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View Diary: The President Agreed With Mitt Romney on Social Security in the Debate (264 comments)

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  •  I'm calling bs (1+ / 0-)
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    aliasalias

    If you pay a dollar in the dollar is yours unless someone uses your dollar to play/spend it/steal it. It's arithmetic

    There are no sacred cows.

    by LaEscapee on Thu Oct 04, 2012 at 08:20:44 PM PDT

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    •  If you are saying that the dollar you pay in has (0+ / 0-)

      your name on it somewhere and you get that dollar back in benefits, you are just wrong. It is insurance. You pay "premiums" (FICA taxes) and you get a specified benefit when you reach eligibility. It is not at all like putting it in a bank account or a 401k. That would be essentially privatization.

      You can call my statements bs all you want but that is the way Social Security is paid - through current receipts and the interest on the bonds.

      You can't scare me, I'm sticking to the Union - Woody Guthrie

      by sewaneepat on Fri Oct 05, 2012 at 04:47:56 AM PDT

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      •  No (0+ / 0-)

        It is my dollar that was deposited I never asked them to play with it, I am willing to pay for my roads and bridges but don't lie and tell me that any part "deposited" in my account is also yours

        There are no sacred cows.

        by LaEscapee on Fri Oct 05, 2012 at 11:42:42 AM PDT

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        •  No, once again, it is insurance. (0+ / 0-)

          Note that if you die, your survivors do not get your benefits, only a small survivor's benefit. If you die before you reach 62, you don't get anything. That is unlike a bank deposit which is yours, which you own. The social security money you put in today pays current retirees. When you retire, other worker's taxes will pay your benefits. If you owned that money, it would be a specific amount, it is not; and you would be able to leave it to your heirs, you cannot.

          I think this thread is what you were referring to when you talked about explaining it simply with the bank analogy. Your money that is in the bank does not just sit there; ideally it is used for loans for homes or cars or businesses. Then when you want it, the bank pays you but the money has been "working" for other purposes during that time and the bank has collected interest from those people so that you get your money and they are supposed to pay their business expenses out of the interest they made.

          Similarly, (but not exactly the same because you do not have a specified amount in there, it depends on how long you live for one thing as to how much you collect), the FICA money is put in government bonds which are used for other things and the interest on those bonds pays part of current SS benefits. If you had rather it just sit there and not collect interest, then that seems short sighted to me. The government has not defaulted on bonds and I don't think they ever will.

          But the ownership is quite different from a savings account. Social security will pay you your benefit til you die, no matter how much you put in. Your bank account will pay you only til your specific amount in the account is gone.

          You can't scare me, I'm sticking to the Union - Woody Guthrie

          by sewaneepat on Fri Oct 05, 2012 at 12:03:31 PM PDT

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          •  Youjust made my argument for me (0+ / 0-)
            The social security money you put in today pays current retirees. When you retire, other worker's taxes will pay your benefits.
            Why is that? I put mine in and it was used to do whatever, why should someone else compensate me? I already paid for all stuff with the rest, I was sticking this little bit back. It's an investment in me not thee

            There are no sacred cows.

            by LaEscapee on Fri Oct 05, 2012 at 12:59:40 PM PDT

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            •  Why is that? (0+ / 0-)

              Because it is the way the program was set up. That is just a fact.

              And I don't see how I made your argument. I made the exact opposite point.

              You can't scare me, I'm sticking to the Union - Woody Guthrie

              by sewaneepat on Fri Oct 05, 2012 at 01:39:52 PM PDT

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