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Thread: Cut off the Coots?

  1. #1
    Vulture of The Western World Eric's Avatar
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    Cut off the Coots?

    Rand Paul got in trouble for hinting that the age for eligibility for Social Security should be raised.

    My question is: Should people receive an open-ended benefit (as long as they live, a regular check) or should benefits be based on what the person paid in, plus a reasonable rate of interest - and after that gets paid back, you're done?

    Obviously, they aren't going to do what I'd like them to do - which would be to make the system voluntary and allow people who wanted no part to opt out and be responsible for their own retirement.

    But failing that, I think there should be some limit on benefits, or at least, bennies ought to bear some relationship to what was paid in. The current system enabled some people to get back what they paid in within literally a few years of retirement; everything after that was welfare, just not called welfare.

    Meanwhile, younger workers pay much more in (to pay for the current benefits) but can expect to receive far less than they paid in when they retire.

    It doesn't seem right - or even sustainable.

    What do you think?

  2. #2
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    Quote Originally Posted by Eric View Post
    My question is: Should people receive an open-ended benefit (as long as they live, a regular check) or should benefits be based on what the person paid in, plus a reasonable rate of interest - and after that gets paid back, you're done?
    Several years ago I read in the WSJ that if you took the FICA for a minimum wage earner, and compounded it at the average stock market return (which is something like 6%) that the person would be a millionaire at age 65.

    This is even better for minorities - cause the person would actually own the money and could will it to their children - thus lifting the family out of perpetual poverty.

    Social security is a scam. The congress has spent the trust fund every year, and replaced it with worthless T-Bills. To cash in the T-Bills the Fed prints money, and gives it to the Treasury. More monetizing of our debt.

    Raise the retirement age - when there are no jobs to begin with? The truth is that the way things are going nobody is gonna retire anymore.

    The structure of the US has grown helter skelter and now it is coming to bite us in the ass. We have health care nobody can afford. We have 'entitlements' where we pay people for doing nothing. We have ruined our manufacturing base.

    Are people working in wage slave jobs going to be able to pay enough taxes to keep this scam (the US) going? I think not.


    What industries are left? Retail, fastfood, resturants, nail salons and INSURANCE.

    Health insurance, nursing home care insurance, auto insurance, homeowners insurance, umbrella insurance, life insurance, long term disablitiy insurance, short term disability insurance, identity protection insurance, credit card balance insurance.

    Young adults are about entertainment, sports, cell phones, IPods, IPhones, music downloads, and texting. I think they do this in part because they can't see any opportuntiy.

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