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The Water Cooler
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Where did the idea of retiring at age 62 and living off the gov come from
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<blockquote data-quote="Hobbes" data-source="post: 2054334" data-attributes="member: 3371"><p>A few things to keep in mind:</p><p></p><p>Workers have been paying more into the SS trust fund than was paid out for decades building up a 2 Trillion dollar surplus.</p><p>Our congress critters, over the years, have borrowed that money and replaced it with IOUs, bonds payable on demand.</p><p>Today the baby boomers are retiring and now the amount that workers pay in equals the amount payed out, but soon it won't equal and SSA will have to start cashing some of those IOUs.</p><p>The SSA can cash those IOUs gradually and continue to pay full SS benefits until at least 2031.</p><p>Evem when the 2 Trillion dollar trust fund is redeemed and exhausted SS won't be totally bankrupt because they will still have the FICA taxes that are being paid in as a source of revenue that can pay 75 cents on the dollar even after all the IOUs have been redeemed. That's even if no changes are made to SS.</p><p></p><p><strong>We have politicians and lobbyists today on both sides who don't want to pay back the money they borrowed from the SS trust fund.</strong></p><p></p><p>Some of them are Democrats who don't want to pay that money back because they would rather spend that money on other things. (see ObamaCare_)</p><p>Others are Republicans who don't want to pay that money back because they would rather spend that money on other things. (see tax cuts and defense spending )</p><p></p><p>They can't come right out and say that of course so they resort to misinformation like "people are living a lot longer than they used to" OR "SS will go bankrupt and you will never see a penny you are paying in".</p><p></p><p>The bottom line is that there is a war on for your mind, to borrow a phrase, and lots of folks in DC that are desperate to brainwash us all, err, convince us all that SS must be "reformed" or ended altogether because it is "unsustainable".</p><p>It's only "unsustainable" if they refuse to sustain it and they convince you to go along.</p></blockquote><p></p>
[QUOTE="Hobbes, post: 2054334, member: 3371"] A few things to keep in mind: Workers have been paying more into the SS trust fund than was paid out for decades building up a 2 Trillion dollar surplus. Our congress critters, over the years, have borrowed that money and replaced it with IOUs, bonds payable on demand. Today the baby boomers are retiring and now the amount that workers pay in equals the amount payed out, but soon it won't equal and SSA will have to start cashing some of those IOUs. The SSA can cash those IOUs gradually and continue to pay full SS benefits until at least 2031. Evem when the 2 Trillion dollar trust fund is redeemed and exhausted SS won't be totally bankrupt because they will still have the FICA taxes that are being paid in as a source of revenue that can pay 75 cents on the dollar even after all the IOUs have been redeemed. That's even if no changes are made to SS. [B]We have politicians and lobbyists today on both sides who don't want to pay back the money they borrowed from the SS trust fund.[/B] Some of them are Democrats who don't want to pay that money back because they would rather spend that money on other things. (see ObamaCare_) Others are Republicans who don't want to pay that money back because they would rather spend that money on other things. (see tax cuts and defense spending ) They can't come right out and say that of course so they resort to misinformation like "people are living a lot longer than they used to" OR "SS will go bankrupt and you will never see a penny you are paying in". The bottom line is that there is a war on for your mind, to borrow a phrase, and lots of folks in DC that are desperate to brainwash us all, err, convince us all that SS must be "reformed" or ended altogether because it is "unsustainable". It's only "unsustainable" if they refuse to sustain it and they convince you to go along. [/QUOTE]
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