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pres threatening to withhold aug ssdi pymtns

Discussion in 'Finances, Work, and Disability' started by Tammie, Jul 12, 2011.

  1. Wayne

    Wayne Senior Member

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    It's looking more and more like this is all going to get resolved on time. A number of very recent news article are pointing in that direction. Should ensure timely arrival of SS checks. Nothing guaranteed yet, but it looks better than it has in quite a while.
  2. Misfit Toy

    Misfit Toy Senior Member

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    It's so depressing and my mother wonders why I don't watch the news. Yes, many of us are frightened. Dare I say, "Damn republicans." Yup, I said it.
    CJB likes this.
  3. Andrew

    Andrew Senior Member

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    I think the problem boils down to the fact that SS is not much more than a Ponzi scheme, and when this started to unravel the government failed to modify it into a subsidized investment-based fund that generates some its own money. SS should be run like a retirement fund, not a government welfare program.

    Anyway, I would want to see the details of these millionaire taxes. With inflation, having 1 million in equity these days is like being upper middle class several decades years ago.
  4. Wayne

    Wayne Senior Member

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    Budget Woes Top List of Concerns in Afghanistan

    We're not the only ones being affected by this unnecessary debacle going on in Washington. Pretty sad when military personnel are putting their lives on the line in a war zone, and are worried whether they'll be getting their next paycheck.

    Finance ministers from around the globe are warning of "disastrous consequences" if the US were to default on its debt. Sure is reassuring to hear from those competent and responsible tea party folks there really is nothing to worry about should default happen. :rolleyes:
    ...................................................

    Navy Adm. Mike Mullen, chairman of the Joint Chiefs of Staff, is holding troop talks throughout the country and is being peppered with questions about the U.S. debt crisis and the future of military benefits.

    Budget Woes Top List of Concerns in Afghanistan
  5. Tristen

    Tristen Senior Member

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    We've been sliding into a scary economic crisis for some time, nearing meltdown. But since I'm adverse to getting involved in detailed political discussions about who/what's right and wrong, I'll just keep it simple with how it affects me personally: For 40 years, I've had huge amounts of SS withheld in my payroll taxes, supposedly mine and put away for my retirement or disability. The money I am receiving on SSDI is mine. It's not some charity or welfare that I receive dependent upon the state of our economy. I've most likely paid in more than I could ever draw out. They made me pay it in, and they should have to pay it back as promised.
    CJB likes this.
  6. Wayne

    Wayne Senior Member

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    Hi Tristen,

    Without getting involved in a political discussion, here's what happened to all that money you and millions of others have paid in over the years. It was all, by law, lent to the federal government. This amount, I think around $3 trillion, is in what's called the social security trust fund. This is part of the total federal debt of over $14 trillion.

    Well, this trust fund is only as good as the ability of the US government to repay that money when it comes due. This ability to repay this money to social security recipients was being put in jeopardy by the current stalemate in Washington. SS recipients feel entitled to their money, but so do our military personnel, companies that contract with the US government, etc.

    If the government isn't allowed to borrow money to pay all these obligations, then somebody has to end up not being paid. All Democrats and most Republicans realize this is not acceptable. The tea party caucus of the Republican party however thinks this is exactly what should happen, because it would force the government to not add to the national debt. Tea party candidate for President Michelle Bachman is very adamant that this is the best approach to take.
    CJB likes this.
  7. Tristen

    Tristen Senior Member

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    Thanks Wayne, concise and to the point. For the most part, I understand what has happened to the SS fund, and the reasons for the economic crisis and the current stalemate. I just tend to avoid discussions on political views and opinions. For now, I'm just concerned with how it's affecting my life and others who deserve better.
  8. WillowJ

    WillowJ Senior Member

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    Social security checks will definitely go out.

    As I posted before, the way these are done they are not paid out of the general budget and even though restructuring is badly needed to keep the programs solvent, there is enough money to last at least through October without having to dip into the general treasury to repay some of those IOU's (because Congress raids the SS "Trust" Fund to use those dollars for whatever else it needs, or thinks would be neat, or to pay back donors with bailouts or subsidies, or whatever).

    http://abcnews.go.com/Politics/gove...eto-house-republican/story?id=13314777&page=3

    Unfortunately, military pay may be delayed. I read that usually there is an executive order to keep them payed, but there doesn't seem to be one this time.
  9. WillowJ

    WillowJ Senior Member

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    It's a mischaracterization of the Tea Party to say they are in favor of default. What the freshman and the Tea Party want to do is to change the way DC does business so that it doesn't continue to spend money we don't have--in order to ensure that programs such as Social Security and Medicaid continue solvent, among other goals.

    Marco Rubio (Townhall.com)


    Here is Olympia Snowe (ME, widely regarded as a RINO, or Republican in Name Only--she's the most frequent attrition to what would otherwise be a straight Democrat partlyline vote) and Jim DeMint (SC, does not hesitate to identify himself with the TEA, taxed enough already, party) writing an article together:


    DeMint's latest press release reiterating that a balanced budget amendment is necessary to prevent "economic disaster"

    Jim DeMint on earmarks


    Here is a blog with some very nice charts which illustrate the answer to the question: do we have a revenue problem or a spending problem? (hint, Marco Rubio, Jim DeMint, and Paul Ryan are right; the charts should convince you!)


    http://lonelyconservative.com/2011/05/video-paul-ryan-explains-plan-to-save-medicare/

    House Republicans' plan and setting the record straight on Ryan's plan (because the media is partisan and cannot understand, therefore cannot explain, any non-Democrat approach to anything)

    http://www.kaiserhealthnews.org/Sto...for-medicare-vouchers-vs-premium-support.aspx

  10. markmc20001

    markmc20001 Guest

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    One quick comment. I think all parties/politicians agree(say) spending cuts and deficit reductions need to happen.

    I think the disagreement comes from what is cut (ie social security or wars) and if sudden cuts will be a shock to the economic recovery.

    I personally think the wars and chasing Islamic extrememist in Iraq, Afghanitstan, Packistan, Egypt Lybia, Tunisa, Syria, were unproductive. Not to mention all the medical care those vets will take over the next decades.

    If all the trillions spent in those wars were invested in homeland security, infrastructure, and paying down the debt. I think the country would be way better off than it is now.

    I would have preferred to do without the $4 trillion Medicare part D giveaway to big pharma as well.
  11. markmc20001

    markmc20001 Guest

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    I would like to add. Even though I agree with what Obama says on TV, I disagree what what he does. More wars, giveaway to banksters. I don't know if he is being terribly manipulated and leveraged or what is going on.

    I fear more what would happen if Mccain or Sarah Palin were in office.

    It all probably a disaster and both parties are probably answering to the Elites.

    There is some fantastic real world analysis of the current presidency situation in the comments section of this article below.

    http://www.nakedcapitalism.com/2011/08/matt-stoller-what-presidency.html#comment-438308
  12. Wayne

    Wayne Senior Member

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    Hi Mark,

    Just a quick note to say I agree with all your points. I'm also dismayed by many of Obama's decisions, including his refusal to responsibly confront the deficit/debt problem early on in his Presidency; but I realize things could be so much worse under McCain/Palin. You sound like an Independent like myself.

    Wayne
  13. markmc20001

    markmc20001 Guest

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    Thanks Wayne. I consider myself an independent too.

    I read all your earlier posts and it seems like we are on the same page. Good point.

    These forums have been quite educational, and interesting to see how each person interprets things.

    Things might get very interesting if Ron Paul gets the republican nomination. I'm not saying I'd vote for him, but think he is more popular than the media gives credit. I noticed an older video where he has been very consistent in his opinions on the wars. I think he might be consistent on other issues too. Seems pretty clear what one would get with him in office and I agree with most of what he wants. What do ya think?
  14. Wayne

    Wayne Senior Member

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    I thought this piece of news was interesting, and fit in with the tenor of this thread. I think it's interesting to note that the top 1% of our population control more wealth than the bottom 90%. I fully realize the nation's budget deficit can't be fixed just by taxing the super-rich, but I see nothing wrong with asking them to pay at least the same rate as other people who earn a tiny fraction of what they do.
    .......................................................

    Billionaire investor Warren Buffett wants to pay higher taxes.

    In an op-ed in the New York Times, the chairman and CEO of Berkshire Hathaway urged politicians in Washington to raise taxes on the "mega-rich" who have been "coddled long enough by a billionaire-friendly Congress."

    Buffett, who has repeatedly argued for higher taxes on the rich, said the tax rate on his 2010 taxable income was about 17.4 percent, lower than any of the other people who work for him. Their rates ranged from 33 percent to 41 percent, he said.

    The oracle of Omaha, as he is known, called on the newly-created "super committee" of 12 lawmakers tasked with improving the nation's fiscal health to immediately raise taxes on the richest 0.3 percent of Americans, though he declined to specify what he thinks the rate should be.

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