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More Government Spending...

FleetAdmiral_BamBam

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POSTS: 46303

Report this Dec. 04 2011, 5:48 pm

Quote: padracin @ Dec. 04 2011, 4:19 pm

Quote: FleetAdmiral_BamBam @ Sep. 22 2011, 1:02 pm

Quote: caltrek2 @ Sep. 22 2011, 4:49 am

>

>I doubt that most seniors would consider social security to be 100% waste.

>Hopefully, the feds will find ways to stop the big ripoffs within the Defense Department. Unlike your attitude about entitlements, I don't consider defense spending to be "100%...waste".  Much of what we spend on defense for homeland security is legitimate. We do need some capability of striking back at terrorists that are based in what use to be called Third World countries. I just suspect that we can provide all of that at a much lower cost than the price we now pay. 

>
Make up my mind about entitlements?  When have I not been clear that they are unConstititutional and illogical???

And most seniors, if they would have been allowed to save their own money (instead of having it taken from them,) they'd have a lot more for their retirement than what the government is handing out now.

 

I'm sympathetic to your premise but the facts don't support it....social security was begun precisely because people DIDN'T save for retirement in the decades before social security was instigated.  I do recall how common it was in the 60s to see seniors who didn't own pets buying dog food.

Personally I've done it both ways and looking at my 401k(s) I don't find a lot to crow about personal plans.  The college trust I set up for my nephew 12 years ago has less money in it than what I actually contributed.  I can decide to keep working more years - we can't send the kid to college when he's 25!!

If people choose not to save, how is it someone else's responsibility to pay for their retirement?  Or even if they do save, but not enough, I still can't find anything in the Constitution requiring that I should pay for their retirement.  The US Constitution does not say that the taxpayers must PROVIDE for the INDIVIDUAL welfare of other.


“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.” -- James Madison


And I've done the math and even had it confirmed with an accountant - I'm now earning a negative interest rate on my social security (IF it exists when I become eligible and IF they don't change what the monthly payout is and IF I live to 100.)


 


No matter how bad the economy or your investments may be, nobody has the right to demand someone else pay for them.  Nobody has the right to my money and I don't have the right to someone else's.  It's called responsibility.


 


Also... if you take a look at the Federal budget, entitlements is the fastest growing portion and now take move then half of the budget.


chr33355

GROUP: Members

POSTS: 1551

Report this Dec. 04 2011, 5:56 pm

Quote: padracin @ Dec. 04 2011, 4:19 pm

Quote: FleetAdmiral_BamBam @ Sep. 22 2011, 1:02 pm

Quote: caltrek2 @ Sep. 22 2011, 4:49 am

>

>I doubt that most seniors would consider social security to be 100% waste.

>Hopefully, the feds will find ways to stop the big ripoffs within the Defense Department. Unlike your attitude about entitlements, I don't consider defense spending to be "100%...waste".  Much of what we spend on defense for homeland security is legitimate. We do need some capability of striking back at terrorists that are based in what use to be called Third World countries. I just suspect that we can provide all of that at a much lower cost than the price we now pay. 

>
Make up my mind about entitlements?  When have I not been clear that they are unConstititutional and illogical???

And most seniors, if they would have been allowed to save their own money (instead of having it taken from them,) they'd have a lot more for their retirement than what the government is handing out now.

 

I'm sympathetic to your premise but the facts don't support it....social security was begun precisely because people DIDN'T save for retirement in the decades before social security was instigated.  I do recall how common it was in the 60s to see seniors who didn't own pets buying dog food.

Personally I've done it both ways and looking at my 401k(s) I don't find a lot to crow about personal plans.  The college trust I set up for my nephew 12 years ago has less money in it than what I actually contributed.  I can decide to keep working more years - we can't send the kid to college when he's 25!!

 Social security was set up as a supplament to pension plans it was never intended to be the sole means of retirement living.  As for the personal plans the S&P 500 has been growing at an annual rate of around 12% between its inception in 1929 and 2010.  The trick is to find a compatent professtionals to help you invest and try to avoid doing it yourself as you will more often than not end up trying to time the market and reduce returns by 7%


FleetAdmiral_BamBam

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POSTS: 46303

Report this Dec. 06 2011, 8:27 am

Quote: chr33355 @ Dec. 04 2011, 5:56 pm

>Social security was set up as a supplament to pension plans it was never intended to be the sole means of retirement living.  As for the personal plans the S&P 500 has been growing at an annual rate of around 12% between its inception in 1929 and 2010.  The trick is to find a compatent professtionals to help you invest and try to avoid doing it yourself as you will more often than not end up trying to time the market and reduce returns by 7%
Isn't it amazing that we pay ~15% of our incomes into SSI, yet it's only officially considered a "supplement."  (And sadly, most people don't choose to save money for retirement until very late in life.)


As I mentioned here before, I took part in an estate review a little while ago.  The guy that had just died had, for whatever reason, saved every single paystub and tax form throughout his entire life (he died in his 90's.)  We were able to determine that if he had been allowed to invest the money taken by the government for SSI and invested it with all the rest of his investments, he would have had several times as much.  If we also included all the money taken for government medical care, he would have been a whole lot better off - making him a multi-millionaire.


FleetAdmiral_BamBam

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Report this Dec. 06 2011, 9:08 am


FleetAdmiral_BamBam

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Report this Dec. 13 2011, 11:05 am

Just saw this "Goernment Gone Wild!" video - basically a summary of many of the things some of us have shared here.


"Land of the Freebies, Home of the Enslaved"


 


As I keep saying, we've become a land of "In Government We Depend."


FleetAdmiral_BamBam

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POSTS: 46303

Report this Dec. 20 2011, 10:32 am

Just saw an article showing that "Wastebook 2011" was recently released.


 


Examples of wasteful spending highlighted in “Wastebook 2011” include:


• $75,000 to promote awareness about the role Michigan plays in producing Christmas trees & poinsettias.


• $15.3 million for one of the infamous Bridges to Nowhere in Alaska.


• $113,227 for video game preservation center in New York.


• $550,000 for a documentary about how rock music contributed to the collapse of the Soviet Union.


• $48,700 for 2nd annual Hawaii Chocolate Festival, to promote Hawaii’s chocolate industry.


• $350,000 to support an International Art Exhibition in Venice, Italy.


• $10 million for a remake of “Sesame Street” for Pakistan.


• $35 million allocated for political party conventions in 2012.


• $765,828 to subsidize “pancakes for yuppies” in the nation’s capital.


• $764,825 to study how college students use mobile devices for social networking.


chr33355

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POSTS: 1551

Report this Dec. 20 2011, 1:36 pm

Quote: FleetAdmiral_BamBam @ Dec. 06 2011, 8:27 am

Quote: chr33355 @ Dec. 04 2011, 5:56 pm

>

>Social security was set up as a supplament to pension plans it was never intended to be the sole means of retirement living.  As for the personal plans the S&P 500 has been growing at an annual rate of around 12% between its inception in 1929 and 2010.  The trick is to find a compatent professtionals to help you invest and try to avoid doing it yourself as you will more often than not end up trying to time the market and reduce returns by 7%
Isn't it amazing that we pay ~15% of our incomes into SSI, yet it's only officially considered a "supplement."  (And sadly, most people don't choose to save money for retirement until very late in life.)  

 The problem is that most people don't realize that it is supplemental which is why they don't save.


lostshaker

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POSTS: 2293

Report this Dec. 20 2011, 2:42 pm

Quote: chr33355 @ Dec. 20 2011, 1:36 pm

Quote: FleetAdmiral_BamBam @ Dec. 06 2011, 8:27 am

Quote: chr33355 @ Dec. 04 2011, 5:56 pm

>

>

>Social security was set up as a supplament to pension plans it was never intended to be the sole means of retirement living.  As for the personal plans the S&P 500 has been growing at an annual rate of around 12% between its inception in 1929 and 2010.  The trick is to find a compatent professtionals to help you invest and try to avoid doing it yourself as you will more often than not end up trying to time the market and reduce returns by 7%
Isn't it amazing that we pay ~15% of our incomes into SSI, yet it's only officially considered a "supplement."  (And sadly, most people don't choose to save money for retirement until very late in life.)  

 The problem is that most people don't realize that it is supplemental which is why they don't save.


There's a bit more to it than that. The problem is specifically the government, which (by way of the Federal Reserve) creates inflation through the continual debasement of currency and thereby devalues savings over time. Thus, people have little reason to save, as what they save won't be worth as much in the future for lack of a stable currency (like gold and silver).


Also, the government is a source of mixed messages. We're taxed for social security, a program intended for personal savings, yet we're instructed to spend to stimulate the economy. The capitalists that save are called greedy and irresponsible.


BamBam is correct when stating it comes down to responsibility. The only way to restore personal responsibility is a return to limited government.

FleetAdmiral_BamBam

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Report this Dec. 27 2011, 8:18 am

Looks like Obama doesn't think he's spending enough...  a "senior Treasury Department official" says that Obama wants another to raise the debt limit by yet another $1.2 TRILLION.


http://news.yahoo.com/obama-ask-debt-limit-hike-treasury-official-152416457.html


FleetAdmiral_BamBam

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Report this Jan. 26 2012, 4:00 pm

And now it comes out that Ener1--a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the Union Address—announced today that it has filed for Chapter 11 bankruptcy protection.


FleetAdmiral_BamBam

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Report this Jan. 27 2012, 9:32 am

Looks like TARP still isn't over....


U.S. taxpayers are still owed nearly $133 billion that companies haven’t repaid from the financial bailout, according to a quarterly Special Inspector General Troubled Asset Relief Program (SIGTARP) report. The report also states that as of December 31, 2011, the Treasury has “written off $4.2 billion and realized losses of $7.8 billion that the taxpayer will never get back,“ and that it ”predicts losses on other TARP investments.”


Don't ya just love ProRegressives investing in the private sector.....? 


Gibmaticus

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Report this Jan. 27 2012, 1:29 pm

The "Washington Times" isn't fit to line the bottom of the catbox.  Try posting from a reputable source of information instead of a yellow-colored rag owned by the Unification Church.


"Washington Times"  HA!!  BOLLOCKS!!

FleetAdmiral_BamBam

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Report this Feb. 07 2012, 5:01 pm

Oh.... more fun....


Federal government reveals that they overspent at least $115 BILLION last year.... mostly to “high-error programs” include Medicare, Medicaid, Social Security, unemployment insurance and the Earned Income Tax Credit.


http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/feds-reveal-115-billion-overpayments/361341

FleetAdmiral_BamBam

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Report this Feb. 08 2012, 5:15 pm

And today we find out that almost half a million dollars in stimulus money was spent on retrofitting a luxury yacht...


http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/house-reviews-doe-money-upgrading-yacht/364996

FleetAdmiral_BamBam

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POSTS: 46303

Report this Feb. 09 2012, 9:54 am

I knew that our tax dollars were being wasted on giving out "free" cell phones, but I didn't know it was $1.6 billion to cover free cell phones and the monthly bills of 12.5 million wireless accounts....


 


http://news.yahoo.com/washington-footing-cell-phone-bill-millions-low-income-202500656.html


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