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Started by Barney Lyon
Fri, 04 Mar 2005 03:21
Solution to Social Security Shortfall
Author: Barney Lyon
Date: Fri, 04 Mar 2005 03:21
Date: Fri, 04 Mar 2005 03:21
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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 preventing Bush and Congress from spending any of the surplus, now and forever? Bush spent something like the $164 BILLION surplus that was in it last year. The American people want the govt to bail social security out. Like in 1983, only fuck the raising of the retirement age. There aren't enough jobs for able-bodied young Americans - there won't be work for all of the elderly, who aren't in great physical shape, who will need money to live on. The only reason young people think that there won't be anything in social security for them is because they've been propagandized to believe it. The Conservative modus operandi has been the old Herrman Goerring axiom: "If you repeat a lie loudly and repeatedly, it becomes the truth." http://www.commondreams.org/headlines05/0205-05.htm Politicians have been saying it for years so that when the time came that there would be a shortfall, the people wouldn't mob Congress with torches. The American people want the services and programs that they get from the govt. Most Americans don't understand that their retirement has been stolen to pay for the wars, the military build-up, corporate welfare, giving corporations a free ride, etc. Politicians haven't been candid about the fact that they are paying for not only the programs that Americans want, but also the military machine and clandestine programs that brought terrorism to our door on 9/11/01 with the social security trust fund. http://www.squadron13.com/JackDresser/seedsofterrorism.htm http://www.nthposition.com/alltheshahsmen.php Politicians have been allowing the rich, the corporations to get off paying for this safe and orderly democracy, in which they have been able to make fortunes. Bush, the MisManager- This is how Bush can't be trusted with American taxpayer dollars: U.S. Said to Pay Iraq Contractors in Cash A journalist who helped Iraq form a new broadcast network in 2003 testified Monday that U.S. occupation officials were more interested in airing their own activities than stories essential to Iraqis. By LARRY MARGASAK Associated Press Writer WASHINGTON (AP) - A journalist who helped Iraq form a new broadcast network in 2003 testified Monday that U.S. occupation officials were more interested in airing their own activities than stories essential to Iraqis. Don North, who served as a U.S. government adviser to the Iraqi Media Network, said the network became an irrelevant mouthpiece for the U.S. Coalition Provisional Authority. The network was given "a laundry list of CPA activities" to cover instead of stories on security, the lack of electricity and jobs, said North, an independent journalist. North testified at a hearing of the Senate Democratic Policy Committee, a party organization. Sen. Byron Dorgan, D-N.D., head of the panel, said Democrats had asked Republican-led Senate committees to conduct hearings on U.S. waste and missteps in Iraq but the GOP chairmen refused. In addition to North, another former U.S. adviser in Iraq _ Frank Willis _ testified he thought he was in the Wild West in 2003 as he watched colleagues pull $2 million in fresh bills from a vault and stuff them in a contractor's gunnysack. North told the hearing he wanted the media network to be like the Public Broadcasting System in the United States. Instead, he said, U.S. authorities told him "we were running a public diplomacy operation" for the occupation government. Willis testified that cash payments that weren't stuffed in sacks were made from a pickup truck that bore the name of Iraq's grounded airline. American authorities thought the vehicle would "meld into the environment," Willis, said. Much of the money was Iraqi funds, Willis said. Army Lt. Col. Joseph Yoswa, a Defense Department spokesman, said the occupation authority "strived earnestly for sound management, transparency and oversight." He said U.S. funds were subject to "contract and accounting practices required by U.S. law." Separate standards applied to the Iraqi money, he said. Yoswa said he could not comment on the testimony about the Iraqi media. Monday's hearing was designed to spotlight the waste of money in Iraq by the former occupation agency, the Coalition Provisional Authority. Because Iraq had no functioning banking system in 2003, money was kept in a basement vault in CPA headquarters, a former palace of Saddam Hussein. Officials from the CPA, which ruled Iraq from June 2003 to June 2004, would count the money when it left the vault, but nobody kept track of the cash after that, Willis said. "In sum: inexperienced officials, fear of decision-making, lack of communications, minimal security, no banks and lots of money to spread around. This chaos I have referred to as a 'Wild West,'" Willis said in testimony submitted to the Democratic Policy Committee. "This isn't penny ante. Millions, perhaps billions of dollars have been wasted and pilfered," said the chairman of the Democratic panel, Sen. Byron Dorgan of North Dakota. He said the hearing was arranged because the Republicans who run Congress have declined to investigate fraud, waste and abuse in Iraq. James Mitchell, spokesman for the special inspector general for Iraq reconstruction, said in an interview that cash payments in Iraq were a problem when the occupation authority ran the country, and they continue during the massive U.S.-funded reconstruction. "There are no capabilities to electronically transfer funds," Mitchell said. "This complicates the financial management of reconstruction projects and complicates our ability to follow the money." The Pentagon, which had oversight of the CPA, did not comment in response to requests Friday and over the weekend. But the administrator of the former U.S. occupation agency, L. Paul Bremer, in response to a recent federal audit criticizing the CPA, strongly defended the agency's financial practices. Bremer said auditors mistakenly assumed that "Western-style budgeting and accounting procedures could be immediately and fully implemented in the midst of a war." When the authority took over the country in 2003, Bremer said, there was no functioning Iraqi government and services were primitive or nonexistent. He said the U.S. strategy was "to transfer to the Iraqis as much responsibility as possible as quickly as possible, including responsibility for the Iraqi budget." Iraq's economy was "dead in the water" and the priority "was to get the economy going," Bremer said. Also in response to that audit, Pentagon spokesman Bryan Whitman had said, "We simply disagree with the audit's conclusion that the CPA provided less than adequate controls." Willis, who served in the State and Transportation departments during the Reagan administration, worked in Iraq during the last half of 2003 and said he was responsible for civilian operations at Baghdad's airport. Describing the transfer of $2 million to one contractor's gunnysack, Willis said: "It was time for payment. We told them to come in and bring a bag." He said the money went to Custer Battles of Middletown, R.I., for providing airport security in Baghdad for civilian passengers. Willis' allegations follow by two weeks an inspector general's report that concluded the occupying authority transferred nearly $9 billion to Iraqi government ministries without any financial controls. The money was designated for financing humanitarian needs, economic reconstruction, repair of facilities, disarmament and civil administration, but the authority had no way to verify that it went for those purposes, the audit said. Willis concluded that "decisions were made that shouldn't have been, contracts were made that were mistakes, and were poorly, if at all, supervised, money was spent that could have been saved, if we simply had the right numbers of people. ... I believe the 500 or so at CPA headquarters should have been 5,000." http://www.federalnewsradio.com/index.php?sid=179867&nid=78&template=...
Re: Solution to Social Security Shortfall
Author: cory
Date: Fri, 04 Mar 2005 10:20
Date: Fri, 04 Mar 2005 10:20
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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?
Re: Solution to Social Security Shortfall
Author: Jim Gries
Date: Fri, 04 Mar 2005 11:21
Date: Fri, 04 Mar 2005 11:21
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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
Re: Solution to Social Security Shortfall
Author: Mike Smith
Date: Fri, 04 Mar 2005 11:43
Date: Fri, 04 Mar 2005 11:43
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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
Re: Solution to Social Security Shortfall
Author: Jim Gries
Date: Fri, 04 Mar 2005 12:14
Date: Fri, 04 Mar 2005 12:14
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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!!!!!!!!
Re: Solution to Social Security Shortfall
Author: Mike Smith
Date: Fri, 04 Mar 2005 13:55
Date: Fri, 04 Mar 2005 13:55
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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
Re: Solution to Social Security Shortfall
Author: Jim Gries
Date: Fri, 04 Mar 2005 15:42
Date: Fri, 04 Mar 2005 15:42
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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 - You're on the right track - See below
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
Re: Solution to Social Security Shortfall
Author: Jim Gries
Date: Fri, 04 Mar 2005 15:46
Date: Fri, 04 Mar 2005 15:46
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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
Re: Solution to Social Security Shortfall
Author: Mike Smith
Date: Fri, 04 Mar 2005 23:47
Date: Fri, 04 Mar 2005 23:47
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On Fri, 04 Mar 2005 15:46:25 GMT, Jim Gries <jgries1@tampabay.rr.com> wrote: >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: >> >>> >>>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 Based on the tone of your previous posts, I didn't think we were anywhere near the same page. However, based on what you have posted, you obviously are not stupid, and have a firm grasp of the problem. > >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. <huge snip> > 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. > First, this is WAY too complicated for a journalist to understand. It has to be in a 2 to 3 paragraph, EASILY understood form, or it will zoom over the head of most of the media types. Cleaning up and refining my two paragraphs that describe my opinion on SS is probably the best approach. I was going to sleep reading the stuff I snipped, although it did describe what must happen. And if we want the politicians to "get it" we must present this in a clear one page letter. Suggestions? Mike Smith Mike Smith
Re: Solution to Social Security Shortfall
Author: Jim Gries
Date: Sat, 05 Mar 2005 00:31
Date: Sat, 05 Mar 2005 00:31
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On Fri, 04 Mar 2005 23:47:10 GMT, Mike Smith <mws@wt.net> wrote: >On Fri, 04 Mar 2005 15:46:25 GMT, Jim Gries <jgries1@tampabay.rr.com> >wrote: > >>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: >>> >>>> >>>>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 > >Based on the tone of your previous posts, I didn't think we were >anywhere near the same page. However, based on what you have posted, >you obviously are not stupid, and have a firm grasp of the problem. > >> >>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. > ><huge snip> > >> 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. >> > >First, this is WAY too complicated for a journalist to understand. It >has to be in a 2 to 3 paragraph, EASILY understood form, or it will >zoom over the head of most of the media types. > >Cleaning up and refining my two paragraphs that describe my opinion on >SS is probably the best approach. I was going to sleep reading the >stuff I snipped, although it did describe what must happen. > >And if we want the politicians to "get it" we must present this in a >clear one page letter. > >Suggestions? > >Mike Smith > >Mike Smith Mike, Feel free to condense - I agree that it is way too long. Look forward to seeing your work. Your friend Jim Gries
Re: Solution to Social Security Shortfall
Author: Jim Gries
Date: Sat, 05 Mar 2005 01:30
Date: Sat, 05 Mar 2005 01:30
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On Fri, 04 Mar 2005 23:47:10 GMT, Mike Smith <mws@wt.net> wrote: >On Fri, 04 Mar 2005 15:46:25 GMT, Jim Gries <jgries1@tampabay.rr.com> >wrote: > >>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: >>> >>>> >>>>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 > >Based on the tone of your previous posts, I didn't think we were >anywhere near the same page. However, based on what you have posted, >you obviously are not stupid, and have a firm grasp of the problem. > >> >>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. > ><huge snip> > >> 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. >> > >First, this is WAY too complicated for a journalist to understand. It >has to be in a 2 to 3 paragraph, EASILY understood form, or it will >zoom over the head of most of the media types. > >Cleaning up and refining my two paragraphs that describe my opinion on >SS is probably the best approach. I was going to sleep reading the >stuff I snipped, although it did describe what must happen. > >And if we want the politicians to "get it" we must present this in a >clear one page letter. > >Suggestions? > >Mike Smith > >Mike Smith Mike, I appreciate your understanding. I would encourage you to condense the plan and look forward to seeing it. Mabye some other folks will lend some of their thoughts. Your Friend Jim G.
Re: Solution to Social Security Shortfall
Author: Mike Smith
Date: Sun, 06 Mar 2005 13:03
Date: Sun, 06 Mar 2005 13:03
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On Sat, 05 Mar 2005 00:31:49 GMT, Jim Gries <jgries1@tampabay.rr.com>
wrote:
>Mike,
>
>Feel free to condense - I agree that it is way too long. Look forward
>to seeing your work.
>
>Your friend
>
>Jim Gries
This will take some time, but I'm sure it will show up over the next
6-9 months. Getting the SS program in shape means eliminating it as we
now know it. It also means being about to explain it to a bunch of 10
year olds... {I'm referring to the liberal leaders in Congress}
Mike Smith
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