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Politics : Formerly About Advanced Micro Devices
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To: Tenchusatsu who wrote (434839)11/13/2008 3:55:22 PM
From: Alighieri  Read Replies (2) of 1574753
 
When current beneficiaries are directly paid by contributions from current employees (or taxpayers in the case of Social Security), then it constitutes welfare for the elderly.

Hmmmm...another way to look at this is that we are paying for our parents and our children will pay for us. It's not welfare at all. But I am not sure even that is correct...SS has been in surplus and will be for at least another ten years. I think I am correct in saying that this means that a portion of our current contribution is used to cover today's retirees and a portion of it is intended to cover the liability you and I represent. One can argue that current contribution levels are insufficient to cover all future liabilities, but a modest increase in contributions, either through a higher % or through a higher taxed income ceiling fixes that for SS.

I'm glad you brought up the analogy of the private sector, because we're seeing Ford and GM suffer from overly generous pension programs, among other things.

Anything can reach imbalance and spin out of control. It's important to remain pragmatic in the face of extremism and not let bad examples deter future action.

I don't think it's even reached one year of SS payments:

By the time it's over, the iraq war is expected to have cost the US $1T ...roughly equal to 2 years of SS payments. But I was referring more directly to the obscenity the military budget has become.

Al
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