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Politics : Formerly About Advanced Micro Devices

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To: TigerPaw who wrote (218825)	2/16/2005 9:16:27 PM
From: TimF	Read Replies (2) of 1573344

Setting aside all the actuarial and financial gobbledegook That "gobbledegook" is not something that can reasonably be set aside. You can't run a pension/retirement/insurance program without paying a lot of attention to "actuarial and financial gobbledegook". the basic idea was that the boomers and others would start paying not only their own taxes but also advance paying to cover the costs of their own retirement The idea in the beginning was pay as you go. The current workers paid for the retirees. Much later that changed to paying some extra to cover future costs but 1 - It was never really enough to cover future costs, and 2 - The money has always been spent by the government. There is no money held by the government for the retirees. The money paid to retirees in the past, in the present, and in the future, was/is/will be paid for from current taxes. When it was "pay as you go" it was paid from current social security taxes. The money going to retirees is also from current social security taxes. When the current social security taxes aren't enough anymore (whether or not their are Fed. government bonds held by the SSA), than the money going to retirees will be paid from income taxes, or other non-SS taxes. But it seems you were just a sucker since President Bush is now saying the money ain't gonna be paid back. He isn't saying anything of the sort. He's saying something like what I said above (but with different words and less detail). The fact that there is no pile of money to pay the retirees with doesn't mean they will not be paid. Its possible that the indexing of benefit increases could change or that the retirement age will go up (more than the planned increase to 67) but nothing about any of Bush's proposals, ideas, or suggestions would lead to no benefits being paid. Tim

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