Obama Jobs Plan To Screw Future Generations

Sunday, September 11, 2011
By Paul Martin

By: James Quinn
Market Oracle
Sep 11, 2011

Friday morning the Schuykill Expressway was jammed again due to an overturned car at Belmont Avenue. My first thought was how anyone could turn their car over at the usual 25 mph speeds on the Schuykill Expressway. My second thought was that I was damned to having to take the route from 69th Street in Upper Darby down Chestnut Street (aka The 30 Blocks of Squalor) to work. I was still steamed by Obama’s $450 billion “JOBS” plan. His new plan was touted as an infrastructure plan when it is nothing but a “screw future generations” plan. Do these politicians have no shame?

Obama and his minions will tell you that Social Security is a fantastic program. It should not be touched. They declare that it is self funding. That is a bold faced lie. The Social Security Trust Fund has a $17.5 trillion unfunded liability. This is why:

“A male average earner who retired at age 65 in 2010 paid out $345,000 in total Social Security and Medicare taxes, but will receive $417,000 in total lifetime benefits ($464,000 for a woman).

A much bigger disparity in taxes versus benefits occurs for couples. In the case of a household with only one wage earner, the taxes paid out were $345,000, but the benefits received by both parties will be $778,000. For two-earner couples where one earned the average wage and the other earned a low wage ($19,400), tax payout was $500,000, but benefits will be $800,000.

Those who retired in decades past saw much bigger returns for their payroll tax investment. But clearly this situation is not sustainable. It’s like putting all your expenses on a credit card knowing full well you don’t have the means to pay it back.” – Bankrate.com

We have 10,000 people every day turning 65 years old for the next 19 years. These people will be taking $70,000 to $150,000, on average, more out of the Social Security Trust Fund than they put in. This worked just fine when there were 16 workers contributing for every 1 retiree in 1950. It doesn’t work so well when there is only 3 workers for every 1 retiree, as there is today.

The Rest…HERE

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