Trademark

While not nearly as exciting as the LPLockdown thread, this will be felt far longer...

Cafferty File: Tell Jack how you really feel Blog Archive - How to handle gov't squandering Social Security surplus? - Blogs from CNN.com

The gist:

- Social Security is imploding.
- There used to be excess cash in the till.
- They spent the excess on "other stuff."
- Time for another huge bailout.

Here's a short piece by Allan Sloan on the matter...

washingtonpost.com

This is gonna be a big one. People are living longer and older folks vote, so it's a political trigger.



Recipients want the cash to keep coming. I have a feeling there's no stopping this train. We're going to pay dearly for it later.

But, just for kicks, how would you folks fix this beast? Throw the older people under the bus? Bail it out? Integrate an "opt out" feature for younger workers?

Madoff is probably sitting in his cell wondering why the hell he's in jail.

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070707

The stats for Social Security are ridiculous.

Just another upside down Government venture that will continue to run no matter what.

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cardine

Privatize Social Security

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PhillipMarlow

Soilent Green, imo.

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Best Article I've ever read online

Jizzlobber

More like Logan's Run

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Jizzlobber

But WTF? They're going to want to somehow penalize people for not taking better care of themselves while currently planning for healthcare reform - perhaps effectively forcing a percentage of people to live better and thus longer, ultimately fucking up SS because they'll have to pay out longer.

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SniperRyan

Let's see, we have a sitting president who was elected to provide more benefits to the needy, so that's out... I wonder which one of those will happen this time?

I understand that it's far too late for some people to be able to come up with money to live on after a lifetime of depending on social security being there, but just like any other failing government program, we need a hard time-table for withdrawal.

Just make the decision. If you're 50 in 2010, you will be the last to receive benefits. Everyone else needs to start saving. I can't speak for my entire generation, but everyone I know in my age group has 401k's and IRA's because we were brought up not to depend on the government even being around by the time we retire. That just leaves the "maybes" in the 30-50 range.

If you keep telling them that "maybe" social security will still be around, they will never have incentive to start saving aggressively. If "maybe" doesn't happen, they can always blame the government and get a bailout in 2030.

Moxie

So it's going to lose about $19 billion a year?

On a related note :



Obama wants record $708 billion for wars next year | Seattle Times Newspaper

Lambo

LOCK BOX

polofive

ss has been fucking doomed from the start

conv3rsion

social security is fine

medicare on the other hand cannot be fixed.

dangregory

401k's and IRA's aren't a savings. They're a gamble. And with the government proposing new laws to privatize i.e. seize pensions, you want the government to be investing your retirement "savings' for you? Get a fucking clue.

Learn how to trade - that is, get in and get OUT of the market - and capitalize on movements in the market. Don't leave that shit to lose value with "longterm investing." The only people making money from that are the brokers.

And work with exchange traded funds to get into commodities if you don't feel qualified or knowledgeable enough to trade the actual commodity itself. It's a nice way, say, to benefit from the next upmove in gold if you don't want to hold actual gold.

Remember - if your entire savings is in "paper" it can go POOF in a fucking instant. Real estate holdings, physical gold and silver, a few antiques that will gain value over time, maybe some art (depends on the genre and the artist though) as WELL as some paper is the way to go.

I'm only 35 but I knew by the time I was 20 that Social Security wouldn't be there for me. Got into the investing shit early. Bought my first gold and silver when I turned 21. Stocks? If I'd put all my money into a 401k or an IRA I would have lost it all in, what, six different hardcore, ass raping market busts by now? Fuck that shit.

Remember, "buy and hold" as a concept didn't exist until post 1960's. It's a bunch of crap.

schockergd

Its been tried, AARP comes out against it and effectively kills the bill.

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bprimeelite

The problem with social security is that when it was started there were something like 30 people paying for 1 but now with the older population it is down to 3 to 1 which doesn't work out mathematically.

JarredLv

It will all just end up as 1984.

"If you want a picture of the future, imagine a boot stamping on a human face-forever.”

And remember kids:

WAR IS PEACE
FREEDOM IS SLAVERY
IGNORANCE IS STRENGTH





Fuck I love that book!

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mkrongel

SS is a big ponzi scheme, only way to fix it is for people to have more kids, if the government was smart they would offer more benefits and tax incentives to those who make more kids

effectively increasing their tax base and solving their long term money issues

JMan1234

I'd rather have the option to invest what I normally put into SS on my own.

conv3rsion

your advice is terrible. If you are a properly diversified (within stocks and other assets classes) you would never "lose it all" and when the market dips you would reallocate and make money on the swings.

wait you're totally right, warren buffet is a moron. Everyone should become a day trader.

a 401 or an ira shouldn't be 100% stocks anyway.

guerilla

Jim Rogers has an interesting theory on diversification (as the layman understands it). That it was sold by fund managers who wanted to cover their asses for making the wrong calls, and so when the fund tanked, because it was diversified, they could blame the market as an aggregate, not their individually poor investment decisions.

Anyone who invests with the purpose to make money is wise to specialize. Rogers believes that, Taleb believes that. That is what Buffet does. He is very selective about what he invests in.

I watched this last night. It is an hour and a half. For young people, it doesn't get interesting until 1/2 way through. But Gary North is great, and this is a primer on the reality of retirement from wage labor.

Retirement Armageddon

related article here
Retirement Armageddon by Gary North

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Thank you for your attentiveness,
the forward thrusters, engage on you busters,
I cut the mustard.

eliquid

isnt this what the child credit is for ( dependents )

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BluAffiliate

Another reason for me to move to Mexico with my earnings before the ship sinks.

It's going to be sad to watch, real sad.

We can thank the parasites for helping making it happen.

vinny lingo

Long-Awaited Baby Boomer Die-Off To Begin Soon, Experts Say | The Onion - America's Finest News Source

This.

GTFO of dodge until this happens, then come back if/when things turn right side up again.

SniperRyan

No one said my IRA's aren't self-directed, amigo.

I don't know about those "ass-raping busts" that you would've invested in, but my retirement funds have gone nowhere but up over the last couple years (talking locked-in returns here, not just contributions).

If you're going to sit around all day and plan for some kind of crazy market crash that results in you being the new Xerxes due to all the gold you've amassed you should probably dump it and buy shopping carts instead: