Hardworking taxpayers looted & robbed
Taxation W/O representation
I am one of the approximately 66% of Americans over 65 that eagerly
await our monthly Social Security benefit to appear in our bank
deposit column each month. The news that our benefit would not
increase this year, and potentially into 2010 and 2011, was not
received too warmly. And, if Andrea Coombes with the Wall Street
Journal and other pundits are correct, more bad news awaits those of
you in your mid-50s or younger, and they’re saying you ‘should start
making alternative arrangements for your retirement.’
Those of us who are currently receiving Social Security benefits and
those just months away from diving into the public retirement pool,
are said to be protected in existing proposals for fixing the huge
monetary shortfall, but all you young’ns out there can expect either
benefit cuts or tax hikes. Knowing the history of our government’s
handling of tax money it should surprise no one if you get a little
of
both.
The money in the Social Security fund will, officially, be in a
deficit status in 2016 (it actually is at this moment,) and
completely
disappear in the year 2037. Deficit status means more money will be
paid out each year than they have coming in. Something must be done…
and done immediately.
For years, fiscally minded individuals have fought to allow younger
wage earners to strip off a small percentage of their Social Security
contribution and invest it into government approved, low to medium
risk equity type instruments to maximize their nest egg when their
retirement year arrives. Unfortunately, lies and fear tactics by the
Dems and their sycophants at AARP have thus far successfully
prevented
the idea from getting off the ground in Congress.
The lack of an increase this year in the Social Security benefit is
the first time there has been no increase since the inception of the
program. That and the prediction of two more years of the same
should
clue us in to something serious in store for the future. As far as
Congress increasing the Medicare B premium in 2010, the law says the
vast majority of Medicare recipients already are exempt from premium
increases whenever there is no increase in Social Security
payments.
However, approximately 25% of the 40 plus billion seniors covered
under Medicare Part B would have seen their premiums increased
substantially if Congress had not passed, today, by a vote of 406-18,
a bill preventing an increase in those premiums. The Senate has yet
to put a bill on the floor to accomplish the same end.
By the way folks, speaking of annual increases in benefits, Congress
got its annual COLA (Cost Of Living Adjustment) increase raising
their
pay to $175,000 a year. Our current President receives an annual
salary of $400,000 plus $50,000 a year for personal expenses. When
he
leaves office, hopefully in 2012, he will receive a lifetime taxable
pension of $193,000; lifetime health coverage (government paid;)
Secret Service protection for 10 years (Presidents elected prior to
1997 get lifetime protection;) Free office space and equipment at any
location he chooses; and $150,000 annually for 2 ½ years for office
staff followed by a current maximum of $96,000 for life for staff.
Somehow that just seems to chaff my butt. Does it yours?
Premium increases or not, we got trouble ‘right here in the Capitol
City’ and it’s not going to get better anytime soon unless those guys
in Washington get their heads together and start making some
intelligent decisions for a change. They’ve got to solidify Social
Security and do it now.
My question to all you fine folks, who still have minds that think
logically… what would hurt the Social Security System the most… the
government to start allowing younger wage earners to put a small
percentage of their income into equity type investment vehicles or…
for us to continue allowing a grossly financially incompetent
congress
to rob the Social Security fund and spend our retirement for their
own
selfish, partisan, pork-laden interests?
But it was legal the politicians will say !
What a disgrace for this to happen to these fine people, that have
paid so dearly all there lives.
It's sickening.