcy. Check out the USA Today fact check thingy for more info.
So relax, you may not be able to afford South Florida, but south Mississippi has beaches and warm weather too, at less than 80% of the cost!
On second thought, south Missisippi sounds more like the Bush Social Security plan....At 80% you can still find a little spot with the Fockers in Coral Gables....
-- Miles Granderson
posted by Anonymous at 5:40 PM
2 Comments:
I am old now but I remember when I was young - thatsafety net of SECURITY of social security neabled me to take a lot a fun chances and make for job flexibility and I did not have to stick with a boss just because that person was offering a pension. Pensions can be mismanaged too. Privatizing does of course mothing to safe social security at all and was done in Argena and Britain anf failed in both places.
Todays young people will be working in several different jobs so pension may not transfer anyway- don't let them get discouraged that social security is done for - that is a lie and young people will feel hopeless needlessly. We hae enough other stuff around the corner like global warming and nuclear threats- social security just needs small fixes like increasing by a couple of % the amount put in and maybe limiting the checks to those who did not strick it rich as we hope all of you will but may not achieve- have a good life!!!
Yours truly, 65 and still learning
Ya, you're right, we should just relax and let the gov't take our money. Why worry about getting only 80% of my money back? After all who needs that extra 20%, it's not like health care and real estate cots are rising anyways...
As to the above post "social security just needs small fixes like increasing by a couple of % the amount put in and maybe limiting the checks to those who did not strick it rich". WTF does that mean? Let's tax the current generation a lot and then pay them back at our discretion??? Get off this board old man, you're out of touch.
-UCSB Student
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