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I paid it in and I want it back!
Posted: Jul 30, 2011
So, if Social Security is not the issue, why are they talking about cutting it? The C-Span video is at about the 28 minute mark (about 1/4 of the way) http://www.c-span.org/Events/Washington-Journal-for-Friday-July-29/10737423162-1/ When Peter Coy, the Bloomberg Businessweek Economics Editor, appeared this morning on "Washington Journal," he brought along a chart for his discussion of the magazine's cover article, "Why the Debt Crisis is Even Worse Than You Think." But, the chart, purported to show a national fiscal gap, did not match Coy's talking points. As Coy concluded commenting that cuts would be needed to Social Security and other entitlements, C-SPAN moderator Susan Swain pointed out that Coy's chart showed a long-term surplus for Social Security of $22 trillion. Coy confirmed as accurate her interpretation of the chart and, after some stumbling, admitted that, "The trust fund is not the crucial issue." Indeed, his own figures show that it is not an issue at all. So, why did he continue to insist that Social Security cuts are needed? SWAIN: Well one thing just to note..as you're saying Social Security is part of the solution....In this illustration you have here...social security...taxes... let's see.one side is revenue and one side is debt. It shows social security in a surplus. Right. 132 in what is receives versus 110 trillion? Am I reading that correctly? So, people who social security be set aside we've paid into it it's really solvent for right now. Why should that be part of the discussion? COY: That 's a good point. The social security numbers...the trust fund is not the crucial issue. That's why people say that medicare is where the bigger problem...but, social security...um... probably going to have to have a higher...um...retirement age..but, you know...funny thing...I think that's a good point you're making there. I'm going to go back and look at that more closely for next week's story. ;
How can the people who defend - sm
[ In Reply To ..]the corporations rights to pay NO taxes, then turn around and want to take away the social security benefits that we have worked for and paid for all of our working lives? I just don't get it.
Nobody is trying to take SS benefits away.nm - Independent
[ In Reply To ..]nm
When they say they are cutting 1.5 trillion in "entitlements" - you think it won't be touched?
[ In Reply To ..]I like your math.
Exactly - sm
[ In Reply To ..]It's like the same people that said they didn't want government butting its nose into healthcare and sure as heck better stay away from their Medicare.
It has to come from somewhere and they have made very clear that there is no sacred entitlement that they'll hesitate to take from. It's a shame that they can't just take the entitlements from the people who voted for these yokels since they obviously have no need from them (and I hope to be a fly on the wall when they start realizing what actually falls into that category).
SS and Medicare will go broke. Must do something. - SS is not being taken away, but
[ In Reply To ..]they might raise the retirement age to collect it. What would be YOUR idea, huh?
How about eliminating the contribution cap for one. - How 'bout SS not used to fund wars. nm
[ In Reply To ..]
How about treating SS deductions from your paycheck...sm - oldtimer
[ In Reply To ..]like an insurance policy that only kicks in when and if your income falls below a certain amount after retirement? I also agree with raising the retirement age by small increments and raising the cap on yearly paycheck deductions.
It really makes me laugh when the people who are for the bill think that somehow their SS will not be touched and that saying so is just a democrat scare tactic! I would also like to be a fly on the wall when the proverbial "lightbulb" goes off and the republican middle class realizes they have been snookered.
I agree with part - sm
[ In Reply To ..]I agree with your insurance idea. SS was intended as a safety net. I disagree with raising the age. Some people (especially the low income) have had manual labor jobs most of their lives. By the time they hit their 50s, the knees, hips, brains :), are all starting to deteriorate pretty quickly and they cannot perform the work they used to do. I think it is cruel.
It will be quite the lightbulb moment--that is for sure.
I didn't hear or read that they said they are - sm
[ In Reply To ..]cutting 1.5 trillion in SS benefits. I thought it said entitlements. SS is not going to be touched and I hope people don't listen to the democrats scare tactics. Luckily it hasn't worked yet for them. Thank God people are smarter than that.
They are calling Social Security an entitlement - What is that deduction on my check?
[ In Reply To ..]That I have been paying on since I was 16?
Thats the problem. Many people are NOT "smarter - than that" and believe dems scare tactics.nm
[ In Reply To ..]nm
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