[ska///235i]

lol...theres no way anyone can waive off taxes

[TurboFan]

Originally Posted by SE3P_to_E90

I think the most likely case would be a reduction in benefits (especially to the current beneficiaries). This is because their benefit is significantly larger than the amount they contributed, so it would only make sense to curb these benefits a tad bit: also, they really can't complain because most are covered under medicare right? i.e. FREE health care

As for your IOU note... is that info entirely credible? Or maybe my knowledge is just a bit outdated...
I thought during the very end of the 1990's [up until now], SS currently brings in more revenue than it pays out in benefits... and the surplus is invested in government bonds. Given that, i thought within a couple decades, the annual surplus would [eventually evaporate], and SS will have to start drawing on this nest; and for the government to honor these bonds, they will then require huge borrowing (essentially replacing these IOUs to itself with real IOUs to private individuals) or a huge tax increase. Has the surplus already been exhausted?

As for the reduction in benefits and inflation remark... i agree w/ the reduction in benefits... as for inflation to be reduced as well, how would increasing the money supply (i.e. printing more money), reduce inflation? Wouldn't increasing the money supply do the exact opposite; depreciating the dollar, increasing inflation...?

Sadly it's not quite like this. Yes, SS brings in more revenue than is currently needed, but the surplus is used to offset other government spending, hence the IOU's. There is no nest egg. Current debt obligations (grandma and grandpa) are paid by last weeks FICA payroll tax. There's not a dime in the SS bank. In roughly 2032 it is predicted that the revenue will no longer cover the obligations.

I think you'll see a sliding scale where people will not receive any benefits above a certain net worth. It's gonna happen.

[deltron]

The baby boomers and generation-x are a selfish lot. My parents are baby boomers, and they can't get these McMansion dreams out of their head. They need to be saving like mad for their retirement. They need to buy long-term care insurance. They are also a very greedy and materialistic generation, and they raised greedy and materialistic kids. That of course includes me, a generation y-er, which for the most part is a ridiculously debt-ridden group with crazy amounts due to college expenses. We're not better than our parents either, maybe worse because generally speaking we have a very poor financial education.

Most animals when they are dying just chill and eventually go somewhere to die alone and peacefully. Baby boomers are refinancing the house, cashing in the stock, buying boats, upgrading homes, buying that convertible, etc... I would say that most are going to be leaving lots of debt to their children. I don't think they will do anything with SS. The government leaders will just write more IOU's.

This is the proverbial spat in the children's' faces. Mom & Dad are gonna party hard into retirement, nothing will stop them. And Dennis Hopper is there on TV showing how other boomers are buying small private planes, building museums in the desert, conquering small countries, etc...

Here's an interesting article I read on a different subject, trade deficiets:

http://money.cnn.com/magazines/fortu...2872/index.htm

It's by Warren Buffet, and even he is discussing the reality, through trade, of parents dumping lots of shit on their kids. Essentially, selling the country out from under their progeny. The folks running the country will be long dead before the things hit the fan, and then their kids and grand-kids will deal with the problem they created.

Eh.. hopefully it won't happen!

[ska///235i]

if we think about the money the Gov is letting us put into retirement plans...its just a matter of time that they'll take away SS

[MCS]

Wah Wah
compaining about the generation above yours and behind your own is a national pasttime.

what are you going to do about it? I hope you registered to vote and have started looking at politics seriously.

Bein an eternal optimist, I'm sure the country will be able to pull through