Millionaires On Unemployment

[barfo]

so the point is, that they are still in poverty, so we should just let them starve to death?

Starvin's too good for the likes of them.

barfo

 

[Denny Crane]

so the point is, that they are still in poverty, so we should just let them starve to death?

stay classy san diego

The point is, for what people put into the system, they should be getting a better retirement than $1230/month.

Social Security is roughly a 12.5% withholding from your income for typically 40-45 years. If, instead, you withheld 3% and bought T-Bills with the money, you'd have better than a $1230/month retirement (almost $2500/month, actually).

$1230/month is roughy the equivalent of minimum wage, or $7.50/hr.

 

[dviss1]

The point is, for what people put into the system, they should be getting a better retirement than $1230/month.

Social Security is roughly a 12.5% withholding from your income for typically 40-45 years. If, instead, you withheld 3% and bought T-Bills with the money, you'd have better than a $1230/month retirement (almost $2500/month, actually).

$1230/month is roughy the equivalent of minimum wage, or $7.50/hr.

So you are an advocate for making SSN a livable wage?

We agree! ;-)

 

[dviss1]

http://ssa-custhelp.ssa.gov/app/ans...-social-security-benefit-for-a-retired-worker

The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012.

(that would be $14,760/yr)

http://aspe.hhs.gov/poverty/12poverty.shtml

Persons in household: 1 - poverty level $11,160
Persons in household: 2 - poverty level $15,130 (whoops, that $14,760/yr is below the poverty level)

Flawed math.

The $14,760 is $3600 ABOVE the poverty level for 1 person. $29,520 is WAY above the poverty level for 2 people...

 

[BLAZER PROPHET]

This is true. And it is 100% from Social Security and Disability. My point is, it doesn't matter how many houses you have you should still have to contribute to what the country decided was going to be a safety net for Widows, Orphaned children, and the elderly.

You've missed the point entirely for assistance.

 

[Denny Crane]

Flawed math.

The $14,760 is $3600 ABOVE the poverty level for 1 person. $29,520 is WAY above the poverty level for 2 people...

Both people had to work full time to get $29,520 in payments.

 

[Denny Crane]

So you are an advocate for making SSN a livable wage?

We agree! ;-)

So you agree with partial privatization of social security!!! awesome.

You will have to come up with something aside from talking points to convince me it's not a good idea.

Why is it a good idea?

Right now, 12.5% is taken out of everyone's paycheck (up to $106K). Take out 9.5% and use as they do now - to make the existing ponzi scheme viable for the short term. Take out 3% and put in something like a mandatory 401K or pension plan, with govt. approved fund managers. Still taking out 12.5%, still funding the transfer of wealth from this generation to the retired one.

 

[dviss1]

So you agree with partial privatization of social security!!! awesome.

You will have to come up with something aside from talking points to convince me it's not a good idea.

Why is it a good idea?

Right now, 12.5% is taken out of everyone's paycheck (up to $106K). Take out 9.5% and use as they do now - to make the existing ponzi scheme viable for the short term. Take out 3% and put in something like a mandatory 401K or pension plan, with govt. approved fund managers. Still taking out 12.5%, still funding the transfer of wealth from this generation to the retired one.

Hell no I don't agree. Ok let's turn over our social safety net to wall street. That's smart... And when under Bush we were trading UNDER 7000 but you want to put people's money on the market. Right now if the market crashes (and it's trading over 13,000 under Barack) people's money would be lost.

 

[dviss1]

Both people had to work full time to get $29,520 in payments.

We are living in a society where both parents work now man....

 

[Denny Crane]

Hell no I don't agree. Ok let's turn over our social safety net to wall street. That's smart... And when under Bush we were trading UNDER 7000 but you want to put people's money on the market. Right now if the market crashes (and it's trading over 13,000 under Barack) people's money would be lost.

Peoples' money isn't lost when the market has a downturn. It's lost when companies go out of business. Or if people sell all their stock at a significant loss.

You said the stock market was 7000 during Bush's term. What's it at now?

And we're not turning over our social security safety net to wall street under this scenario. There's still 9.5% of peoples' incomes funding the ponzi scheme part.

 

[Denny Crane]

We are living in a society where both parents work now man....

Half the marriages don't last, and the one income earner ends up not being able to afford property taxes on what Social Security pays. Let me know what you can rent for ~$350/month near you, because that's the kind of housing SS pays for.

 

[dviss1]

Peoples' money isn't lost when the market has a downturn. It's lost when companies go out of business. Or if people sell all their stock at a significant loss.

You said the stock market was 7000 during Bush's term. What's it at now?

And we're not turning over our social security safety net to wall street under this scenario. There's still 9.5% of peoples' incomes funding the ponzi scheme part.

Trading well over 13K. But Obama is bad for Wall Street...

 

[dviss1]

Half the marriages don't last, and the one income earner ends up not being able to afford property taxes on what Social Security pays. Let me know what you can rent for ~$350/month near you, because that's the kind of housing SS pays for.

Which emphasizes my point that the Cap should be raised and the payout should be raised as well.

 

[blazerboy30]

Which emphasizes my point that the Cap should be raised and the payout should be raised as well.

No, the age limit should be raised.

 

[Denny Crane]

Trading well over 13K. But Obama is bad for Wall Street...

He's great for Wall Street. Big insurance, the banks, etc., got hundreds of $billions, if not $trillions from the guy. To boot, the Fed has interest rates so low there really isn't any place to invest money besides the market, unless you want to make < 1% in a savings account. 1% doesn't even keep up with inflation.

 

[PapaG]

He's great for Wall Street. Big insurance, the banks, etc., got hundreds of $billions, if not $trillions from the guy. To boot, the Fed has interest rates so low there really isn't any place to invest money besides the market, unless you want to make < 1% in a savings account. 1% doesn't even keep up with inflation.

Funny thing is, in a robust economy with the same interest rates and influx of money into the treasury, the DJIA would be around 20k. Of course, inflation is going to hit hard and hit soon once the inflated bonds are left sitting instead of being purchased.

 

[blazerboy30]

He's great for Wall Street. Big insurance, the banks, etc., got hundreds of $billions, if not $trillions from the guy. To boot, the Fed has interest rates so low there really isn't any place to invest money besides the market, unless you want to make < 1% in a savings account. 1% doesn't even keep up with inflation.

When, not if, this thing bursts, it is going to hurt the middle class. The rich will make money off it. The common "investor" and those relying on their 401ks are going to take a beating.

 

[PapaG]

When, not if, this thing bursts, it is going to hurt the middle class. The rich will make money off it. The common "investor" and those relying on their 401ks are going to take a beating.

Think of the bondholders for GM, but on a much larger scale. 401k plan are going to become worthless for the average middle-class schlub like myself.

Some of those holding GM were middle-class 401k people not even knowing they were screwed over by the GM takeover. Imagine what happens when the money starts leaving the US markets?

 

[3RA1N1AC]

glenn beck pretty much nailed it, the next bubble will be the money/asset bubble, and likely the last bubble for a long long while

buy guns and penicillin

 

[blazerboy30]

glenn beck pretty much nailed it, the next bubble will be the money/asset bubble, and likely the last bubble for a long long while

buy guns and penicillin

And gas for your truck.

 

[3RA1N1AC]

And gas for your truck.

solar car

 

[blazerboy30]

Think of the bondholders for GM, but on a much larger scale. 401k plan are going to become worthless for the average middle-class schlub like myself.

Some of those holding GM were middle-class 401k people not even knowing they were screwed over by the GM takeover. Imagine what happens when the money starts leaving the US markets?

Yes. This thing could get ugly. The Fed keeps artificially proping up the market with duct tape and bubble gum. The bond market has created a bubble, I think there is a bubble in gold and silver. About the only thing left for people to invest in is the stock market, so that has been driven to 5-year highs even with an ugly economic outlook.

The crash could be bad. Cash won't be great due to inflation. IMO, people should learn how to short the market.