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View Diary: The business case for why chained-CPI is theft and breach of contract. (92 comments)

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  •  I am sorry, but back when I was Nineteen, (12+ / 0-)

    Some decades back, when I looked over my paycheck and protested how much was taken out for my Social Security payments, I was told not to worry, that that money would be there when i turned 65. That was it. It was iron clad. I had no right to protest how  much was taken from me, over the decades, as there was a social contract, and on my end of it, the Fund would be separate from the General Monies of the nation. It was not convertible - it was a separate fund.

    And those in the know assure all of us, not just us awful, longevitiy-inclined Boomers, but all Americans, that there is an actual surplus of this fund - to the tune of 2.1 + Trillions of dollars. Furthermore, some 13% of us Boomers have already died. My two best friends have died, both after the age of fifty, but before reaching the age of sixty. And they contributed to the Fund, but never collected a dime.

    now everywhere I turn, I am  told that it is expendable, on account of the fact that there are too many Baby Boomers trying to live till they are retirement age.

    Well, gag me with a spoon if that is not an attack on a contract. First the retirement age was raised to the friggin' age of 67 !!!!!!!!

    So I am already going to be without two years of my retirement. (It is true I can go ahead and retire before 67,. but I lose at least seven percent per year of retiring - if I were to retire at 63, I would lose at least 28% of all the payments that i would get if I wait till 67.

    Now I am told that it has to be chipped away at. This is a violation, and I hope that someone with the legal ability of a Justice Holmes gets together a law suit and goes after this breach of contract. Big time. In spades.

    Offer your heart some Joy every day of your life, and spread it along to others.

    by Truedelphi on Wed Apr 24, 2013 at 02:02:51 PM PDT

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    •  I hear what you are saying but have you (0+ / 0-)

      ever asked yourself how does your SS experience match up with that of your kids (assuming you have kids)?

      You say you are a boomer and so your kids (if you have any) would be Gen X.  They will pay a higher percentage of taxes into the SS system than you, their retirement ages will be higher than your generation, and they are only expected to receive 75 percent of promised benefits and you are scheduled to receive 100 percent of promised benefits.

      So is this disparity in your values?  If you are angry over your SS experience what do you say about that of Gen X?  Do you want to rig the system in favor of your generation over that of your kids or your grandkids?

      Doing what is right is often difficult.  If us citizens aren't prepared to do what is right how can we expect our elected officials to do what is right?

      We cannot solve our problems with the same thinking we used when we created them. Albert Einstein

      by theotherside on Wed Apr 24, 2013 at 04:51:21 PM PDT

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      •  No I don't think you understand some new stats. (0+ / 0-)

        My son, born in mid-seventies, he and his generation would be paying a higher amount of Social Security and ending up with little toshow for it, except for several things. One is the fact that we boomer are not as healthy as our parents were. We are dying off pretty quickly. Cancer rates are doing us in. My mom died at the age of ninety, and her best friend, the same age as her, attended her funeral.

        I am right over the downward end of the sixty bracket - and already have buried two of my friends. They made it to fifty five, but never reached sixty. The PTB know we re dying off much more than our parents did , but they haven't adjusted the stats to show that yet. Already 13% of us are dead. That 13% paid in but didn't get a nickel out of it!

        Then you have the new demographics. It was well documented, for instance, that for every single ten babies born in California in the mid-eighties, five of those ten were born to newly arrived immigrant parent. That trend continued in the nineties and early 2000's. (Although it is true that the more newly arrived have gone back to the place of origin in many cases. That is why you are now seeing that for the near future, the Democratic Party in California doesn't have to worry about anything - all the new immigrants who reach voting age vote Democratic. Huge block of people. SO once immigration reform makes it possible for this whole new generation of people to work above the table and pay into the system, then the situation will be different. This influx in migration has occurred in many  places like Texas, Arizona, California, and of course, New York City.

        Offer your heart some Joy every day of your life, and spread it along to others.

        by Truedelphi on Thu Apr 25, 2013 at 01:42:51 PM PDT

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