Baby Boomers: Repent Partisan Politics Or Bend Over for Uncle Sam

February 8th, 2010 by Rich

This government monopoly media mind massage article had the temerity to quote experts that Social Security is sound until 2017 or 2037, when it can only pay 75% of benefits. Talk about dumbing down.

Try going to Social Security or Medicare to get your money back now.


The opinion piece even suggests 78 M Baby Boomers are stealing from GenX because they paid less in and gave themselves COLA (Cost of Living Adjustment) and free drugs. No, politicians did that to get reelected.

Aahh, Machiavellian Generational Divide and Conquer now replaces the political party Divide and Conquer that worked so well for the kleptocracy until the rise of Independent voters and Scott Brown in Uncle Teddy’s seat.

COLA benefits have already been cut.

COLAs were repeatedly defined down. They and Social Security full benefits were delayed to 67 and regressively triple taxed by the Greenspan Commission in 1983.

(By the same Fed Chair Greenspan who says he did not see the 2008 Debt Derivatives Crash coming.)

That’s right friends, we pay income taxes on our 15.2% Social Security and Medicare regressively taxed wages, then we pay income taxes again on Social Security income. Taxes on taxes on taxes.

By regressive, we mean most lower and middle-income people pay more Social Security and Medicare taxes than income taxes. Government subsidized inflation means we pay more Social Security and Medicare taxes each year.

People who make over $106,800 in 2009 pay no more social security or Medicare taxes. That is regressive.

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This entry was posted on Monday, February 8th, 2010 at 6:32 pm and is filed under Financial Planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Baby Boomers: Repent Partisan Politics Or Bend Over for Uncle Sam”

  1. Rich Says:
    February 9th, 2010 at 3:28 pm

    USA Today just quoted Stephen Goss, chief actuary for the Social Security Administration:
    “Things are a little bit worse than had been expected,” he said, “Clearly, we’re going to be negative for a year or two.”
    Seems declining mandatory FICA payroll taxes, earlier retirements and 10% disability brought the day of reckoning 7 years earlier than expected.
    Hint: This is not inflationary, but default-driven deflation…
    Aloha Regards*Rich

 

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