Harry Smith checked administration mouthpiece

[annabanana]

on the Early Show this morning. He kept trying to put forth 2018 as the "crisis point" for SS and Harry wouldn't let him. (2018 is the time when the intake won't exceed the outgo without a little tweak), This is the first time I've seen a commentator interrupt and correct an admin. spokespiece. Could the ship have slowed for a turn?

[Ganja Ninja]

1. That's the SS crisis point for the rich.

They have avoided higher taxes for years because this government has been using the payroll tax surplus to supplement the general fund for years. The year 2018 is when we have to start paying back the SS fund. That's when the party's over for the rich and the payroll tax surplus evaporates and they will have to make up the difference in higher taxes. That's why it's a crisis. They want the payroll tax to cover SS outlays and more, FOREVER!

[KharmaTrain]

2. Spot On...Plus...

Here's a dirty secret about SSI that isn't discussed. Many of us "boomers"...who began to pay in during the 60s and 70s and will be cashing out in 2018 and beyond (I won't qualify until 2021 or longer) is based on wages far less than what people earn today...thus the total amount of money I've earned (especially in my early years) is far less than the money earned by those working today...and surely will be the case in 2018.

Laugh as one will, I earned a whopping $8,000 a year fulltime in the late 70's and thought 20k was a comfortable amount...even the Wal-Mart stock boy can do better than that now. Remember, you get back what you paid in, thus while the pool of those paying in in the future is supposedly going to be smaller (that discounts immigration) their earning will be far higher, thus keeping the SSI fund system a lot stronger than even the Democrats want us to know. The "ripple" was taken into effect when the system was designed (knowing the future generation would pay for the previous one) and banked on the cycle of inflation to more than cover the shortfalls...so far, almost 75 years on, it's still very solvent...so this is a bunch of scare tactics.

Finally, SSI is a "Supplement"...it was never designed to be a retirement fund. The 30's model was one divided between a union/corporate pension along with SSI along with personal savings as the ingredients to a secure retirement. The hope was that two could hold a person up if one failed...but not to solely rely on the government checks as their sustinence. Sadly, unions and corporations have squandered pension funds for all but the very rich and personal savings are trumped by personal debt. Until we address these lost "pillars" of a secure retirement, this debate is totally disengenuous.

[KoKo]

3. Great Post Kharma Train! Because what you say is true..

:-)'s

[merbex]

4. I've always liked Harry Smith

I've seen him correct guests before most notably when Bill Clinton's mother died and Bob Dole was sooo Bob Dole about it. No sympathy,nasty,cold talking like Clinton's appointments for that day took precedence.

Harry Smith gave Dole the opportunity to correct himself to say something like after the President's mother's funeral we'll address this. Dole being Dole just snarled like Clinton wasn't doing his job

[proudbluestater]

5. Great to hear somebody is doing their job as a journalist.

I'm kicking so more people might notice the "one good egg."

[mcscajun]

6. Kick! (n/t)