Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (107458)	7/10/2011 9:29:07 PM
From: TimF	2 Recommendations Read Replies (1) \| Respond to of 224755

10,000 boomers reaching SS age everyday. Don't try to tell them their promised benefits, for which they paid dearly, won't be paid. That's irrelevant to all the points we raised in the conversation. We were not talking about whether they will get paid or not, we where talking about how they would get paid. There is no asset that can be used to pay them, other than the power of the federal government to tax people in the future. Changing topics to your new one, they will get paid, but not as much as they are projected to get paid now. Spending on Social Security will keep going up, spending per person will almost certainly keep going up as well, it just won't rise as fast as projected. As for "raise the revenue", it doesn't work. We can't raise enough revenue. We could for just Social Security, but not for all the entitlements together. The percentage of GDP that the programs will spend if unchanged is higher than the what the federal government has ever been able to sustain, whether top personal income tax rates where 28% or 95% or anything in between. We can increase revenue a bit, but not nearly enough, and even that bit is harmful.