Obama says he cannot guarantee Social Security checks will go out on August 3

[Lason]

Fuck yes you would. Too bad we don't live in Galveston where they can opt out.

You can also opt out in DC, Guam and Puerto Rico.

Why are they legally allowed to opt out? I have never heard of that. Hell I may be planning a move

[Denny]

I'm not sure about Galveston, but the others are territories and not states. One is also not subjected to a Federal Income Tax in Guam or property tax. There is still the national sales tax and a 1% Guam Tax, but that's about it.

[red95gts]

Fuck yes you would. Too bad we don't live in Galveston where they can opt out.

I think you have to actually work for Galveston City/County in order to opt out. Just residing there isn't enough, unfortunately. Same goes for Brazoria and Matagorda Counties, I believe...

[red95gts]

I've always viewed SS in the same light as my company pension: If it's around when I retire then great. But I'm planning and saving as though it won't be.

That said, I work for a major German corporation. I have much more faith in my company pension than I do SS.

[Broncojohnny]

I think you have to actually work for Galveston City/County in order to opt out. Just residing there isn't enough, unfortunately. Same goes for Brazoria and Matagorda Counties, I believe...

Yes, correct. And last time I checked there was a website that detailed the balance in their plan. It was doing really well because it was an actual plan instead of a Ponzi scheme.

[red95gts]

Exactly. Galveston's plan is funded in advance rather than funded by current contributions. What a novel concept.

[Broncojohnny]

This article details what happened through 2005. I am curious to know what has happened since with the financial disaster we have on our hands.

http://www.ncpa.org/pub/ba514

[GhostTX]

This is not really how I think. Do they deserve to be in that situation? No. Is it my problem they failed to plan? No.

I just can't get over the fact that I am the guy who is the farthest away from this problem yet I am the one who is supposed to feel guilty and then gladly pay for it all.

Ok, maybe "deserve" is too strong, but if they failed to plan, then you gotta reap what you sow. IMO, family or true charities should help out these people. Is it "fair"? Who knows, but bad stuff happens to good people all the time. Life ain't "fair". I'll help out where I can, but to your point, don't make me feel guilty and force me to pay in to this crap SS system.

No one ever said sole but its still "their money" that they paid in.

"My" money that I already paid into SS is already gone and I doubt I'll ever see it. So I'm in the same boat as "they" in that regard.

I already chalked it up as a loss and don't include it in my retirement plan. As someone already said, if it's there when I retire, great. If not, oh well.

[Broncojohnny]

One of my stockbroker friends pointed out something obvious to me just now. I don't think Social Security runs at a deficit right now. So that means they should have plenty of incoming money to pay out.

That is, unless the government steals it and puts it in the general fund to pay other things. I wouldn't say Obama is above that.

[Lason]

One of my stockbroker friends pointed out something obvious to me just now. I don't think Social Security runs at a deficit right now. So that means they should have plenty of incoming money to pay out.

That is, unless the government steals it and puts it in the general fund to pay other things. I wouldn't say Obama is above that.

By this dipstick saying "I cant promise checks will go out next month" just confirms that they have been dipping into that money and they shouldnt have. The SS acount should be running at a surplus this whole time. Thats been my point all along and why I have been comparing it to a 401k. These people paid into this account and their money should be waiting there for them to go out next month.

All obama did was confirm to the public that they have or plan to dip into that fund and screw a bunch of his supporters but of course it wont be taken that way.

[HarrisonTX]

Same here, it is, by a big chunk, the biggest part of my income.
I predict that if they cut off all (or even a large percentage) of government entitlements, there will be wholesale chaos.

I'm right there with you man. I'm not looking forward to the talk with my landlord if this happens.
Its already going to be a tight month, because the gaps between semesters used to be covered, and I'd get a a full payment, but starting fall semester, its no longer like that. There is a 10 day break between summer and fall classes, so I'll get 2/3 of my normal check, which is going to be extremely difficult.

[Broncojohnny]

By this dipstick saying "I cant promise checks will go out next month" just confirms that they have been dipping into that money and they shouldnt have. The SS acount should be running at a surplus this whole time. Thats been my point all along and why I have been comparing it to a 401k. These people paid into this account and their money should be waiting there for them to go out next month.

All obama did was confirm to the public that they have or plan to dip into that fund and screw a bunch of his supporters but of course it wont be taken that way.

They have only been taking the surplus between payments and receipts. By saying he can't guarantee checks will go out, he is threatening to take the receipts. What a lying shitbag.

[Hobie]

One of my stockbroker friends pointed out something obvious to me just now. I don't think Social Security runs at a deficit right now. So that means they should have plenty of incoming money to pay out.

That is, unless the government steals it and puts it in the general fund to pay other things. I wouldn't say Obama is above that.

I was holding my tongue for a bit - there is an accountant in Connecticut on another board I post on who said something similar.

He was saying something along the lines of "SS isn't broken the way the media likes to report it and it will be in the black for at least another 20 years."

I don't remember the exact details though. We were talking about this ~2 years ago.

[stevo]

One of my stockbroker friends pointed out something obvious to me just now. I don't think Social Security runs at a deficit right now. So that means they should have plenty of incoming money to pay out.

That is, unless the government steals it and puts it in the general fund to pay other things. I wouldn't say Obama is above that.

Check this article out:

WASHINGTON, DC – Today, Rep. Louie Gohmert released the following statement regarding President Obama's interview on CBS Evening News, in which he said he cannot guarantee Social Security checks will go out in August if a debt-ceiling compromise is not reached by the deadline:

"Any claim that Social Security checks may not be paid in August has to be from someone who is either very ignorant, or very dishonest and trying to scare senior citizens for political gain. The Treasury Secretary has more than enough money to make the payments. This administration has not only confused the American public by flip-flopping on many debt and tax issues, but it has at the same time destroyed American jobs and weakened the U.S. economy through the implementation of anti-business policies. Now, by threatening to withhold Social Security checks from Americans, unless he gets permission by Aug. 2nd to continue increasing the debt ceiling, President Obama is once again deploying a scare tactic strategy based on a falsehood."

"Unless the President and his Treasury Secretary willfully withhold Social Security checks to make a political statement, seniors have nothing to worry about. The truth is that Social Security's ability to make payments as usual will be completely unaffected even if the debt ceiling is not raised next month. In fact, Social Security payments come from the Social Security Trust Fund which is capable of making payments for many months without Congress doing anything. Instead of being a statesman leader and saying something like, ‘The only thing we have to fear is fear itself,' this President tries to create fear and panic in the American public at every turn."

This regime is just trying to hold SS payments for ransom and as a scare tactic.

Stevo

[GhostTX]

Check this article out:

This regime is just trying to hold SS payments for ransom and as a scare tactic.

Stevo

I believe that's been said in the thread already. Fact is: Military and SS have the money. Media/Obama camp is spinning the deficit ceiling to the contrary.