To be honest with you CPT- I watched the whole debate and if I didn't know any better I could have said it was a 2 man debate between Perry and Romney-I don't think the moderators were fair in the distribution of question- I wonder if there's a stat that shows who got asked the most questions. Originally Posted by wellendowed1911
The fuc'n thing is good 'till the year 2036 and then could pay 75% through 2085 without adjustments. How many of you have your finances in that good of shape?This statement would be accurate if the money was set aside in an investment that someone else owed the US. The money is in Tbills which means that we have borrowed it from ourselves. The only way to redeam those tbills is to raise taxes, lower benefits, or massivly cut other spending.
It is not a Ponzi scheme. It has been a way for this country to not address the fact that SS overpayment has made it possible for us to overspend on Defense without having any reprecussions.
Do you folks even understand how the tax system works? The Defense Department is spending the fuc out of your retirement savings and we have not adjusted for the fact that people are living longer.
http://www.ssa.gov/oact/trsum/index.html
Social Security expenditures exceeded the program’s non-interest income in 2010 for the first time since 1983. The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink to about $20 billion for years 2012-2014 as the economy strengthens. After 2014, cash deficits are expected to grow rapidly as the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers. Through 2022, the annual cash deficits will be made up by redeeming trust fund assets from the General Fund of the Treasury. Because these redemptions will be less than interest earnings, trust fund balances will continue to grow. After 2022, trust fund assets will be redeemed in amounts that exceed interest earnings until trust fund reserves are exhausted in 2036, one year earlier than was projected last year. Thereafter, tax income would be sufficient to pay only about three-quarters of scheduled benefits through 2085. Originally Posted by WTF
The fuc'n thing is good 'till the year 2036 and then could pay 75% through 2085 without adjustments. How many of you have your finances in that good of shape?
It is not a Ponzi scheme. It has been a way for this country to not address the fact that SS overpayment has made it possible for us to overspend on Defense without having any reprecussions.
Do you folks even understand how the tax system works? The Defense Department is spending the fuc out of your retirement savings and we have not adjusted for the fact that people are living longer.
http://www.ssa.gov/oact/trsum/index.html
Social Security expenditures exceeded the program’s non-interest income in 2010 for the first time since 1983. The $49 billion deficit last year (excluding interest income) and $46 billion projected deficit in 2011 are in large part due to the weakened economy and to downward income adjustments that correct for excess payroll tax revenue credited to the trust funds in earlier years. This deficit is expected to shrink to about $20 billion for years 2012-2014 as the economy strengthens. After 2014, cash deficits are expected to grow rapidly as the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers. Through 2022, the annual cash deficits will be made up by redeeming trust fund assets from the General Fund of the Treasury. Because these redemptions will be less than interest earnings, trust fund balances will continue to grow. After 2022, trust fund assets will be redeemed in amounts that exceed interest earnings until trust fund reserves are exhausted in 2036, one year earlier than was projected last year. Thereafter, tax income would be sufficient to pay only about three-quarters of scheduled benefits through 2085. Originally Posted by WTF
The Social Security situation is a "Ponzi scheme".........Perry was right about that Originally Posted by bigdog0311The professional fact checkers disagree! Perry uses words and descriptions, like "Ponzi Scheme," loosely with little basis for fact. He can get away with that when he is speaking to a Tea Party audience and/or our East Texas Rednecks! The term "Ponzi Scheme" originated from a 1920 era swindler who conned investors out of millions of dollars by promising returns of up to 100% with a short term, 90 day investment, in foreign postal coupons. After a small group of original investors sucked in huge profits, subsequent groups of investors thought they would match the profits realized by the initial group. They soon found out those profits mainly connsisted of money paid in by the 2nd tier of investors. The only ones who reaped the rewards were Charles Ponzi and the small group of the original investors. The rest lost huge bucks!
Well researched = quoting a government agency. LOL! Originally Posted by CuteOldGuyI did not quote a governmental agency! If I were inclined to look up "Ponzi Scheme," the last place I would look would be a governmental agency. Wikipedia has a much more detailed definition than what I described in my prior post.
I did not quote a governmental agency! If I were inclined to look up "Ponzi Scheme," the last place I would look would be a governmental agency. Wikipedia has a much more detailed definition than what I described in my prior post.
http://en.wikipedia.org/wiki/Ponzi_scheme
PolitiFact rated Perry's, "Ponzi Scheme" comparison as being "false."
What else can I say?
http://www.politifact.com/texas/arti...-ponzi-scheme/ Originally Posted by bigtex
The professional fact checkers disagree! Perry uses words and descriptions, like "Ponzi Scheme," loosely with little basis for fact. He can get away with that when he is speaking to a Tea Party audience and/or our East Texas Rednecks! The term "Ponzi Scheme" originated from a 1920 era swindler who conned investors out of millions of dollars by promising returns of up to 100% with a short term, 90 day investment, in foreign postal coupons. After a small group of original investors sucked in huge profits, subsequent groups of investors thought they would match the profits realized by the initial group. They soon found out those profits mainly connsisted of money paid in by the 2nd tier of investors. The only ones who reaped the rewards were Charles Ponzi and the small group of the original investors. The rest lost huge bucks!Go out in the marketplace and try to sell a retirement plan based on the Social Security model. See if you do not get shut down or thrown in jail. The biggest problem is that you would not find any investors unless you lie to them.
The Social Security system is a pay as you go system that transfers payroll tax collections from the American workforce to eligible retirees. The Ponzi Scheme comparison does not apply. You may have philosophical differences with the Social Security tax itself but that is a different issue entirely.
At the end of the day, Social Security is, what it is! What it is not, is a "Ponzi Scheme!" Our emphasis should be more along the lines of making the necessary changes to insure long term viabilty of the system itself. As opposed to wasting our time discussing whether the Social Security Administration is an illegal investment practice! Originally Posted by bigtex
Well, there you go again, confusing the wing nuts with facts. Originally Posted by rjdinerThe title of this thread is:
Perry in debate: Lets throw Science "OUT THE DOOR"Lets say (his) jobs are more important than research to find out if they are responsible jobs.
Once again....Perry never said that. Originally Posted by TheDaliLama