Their View: Obama perpetuates Social Security hoax

Everyone knows that the U.S. budget is being devoured by entitlements. Everyone also knows that of the Big Three - Medicare, Medicaid and Social Security - Social Security is the most solvable. Full Story
Spell It Out for Me

Albuquerque, NM

#1 Mar 11, 2011
I missed your column, Mr. Krauthaamer, on how the previous administration was ignoring the social security issue.

“I Put the "B" in ITCH!!”

Since: Jun 08

Wood-Ridge, NJ

#2 Mar 11, 2011
Reader

Las Cruces, NM

#3 Mar 11, 2011
Spell It Out for Me wrote:
I missed your column, Mr. Krauthaamer, on how the previous administration was ignoring the social security issue.
That's your fault, not his.
Cato

Las Cruces, NM

#4 Mar 11, 2011
NJBRED wrote:
I looked at them, and any sense he might make is overpowered by his vicious partisanship. The man has got one message: it is always the Democratic party's fault. I don't believe what he says anymore than I believe Michael Moore.

Social security is a problem because its originators, in their desire to do something good for people, failed to take into account the bipartisan raiding of the fund and the effect of population bulges that no one expected in the 1930s. Both parties are responsible for the problems.
Ex El Paso res

Las Cruces, NM

#5 Mar 11, 2011
The Federal Government's Ponzie scheme makes Bernie Maddoff's lool like nothing in comparison. But the differnce is no one on the Federal Government side will go to jail or be held accountable.

Raiding the SS system started back about LBJ's time and has gone on every since (both Democrate and Republican).

There is no trust fund. Starting today every single dollar put into SS by workers should be seperated account from the general fund. It needs to become a trust fund again. Government should then have to pay back obligation to pay back each and every single IOU since LBJ.

There should also be a policy that you get out what you pay in. No more work the minimum amount and draw benefits for the rest of your life.

Go ahead Dumbama and put your head in the sand. I, as a taxpayer, will get no choice in making sure you get your retirement will you piss part of mine away and do nothing to fix the system.

Politicians (regardless of party) believe if they tell themselves and the public lies long enough it will come true (click your heels together three times).
Fred

Las Cruces, NM

#6 Mar 11, 2011
And this is supposed to be a surprise? We know that the government has been raiding the till. We as citizens didn't speak up to stop it.
Suggestion: Give everyone that is under forty years of age all of the money they paid in to the Social Security system and let them put it in an IRA.
Anyone beyond that is too far along to bail out on.
We'll be struggling to pay the baby boomers who have paid into this all of their adult lives. But at least an end to this madness will be in sight within thirty or forty years.
Folks, we are paying for government stupidity.
The Answer

Albuquerque, NM

#7 Mar 11, 2011
Spell It Out for Me wrote:
I missed your column, Mr. Krauthaamer, on how the previous administration was ignoring the social security issue.
spelled out for you is that Bush did not ignore the issue. Care to guess which party said no changes? Here it is SPELLED OUT FOR YOU.

"Economic Radicals

Another thing we learn from the demise of Social Security reform is that when it comes to economics, this is now Howard Dean's Democratic party.

This completes, really, the economic radicalization of the Democrats, and it is a frightening picture -- frightening if you consider that they might run the country again some day.

The fact is that the Social Security reform proposed by the president is quite moderate. Individuals could choose to put some of their payroll tax in an account. They could choose not to as well.

Reforms of this type are hardly new or radical. By my count, there are now 31 countries that have incorporated private accounts into their public pension systems, a list that includes the U.K., Sweden, most of South and Central America, a large number of central European countries and even Mongolia.

So the idea of letting citizens have increased ownership of their pension money is mainstream enough to please Swedes and Mongolians, but so ``radical'' that U.S. Democrats opposed it with all their might."
Robbie

Edenton, NC

#8 Mar 11, 2011
Fred wrote:
And this is supposed to be a surprise? We know that the government has been raiding the till. We as citizens didn't speak up to stop it.
Suggestion: Give everyone that is under forty years of age all of the money they paid in to the Social Security system and let them put it in an IRA.
Anyone beyond that is too far along to bail out on.
We'll be struggling to pay the baby boomers who have paid into this all of their adult lives. But at least an end to this madness will be in sight within thirty or forty years.
Folks, we are paying for government stupidity.
Those in power seen this coming 40 years ago and did nothing about it---that's on both sides of the aisle. Now they are running around screaming the sky is falling!! Not only did politicians know this was going to happen once the population expansion dropped off years ago but the the rotten SOBs stole money out of the SS system to use for other pet projects. Really the politicians that are in office now have the least to do with this countries financial woes as those in office 40 years ago. Find them and if still alive beat them with a sock of rocks..........
Michael L Hays

Las Cruces, NM

#9 Mar 11, 2011
Cato, may I offer this refinement or correction of your comment. Social Security was intended as an Insurance policy. Everyone paid in; the needy got paid out. The mistake was to make it a federal savings account, whereby payout was for all and proportionate to pay-in.

My proposals for reforming it do not raise the age of retirement, because of the need to adjust that for different kinds of work (desk jobs versus dirty ones)--which opens the door to lobbyists to get their constituents retired early. I would make all annual compensation in any form liable to the tax, lower the rates for employers and employees to a smaller percentage capable of sustaining financial feasibility, make the fund a federal trustwhose assets cannot be diverted for the government's operating budget, and make pay-outs means-tested.
Tick Tock Man

Las Cruces, NM

#10 Mar 11, 2011
Spell It Out for Me wrote:
I missed your column, Mr. Krauthaamer, on how the previous administration was ignoring the social security issue.
The previous administration tried to privatize social security. And when that got a very cool reception, even from his own party, THEN he ignored the issue.
Tick Tock Man

Las Cruces, NM

#11 Mar 11, 2011
Michael L Hays wrote:
Cato, may I offer this refinement or correction of your comment. Social Security was intended as an Insurance policy. Everyone paid in; the needy got paid out. The mistake was to make it a federal savings account, whereby payout was for all and proportionate to pay-in.
My proposals for reforming it do not raise the age of retirement, because of the need to adjust that for different kinds of work (desk jobs versus dirty ones)--which opens the door to lobbyists to get their constituents retired early. I would make all annual compensation in any form liable to the tax, lower the rates for employers and employees to a smaller percentage capable of sustaining financial feasibility, make the fund a federal trustwhose assets cannot be diverted for the government's operating budget, and make pay-outs means-tested.
They don't need to raise the retirement age. At the rate this next generation is gaining weight, very few of them will reach sixty-five anyway. It's a self-correcting problem.

Since: Jun 08

Saint Paul, MN

#12 Mar 12, 2011
Michael L Hays wrote:
Cato, may I offer this refinement or correction of your comment. Social Security was intended as an Insurance policy. Everyone paid in; the needy got paid out. The mistake was to make it a federal savings account, whereby payout was for all and proportionate to pay-in.
My proposals for reforming it do not raise the age of retirement, because of the need to adjust that for different kinds of work (desk jobs versus dirty ones)--which opens the door to lobbyists to get their constituents retired early. I would make all annual compensation in any form liable to the tax, lower the rates for employers and employees to a smaller percentage capable of sustaining financial feasibility, make the fund a federal trustwhose assets cannot be diverted for the government's operating budget, and make pay-outs means-tested.
I would like to expand your "all annual compensation in any form" to include all stock options to be "taxed" at the time of option, not when exercised. Also to be included as compensation, all benefits, car, car insurance, health insurance, life insurance, golf club dues, season tickets to professional sports, etc. that a blue collar worker normally would not experience in their work place.

Your intent for your "all annual compensation in any form" should include this (my opinion) but I just want to make sure we are looking at the same compensation.

myloneneuron

Rio Rancho, NM

#13 Mar 12, 2011
Make the withholding match the income. Raise the withholding limit to 1,000,000 or less.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Warren Buffett Discussions

Title Updated Last By Comments
Taxes didn't drive Burger King-Tim Hortons deal... Sep 26 sure 1
Ronnie Chan Chichung's donations to university,... Sep 16 Paul Dornian 1
Top 9 Vacation Destinations For Wall Street Geeks Sep 12 Mostafa 1
Will the Prez Call Out...The Oracle? Sep 4 Burger King 5
Market Chatter- Corporate finance press digest Aug '14 Robert Burns 1
Praxair: The Value Of Pricing Power Aug '14 art 1
Hetty Green's ways similar to Buffett's (Aug '12) Jul '14 SLIF 7

Warren Buffett People Search

Addresses and phone numbers for FREE