According to the 2015 Social Security Trustees’ report, the trust funds will run out of money by 2034. Trump also said that, if reelected, he would permanently terminate the payroll tax. [24] Michael Tanner, Senior Fellow at the Cato Institute, stated that “under a privatized Social Security system, workers would have full property rights in their retirement accounts. A huge infusion of cash into the Social Security trust fund since 1983 to pre-pay baby boomer benefits. $2.85 Trillion was raided from the Social Security Trust Fund. Renae cruz sexy pov. The present system is inequitable because people who live shorter lives collect less of their earned benefits and yet those benefits cannot be transferred to family members. Watch hot brunette takes an anal pounding from a big cock. [18] [19] [21] [90] In 2014, about 26% of US federal spending, or $906 billion, went toward Social Security. Social Security provides benefits through a centralized, highly efficient process administered directly by the US government, with an administrative overhead of less than 1%. February 16. Landmark Entitlement Programs: Pro & Con Reactions at the Time of Their Passage. [42], Transitioning to private accounts while continuing to provide benefits to current Social Security beneficiaries would leave a multi-trillion dollar hole that would need to be filled by more government spending. As a result of the losses incurred, the UK government had to pay out more than £13 billion (equivalent to about US$20 billion as of Aug. 2015) in compensation to the victims. CNN RSS (Really Simple Syndication) is an XML-based format for sharing and distributing Web content, such as news headlines. Eason and Grimes, Department of Health and Social Security (DHSS) statisticians, showed that the number of ‘old’ long-stay patients, though continuing to decline, was doing so ever more slowly. Mandatory National Service – Should the United States Have Mandatory National Service? Personal accounts will provide the option to bequeath assets to heirs upon death, an option currently missing from Social Security. Last modified on October 23, 2018. At best, they would function alongside of, and in addition to, needed fiscal reforms; at worst… they would exacerbate the system’s fiscal woes.” [37], During the 2008 financial crisis, the three main stock market indexes all dropped precipitously: the Dow Jones Industrial Average fell by 33.8%, the S&P 500 dropped by 38.5%, and the NASDAQ fell 40.5%. Below are the proper citations for this page according to four style manuals (in alphabetical order): the Modern Language Association Style Manual (MLA), the Chicago Manual of Style (Chicago), the Publication Manual of the American Psychological Association (APA), and Kate Turabian's A Manual for Writers of Term Papers, Theses, and Dissertations (Turabian). In addition, the CBO found that eliminating the payroll tax cap ($118,500 as of 2015) would also keep the trust funds solvent for another 44 years. Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News on everything pertaining to politics Minimizing the requirement of the federal government to provide retirement benefits reduces the bloated bureaucracy of the US government. Death Penalty – Should the Death Penalty Be Allowed? Back in he 1960’s congress realized there was a surplus in Social Security Fund [SSF]. How to cite this page. Gun Control – Should More Gun Control Laws Be Enacted? ... in the SS Trust Funds. [40], A 2015 survey published in USA Today revealed that only 39% of Americans know the annual percentage rate (APR) on their primary credit card, and almost 45% don’t know what a credit score evaluates. Seniors speak out: did the government really borrow $2.85 trillion from Social Security. ProCon.org. Read about the latest tech news and developments from our team of experts, who provide updates on the new gadgets, tech products & services on the horizon. The signing of the Juba Peace Agreement in October was a glimmer of hope for a peaceful future in Sudan, however, there has been little immediate relief to the general public from ongoing economic woes, and chronic shortages of basic commodities such as bread and fuel. "Social Security." [53] Since the number of Social Security beneficiaries is expected to grow to more than 125.7 million by 2090, [54] Wall Street will have guaranteed access to a rapidly growing pool of customers courtesy of the federal government. It’s funny, people blame Presidents Reagan and Obama the most. Social Security yields roughly 3% real returns compared to the average 6.38% real returns S&P 500 investments have yielded between 1984 and 2014. Our government told us for eleven years that we blew trillions of dollars on wars to protect Americans from al-Qaeda, endangering Social Security, Medicare, the social safety net, the dollar’s exchange value, the credit rating of the US Treasury, and our civil liberties in order to save America from al-Qaeda terrorists. Read more background…, Due to an aging population and lower birthrate, the ratio of workers to retirees is shrinking, thereby reducing the funds available for future retirees. Mom needs her chest med - affair at milf-meetcom. [38] Due to the “boom and bust” cycles of the market, those who retire during an economic downturn would be significantly worse off than those who retire during a boom. School Uniforms – Should Students Have to Wear School Uniforms? NOTE: Writing a history of NESARA requires locating the separate dots and attempting to put them together to create truth. These tensions were evident in … Read about the latest tech news and developments from our team of experts, who provide updates on the new gadgets, tech products & services on the horizon. [41] According to researchers Annamaria Lusardi and Olivia S. Mitchell of Dartmouth College, financial illiteracy is widespread among older Americans. People would not be allowed to invest their Social Security savings in individual stocks or other highly volatile investments. The military on Tuesday night raided the national headquarters of Suu Kyi’s party, which before the military seized power had been slated to take power for a second five-year term. Accessed February 19, 2021. https://socialsecurity.procon.org/. In a letter to Senate Democrats on August 24, Stephen Goss, chief actuary of the Social Security Administration, said that such a move would deplete Social Security by mid-2023. Secretary of State Hillary Clinton declared in 2012, “Lack of transparency eats away like a cancer at the trust … Despite a major security sector reform effort in which nearly 70,000 ex-combatants were demobilized and competing militias integrated into the national army, divided loyalties persist. A 2005 Century Foundation analysis of the Bush Administration’s privatization proposal demonstrated that the diversion of payroll taxes to private accounts would reduce benefit levels by 44% below their 2005 levels by 2052. Who is the author? In 2013 the estimated ratio was 2.8 workers to each recipient. [89], When there have been surpluses in the Social Security trust funds, that money has been invested in US government bonds that partially fund the running of the federal government. Chile's pension privatization resulted in savings accounts generating the equivalent of about 40% of GNP. [22] With private accounts, individuals will be paying into a fund that they control, instead of a government-controlled trust fund that may run out of money before they ever receive the benefits they’ve earned. Americans are capable of making their own decisions regarding how their retirement contributions are invested. One of the memos he signed defers payroll taxes from September through December 2020. These divisions carry over into the security sector. To inquire about republishing archival content, please contact PARS International: inquirer.com/pars, 212-221-9595 [46], According to the FBI, there were 1,846 cases of securities and commodities fraud pending as of 2011, and some of the schemes defrauded several thousand investors each. [56] Higher returns could be offered to retirees if Congress allowed the Social Security Trust Funds to invest in equities in addition to bonds. [43] MIT economist Peter A. Diamond estimates that the costs incurred during the transfer to private accounts would add $1 trillion to $2 trillion to the country’s national debt, which “could trigger an economic crisis.” [43], In 2014, Social Security paid benefits to 42 million retired workers and their dependents. Social Security. The more secrets politicians keep, the less trust they deserve. Recreational Marijuana – Should Recreational Marijuana Be Legal? [29] The Social Security tax rate has risen from 2% to 6%, and is as high as 12% for the self-employed. ABC News is your trusted source on political news stories and videos. [27] Money kept in private accounts is under each individual beneficiary’s control so it cannot be diverted for non-Social Security purposes. This was exacerbated by the second wave of COVID-19 infections. [3] Creating and tracking this many individual private retirement accounts would generate more government bureaucracy and would require the hiring and training of tens of thousands of new government workers to oversee accounts and explain the system to millions of people. The Social Security Administration currently employs almost 60,000 people at more than 1,400 offices around the country, with an operating budget of $12.5 billion (for financial year 2016). [45] Economist Dean Baker estimated that an average 15-year-old in 2005 who retires in 2055 stands to lose more than $160,000 of his scheduled benefits under Bush’s plan, and gain less than a third of that loss back from his investment in a private account. Find stories, updates and expert opinion. Medical Marijuana – Should Marijuana Be a Medical Option? It’s funny, people blame Presidents Reagan and Obama the most.  A lot of people like to blame LBJ, and quite a few blame the second President Bush.  The truth is that they’re all to blame.  As long as the Social Security Trust Fund has existed, Congress hasn’t been able to keep its hands off of it.  And none of our presidents has had the political courage to stop them. Proponents of privatization say that workers should have the freedom to control their own retirement investments, that private accounts will give retirees higher returns than the current system can offer, and that privatization may help to restore the system’s solvency. Social Security is the largest single government program in the world, accounting for 24% ($888 billion) of total US federal spending in 2015. ZDNet's technology experts deliver the best tech news and analysis on the latest issues and events in IT for business technology professionals, IT managers and tech-savvy business people. Secretary of State Hillary Clinton declared in 2012, “Lack of transparency eats away like a cancer at the trust … Security forces on Tuesday night raided the NLD’s national office in Yangon, following raids of regional party offices last week that the party called illegal. The truth is that they’re all to blame. Latest breaking news, including politics, crime and celebrity. Get the latest coverage and analysis on everything from the Trump presidency, Senate, House and Supreme Court. 1. These divisions carry over into the security sector. [50] [51] [52]. This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. As President George W. Bush stated in his 2005 State of the Union speech, “you’ll be able to pass along the money that accumulates in your personal account, if you wish, to your children or grandchildren.” [26] Michael Tanner, Senior Fellow at the Cato Institute, stated that privatizing Social Security would be a “big boost for the poor” because of inheritable benefits. [17]. Animal Testing – Should Animals Be Used for Scientific or Commercial Testing? On Quora, people keep asking about the raid of our Social Security Trust Fund.  And they’re always surprised.  This questioner wants to know if any president have borrowed from the Social Security Trust Fund. The signing of the Juba Peace Agreement in October was a glimmer of hope for a peaceful future in Sudan, however, there has been little immediate relief to the general public from ongoing economic woes, and chronic shortages of basic commodities such as bread and fuel. February 16. Elke dag vind je een unieke deal van een leuk bedrijf in jouw stad met meer dan 50% korting! [36] William A. Galston, Senior Fellow at the Brookings Institution, said about President George W. Bush’s 2005 privatization proposal that “it was not clear how private accounts were even part of the solution. [8] [9] [44] [3], In order to fund private retirement accounts, special insurance protections that are provided by Social Security, such as disability and survivor’s insurance, would need to be reduced. The company was forced offline after Amazon suspended web hosting services. Social Security has become the largest single government program in the world, accounting for 24% ($916 billion) of total US federal spending in 2016. As Steve Vernon, research scholar with the Stanford Center on Longevity, explained, “They spent this money on all the various operations of the federal government… When you buy any investment, like a stock or a bond, the entity that issues it usually spends the money you paid for that stock or bond.” [57], Social Security taxes are weighted to balance the system for all levels of wage earners, while private accounts favor the rich because low-income earners without their own savings would have their retirement funding dependent on the success of the markets. Eason and Grimes, Department of Health and Social Security (DHSS) statisticians, showed that the number of ‘old’ long-stay patients, though continuing to decline, was doing so ever more slowly. ], ProCon.org. Proper citation depends on your preferred or required style manual. The situation will get even worse if a portion of each individual’s payroll taxes is diverted away from the Social Security trust funds and into individually controlled retirement accounts, shrinking the funding source for future retirees’ benefits. This was exacerbated by the second wave of COVID-19 infections. In the past, budget surpluses in Social Security were used by the federal government to fund other government spending, including the purchase of Treasury bonds to offset budget deficits. Opponents of privatization say that retirees could lose their benefits in a stock market downturn, that many individuals lack the knowledge to make wise investment decisions, and that privatization does nothing to address the program’s approaching insolvency. Parler, social media platform popular among conservatives, reemerges online. The Trustees project that under the intermediate assumptions, the Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay full benefits on a timely basis until 2034, unchanged from last year. [30] [31] Rather than having so much of their earnings be taken by the government in the form of high Social Security taxes, money put into private accounts would remain under each worker’s control. February 16. [44] Both the General Accounting Office and the Social Security Administration examined a private accounts system established in three Texas counties, and both organizations “concluded that lower-wage workers, particularly those with many dependents, would fare better under Social Security, while middle- and higher-wage workers were likely to fare better [under a privatized system], at least initially,” according to the Texas Tribune. [55] [53], Future budget shortfalls can be eliminated by reducing benefits, increasing taxes, and/or raising the retirement age. When the United Kingdom introduced private accounts, the government had to pay out about $20 billion in compensation to citizens who were defrauded by investment advisors. [55] Moving benefits into individual private accounts creates a decentralized system that will have to take into account the full diversity of opinions, preferences, and expectations of individual investors, which may increase the program’s annual administrative costs by more than 83% (from less than 1% to 1.83% of assets), amounting to $54-$117 per worker per year. President George W. Bush’s 2005 plan would only have allowed relatively low risk investments such as “a conservative mix of bonds and stock funds.” [26] [27] [28], In the 1960 US Supreme Court case Flemming v. Nestor, a retiring legal immigrant eligible for Social Security benefits who paid into the system for 19 years was denied his Social Security retirement money after being deported for being a member of the Communist Party. It is a stressful job, in a country where social pressure is palpable. A huge infusion of cash into the Social Security trust fund since 1983 to pre-pay baby boomer benefits. [15] Peter Ferrara, former Director of the International Center for Law and Economics, stated that private accounts “would allow workers personal ownership and control over their retirement funds and broader freedom of choice,” and if the accounts were optional (as they were in President George W. Bush’s plan) they “would also be free to choose whether to exercise the personal account option or stay entirely in the old Social Security framework.” [16], Peter Ferrara, former Director of the International Center for Law and Economics, stated that “The reduced tax burden and higher savings and investment resulting from personal accounts would substantially boost economic growth. Here’s why: Social Security has a trust fund, and that trust fund is supposed to have $2.6 trillion in it, according to the Social Security trustees. ProCon.org is the institutional or organization author for all ProCon.org pages. Edward P. Lazear, PhD, Chairman of the President’s Council of Economic Advisers during the George W. Bush presidency, stated that “private accounts enhance, rather than reduce, the likelihood that contributors will receive what they expect. June 8, 2012. According to Bloomberg Business, President Bush’s plan would have required “Washington to borrow at least $160 billion a year in the early years,” increasing the nation’s debt by 40%. [20] [21] If retirement benefits were managed by private companies, government bureaucracy would be greatly reduced. The more secrets politicians keep, the less trust they deserve. [58]. Social Security has become the largest single government program in the world, accounting for 24% ($916 billion) of total US federal spending in 2016. The administrative costs of the current system were less than 1% of total revenues in 2014. A better solution is to switch to private retirement accounts that would be funded with existing payroll taxes. If 1% of payroll taxes had been diverted to private accounts in 1998, Social Security would have been insolvent by 2015, according to a Brookings Institution analysis. Does Lowering the Federal Corporate Income Tax Rate Create Jobs? With that in mind the congress took it upon themselves to [what they referred to as borrow] steal money from the SSF. Despite a major security sector reform effort in which nearly 70,000 ex-combatants were demobilized and competing militias integrated into the national army, divided loyalties persist. [82] [83] [84] [85] In 2010, the nonpartisan Congressional Budget Office (CBO) estimated that either a 15% cut in benefits or a 2% payroll tax increase could keep the trust funds solvent for an additional 44 years. In 2014, 22% of married retirees and 47% of unmarried retirees relied on Social Security for 90% or more of their income. 3. They would own the money in them, the same way people own their IRAs or 401(k) plans. This would result in more jobs, better jobs, and higher wages and overall income.” [16] In the decades following Chile’s privatization of its pension system in 1981, the savings accounts that were established generated the equivalent of about 40% of GNP, and Chile’s annual growth rate rose to above 7%, double the country’s historic growth rate, according to José Piñera, Chile’s former Secretary of Labor and Social Security. Many of the victims were elderly investors. Parler, social media platform popular among conservatives, reemerges online. CIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT. The CATO Institute’s Project on Social Security stated that moving to personal retirement accounts can “reduce Social Security’s debt and bring the system back into solvency.” [4]. According to a 2010 Gallup poll, 60% of currently working adults assume they will not receive Social Security benefits when they retire. ABC News is your trusted source on political news stories and videos. ZDNet's technology experts deliver the best tech news and analysis on the latest issues and events in IT for business technology professionals, IT managers and tech-savvy business people. 2,954 talking about this. Benefits are more, not less, secure with private accounts” because while the government could succumb to pressure to reduce benefits or change the age of eligibility at any time, returns on, for example, US Treasury bonds “will be paid with virtual certainty.” [23], Converting Social Security into private accounts does not mean workers would be free to put their contributions into high-risk ventures. CNN RSS (Really Simple Syndication) is an XML-based format for sharing and distributing Web content, such as news headlines. 4. [1] Since 2010, Social Security has been paying out more in benefits than it receives in worker contributions. HISTORY OF NESARA. Here are the proper bibliographic citations for this page according to four style manuals (in alphabetical order): [Editor's Note: The APA citation style requires double spacing within entries. [47] The Obama Administration’s Council of Economic Advisors estimated that Americans lose about $17 billion per year on retirement investments that are arranged to benefit financial advisors at the expense of investors. [3] Using the existing system to avert the pending collapse of Social Security would require deep cuts in benefits, heavy borrowing, or substantial tax hikes.