Amazon 7 #1 December 2, 2010 People keep bringing up that nasty word ENTITLEMENT I am not going to rely only on SS when I retire but for many people who have paid in for a lifetime, its the only thing they have between them and homelessness and hunger. At least there is SOMETHING there Many other senior and not so senior USED to have more but it went poof during the dot com bust and now a couple years ago poof yet again. Say those of you in the fringe right do manage to privatize SS how do you plan to survive when your investments all go poof from the NEXT crash of the financial markets.. or the one after that.. or the one after that. Are you going to be one of those whiney entitlement people expecting the government to feed and house you when you have nothing left because you could not tell a real investment from a scam??? This country has no long term view in business beyond the next business cycle. Do you REALLLY want to dump everything into their pockets and hoe for the best??? Quote Share this post Link to post Share on other sites
skyrider 0 #2 December 3, 2010 Quote People keep bringing up that nasty word ENTITLEMENT I am not going to rely only on SS when I retire but for many people who have paid in for a lifetime, its the only thing they have between them and homelessness and hunger. At least there is SOMETHING there Many other senior and not so senior USED to have more but it went poof during the dot com bust and now a couple years ago poof yet again. Say those of you in the fringe right do manage to privatize SS how do you plan to survive when your investments all go poof from the NEXT crash of the financial markets.. or the one after that.. or the one after that. Are you going to be one of those whiney entitlement people expecting the government to feed and house you when you have nothing left because you could not tell a real investment from a scam??? This country has no long term view in business beyond the next business cycle. Do you REALLLY want to dump everything into their pockets and hoe for the best??? I'm not sure what "righties, (at least it isn't theh "usual suspects" ) you are reffering to, but how is somthing you pay into yoru whole life considered an "Entitlement"? You do realise Entilement is usually reffering Welfare foodstamps/handouts, not what working poeple paid into don't you? Quote Share this post Link to post Share on other sites
billvon 3,132 #3 December 3, 2010 >but how is somthing you pay into yoru whole life considered an >"Entitlement"? Because we guarantee access to those benefits based on legislation. That's the definition of "entitlement." Quote Share this post Link to post Share on other sites
mnealtx 0 #4 December 3, 2010 Quote>but how is somthing you pay into yoru whole life considered an >"Entitlement"? Because we guarantee access to those benefits based on legislation. That's the definition of "entitlement." Couldn't the same be said for a savings account?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
billvon 3,132 #5 December 3, 2010 >Couldn't the same be said for a savings account? Sure, I guess you could call that a "personal entitlement" or something. Most people who discuss entitlement spending are referring to government entitlement programs - programs like medicare/medicaid, social security and veteran's benefits. From a spending perspective they are distinct from discretionary spending. Discretionary spending is set by lawmakers; entitlement spending is set by the number of people drawing from that program. Quote Share this post Link to post Share on other sites
Amazon 7 #6 December 3, 2010 QuoteQuote>but how is somthing you pay into yoru whole life considered an >"Entitlement"? Because we guarantee access to those benefits based on legislation. That's the definition of "entitlement." Couldn't the same be said for a savings account? Ever seen what happens to savings accounts when run away inflation takes over and you are again left with nothing?? Quote Share this post Link to post Share on other sites
mnealtx 0 #7 December 3, 2010 QuoteQuoteQuote>but how is somthing you pay into yoru whole life considered an >"Entitlement"? Because we guarantee access to those benefits based on legislation. That's the definition of "entitlement." Couldn't the same be said for a savings account? Ever seen what happens to savings accounts when run away inflation takes over and you are again left with nothing?? Same thing that happens to a social security check when runaway inflation happens and it can't pay the bills.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Amazon 7 #8 December 3, 2010 QuoteQuoteQuoteQuote>but how is somthing you pay into yoru whole life considered an >"Entitlement"? Because we guarantee access to those benefits based on legislation. That's the definition of "entitlement." Couldn't the same be said for a savings account? Ever seen what happens to savings accounts when run away inflation takes over and you are again left with nothing?? Same thing that happens to a social security check when runaway inflation happens and it can't pay the bills. Seems I remember the COLA kept people on SS in pretty good shape while that stagflation that Ronnie RayGun was going to fix with balanced budgets was running. Quote Share this post Link to post Share on other sites
mnealtx 0 #9 December 3, 2010 QuoteSeems I remember the COLA kept people on SS in pretty good shape Too bad it's been frozen since 2009, then.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Southern_Man 0 #10 December 3, 2010 QuoteQuoteSeems I remember the COLA kept people on SS in pretty good shape Too bad it's been frozen since 2009, then. Not Frozen. Increases in Social Security are tied to the National Average Wage Index. For the past two years, the NAWI has not gone up. In other words, Social Security recipients have fared exactly the same as the workforce as a whole. Social Security benefits are not tied to the inflation rate."What if there were no hypothetical questions?" Quote Share this post Link to post Share on other sites
Amazon 7 #11 December 3, 2010 QuoteQuoteSeems I remember the COLA kept people on SS in pretty good shape Too bad it's been frozen since 2009, then. I was addressing the last time we had high inflation. http://www.socialsecurity.gov/history/notchfile3.html The 1970's were tumultuous years for the Social Security System. In 1972, legislation was enacted designed to automatically keep benefits up to date with inflation while at the same time assuring adequate financing to support the program into the long-range future. In addition, the 1972 legislation provided a one-time increase of 20% in Social Security benefit levels. Almost immediately economic conditions dramatically worsened with serious consequences for the Social Security program. Rapid inflation caused Congress to add additional ad hoc benefit increases. The unexpectedly high inflation also interacted unfavorably with the new automatic benefit formula, and caused benefit costs to eat into the trust fund reserves. During this same period, it became clear that other factors such as disability experience and long-range fertility trends were developing in ways that would undermine the program's financing. By 1977, the long-range actuarial situation of the Social Security system was enormously out of balance and, in the short-range, trust fund reserves were facing exhaustion within a very few years. At the same time, the 1970's was a recessionary period and the prospect of raising taxes -always unpleasant -- was particularly unappealing. Quote Share this post Link to post Share on other sites
kelpdiver 2 #12 December 3, 2010 Quote Seems I remember the COLA kept people on SS in pretty good shape while that stagflation that Ronnie RayGun was going to fix with balanced budgets was running. People, perhaps. Retirees, that is. To pay for it, the rates were substantially increased for those still working. Quote Share this post Link to post Share on other sites
