Social Security Didn’t Create the Deficit
Social Security didn’t create the deficit, but America’s seniors are being presented with a fake Social Security crisis to try to trick them into accepting reduced benefits. Social Security will be able to pay 100% of its benefits through 2037 without any changes whatsoever. So, why the panic today? If seniors accept cuts to Social Security benefits today, a surplus cash flow will build in the Social Security trust fund. According to the Congressional Research Service, “Social Security’s cash surpluses are borrowed by the US Treasury and can be used for tax cuts, spending or repaying debt.” Social Security benefit cuts are increasing taxes paid to Social Security or extending retirement age will give more money for tax cuts spending or repaying the debt. Except for one thing: Social Security money belongs to those who have paid into the fund, it’s not the government’s money to use it; it shouldn’t be the government’s money to play with. Senior citizens should not have to accept a reduced standard of living to finance tax cuts for the rich. We must take a stand for senior citizens and protect Social Security and protect future generations from this raid on Social Security’s funds.
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Personal Finance: What is an Annuity? – as part of the expert series by GeoBeats. A lot of people have heard about annuities and they are not really sure about them. Plus, there is a lot of controversy associated with annuities because in some respects they can be very very complex. But to simplify it, first of all, most annuities are sold by life insurance companies, so keep that in mind. But the two types of annuities are something called an immediate annuity and there is something called a deferred annuity. And the immediate annuity is you give the company a set amount of money. Let’s say you give them 0000. They then come back and tell you how much they will pay you on a monthly basis for the rest of your life. Now, that is one option. So, a lot of times, people that are getting ready to retire and they have some investments and they are not comfortable managing them, they may opt to get an immediate annuity, because it is something where they know they are going to have a steady stream of income. And you can even purchase some with an inflation rider, which would help in the future as expenses change. There are other options with the immediate annuity. You can get it so that it is a period certain. Let’s say you are retiring early and you have 10 years before you want to retire, or get Social Security, or get a pension, you could fund an immediate annuity for 10 years. Or, if you feel like, “My health is not that good. What if I die within 10 years? And then I am …
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Question by Rich: when was the Individual retirement account tax saving plan first started?
I am trying to calculate the “basis” of the nondeductible IRA account; and I think it started in 1976…….Thanks.
Best answer:
Answer by Brian J
IRAs were created by the Employee Retirement Income Security Act of 1974 (ERISA) (Pub.L. 93-406, 88 Stat. 829, September 2, 1974)
The traditional IRA has been in existence since 1975.
What do you think? Answer below!
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America wake up! The lies and deception from Obama and the GOP to destroy Social Security, not because it is broke, because they want to spend it for the debt and to hell with the American people who paid into the trust fund. Call your members of congress and tell them you are fed up.
@SpitfireOFatj When Social Security started there was enough money to save it into a trust fund, on July 13th Barack Obama told to Scott Pelley that if we didn’t borrow from China we won’t be able to pay for Social Security checks. That proves that Social Security spends more than it takes in. I mean connect the dots and see where that heads us. It’s no myth– nobody without any credibility disagrees that social security deficits are permanent. your broken record will play after 96 years
@sreilly910 “That means the entire trust fund will have no money in 2037 and anyone born past the year 1972 won’t get a dime from social security when they turn of age.”
Wrong. All you have to do is raise the cap.
Everyone has heard that.
There’s a myth put out there by the Right Wing directed towards younger people that Social Security won’t be there for them so it’s unfair for them to pay into it.
They’ve played that broken record for 70 years.
Social Security is not solvent. New congressional estimates say the trust fund that supports Social Security disability will run out of money by 2017, leaving the program unable to pay full benefits, unless Congress acts. About two decades later, Social Security’s much larger retirement fund is projected to run dry as well. It’s time to REFORM ALL GOVERNMENT ASSISTANT PROGRAMS NOW — ELSE WE LOSE THEM!
This is the kind of congressman we need. I am always impressed when i listen to him. I love it when he challanges the Feds.
I’m right wing. Stop the waste and stupid-spending first. Then close tax loopholes. Then, if the US must have new revenue, get millionaires off government benefits of any kind: farm subsidies, VA, Social Security, Medicare, green energy……then we’ll talk about a national sales tax to get some money from crooks/illegals………then talk about raising taxes after those things have been taken care of.
This man is one of a kind! We should clone him and Ron Paul as one person and distribute, as needed, to each jurisdiction of the Union to represent the people of that jurisdiction as honestly and as tenaciously as they represents the people of Ohio and Texas! We are one Nation… screw the negativity… Japan ate our lunch and China is ready to finish our supper… all we’ll be good for is arguing about who is going to clean-up the dishes and eat tonight’s leftover crumbs!
Mr. Kucinich states that the Social Security trust fund is able to pay 100 percent of payments until 2037 without any changes. That means the entire trust fund will have no money in 2037 and anyone born past the year 1972 won’t get a dime from social security when they turn of age. Since the purpose of social security is to be social insurance, not a retirement account. Why don’t we cut social security for wealthy seniors who do not need to rely on it?
i love him tellem like it is
@billyandtherockets derp.
THEY HAVE ALREADY CUT SSI IS THAT LEGAL?
Kucinich is one of the few politicians in either party who is not a psychopath (check “freedom from conscience – psychopaths”). And now they are going to gerrymander his district so he can’t win re-election anymore? Guess the Dems don’t like him since he is against the pro-war Obama and the Republicans don’t like him for wanting to help the poor.
I agree on this issue. They paid for it all those years, they should get it back. It’s basically stealing.
Socialism is the only way out of this economic mess.
Love ya Dennis, keep up the good work. Lets call this Uncle Tom out and bury him in the primaries!
Entitlement? I PAID cash for my Social Security insurance! Our benefits aren’t some kind of charity or handout! Congressional benefits—premium federal health care, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days—now THAT’S welfare! And they have the nerve to call my retirement an entitlement! Repost if you are sick of their crap.
they want everything you own they will keep coming for more until the American people finally had enough .
the way things are going the AMERICAN people will be crucified .
thank you Dennis. i am one of the millions of seniors who depend entirely on SS & i am scared to death of losing my income. that means losing the roof over my head with cuts alone i will have to give up a lot of essentials; car, pet, meds. i get $986 a month. if they take away what little i and others like me have, we may as well be dead. it seems obvious that this is the governments attitude anyhow…that we are dispensable.
Thanks Dennis. You were my first choice. Hillary Clinton was my second. I’m still standing up for President Obama. Hang in there, Dennis!!! // Jean Clelland-Morin
Please add closed caption for the deaf people.
Someone should edit this so Dennis talks about your stash of pot, and keeping it away from a rich mooch (so all the republican can relate).
People now see Obama as the tool that he is – Kucinich, if you run for president you have an incredible chance of winning!!!
If it wasn’t for the rich, social Security would have been gone a long time ago! Kucinich is right that the government needs to stop stealing from SS, but the problem is they create all kinds of kick back programs for their re-elections. The entire system is broke and I am tired of the Liberal Republicans and the Communist Democrats. Fire them all and start fresh!
Bernie Madoff went to jail for doing what our politicians are doing with Social Security contributions.
Obama and the Republics are STEALING from the American worker. Social Security IS OUR MONEY. The US Government has NO RIGHT to that money. If Social Security is raided, a revolution is called for.