🚀 go-pugleaf

On Fri, 04 Mar 2005 13:55:17 GMT, Mike Smith <mws@wt.net> wrote:

>On Fri, 04 Mar 2005 12:14:36 GMT, Jim Gries <jgries1@tampabay.rr.com>
>wrote:
>
>>On Fri, 04 Mar 2005 11:43:48 GMT, Mike Smith <mws@wt.net> wrote:
>>
>>>On Fri, 04 Mar 2005 11:21:58 GMT, Jim Gries <jgries1@tampabay.rr.com>
>>>wrote:
>>>
>>>>On Fri, 04 Mar 2005 10:20:28 GMT, cory <postmaster@hotmail.com> wrote:
>>>>
>>>>>Barney Lyon wrote:
>>>>>> How about raising the cap, and rolling back Bush's tax cuts to the
>>>>>> rich?  How about getting out of Iraq, which is only a cash cow for
>>>>>> American contractors who are getting rich off American taxpayer dollars
>>>>>> AND the Iraqis oil?  How about finding the missing $BILLION$ in Iraq
>>>>>> (see below)?  How about replacing both the surplus that Bush
>>>>>> squandered and replenishing what was stolen from the SS trust fund?
>>>>>> 
>>>>>
>>>>>How about a nice tall glass of STFU?
>>>>
>>>>Cory - Let's cut your  LSD (Lush Slimebaugh Dialogue) back to 1 show
>>>>a week - and see how it goes
>>>
>>>What? Cory cannot comment on this buffoon's ignorant rant? 
>>>Why not....
>>>
>>>Are you related to the imbecile, Jim? Barney has posted proof that he
>>>is completely clueless about the federal budget and SS, but you decide
>>>to whine about Cory's comments. Are you stupid, Jim?
>>>
>>>Mike Smith
>>
>>Hey Mike - Post your solution and I'll post mine - Let stupidity fall
>>where it will - By the way Mike, that's a challenge to your
>>intellectual horse power!!!!!!!!
>
>Noted that you did not answer my questions, but if you want to slink
>off on a tangent, OK...
>
>I'm betting you don't have the foggiest clue what "intellectual horse
>power" means.
>
>And I have posted my solution. We eliminate SS as we now know it, by
>moving it into a 401k type of retirement where the entire 12.5% of you
>money is actually going for --->your<--- retirement. This will faze in
>over a 50-60 year timeframe, but will greatly benefit my future
>grandkids.
>
>We eliminate the ponzi scheme by eliminating the vast pool of money
>that our congress critters love to spend, and moving it all into
>personal retirement accounts.
>
>You probably will not understand what I just posted, but we'll see if
>you are stupid, or not...
>
>Mike Smith
Mike,

I'll refrain from any further degrading comments - Because we're on
the same page my friend

The American Family Restoration and Retirement Act (AFRRA) is a
concept for comprehensive Social Security (SS) legislation.   AFFRA is
not politically motivated, nor is it intended to benefit any political
party or individual politician.  It is for the American worker and the
American Family.  

The AMERICAN F AMILY RESTORATION AND RETIREMENT ACT (AFRRA)

WHAT THE PLAN DOES:
(a)	Completely eliminates new Social Security recipients after 33
years
(b)	Builds estates, not obligations for future generations
(c)	Guarantees existing SS benefits without future tinkering
(d)	Builds intergenerational bridges, resulting from Senior
support 
(e)	 Inspires local, regional and national bonds between Americans
and American businesses and workers  
(f)	Sparks a "Buy American" consumer mentality
(g)	Diminishes the impact of outsourcing and foreign imports  
(h)	Levels the SS funding playing field 
(i)	Provides a smooth transition from a Government managed Social
Security "Trust Fund",  to individual retirement accounts, managed by
individuals  
(j)	Provides capital formation for community businesses and
community projects
(k)	Creates "funding pods" in every Congressional District 
(l)	Removes Social Security from the Political arena
(m)	Is dynamic and greater than the sum of its parts
 

l.  MOST RECENT ATTEMPTS TO REFORM

A - 1983 Headline  -   -  "THE TRUST FUNDS IS GOING BANKRUPT"
B.	A special committee of Alan Greenspan, Bob Dole and others,
are directed to develop a "Save SS Plan" 
C.	Committee gives birth to a plan that over funds the trust fund
by Billions of dollars annually, the excess will fund future SS
obligations
D.	Congress passes legislation in record time and SS is made
solvent for the next 75 years through legislation that.   
a.	Minimally increases the SS tax rate
b.	Gradually raises retirement eligibility age
c.	Increased the amount of annual wages subject to SS taxation 

ll.  EFFECT 

A.  1983 Reform and years after 
a.	Maximum Social Security tax contributions went up 217% - TWO
HUNDRED SEVENTEEN PERCENT from 1982 through 1989 and have been
increasing since   

     PROBLEM
B.	 Congress and the President conveniently omitted legislation
that that would protect excess trust fund cash 

lll.  EFFECT 

A.  TRUST FUND CASH DISSAPEARS  
a.	The Trust fund excess increased from approximately $27 billion
when the "Save the Trust Fund" plan was implemented to roughly $1.5
Trillion today
i.	Trust Fund excesses are removed and replaced with IOUs - Now
the right hand of the Government owes the left hand
ii.	We paid it once - Should we agree to pay it again??
iii.	Even the current President admits that the trust fund is
essentially empty

lV.  WHO PAYS AND IS THE "NATIONAL OBLIGATION" EQUALLY DIVIDED 
	
     A.   For every dollar of wages earned up to $90,000 (that covers
America's middle 
            class), today's worker generates 12.4 cents (12.4%) for
the Social Security trust 
             fund.  
C.	Wages in excess of $90,000 are exempted from the 12.4% SS tax

V.  WHAT DOES THIS MEAN 

A.	Someone who earns $250,000 generates 4.45 cents (4.45%) for
every dollar earned 
B.	Someone earning a million dollars annually generates 1.1 cents
(1.1 %) 
a.	All generate a 2.9 cent contribution to Medicare (2.9%)
regardless of income - Medicare cap eliminated in the 90s
    
Vl.  WHO DOESN'T PAY

    A. State of Texas Educational employees (estimated 450,000) are
excluded from 
         SS contributions entirely
a.	They contribute to an individually managed retirement account 
b.	Their contributions are approximately the same percent as SS
c.	The State of Texas using taxpayer dollars matches their
individual contributions
d.	In effect, Texas taxpayers working in the private sector,
contribute to Social Security and subsidize private retirement
accounts for State workers
e.	Numerous other exemptions, only serve to increase the SS
funding burden on those who do pay
  
Vll.  WHAT DOES THIS MEAN

A.	Contrast a Texas Teacher with a Texas Plumber
a.	Lifetime earnings for both have been essentially the same -
around $45,000 annually
b.	Both have completed 40 years of service, one contributed to an
Individual 
 Retirement account, the plumber to SS Trust Fund
c.	One day after retirement, each passes on
d.	The Teacher leaves an estate worth roughly $850,000 (6% annual
return) 
e.	The Texas Plumber's estate receives about $300 from his years
of contribution to SS for burial 

LET'S DO IT RIGHT THIS TIME
 
l.  "THE AMERICAN FAMILY RESTABILIZATION & RETIREMENT ACT" (AFFRA)

A.	Current retirees support is essential for this plan to be
entirely effective
a.	The trade off - 
i.	Current SS taxpayers funding SS retiree's checks would support
"no new changes" to benefits over the lifetime of current SS
recipients   
ii.	This removes the election cycle cloud of uncertainty for
senior citizens, while promoting intergenerational bonding    	

B.	All personal income, (10.179 Trillion - Dec. 04*) will be
taxed on a "same percent" basis to fund the SS obligation 
a.	Current SS funding obligations are roughly $450 Billion
annually
b.	SS contributors generate 12.4 cents for every gross dollar
earned, up to an annual cap of $90,000  for 2005 (covers the majority
of working Moms & Dads)
c.	Under AFFRA, every dollar of personal income would be taxed at
4.4 cents

                   RESULT:
        a.  Look at your last pay check - take your gross wages and
multiply by 8% 
            (amounts over $90,000 gross are adjusted)
        b.  Under AFFRA, that's the amount that goes into your
Individual 
             Community Investment Retirement Account (ICIRA)  
-	WORTH FIGHTING FOR???  

C.	AFRRA immediately eliminates excess SS funding 
a.	This closes the SS trust fund "candy store" once and for all 

D.	Under AFFRA, new SS recipients are phased out over the next 33
years 
a.	Implementation would take place starting with year 1  
b.	Using the current SS retirement formula, new retirees would
receive a reduction in their SS check equal to 3.03 % for every
elapsed year after implementation  
i.	Example #1:
1.	John Doe retires at the end of 1 year - 
a.	His SS check would have been $1700 per month 
b.	Under AFFRA he receives $1648.49
2.	John was earning $90,000 annually
a.	Under AFFRA., he made a $7,200 to his ICIRA
j.	Example #2:  	
          1.  John Doe #2 retires at the end of year 5 - 
		      a.   His SS check would have been $1700.00 per
month	        
                                    b.  Under AFFRA, he still receives
$1442.45
		      c.   John Doe #2 has added $36,000, plus
investment 
                                          returns to the value of his
estate

ll.   WHERE CONTRIBUTIONS WOULD BE HELD AND INVESTED 

INDIVIDUAL COMMUNITY INVESTMENT RETIRMENT ACCOUNTS (ICIRA)

WHERE:

A.	ICIRAs are mandated - If you participate, you must have one
B.	ICIRA accounts are set up in each of the 435 Congressional
districts
C.	Accounts are owned and controlled by individuals and/or a
member elected board
D.	Financial institutions would be on the line of a local credit
union
E.	The employer still pays the 12.4 cents for every wage dollar
earned	
a.	4.4 cents goes to fund the current SS obligation
b.	8.0 cents goes to the designated ICIRA 
F.	The SS obligation diminishes every year, reflected by the fact
that new retirees are getting a reduced check offset by their ICIRA
contribution
a.	This means that the 8 cents for every dollar contribution goes
to 8.03 cents the 2nd year, 8.06 cents the 3rd year and so on


lll.  HOW WOULD INVESTMENTS BE MADE

A  The major percent (maybe 45%) would be invested in local community 
                  businesses (new or already existing)  
B.  A smaller percent (maybe 25%) would be invested in businesses
within the 
                  residents State 
        C.    Roughly 10% would be invested on a national scale 
      D.  The remaining percent (20% in this example) could fund
community 
             development projects within the contributor's
congressional district 

RESULT:
	
"BUY AMERICAN" - I can't imagine anyone, whose retirement funds are
invested in a local manufacturing company not buying a "made in
America" baseball cap or pair of American shoes.  CAN YOU?? 

Now ask yourself - Does the plan:
:
A.	Provide a financial launching pad for future generations
B.	Guarantee existing SS benefits without future tinkering
C.	Build intergenerational bridges 
D.	Inspires local, regional and national bonds between Americans
and American businesses and workers  
E.	Spark a "Buy American" consumer mentality
F.	Diminishes the impact of outsourcing and foreign imports  
G.	Level the SS funding playing field 
H.	Provide a smooth transition from a "Trust Fund", to an
Individual Community Investment Retirement Account (ICIRA)
I.	Provide local funding for community projects
J.	Removes the Social Security card from the Political arena
K.	 Dynamic and greater than the sum of its parts

The current state of the SS program, is the direct result of "less
than desirable" stewardship on the part of the electorate, and needs
to be rectified by the same electorate, determined not to repeat past
"political and electorate mal-practice".   AFFRA is not an "end all -
be all" solution, as numerous details remain to be worked out.
However, AFFRA is intended to provide a venue for demonstrating "good
things happen" for America and her people, when the American people
unite for a common cause.  If AFFRA meets basic criteria for you, or
even more importantly for your children and grandchildren, then send a
copy of AFRRA to you local media and your elected representatives.
All of us united in our effort can provide the direction and
motivation to our elected representatives and they will "get it right"
this time.  

We have an unique opportunity to secure a worth while future for our
kids and grandkids.  

* U.S. department of commerce figures as of December, 2004
Total personal income = $10.0129 trillion