Article

2010-03-14 Economy

Social Security to start cashing Uncle Sam's IOUs

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Posted by ed 2010-03-14 09:41|| || Front Page|| [11125 views ] Top

#1 With this kind of fiscal discipline, why would anyone believe Obamacare will succeed? No surprises here. This train has long been approaching the station. The Social Security disability claims are skyrocking. I look for Obama to establish a "needs based" Social Security system in the very near future.

Posted by Besoeker 2010-03-14 12:26|| 2010-03-14 12:26|| Front Page Top

#2 "I look for Obama to establish a "needs based" Social Security system in the very near future. "

In order to screw me, as I approach retirement age in the next few years, B.

But I figured that.... >:-(

Posted by Barbara Skolaut 2010-03-14 13:10|| 2010-03-14 13:10|| Front Page Top

#3 Barb, I figured out 30 years ago (when I was a die-hard democrat no less...) when I first started working that Social Security wouldn't be there when it was my turn.

I always considered the Social Security payments were just another Federal tax. Much like unemployment insurance. I've worked for 30+ years and never had a single claim... yet I still have to pay the same. That's not insurance - that's a tax.

I agree that Bumbles and Bimbo will turn Social Security into a needs-based payment system.

I figure Obumblecare will follow suit - just another entitlement program for the vote-slaves on the plantation which we have to pay for.

Posted by CrazyFool 2010-03-14 14:30|| 2010-03-14 14:30|| Front Page Top

Remember (IOU) by Big Dismal

This is the way it is going America .....
You must Hope You're Not Left With Change.

Black Bart, posting here as Gleling etc. - please stick to one 'nym right now.

Fred and the mods are dealing with a huge spam storm and other attacks. Your cooperation will be helpful as the sources of attacks are painstakingly tracked down and holes plugged.

- The Mods

Posted by Gleling Bucket1767 2010-03-14 14:32|| 2010-03-14 14:32|| Front Page Top

#5 Oh, that's just the start. Years ago, when "means testing" was first proposed, it was done so just as a delaying tactic. The bottom line is that there is going to be no Social Security for anyone. Or Medicare. Or Medicaid.

While they are figuring on just whittling it away over the course of some years, at a particular point, it will collapse into months, then weeks, then days.

Then they will likely choose hyperinflation, combined with re-denomination (removing zeroes), over default, which is pretty much what Zimbabwe is doing. They will choose this, because the 'H-re-' system allows them to continue profligate spending.

Default closes the purse, so they no longer have false credit by loaning themselves money, and can only spend tax revenues, not a dime more.

Were they to choose default, the US would start to emerge from the disaster after a decade. With h-re-, we will be stuck for maybe 40-50 years.

Posted by Anonymoose 2010-03-14 14:37|| 2010-03-14 14:37|| Front Page Top

#6 With this kind of fiscal discipline, why would anyone believe Obamacare will succeed?

Exactly! The Federal government's track record is not very good: Social Security is broke, Medicare is broke, the Post office is broke, the VA has problems in delivering service, Cash-for-Clunkers cost more than it was worth, the border fence has never been completed and we can't control the spillover of violence from Mexico...There are probably other examples of costly failed programs.

Posted by JohnQC 2010-03-14 18:54|| 2010-03-14 18:54|| Front Page Top

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