Comments on: Time to Make Social Security Sustainable http://www.ourfiscalfuture.org/time-to-make-social-security-sustainable-2/ Sat, 31 Dec 2011 01:23:00 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Davehort2k http://www.ourfiscalfuture.org/time-to-make-social-security-sustainable-2/comment-page-1/#comment-301 Davehort2k Sun, 09 Jan 2011 11:12:00 +0000 http://www.ourfiscalfuture.org/?p=332#comment-301 The only reason the Congress borrows on Social Security surplus is because of an irresponsible attitude towards spending. If our congress was fiscally responsible in the first place, the magnitude of the current problem would a matter of where budgeting for Social Security's future stand based on what actual surpluses have accrued. The question is, How much interest on borrowed Social Security funds has been paid back into Social Security and a what rate of interest. It amounts to nothing more than cooking the books to jusify another source of revenue for the congress to spend. That is the reason the congress enacted this change in the first place. It's time Congress became fiscally responsible and started being responsible on behalf of the American People. The only reason the Congress borrows on Social Security surplus is because of an irresponsible attitude towards spending. If our congress was fiscally responsible in the first place, the magnitude of the current problem would a matter of where budgeting for Social Security’s future stand based on what actual surpluses have accrued.
The question is, How much interest on borrowed Social Security funds has been paid back into Social Security and a what rate of interest.
It amounts to nothing more than cooking the books to jusify another source of revenue for the congress to spend. That is the reason the congress enacted this change in the first place. It’s time Congress became fiscally responsible and started being responsible on behalf of the American People.

]]> By: political forum http://www.ourfiscalfuture.org/time-to-make-social-security-sustainable-2/comment-page-1/#comment-111 political forum Sat, 11 Sep 2010 13:01:33 +0000 http://www.ourfiscalfuture.org/?p=332#comment-111 I think we need to increase the retirement age and delay the paying out of social security benefits in a few years. However, I don't think it will be that expensive to save social security. Medicare is what's really expensive.<br><br>-Nick I think we need to increase the retirement age and delay the paying out of social security benefits in a few years. However, I don't think it will be that expensive to save social security. Medicare is what's really expensive.

-Nick

]]> By: George M. Perry http://www.ourfiscalfuture.org/time-to-make-social-security-sustainable-2/comment-page-1/#comment-73 George M. Perry Thu, 01 Jul 2010 07:27:17 +0000 http://www.ourfiscalfuture.org/?p=332#comment-73 Social Security needs serious reform if it is to become sustainable without increased cost/decreased benefits. The only real attempt (the Bush privatization) failed for three key reasons: a) citizens tend to mismanage 401K - type accounts, b) a sudden market 'correction' could ruin many retirements and is politically untenable, and c), the most significant reason, legacy (or transfer) costs would be enormous (near $4 trillion) and virtually impossible to fund.<br><br>There is, however, a new approach, that delivers all the benefits of privatization, without the negatives. Young people who opt into the program would be guaranteed that their retirement income would never be less than what the normal S.S. pension provides. And when the transfer is completed, legacy costs would be 'paid off'' and Social Security taxes to sustain the pension system need be only a fraction of today's stipend. <br><br>This new approach is described in detail on the website <a href="http://www.entitlementdilemma.com" rel="nofollow">www.entitlementdilemma.com</a>. Those interested in improving as well as sustaining Social Security should find it of considerable interest. Social Security needs serious reform if it is to become sustainable without increased cost/decreased benefits. The only real attempt (the Bush privatization) failed for three key reasons: a) citizens tend to mismanage 401K – type accounts, b) a sudden market 'correction' could ruin many retirements and is politically untenable, and c), the most significant reason, legacy (or transfer) costs would be enormous (near $4 trillion) and virtually impossible to fund.

There is, however, a new approach, that delivers all the benefits of privatization, without the negatives. Young people who opt into the program would be guaranteed that their retirement income would never be less than what the normal S.S. pension provides. And when the transfer is completed, legacy costs would be 'paid off'' and Social Security taxes to sustain the pension system need be only a fraction of today's stipend.

This new approach is described in detail on the website http://www.entitlementdilemma.com. Those interested in improving as well as sustaining Social Security should find it of considerable interest.

]]> By: llee http://www.ourfiscalfuture.org/time-to-make-social-security-sustainable-2/comment-page-1/#comment-20 llee Thu, 18 Feb 2010 02:42:50 +0000 http://www.ourfiscalfuture.org/?p=332#comment-20 Although temporary excess funds in the Social Security trust fund have been borrowed by the Federal government to pay current expenses, the projected shortfall is unrelated to that temporary borrowing. The law requires that all of the funds that were borrowed accrue interest to the trust fund, and the principle will be paid back into the trust fund as needed to pay Social Security benefits. (The government will borrow from the public -- either in the U.S. or from foreign interests/governments -- to replace these funds, so the public debt as a percentage of GDP will go up as this happens.) Unfortunately, the Social Security shortfall occurs anyway, simply because there will be many more people drawing benefits and many fewer paying Social Security payroll taxes. Although temporary excess funds in the Social Security trust fund have been borrowed by the Federal government to pay current expenses, the projected shortfall is unrelated to that temporary borrowing. The law requires that all of the funds that were borrowed accrue interest to the trust fund, and the principle will be paid back into the trust fund as needed to pay Social Security benefits. (The government will borrow from the public — either in the U.S. or from foreign interests/governments — to replace these funds, so the public debt as a percentage of GDP will go up as this happens.) Unfortunately, the Social Security shortfall occurs anyway, simply because there will be many more people drawing benefits and many fewer paying Social Security payroll taxes.

]]> By: susan http://www.ourfiscalfuture.org/time-to-make-social-security-sustainable-2/comment-page-1/#comment-17 susan Fri, 05 Feb 2010 22:39:22 +0000 http://www.ourfiscalfuture.org/?p=332#comment-17 I see no mention of the fact that this congress and previous congresses have used social security monies for other purposes like war. If the social security was a lockbox program, it would be solvent. I see no mention of the fact that this congress and previous congresses have used social security monies for other purposes like war. If the social security was a lockbox program, it would be solvent.

]]> By: susananthony http://www.ourfiscalfuture.org/time-to-make-social-security-sustainable-2/comment-page-1/#comment-15 susananthony Fri, 05 Feb 2010 22:36:55 +0000 http://www.ourfiscalfuture.org/?p=332#comment-15 I do not see any reference to the abuse of the social security funds by this congress and previous congress when they used the money for other programs and for war. If social security was a lockbox program, it could be solvent. I do not see any reference to the abuse of the social security funds by this congress and previous congress when they used the money for other programs and for war. If social security was a lockbox program, it could be solvent.

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