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Old 11-14-2004, 10:08 AM   #15
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Did anyone catch the interview with Laurence J. Kotlikoff on the PBS show NOW with Bill Moyers?

What he had to say about this country's economic situation was not pretty.

For those of you who read .... pur this book on your list.
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Old 11-14-2004, 10:43 AM   #16
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Quote:
Originally Posted by Porky Pig
Did anyone catch the interview with Laurence J. Kotlikoff on the PBS show NOW with Bill Moyers?

What he had to say about this country's economic situation was not pretty.

For those of you who read .... pur this book on your list.
Think tanks have been worried about this since the Club of Rome days. I don't trust think tank anymore than I trust politicians.

Sooooo go streaming and enjoy.
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Old 11-14-2004, 11:42 AM   #17
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The original post is spurious; senators and congressmen do pay into Social Security, and have since about 1986 or so. They do receive a generous pension through another source, and must retire not just leave office, but also collect on SS they paid into. How many of you have a pension plan of some kind where you work? In addition to SS? The average recent John Deere retiree gets some $2400 monthly from all company and SS sources.... more than many people EARN while working! $28,800 per anum! Yes, the pension payout for congress is high ...... but look who they had negotiating! LOL!!!!
Please, people, can you at least TRY to verify information before you pass it on as fact?

Elizabeth in Iowa
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Old 11-14-2004, 01:01 PM   #18
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Think tanks have been worried about this since the Club of Rome days. I don't trust think tank anymore than I trust politicians.
Think tanks? What are you talking about?

The book was written by a Professor of Economics at Boston University.
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Old 11-14-2004, 01:41 PM   #19
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Post 11/22/04 BusinessWeek Article

The current BusinessWeek magazine addresses this very subject in an article on page 44 discussing Bush's privatization plan. Some tidbits in the article says $632 billion was paid in to SS in 2003 and $471 billion went back into benefits in 2003. In a sense it is solvent today and pay as you go but that excess money is being "borrowed" by the government to pay for other things which means eventually that borrowing will come due and the government can only pay it back through its only revenue stream--taxes.

The article says payouts will exceed annual SS revenues in 2018 and by around 2042 the system will no longer be able to pay all promised benefits as we know them today. At my age (almost 61) it appears I am on the leading edge of sliding in under the bell and enjoying the golden age of benefits. I doubt I will be around in 2042. Still, like Eric, I've made other plans. SS will be an icing on the cake bonus. I've privately saved as much as I can to have a tax free bundle, have a healthy 401K and will get a small pension. I've been a little leery about IRAs and haven't put as much into them as I could in that I think in what I save in not paying taxes today will probably be exceeded when I pull that money out. Now I am nervous in that if and when a major crisis might occur I will be viewed as privileged and the government will come after my money in some new way. So, I will play the Powerball lottery, hope to win and wallow in so much cash so as not to worry about all these details.
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Old 11-14-2004, 02:14 PM   #20
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Quote:
Originally Posted by Davydd
I've privately saved as much as I can to have a tax free bundle, have a healthy 401K and will get a small pension. I've been a little leery about IRAs and haven't put as much into them as I could in that I think in what I save in not paying taxes today will probably be exceeded when I pull that money out. Now I am nervous in that if and when a major crisis might occur I will be viewed as privileged and the government will come after my money in some new way. So, I will play the Powerball lottery, hope to win and wallow in so much cash so as not to worry about all these details.
Now, THAT is positive thinking....mixed with a little bit o' paranoia!!!!!!
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Old 11-14-2004, 03:02 PM   #21
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Davydd

You bring up a whole new subject - that fact that when you get SS you may be taxed on it. Seniors really get ripped on this one - because effectly when you get taxed on SS you are essentially taxed at about 50-60% or more.

Have a nice day y'all

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Old 11-14-2004, 05:15 PM   #22
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Quote:
Originally Posted by Porky Pig
Did anyone catch the interview with Laurence J. Kotlikoff on the PBS show NOW with Bill Moyers?

What he had to say about this country's economic situation was not pretty.

For those of you who read .... pur this book on your list.
Hey Porky,

Thanks for the link....the paperback version is on pre-order! It's not for my husband and me (too late for us, I am afraid) as much as for our kids, who are 19 and almost 21.

We caught the tale end of the show and are looking to watch it on replay.

Scary times...
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Old 11-15-2004, 02:07 PM   #23
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I don't think it is so paranoic. Al quaida means to hit America where it hurts the most- economically. Major attacks (dirty bombs etc) on the port of Los Angeles and Houston could do a lot of damage to the flow of business goods and energy, which could make enormous damage upstream. Certainly that could affect our money system drastically. I regard S.S and IRA's as only as good as the money is worth, the day you pull it out. Perhaps negative but true. The old "don't count your chickens before they hatch". And I've learned that from the real meaning- racoon wiping out nests just ready to hatch, momma chicken hopping off for too long and the eggs chill and die. It's amazing that chicks get born!! And I'll be amazed if the money in the future is worth what it is now. Think of the poor Enron employees. silver suz
Soc Sec has set up a new system for working, longer -the younger you are, before qualifying. Luckily my husband only has to work 1 month longer. silver suz
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Old 11-16-2004, 08:06 AM   #24
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The orginal post is an urban ledgend and has been floating arround the internet for several years and is not true. You can check this out at www.snopes2.com/ just search on social security.
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Old 11-16-2004, 08:17 AM   #25
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Just goes back to what Organic posted, reader beware. Right up there with listener beware and seer beware. I got this from a freind who is the county democratic chairperson. Being she knows I am otherwise inclined I embrassed the communication as an effort at non partisan colaboration.
You have to admit that most of us (both parties) agree with the idea that we are getting ripped off by the whole bunch. The End
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