financial update that will give you nightmares

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wcvet	financial update that will give you nightmares	Lead	[-]
TIGER OVERLORD Posts: 5807 (03/27/08 12:24:05) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	Tags : None 2007 Key dates Medicare Part A benefit payments began to exceed the program's tax revenue. 2080 Total government cost will be more than three times revenue. 2041 Social Security Trust Funds' assets will not be enough to pay full benefits. Under current law, benefits for all retirees would be reduced to 75 percent of scheduled benefits in 2041, declining to 70 percent by 2081. 2040 Federal debt held by the public will exceed the historical high of 109 percent of GDP. 2019 Medicare Part A Trust Fund assets will not be enough to pay full benefits. Under current law, benefits would be reduced to 79 percent of scheduled benefits in 2019, declining to 29 percent by 2081. 2017 Social Security benefit payments will begin to exceed the program's tax revenue Absent reforms, the Social Security Trust Funds will be exhausted in 204 1and the Medicare Part A Trust Fund will be exhausted in 2019. Revenue dedicated to these entitlement programs under current law will not be enough to pay for scheduled Social Security and Medicare Part A benefits To fund cumulative budget deficits, the government has borrowed a total of $5 trillion from the public as of the end of fiscal year 2007. The government has also borrowed excess annual cash flows from the Social Security and Medicare Trust Funds and similar funds to finance other government cost. Including interest, the government owes $4 trillion to these funds, which is backed by the full faith and credit of the government, resulting in total federal debt of $9 trillio The nation must change course before the deficit and debt reach unprecedented heights. The government must bring program cost in line with available resources. Delays in taking this action will increase the magnitude of the reforms needed and will place more of the burden on our children and source:http://www.gao.gov/financial/citizensguide2008.pdf NOw you tell me how our government can afford to take on more government programs and add additional costs like universal health care and remain solvent. THis is not republican spin as the GAO is not affiliated with the Bush Presidency. Hildabeast and Obammer will hasten the fudning crisis with their give aways. Last Edited By: wcvet 03/27/08 12:44:13. Edited 1 time.
auburnfootball		#1	[-]
Posts: 1218 (03/27/08 12:35:07) Asylum Administrator Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	I met with a financial adviser a couple of weeks ago. He said that that when Social Security reached a point that it couldn't meet its obligations, we will see a huge tax increase on people withdrawing money from 401ks, and possibly an earlier age at which the government forces us to withdraw the money. 401k holders are going to be penalized for being prudent - that is the governments "ace in the hole". I've been maxing out my 401k for the past few years, but now they tell me only to put enough in to get the company match, and pay taxes on the rest and put it into a Roth, which is guaranteed tax free on withdrawal. The GAO report has basically said the our government is mishandling taxpayer money and is effect, guaranteed to become insolvent in the next few years. THANK YOU FOR VISITING THE AUBURNFOOTBALL.COM AND TIGERINSIDER.COM MESSAGE BOARDS! THIS IS A COMMUNITY SUPPORTED FORUM! Last Edited By: auburnfootball 03/27/08 12:37:50. Edited 1 times.
wcvet		#2	[-]
TIGER OVERLORD Posts: 5807 (03/27/08 12:41:35) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	Yes but they can change the laws on the Roths if they " see " the money start piling up in there. You can bet there are bean counters in the government that are tracking where the funds are so they know what laws to write that will generate the most tax revenue. Instead of being fiscally accountable and reducing our big, grossly obese, overfed government and securing our future they will just tax us into obscurity and eventually we all will be poor.
McTigger89		#3	[-]
Senior Tiger Posts: 391 (03/27/08 12:49:22) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	If we handled our personal finances like the government does, then we would be in jail. An interesting read on Social Security. Make sure that nothing breakable is around during reading. Will make your blood boil because it makes sense. http://www.ncpa.org/pub/ba/ba514/
soulpatch	Meanwhile, Back At The Ranch...	#4	[-]
TIGER OVERLORD Posts: 1753 (03/27/08 12:58:57) Tiger Alumnus Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	The U.S. Treasury (read us tax payers) are funding J.P. Morgan's purchase of Bear Sterns. Optimism is denial for chumps with no life experience. - Unknown Last Edited By: soulpatch 03/27/08 13:02:02. Edited 1 times.
wcvet		#5	[-]
TIGER OVERLORD Posts: 5807 (03/27/08 13:09:16) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	that website and idea needs to be widely circulated. I have paid double social security for years (self employed) and I am preparing to not get a dime. BUt i dont want to have to pay extra tax on what I have saved through sacrifice. I would gladly sign off on what I have paid now and agree not to draw if I would be freed from not paying any more in.
McTigger89	Hey Vet	#6	[-]
Senior Tiger Posts: 391 (03/27/08 14:52:23) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	Notice, the federal government closed the loophole. Picture a box in the middle of a room. In that box should be the Federal Government and outside the box should be our freedom. Sadly though, it seems to be the other way around.
auburnfootball		#7	[-]
Posts: 1218 (03/27/08 18:28:50) Asylum Administrator Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	Vet - You are right about them changing tax laws on the Roth IRA . I also pay double SS taxes (really triple), I have a pharmacy recruiting business that pays out the rear in self employment taxes, plus I am already taxed by my employer payroll taxes. It is ridiculous. Another thing that is already in the pipes from our legislatures - If you have a net worth over a certain amount, SS will be phased out for you. So ... even though you may put in in excess in a million dollars over your lifetime, if you are financially sound, the government will not let you have a penny of that back. That's why it is called a "tax", and not an "account", just because you put money in it doesn't mean you'll ever see any of it again. The only way to change the system is through our elected officials. Complaining won't do anything about it, but voting will. Sadly, no one cares enough about it to vote for the couple of candidates that offered a real fix for SS. Our elections this year will feature presidential candidates who are of the liberal "tax and spend" persuasion - from both parties. There have been several candidates over the past few election cycles that favored the "lock box" approach to SS, or even the ability to opt out, such as the government employees already do. I think it will take an extreme economic meltdown, and possible financial insolvency by the government for people to realize that the current way the government works is financially broke beyond repair. Our tax dollars are being thrown away - and it makes me angry to think about it. THANK YOU FOR VISITING THE AUBURNFOOTBALL.COM AND TIGERINSIDER.COM MESSAGE BOARDS! THIS IS A COMMUNITY SUPPORTED FORUM! Last Edited By: auburnfootball 03/27/08 20:29:28. Edited 1 times.
wcvet		#8	[-]
TIGER OVERLORD Posts: 5807 (03/28/08 04:34:44) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	OUr tax dollars are being thrown away at every level of government. I am reading REagan's book A city on a Hill and it is interesting the Reagan concepts that are being promoted in there that were so successful but no one uses today. MY wife is a school teacher and they just spent 15K of money at her school for something they did not need but someone wrote a grant to get it and once they got it they spent it although it will be of limited use to them. there are other things they have a real need for and they have parents trying to raise money to get but the parents are tired of paying taxes and then paying out of their pocket. the way our government functions is screwed up. You have to earmark money to keep people from wasting it but then you can only spend it on what it is earmarked for and if you get the money but what it is earmarked for is not what you really need you still spend it anyway. that is about the most screwed up thing I have ever heard of but that is how it happens. The whole system needs a major overhaul. We need a choice for president that is limited government, limited taxes and decreased spending but that is not an option with the three we have to choose from.
McTigger89		#9	[-]
Senior Tiger Posts: 391 (03/28/08 04:51:19) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	Vet, I put your wife being a teacher right up there with being in the military and serving during war. There is no way that I could teach today. I would get fired before I got started. And yes, I think competition between schools is a good thing. Makes everyone better. My property taxes on my home and 3/4 acre lot is $3700.00/year. And after spending this, I get these supply lists from my kids' teachers telling me to send reams of paper, paper towels, pencils, hand sanitizer, glue, markers, baby wipes, and other things I am too mad to remember. So I(we) end up spending $150.00 before the first day of school. I thought that's why we paid property and sales taxes.
wcvet		#10	[-]
TIGER OVERLORD Posts: 5807 (03/28/08 06:09:08) Reply Quote More My Recent Posts Message Me Connection Blocking Invite Ignore User's Posts	McTigger what your -tax dollar goes to support outside the classroom is where the problem is. They have school boards with huge administrative offices, nutritionists, and all other types of "support" personnel (reading coaches) and the teachers who actually do the work are at the bottom of the totem pole. they have accountants and special ed administrators and then you go to the state level and it is a whole new ballgame of people who are on the payroll but do not provide a service (teach). Then you have someone like Paul Hubbert and the AEA working to keep all these unneccessary jobs because these people belong to his personal union and contribute to his power structure. I will be glad when he dies. Another problem with education is that it is run by educators and these people are not trained in administration or business and not able to make good decisions about capital outlay and that kind of stuff because they have no exposure. THey need administrators to administrate and put the educators back in the classroom.

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financial update that will give you nightmares

financial update that will give you nightmares

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