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Title: Rick Perry is Right: Social Security Really is a Ponzi Scheme
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Dissenting Opinions
URL Source: http://jwpegler.blogspot.com/2011/0 ... -is-right-social-security.html
Published: Sep 10, 2011
Author: Eric Blankenburg
Post Date: 2011-09-10 21:05:00 by jwpegler
Keywords: None
Views: 114700
Comments: 228
Rick Perry's comments during this week's GOP debate at the Reagan library has caused quite a stir in the liberal media. During the debate, Governor Perry defended the words in his book, calling Social Security a "Ponzi scheme". After the debate, the "analysis" on MSNBC was truly fun to watch as every commentator sat shelled shocked over the fact that a politician would dare to use these words to describe America's most sacred welfare program. The only person on the panel who had a clue about what might be going on was Ed Schultz who at one point questioned whether or not whether young people would stick with Obama or jump on the Perry bandwagon. Unlike the political and media establishment in this country, young people understand that they are going to get the short end of the Social Security "inter-generational compact". Schultz surprisingly realized that Perry's message might resonant with young people. Let's take a quick look at the Social Security system and see if Perry might be on to something. The people who got into the Social Security system very early got back on average 15 times the amount of money they paid in. They got a great deal and were raving proponents of the system. The people receiving Social Security benefits today are getting back on average 2 1/2 to 3 times what they paid in. They are also generally strong proponents of the system. Today, Social Security is paying out more every year than it takes it. We are borrowing money from the foreigners, like the Chinese and Saudis to pay current benefits. As the huge Baby Boom generation retires, the amount of debt we incur each year will quickly escalate until it blows up in our face and old people without resources really do wind up in the street. So, what happens when my generation starts to retire in 15 to 20 years and what will happen to my kids? We will all be left holding the bag. There is a financial MODEL that describes this. The model is called a Pyramid scheme or Ponzi scheme or a Bernie Madoff scheme. The people who get it in early make out like bandits and the people who get it late get screwed. That is exactly how the Social Security system will play out. The fact is that the Social Security is a pay-as-you-go welfare system that transfers money from young, struggling families to relatively well-to-do retired people. There isn't any "trust fund". The words "trust fund" are used to describe a mountain of debt. A mountain of debt is NOT a trust fund. It's a mountain of debt. Today, the mountain of debt in the Social Security system is so great that it cannot be paid. Peel away the emotion, the Orwellian language about the "trust fund", and the other political rhetoric, and just look at the financial facts. Then this all becomes very clear. Rick Perry is absolutely right and I am actually impressed that a politician would tell the truth about this. It's truly amazing. The big question is what can be done? Long term, people need to be able to save for their own retirements. Social Security needs to be taken back to it's roots as a program that supplements the income of retirees who are truly poor, through no fault of their own. Today, 25% of people over 65 have pension or investment income that places them in the "wealthy" category. They still get Social Security benefits, so long as they don't work for their income. Why should young struggling families hand money over the wealthy retired people? They shouldn't. Means testing Social Security will go a long way to make it solvent for the future. When Social Security was implemented, the retirement age was 65. The average life expectancy was 59 for men and 61 for women. Most people didn't live long enough to get a check. Today, the retirement age is still 65. However, life expectancy is 73 for men and 78 for women. The math just doesn't work. We need to gradually raise the retirement age to keep up with life expectancy. Bravo to Perry for telling it like it is. I certainly agree with Ed Schultz that a lot of young people will find this message appealing. The other group who should find this message appealing are wealthy retirees who are stealing from their children's and grandchildren's future. Will they finally put their selfishness aside and say: "no more"? Probably not, but we'll see.
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#29. To: eskimo (#28)
The people who got into the Social Security system very early got back on average 15 times the amount of money they paid in. Nonsense! I also said it was nonsense - I highlighted that passage to re-explain to the stupid GOPers that SS is an insurance program that is not an investment.
With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
You are as ignorant as you are stubborn. AARPs are a political lobby that comprise a tiny minority of stupid liberal/socialist slugs. Gut up you ignorant fool and direct the blame for your anxiety where it belongs, the government you now still are so godamned scared of confronting.
Well, you are correct. What in hell is wrong with the a$$holes who decide it is easier to blame the older victims of government theft for their own chicken shit, cowardly, ineptitude in correcting the situation in their own time?
SS is not theft.
With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
LOL! What happens if you do not pay? Guys with guns come to wring it out of you or put you in prison. What do you call that?
It is a government program and does not function like any commercial insurance program. With the government program, the "insurer" can change the benefits at any time and in any manner of its choosing. You can pay in for 40 years, retire, and the government may increase, decrease, or eliminate the benefits. There would be political consequences, but the government has the power to do it. An insurance company cannot unilaterally absolve itself of responsibility. The only government responsibility is to pay in accordance with the effective law, but they can always change the law. The fund itself basically consists of bookkeeping entries. The money collected has been transferred to the general fund and spent. The government is over $14T in debt. The amount in the fund, including any interest, is a bookkeeping entry. It is payable by the U.S. government. If the government does not have the funds, there are few ways to produce the funds on demand. They can just print money which acts like a tax, decreasing the value of all existing U.S. currency, and the value of all savings. They can collect the amount needed with revenue, but that is just handing the bill to the people to pay them what they are owed (or what is due by law). They could borrow the money, or perhaps sell some national infrastructure. In its current form the system will go bust. Effective reform means changing the eligibility or benefits to reduce the overall payment to beneficiaries, or to increase the revenue stream coming in.
Is that was what promised? Is that the fault of those who had their money confiscated by a criminal government?
No. Every single credible politician over the last 50 years has been scared to death to tell the truth about Social Security, because the Greedy Geezer Lobby is too powerful. Why are the politicians scared? Because old people vote and they love Social Security. This is a well know fact. No amount of huffing and puffing with change that fact. We finally have a very credible politician who stands up and tells the truth about Social Security being a Ponzi Scheme. It tells me that something in the country is changing. That's a good thing.
You are new on this board. I already like you because you deal in facts. No, Social Security does not function like any commercial insurance program. The Social Security "trust fund" does not function like any private trust fund either. The whole system is a fraud. The big question is how do we unwind it? That's what I'm trying to address. We can't sit here and just say: "I paid in so I want my money". The math doesn't add up. The system needs to change.
My 60+ year-old friend told me his Dad said, "Social Security is enough to starve on."
Bullshit! You need to face the fact that you are too godamned timid to tell the government criminals that they are no longer going to take your future from you. You pussies need to gut up and tell the politicians of your time to kiss your ass. What in hell is wrong with you?
Commercial insurance companies change their benefit programs all the time and in many cases they don't pay out.
With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
Can you cite an instance of where all contributions have been completed, as with a retiree, the plan payout is due, and the company simply decides not to pay for any reason other than default (bankruptcy)?
Government has proven that it can NOT be trusted with the peoples wealth. SS is paid for thru 2024. Your Unfunded cheney wars? Not so much...;} Egyptian Junta Vows 'Harsh Measures' Against Dissent by Jason Ditz, September 11, 2011 | Print This | Share This | Antiwar Forum Underscoring just how thin their commitment to the Arab Spring protest movements actually is, the Obama Administration is loudly demanding that the Egyptian military junta launch a crackdown on dissent to “meet its obligations under the Vienna Convention.” They warned the junta of “consequences” if they didn’t crush the protests around the Israeli Embassy.
I can see why you've had banning issues here and elsewhere...8D
None. Only because the US Gov't has been systematically robbing the SS Fund since Nixon.... And leaving IOU's. It's the Unfunded Wars....How many are we waging now?.... 8D
SS is good to at least 2024.
SS is no different from any other pooled risk that gets paid out... A ponzi scheme never has the funds to pay for itself...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
And leaving IOU's. They only borrowed $2.6 trillion from Social Security. Over the next 75 years, Social Security, Medicare, and Medicare will run deficits of $211 trillion. The system no longer works. It need major surgery or it is going to collapse.
Government has proven that it can NOT be trusted with the peoples wealth. While it is true that the government cannot be trusted, the Social Security system cannot be abolished today because the Greedy Geezer Lobby (AARP) is too powerful.
40 million people is not a tiny minority of stupid liberal/socialist slugs. What other political pressure group has 40 million members?
They only borrowed $2.6 trillion from Social Security. Over the next 75 years, Social Security, Medicare, and Medicare will run deficits of $211 trillion. BUWAHAHAHAHAHA ...,intake....BUWAHAHAHA 8D Didn't know you were tracking....LMFAO ONLY $2.6 Trillion You can't even imagine what $2.6 Trillion is. And when did they pay it back? When did they plan on paying it back? At Interest? Say 5% interest (which is fucking low ball over 30 years. Suppose your 30" wiast grows at 2%. How big will it be in 50 years. 80 inches! So SS should have at $7 Trillion owed to it by the US Gov't JUST on interest.
But as an actuary, you war, of all people should know that SS is solvent. It's the thieves of US Gov't 'borrowing' and 'leaving' IOUS. Until we talk UNFUNDED WAR and that EVERY WAR SINCE WWII has been illegal, we're talking nothing but bullshit... Masters and Slaves. The longer we keep up this charade, the harder we will fall. Then again, that presents a huge dilemma, the essence of our human tragedy. As long as our leaders and media deny the reality of what's happening, we are all too eager to follow. We're therefore pretty much guaranteed to walk, nay run, into our own traps eyes wide open. For who wants to see this all for what it is? Who's ready for the fall?
Take away my SS and you'll have to bring the troops home. Cause we'll be in the Winter of 32/33 when 7 million in FlyOver Country starved to death. No Food Stamps then either....;} Rip up the Social Contract and see how long you can keep driving your Beamers....;}
You're missing the point as usual. The money they borrowed is a tiny drop in the ocean of red ink that Social Security, Medicare, and Medicaid will run up over the next 75 years. A tiny drop. The fact is, the federal government doesn't have any mechanism to save money. They can't open a bank account. They can't invest in the stock market. They only choice they had was to spend what they took it. What they should have done over the last 3 decades, is allow people to divert a portion of their Social Security taxes to private accounts. If they had done that instead of spending the money, people would have $2.6 trillion in their own retirement funds, which could lesson the burden on the system, provided that the system is reformed to cut off people with substantial pensions and investment incomes. Both parties decided to spend the surpluses instead. Regardless, what is done is done. We can't go back and undue it. The question is how to move forward. I've already outlined what I would do.
The money they borrowed is a tiny drop in the ocean of red ink that Social Security, Medicare, and Medicaid will run up over the next 75 years. A tiny drop. No, and here's why. The past to Nixon that Trillions have been stolen from the SS Funds for Unfunded War is FACT. The next 75 YEARS? R U Serious? Can you give me ANYTHING that guarantees out 75 years?
Like this. We won't have nearly the amounts of oil needed for anything like civilization in 75 years, and you're talking SS Funding? 8D please.
This does NOT include the current and proposed reductions in the payroll tax, which will make the annual deficits much worse. Medicare is in much worse shape than Social Security.
Dawn Kay-Woods filed suit against Minnesota Life Insurance Company alleging the insurance company violated the Illinois Consumer Fraud Act by failing to pay an insurance claim after her husband died in a one-vehicle car crash on March 7, 2007. http://www.madisonrecord.com/news/208897-insurance-company-sued-for-not-paying-off- mortgage-after-husbands-death
With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
Law enforcement.
------------------------------------- Your so-called deficit was anticipated and prepared for decades ago - that's why there is $2.6 trillion in the trust fund (and please - I know the cash has been replaced by IOUs as you call them). If I save money for my retirement, retire, and begin to spend down my savings put aside for that purpose, do I claim my finances are in deficit?
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
People who got in early received 15 times the amount of money they put it. Current retirees are receiving back 2 1/2 to 3 times the amount of money they put in. By 2037, retirees will only get roughly 76 cents back for every dollar that they put into system. Raising the cap on earnings will mean that people will get back less than 76 on the dollar. Like all Ponzi schemes, Social Security is a bad deal for people who get in late. The right thing to do is treat this like another welfare program. It should be reserved for retirees who are poor. Retirees who have substantial pension and/or investment incomes should be booted off the dole now. Young people should be able to put a portion of the payroll tax into their own retirement account.
You want government to mandate that people use their SS contributions to buy financial instruments, put it in bank accounts and invest in the stock market? Haven't you opened your eyes during the last five years?
So you are saying that 13% of Americans who are old "stupid liberal/socialist slugs" is some sort of unsurmountable political problem?
Have you lived in America for the last several decades??? If so, then you already know what the answer is. A lot of Americans are under 18 years old. They can't vote. Of the people over 18, there are 169 million registered voters. AARP membership is 24% of the voting population, not 13%. Old people vote at a much higher rate than than young people. There are a about 40 million people over 65 in the U.S. There are 40 million AARP members. You can join AARP at 50 years old, so not every retiree is an AARP member, but almost all of them are. AARP is the most successful political pressure group in the country.
I know quite a few people over 65 and not one of them is a member of any socialist PAC. I do believe, however, if one considers all the Communist/Socialist/Democrat political slugs in all the communes across America you might get a little less than 1/4 of voters stupid enough to be counted in the ranks of these parasites. I also believe the hard core socialists are a small minority and most of the slugs are clueless followers who would not go as far a destroying America. It is the job of the remaining 3/4 of voters to make certain the slugs are ridiculed into oblivion.
[Godwinson] Dawn Kay-Woods filed suit against Minnesota Life Insurance Company alleging the insurance company violated the Illinois Consumer Fraud Act by failing to pay an insurance claim after her husband died in a one-vehicle car crash on March 7, 2007. http://www.madisonrecord.com/news/208897-insurance-company-sued-for-not-paying-off- mortgage-after-husbands-death This case has nothing to do with an insurance company just deciding not to pay. It had no legal liability to pay anything. This case was removed to Federal jurisdiction where it was decided in the United States District court for the Southern District of Illinois. The case, heard before District Judge Michael J. Reagan, was Dawn M. Kay-Woods, Plaintiff vs. Minesota Life Ins. Co., Defendant, Case No. 08-cv-0211-MJR, dismissed by order of April 8, 2009. Plaintiff Dawn Kay-Woods ("Dawn") had no legitimate legal claim to payment. The policy contained an explicit provision exempting it from liability for the death of the insured if his death resulted incident to his commission of a felony. At the time of his fatal collision with a tree, he was was drunk and his driver's license had been revoked for DUI. Driving while on a DUI suspension was a felony. As the Court determined, "In the case at bar, construing the facts and reasonable inferences in the light most favorable to Dawn, the non-movant, the Court reaches the only conclusion permissible on the ample record before it – MLIC is entitled to summary judgment." As a matter of law, Dawn Kay-Woods had no case. At 4-5: There is no ambiguity in the contract here. On May 23, 2006, MLIC issued the insurance policy in question to Dawn and Brian – Contract #0390019 001101554159 (“the Policy,” copy at Doc. 43). The Policy includes an accidental death and dismemberment benefit, furnishing a lump sum payment when MLIC receives “proof satisfactory to us that you died or suffered a dismemberment loss” resulting from an accidental injury. An exception to coverage is central to this case. The Policy plainly provides that benefits will not be paid if the death or dismemberment results from or is caused directly by, inter alia, “your commission of a felony” (Doc. 43, p. 3). The issue is whether Brian’s March 2, 2007 death in a one-vehicle accident resulted from his commission of a felony. The accident report prepared by the Illinois State Police (Doc. 31-4, pp. 12) states: The Jersey County Coroner’s toxicological evaluation establishes that, at the time of his death, Brian Woods’ blood contained 0.184 gm% alcohol (ethanol) and 0.094 mg/ml cocaine (Doc. 31-4, p. 3). Under Illinois law, a blood alcohol level of 0.08% or more constitutes driving while under the influence (DUI). 625 ILCS 5/11-501(a)(1). Driving under the influence with a suspended or revoked driver’s license for a previous DUI constitutes a Class 4 felony. 625 ILCS 5/11-501(d)(1)(G) and (d)(2)(A). At 7 At 10-11: [...] Furthermore, this Court may find that a genuine issue of material fact exists, precluding summary judgment, “only if sufficient evidence favoring the nonmoving party exists to permit a jury to return a verdict for that party.” Argyropoulos, 539 F.3d at 732, citing Sides v. City of Champaign, 496 F.3d 820, 826 (7th Cir. 2007), cert. denied, 128 S. Ct. 1450 (2008). In the case at bar, construing the facts and reasonable inferences in the light most favorable to Dawn, the non-movant, the Court reaches the only conclusion permissible on the ample record before it – MLIC is entitled to summary judgment. C. Conclusion No genuine issue of material fact remains, and MLIC is entitled to judgment as a matter of law. The Court GRANTS MLIC’s renewed motion for summary judgment (Doc. 57). The Clerk of Court shall enter judgment in favor of Defendant Minnesota Life Insurance Co. and against Dawn M. Kay-Woods herein. This Order results in the cancellation of all settings herein. IT IS SO ORDERED. DATED this 8th day of April 2009. - - - Doc 70 - Dawn M Kay-Woods v Minnesota Life Ins Co, ILSD (2009), MJR Memorandum and ORDER
That is a matter of opinion that has to have a court figure out - clearly the customer who paid for the insurance thinks otherwise. Thus, Social Security thus is better than private versions and more reliable. Read also: California investigates 10 life insurance companies over lack of payments to beneficiaries http://www.insure.com/articles/lifeinsurance/california-life-insurance-investigation.html
With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction.
We can't sit here and just say: "I paid in so I want my money". The math doesn't add up. The system needs to change. Ross Perot explained the general problem when he stated that they are buying your vote with what used to be your money. I do not know what is politically feasible, and am unqualified to say what is an actual viable economic solution. Regarding SS, Chilean Plan, favored by Herman Cain, may offer an economic solution. I doubt anything will offer a viable political solution. The politician that attempted to do something like the Chilean Plan would likely fall victim to the Gray Panthers, so politicians do not dare to do anything. No matter what is done, anything based on the dollar is based on the full faith and credit of the Federal government. If the currency is grossly inflated, even your currency based savings in a bank or under your mattress get devalued. If the government goes bankrupt and defaults, the currency is worthless. I'm unsure that required economic change is politically feasible before the nation faces actual bankruptcy or inflates the currency to worthlessness. I can view the problem with simple arithmetic. Many people do not seem to grasp a $1T deficit. A population of 300M would have to pay an extra $3,333 per year for the Federal government to break even. ($1T/300M) That is every man, woman and child—or over $13K per year average for a family of four. That is in addition to all that is currently paid. Only then can we start to talk about paying down the soon to be $15T debt. Just the interest on the debt is about $500B per year, or about $1,666 for every one of 300M people ($500B/300M), or $6,664 per year for each family of four. That buys nothing but debt service. SS (and Medicare) are entering a period where, without change, the government will incur very large deficits. Either revenue goes up, benefit payouts go down, or the Federal annual deficit and total debt rises at an accelerated rate until the government goes bust. No politician wants to admit the size of the problem or what has been done. We are kicking the can down the road until benefits eligibility, out of inescapable necessity, will be greatly restricted and the actual benefits will be greatly diminished.
[Godwinson] That is a matter of opinion that has to have a court figure out - clearly the customer who paid for the insurance thinks otherwise. That is a matter of fact that a court did figure out. I gave you to Court decision. As a matter of law, the case was kicked on summary judgment. "In ruling on a summary judgment motion, the Court construes all facts and reasonable inferences in the light most favorable to the non-moving party (here, Dawn)." With all view in the most favorable light, Dawn on no case on which to proceed to trial. That is fact. "There is no ambiguity in the contract here." Applying the law to the facts, there was no case. If you have a license suspended for DUI, and go drive drunk, and crash into a tree, under the terms of the insurance contract in place in the case you cited, MLIF has no liability according to the terms of the contract existing at the time the drunk (0.18 more than qualifies), doper (cocaine) drove into a tree killing himself. The customer who paid for the insurance did not think when he drove drunk on a revoked license, and has not thought since driving into a tree while drunk. The plaintiff who claimed the purported benefits has had time to think. The docket report does not show any appeal. This claim has no apparent visible support. If the government changes the eligibility or benefits, you do not even have a lawsuit to go to court with, unless you propose to challenge the new law as unconstitutional. If you manage to void the old law with the new, nobody has any benefits.
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#30. To: jwpegler (#25)
Listen Bozo, current retirees joined the greedy geezer lobby (AARP) and they lobbied for the goodies. It is their fault that we are in this mess.
#31. To: Godwinson (#29)
I also said it was nonsense - I highlighted that passage to re-explain to the stupid GOPers that SS is an insurance program that is not an investment.
#32. To: eskimo (#31)
What in hell is wrong with the a$$holes who decide it is easier to blame the older victims of government theft
#33. To: Godwinson (#32)
SS is not theft.
#34. To: Godwinson (#23)
SS is a retirement insurance program - it does not function like a "Christmas club" account
#35. To: nolu chan (#34)
The fund itself basically consists of bookkeeping entries. The money collected has been transferred to the general fund and spent. The government is over $14T in debt.
#36. To: eskimo (#30)
You are as ignorant as you are stubborn. AARPs are a political lobby that comprise a tiny minority of stupid liberal/socialist slugs.
Anything that the government does today to help us can and will be used in the future to hurt us -- jwpegler
#37. To: nolu chan (#34)
(Edited)
It is a government program and does not function like any commercial insurance program.
Anything that the government does today to help us can and will be used in the future to hurt us -- jwpegler
#38. To: Godwinson (#23)
SS is a retirement insurance program -
#39. To: jwpegler (#36)
No. Every single credible politician over the last 50 years has been scared to death to tell the truth about Social Security, because the Greedy Geezer Lobby is too powerful.
#40. To: nolu chan, eskimo, jwpegler (#34)
It is a government program and does not function like any commercial insurance program. You can pay in for 40 years, retire, and the government may increase, decrease, or eliminate the benefits.
#41. To: Godwinson (#40)
Commercial insurance companies change their benefit programs all the time and in many cases they don't pay out.
#42. To: We The People (#27)
Social Security needs to be abolished, today.
#43. To: nolu chan (#41)
Can you cite an instance of where all contributions have been completed, as with a retiree, the plan payout is due, and the company simply decides not to pay for any reason other than default (bankruptcy)?
#44. To: jwpegler (#15)
There isn't any cash on hand.
#45. To: All (#44)
#46. To: jwpegler (#0)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#47. To: mcgowanjm (#44)
Only because the US Gov't has been systematically robbing the SS Fund since Nixon....
Anything that the government does today to help us can and will be used in the future to hurt us -- jwpegler
#48. To: We The People (#27)
Social Security needs to be abolished, today.
Anything that the government does today to help us can and will be used in the future to hurt us -- jwpegler
#49. To: eskimo (#30)
AARPs are a political lobby that comprise a tiny minority of stupid liberal/socialist slugs
Anything that the government does today to help us can and will be used in the future to hurt us -- jwpegler
#50. To: jwpegler, All (#47)
.
#51. To: war (#46)
#52. To: All (#51)
#53. To: mcgowanjm (#50)
(Edited)
Anything that the government does today to help us can and will be used in the future to hurt us -- jwpegler
#54. To: jwpegler (#53)
You're missing the point as usual.
#55. To: All (#54)
Can you give me ANYTHING that guarantees out 75 years?
#56. To: All (#0)
(Edited)
Anything that the government does today to help us can and will be used in the future to hurt us -- jwpegler
#57. To: nolu chan (#41)
Can you cite an instance of where all contributions have been completed, as with a retiree, the plan payout is due, and the company simply decides not to pay for any reason other than default (bankruptcy)?
#58. To: eskimo (#33)
What happens if you do not pay? Guys with guns come to wring it out of you or put you in prison. What do you call that?
Why don't you make like a tree and get out of here?
#59. To: jwpegler (#56)
This does NOT include the current and proposed reductions in the payroll tax, which will make the annual deficits much worse.
#60. To: NewsJunky (#22)
Why not raise the cap on earnings...
Anything that the government does today to help us can and will be used in the future to hurt us -- jwpegler
#61. To: jwpegler (#53)
What they should have done over the last 3 decades, is allow people to divert a portion of their Social Security taxes to private accounts. If they had done that instead of spending the money, people would have $2.6 trillion in their own retirement funds, which could lesson the burden on the system, provided that the system is reformed to cut off people with substantial pensions and investment incomes.
#62. To: jwpegler (#49)
40 million people is not a tiny minority of stupid liberal/socialist slugs.
#63. To: eskimo (#62)
(Edited)
So you are saying that 13% of Americans who are old "stupid liberal/socialist slugs" is some sort of unsurmountable political problem?
Oh, God, can you ever imagine what would happen to the country if Lyndon Johnson were president? -- Jackie Kennedy
#64. To: jwpegler (#63)
There are a about 40 million people over 65 in the U.S. There are 40 million AARP members.
#65. To: Godwinson (#57)
[nc] Can you cite an instance of where all contributions have been completed, as with a retiree, the plan payout is due, and the company simply decides not to pay for any reason other than default (bankruptcy)?
Where the terms of an insurance policy are clear and unambiguous, they must be applied as written. Terms are ambiguous if they are reasonably susceptible to more than one interpretation, “not simply if the parties can suggest creative possibilities for their meaning.” BASF, 522 F.3d at 819. Ambiguous terms are construed against the drafter of the policy, but a court should not search for ambiguities where none exists. Id.
Unit 1 [Brian’s vehicle] was traveling northbound on Rt. 111 at Whispering Oaks Lane. Unit 1 left the roadway on the right shoulder for no apparent reason and traveled 192 feet before striking a tree.... Witness 1 stated Unit 1's brake lights were activated shortly before it struck the tree. No skid marks on roadway or grass. The driver of Unit 1 was declared dead on scene. Unit 1 driver’s license was in Revoked Status at time of crash.
When he received the May 2003 reckless driving citation, Brian’s “license was still revoked for the prior DUI conviction,” and the “reckless driving conviction resulted in the DUI revocation being extended” (id. ¶¶ 5-6, emph. added). Additionally, the Glahn Affidavit attests: “As of March 2, 2007,” Brian’s “driving license remained revoked for DUI” (id., ¶ 7, emph. added; see also driving record at Doc. 57, p. 6). Because Brian’s license was revoked for a prior DUI offense when he was DUI on March 2, 2007, he was committing a Class felony at the time of the fatal crash.
The Policy excludes accidental death coverage if the death resulted from or was caused by the insured’s “commission of a felony” (Doc. 43, p. 3). Brian Woods was driving under the influence of alcohol at the time of the fatal crash. At that time, his license was revoked for a prior DUI conviction. The Illinois Vehicle Code provides that driving under the influence of alcohol on a revoked license that resulted from a previous DUI violation is a Class 4 felony. 625 ILCS 5/11-501(d)(1)(G) and (2)(A). Therefore, under Illinois law, Brian was committing a felony at the time of his death.
#66. To: nolu chan (#65)
(Edited)
It had no legal liability to pay anything.
#67. To: jwpegler (#37)
The big question is how do we unwind it? That's what I'm trying to address.
#68. To: Godwinson (#66)
[nc] It had no legal liability to pay anything.
[Godwinson] Thus, Social Security thus is better than private versions and more reliable.
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