David Walker Explains Social Security's Future

COLA for SS recipients or 2010

Politicians should forego any raises, as long as they can have SS recipients forego COLA. Rediculous, money for pet projects that have no meaning, and no COLA for the seniors. No justice

Barb of AZ @ Jul 10, 2009 12:21:46 PM

COLA for SS recipients or 2010

Politicians should forego any raises, as long as they can have SS recipients forego COLA. Rediculous, money for pet projects that have no meaning, and no COLA for the seniors. No justice

Barb of AZ @ Jul 10, 2009 12:21:44 PM

Social Security and health care

Personally I think that senators and congressmen should have to be under the same rules as the general public. Most of them consider their job in the capital as a career. They should have to get the same health insurance and when they leave office get their own insurance. They should be under Social Security like the rest of us.

For themselves, Congress raised the office cost reimbursement to 8% for next year and the Social Security recipients get no increase. There is something wrong in this financial distribution.

I am from Minnesota and I feel the Norm Coleman would not exert all this fanfair unless the senate has some really good financial benefits. I don't think he was in it for the benefit of Minnesotans, as he was running from coast to coast every weekend to give speeches, in his term. If there initally wasn't an automatic recount, at that time, Coleman said if Franken were the one that was ahead, "I would concede". Yah, Right!!

MJ Morris of MN @ Jun 23, 2009 18:02:45 PM

Social Security

A good article. We have to remember that the politicians who are spending the SS dollars today aren't concerned about tomorrow. their reitrements are secure! Plus, most won't be in office when the bill comes due.

I don't have any idea about how to get folks to plan ahead. It isn't easy for many. Budgeting and discipline are not attractive to many.

However, ever since SS started, the COLA's have been compounded. This brings in a distortion which adds just a little bit extra to every SS check each year. (For those who might be interested, look up the "Rule of 72)

A solution woould be to have your first SS check be the base - and it stays the base forever. COLA would be figured on this base and added each year, but the increase would always be figured on your base SS. The actual dollar difference would be small, but when multiplied by the millions who receive the checks, the difference adds up over the years.

With no COLA this year, such a minor adjustment would be relatively simple.

For those who are now receiving SS checks, their base would be whatever they received in January of 2009.

We can fiddle around with various schemes from various interest groups and read sad stories from verious income groups, but a small difference now might be the most simple way of extending benefits out to our grandchildren.

(Allegedly, when Albert Einstein was asked "What is the most powerful force in the universe?" he was reported to have said: "Compound interest!" True? Perhaps, but the statement is valid.

BTW - this also could apply to all pay raises based on the COLA as well as all retirements (military, Congress, unions, manufacturing, etc.)

Mike Kauffman of CA @ Jun 19, 2009 18:13:26 PM

Social Security

make all that have borrow pay it back

ttx of GA @ Jun 19, 2009 15:25:47 PM

The Social Security Ponzi Scheme

Oh, and by the way....if the Social Security Trust Fund would not have been made available to our fiscally irresponsible and morally bankrupt congress, it would have BILLIONS$$$ in surplus today. Instead, they decided just to steal it (with the help of Alan Greenspan and Ronald Reagan) and pass it out to their special interests, big businesses and pet projects of choice (constituants). That is obviously much more ethical than giving it back to the hard working citizens who earned the money in the first place. That's one small detail that the politicians today want us to forget about. The propaganda about the Baby Boomers retiring is only a smoke screen to cover up the sins of the past 20 years. Think about it. The Federal Government collects revenue from millions and millions of individuals for 35 - 45 years. They have full access to that money to invest in any way they choose (including keeping all the interest and earnings). Then after making money on our money for most of our adult lives, they begin paying us back pennies on the dollar....in today's currency which is only worth a small fraction of what it was originally (just to add insult to injury). Then for 5 - 10 years if were lucky, we'll receive a few thousand dollars (which they are now collecting from new workers anyway) while keeping the millions of dollars that our retirement investment is really now worth....until we die. And then BINGO!!! They get to keep the rest....while they complain that the Baby Boomers are going to bankrupt the system. How much BS can you swallow America????!!!!???? Stand up and fight for what is rightfully yours....if you don't no one else will.

Willie of OK @ Jun 19, 2009 14:41:16 PM

Tell Congress "hands off"

You miss one very important point......Tell Congress, "Hands off" Social Security. Stop the annual raid....no more IOU's.

Peggy of NY @ Jun 19, 2009 14:14:20 PM

Social Secutirty

My dad (born 1896) use to tell me that social security is like an engine. That is it will always need some work and fine tuning. It will always need fuel and you have to look under the hood every now and then.

Sometimes fuel will be cheap, and at other times it will rise. Sometimes we, "put the petal to the metal", thinking it will get us there faster. Sometimes we do and sometime we don't, and sometimes we get a ticket.

So why in hell do we always think bigger is better? We still have to obey the rules of the road. Get a license, add some insurance and Never drink and drive!

Think about it.

THOMAS H JENKINS of CA @ Jun 19, 2009 13:39:11 PM