Anyone here doing okay because of the Ponzi scheme?

[efhmc]

Maybe it is not you but someone in your family. I am. My late husband worked for 30+ years, paying into the "Ponzi scheme" regularly. These funds would have never been collected if a provision had not been provided for me, as his widow, to get his Social Security insurance. And insurance is what it is because pensions are now gone and the only assurance one has of a steady cash flow in his/hers old age is from ones investment in Social Security, a system into which we all must pay, kind of like the new health care. BTW I am still working and am still paying SS. How can anyone call this system an entitlement?

[hedgehog]

1. Hey - the company my Dad worked for got bought out by Litton Industries,

which promptly turned around and looted the pension fund. I love Social Security!

[efhmc]

3. Please explain to me how this is called an entitlement?

[Common Sense Party]

13. Because you're entitled to it. n/t

[efhmc]

27. Yes, after you pay for it. The repugs use this term to mean

something that the government gives you without your giving to the program. But perhaps you are just being sarcastic. I think a better term might be a repayment of money due in an investment or an annuity.

[Common Sense Party]

33. You're entitled to it because you've paid into the program, and Congress

isn't supposed to be able to make cuts to it capriciously, because it's theoretically kept separate from the rest of the budget.

[efhmc]

35. I love that word theoretically. It means that if we are in power,

and we will do what ever the hell we want, if not stopped.

[RebelOne]

36. My feelings exactly. I worked most of my life

and put my money into the social security system and I am entitled to that money. It is mine.

[efhmc]

37. Exactly. You are entitled to get the money and interest you

earned. But in the vernacular of the repug entitlement means welfare.

[Common Sense Party]

47. You're not earning interest. It's not a savings account.

It doesn't work that way, was never designed to work that way.

[efhmc]

58. Well, actually you cannot see it as interest in a mathmatically

sense, but if prorated over x number of years, there is interest on income. The difficulty is knowing the number of years.

[Common Sense Party]

59. It's not interest, because there is no savings account.

You get a benefit that can be adjusted for inflation.

It is most emphatically NOT a savings account. You will NOT be "withdrawing" the dollars you put in plus interest. You will receive a benefit, the size of which depends on how much you contributed, for how many years, and when you decide to start to receive the benefit, and what happens with inflation once you begin receiving your benefit.

[hedgehog]

43. My dad and I have an on-going disagreement. i think Social Security is a fantastic transfer

of wealth program. i'm all for that, we need to spread the wealth around to keep the economy moving. Give the excess to people who need it and will spend it. I just want to take the cap off the annual deduction. My Dad considers it an annuity because you pay into it.

[efhmc]

44. I agree with both of you. The amount of money my husband

paid into it plus interest will never be realized by me and the amount I am now paying and have paid into it will go to someone else, because I will never get it. So it is an annuity for me and a spread the wealth to others.

[hedgehog]

53. It's an investment in the future economy - as I said to him,

back when he was working, US Steel looked like a sure thing, and Apple was something you ate!

[efhmc]

54. Actually invested in Apple twice.

Got out about 15 years ago and went in again about 5 years ago at 20. My family thought I was nuts. Only bought 200 shares. Wish I had gotten more.

[TheCowsCameHome]

2. You bet.

I wouldn't have it any other way.

Retired at 60 and never looked back.

[efhmc]

4. I wonder if younger voters know how much robbing ss will/

can empact them. That is if they have anyone they care about who might be needing their help some day.

[hedgehog]

6. i love the Republicans campaignig by reaching out to older folks -

we'll make sure you get yours; we're just going to stiff the kids! That'll teach them to stay off the lawns!

[efhmc]

8. Funny thing about youth. You never think you will be old.

[TheCowsCameHome]

20. Isn't that the truth!

One day they'll know..........

[efhmc]

40. Hope so. May they live long and healthy lives.

The future always seems such a long endless time away to the young. Enjoy!

[TheCowsCameHome]

22. How about the older folks *itching and moaning about SS/Medicare?

Has any one of them ever returned a SS check or declined Medicare?

What the hell are they sniffing?

[efhmc]

42. I have no idea what you are talking about. Please explain.

What old people "itching and moaning". Did I miss something?

[TheCowsCameHome]

50. Well, fr'instance

ever watch a Florida teabagger rally? - Silver-headed Q-tips with oxygen bottles and walkers bitching about the evils of big gummint.

Or are you just putting me on?

[efhmc]

52. They don't want any payments from the gov.?

Maybe they are just looking for a fun time and think the teabaggers may provide it.

[TheCowsCameHome]

56. Maybe they are just plain clueless

and don't realize they're cutting their own lifeline.

[efhmc]

57. May be, but that does not help them or their future.

It's our job to help them see what is before them.

[efhmc]

9. Just can't get the message across to young people that life

may not treat them the way they think it will, (never thought this stay at home, not in work force, mom would have her husband killed at 54)so the SS issue is looked on as only impacting old or older folks. With no reliability of pensions or Wall street investments, it is an issue that should be important to them, but unfortunately is not.

[dkf]

5. My dad throws his social security check into his stock trading account.

His state pension by itself is more than he used to make when he worked and he and mom travel every other month to Vegas. His medical is double covered by Medicare and his retirement so his health bills are minimal.

I'm happy for him. He retired at 55, paid off his mortgage, has a great life and has more disposable income and take home pay than I do.

We won't have it nearly so good.

[efhmc]

7. Nice. But I think he is the exception. BTW, he does not have

to take that check. He can return it or give it to charity, although it is his and he can certainly do as he will with it.

[dkf]

10. If he is the exception it's on the lower end. All my Aunties and Uncles are better off.

And they are one generation off the plantation. No trust fund babies there.

[efhmc]

12. Bless him. Sounds like a happy guy.

[dkf]

14. He is. I'm not even grumpy about social security for myself as I'm not counting on it.

I'm wondering how my nieces and nephew are supposed to support all this burden. I look into their little faces and I feel so sorry for them.

I have to do what I can to save for their future.

[efhmc]

25. I work and have investments and ss, but these things still do

not make for a life style that is free from financial worries. That's for sure.

[DrunkenBoat]

46. That's baloney. As anyone can verify by looking at the income distribution.

People who don't need their SS checks are the exception.

For 1/3 of retirees, it's more than 90% of their income.

For 2/3, it's 50% or more.

[efhmc]

55. I don't think he said he said it was the exception.

He was just talking about his own personal experience within his own family.

[DrunkenBoat]

61. Actually, she said that her dad was *not* the exception, that he was on the "low end".

Which is why I said "That's baloney".

Her folks, per her, don't need his SS check. But for 2/3 of recipients it's half or more of their income.

Which means her folks are on the "high end," not the low end, of beneficiaries.

It always helps to read the conversation before commenting.

dkf Donating Member (1000+ posts)

5. My dad throws his social security check into his stock trading account.
His state pension by itself is more than he used to make when he worked and he and mom travel every other month to Vegas. His medical is double covered by Medicare and his retirement so his health bills are minimal.

I'm happy for him. He retired at 55, paid off his mortgage, has a great life and has more disposable income and take home pay than I do.

We won't have it nearly so good.


dkf Donating Member (1000+ posts)

Wed Sep-28-11 03:34 PM
Response to Reply #7
10. If he is the exception it's on the lower end. All my Aunties and Uncles are better off.

And they are one generation off the plantation. No trust fund babies there.

[kestrel91316]

11. I had one great-grandparent, four grandparents, and one parent do

quite well under the Ponzi scheme. Nobody starved on the streets. They all got the medical care they needed in their dotage, too.

[efhmc]

16. Too bad. They really all should have been out on the streets

and died early. (Rick Perry, et al.)

[INdemo]

15. Republicans have been trying to destroy Social Security for

80 years. Congress has stolen over 2.4+ trillion dollars from the SS and medicare fund. So if we stop funding two senseless wars and we will gain about 4 trillion.And there should be no need to attacked SS.
What is ironic is the fact that those hypocrites that are trying to destroy Social Security have actually benefited from it
Example a big portion of Paul Ryan's college education was paid for by Social Security Benefits..
Corporations think their share of SS benefits payments is a real burden and keeping them from creating job ..isn't that BS?
There is a book that tells about the Republican Power group (I would have to do some research for the name of)and how they have been trying to destroy it for 80 years.The SS fund was called a whole lot worse names back in the 30's..had it not been for a Super majority of real Democrats we would not have had this fund.



read this
http://thinkprogress.org/economy/2011/09/26/328564/paul-ryan-flip-flop-social-security-ponzi-scheme/

Now read this
http://www.alan.com/2011/04/20/paul-ryan-collected-social-security-entitlements-until-age-18/

http://www.dailykos.com/story/2011/04/19/968549/-Entitlement-hating-Paul-Ryan-collected-Social-Security-benefits-until-he-was-18

and probably longer if he was enrolled in college.

[efhmc]

17. Thanks for the sites.

[RaleighNCDUer]

29. Some Republicans, that is.

Eisenhower was a strong supporter of SS and of unions.

Unfortunately, his wing of the party is now extinct.

[INdemo]

31. Well yes..It was Ike that could not decide for a while which party

he would run on. By todays standards and the ideology the Republicans have Ike was a liberal Democrat.My Dad an FDR Democrat,and he would never admit it, but I think he voted for Eisenhower for his reelection.But back then Republicans were not the radical party for the rich and the party of the corporate mafia..

[efhmc]

39. He would not have been allowed into any repug campaign.

He was a wild eyed liberal according to today's standards of the repug party.

[INdemo]

45. I found this,maybe some interesting reading and its funny how

the Republicans are even farther right than they were 2+ years ago

http://crooksandliars.com/2008/08/22/susan-eisenhower-leaving-gop-for-good-cites-mccains-rove-style-politics

and about Ike
http://www.alternet.org/story/149700/rachel_maddow%3A_in_america_today%2C_republican_president_dwight_d._eisenhower_would_be_bernie_sanders_in_the_u.s._senate?page=entire

[efhmc]

49. Thanks for the info.

[efhmc]

38. He was a person of the people. There are no more repug

people like that that I can see. They are a party of greed and corporations.

[sinkingfeeling]

18. Why yes, my 93 yr.-old mother is doing fine in her assisted living home thanks to the Ponzi scheme.

[efhmc]

19. But do you REALLY think she is entitled to that care?

That is sarcasm, in case you are wondering.

[dajoki]

21. K&R

[efhmc]

26. What ever happened to kick-ass progressive presidents?

Like JFK, LBJ and FDR? All had their foibles but all seem to care about "the people".

[jtown1123]

23. Join the No Cuts Campaign. Well worth it!

www.saynocuts.org

[efhmc]

24. Thanks for the link.

[jtown1123]

41. You're welcome!

[RaleighNCDUer]

28. You must understand, the Republicans have twisted the word 'entitlement'

to mean it's exact opposite.

An entitlement is something to which you are entitled - something you deserve to benefit from because of your right to it. If you work, you are entitled to a paycheck. If you buy insurance, you are entitled to the coverage guaranteed by that insurance.

Welfare is not an entitlement. It is welfare. SS is an entitlement, by reason of your payment into the system and its promise of benefits for those payments.

Every working person who pays into SS is entitled to benefits from SS. That's why we pay in.

[efhmc]

30. Okay, so SS is an entitlement by definition. However, it is

made to seem like it is something one is NOT entitled to because that person did not do anything to deserve it but it was just given to them. Please do not expect Americans to understand this nuance. The repugs, as they are so able to do, have made the word mean handout.

[madokie]

32. Yes there is

Without it I'd be up shit creek without a paddle
I started work for wages the summer of my eighth grade.
Yes it is an insurance policy not a ponzi scheme as good hair and a slew of other :puke: call it.

[efhmc]

34. Hope you are well and thank heavens for help from insurance

policies (SS) when we need it. People who work hard for a living deserve to be protected. As a matter of fact, all people deserve to be protected.

[madokie]

48. You bet they do

It matters not their disability or when it came about this is America and we take care of our own. Well thats the way its supposed to be as far as I'm concerned.

[efhmc]

51. That is what is suppose to happen but we

have forces that would make it very different. BTW, they are called Republicans.

[Blasphemer]

60. K&R

I was initially confused... trying to imagine what recent news item I had missed. Thanks for the great post and my smile of the day!