(Mike Larson, editor of the Safe Money Report and the Interest Rate Speculator service, is away today. Mark Najarian, managing editor of Money and Markets, is filling in)
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The lack of inflation is blamed. The consumer price index upon which the adjustment is annually based registered flat or lower prices for the year. Is that fair? I think I can guess the response of most older Americans. In fact, the result has many people calling for a change in the formula.
For anyone who has gone shopping, visited a doctor, done home repair, bought a car, etc., the price of just about everything, except one item – gasoline – has clearly risen. It also doesn’t take into account regional variations. (For instance, the Fort Lauderdale Sun-Sentinel reports that costs here in the Money and Markets home area of South Florida have increased 1.3% since August 2014. Housing is up 3.3%, food and beverage costs up 2.2% and health care is 6.1% higher.)
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| Seniors receiving Social Security benefits will not be getting a raise this year. |
About 64 million Americans receive either standard Social Security benefits or Supplemental Social Security (for the poor or disabled). According to the Wall Street Journal, the average payment is $1,224 a month. While retirees are not supposed to rely solely on Social Security and would ideally have pensions, savings and investments to help out, the WSJ cites estimates that 26 million additional people would’ve fallen below the official poverty line last year without the monthly payments.
There are calls for reform from both sides of the political spectrum. On the left, many want taxes and benefits increased going forward. On the right, some politicians consider Social Security an entitlement and are looking to revamp how it’s all considered.
The Social Security Administration itself admits that there’s not enough money in the system to last forever. “Without changes, in 2033 the Social Security Trust Fund will be able to pay only about 77 cents for each dollar of scheduled benefits,” the administration estimates on its website. (For those who haven’t already done so, you should go to www.ssa.gov and register online. You will be able to check your earnings history and get an estimate on how much you will get when you decide to take benefits, either at age 62 or later.) Here’s a link from U.S. News & World Report explaining more about Social Security benefits for 2016.
There is some good news in the lack of a raise in benefits. Medicare Part B premiums for many people will rise 52%. But because of the “hold harmless” provision in the law, those receiving Social Security benefits cannot be forced to pay higher for premiums if their benefits do not receive a cost-of-living increase. (Here’s a link to a New York Times article on the matter.)
| “There are calls for reform from both sides of the political spectrum.” |
Nevertheless, this all leads up to fact that Americans need to save more and invest smartly if they want a stress-free retirement, at least on financial matters, and not rely on Social Security benefits.
This also allows for Money and Markets readers to exchange views on Social Security, maybe share hints and experiences related to retirement finances. Some comments are already in (see below). How do you feel? Should taxes be raised to keep Social Security healthy in the future? Is it in need of reform? What else can be done? Do you rely on the benefits, or are they just something to supplement other income? If you’re young, do you have faith in future Social Security benefits? Click here to add your comment.
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Mike will be back Monday to read through your responses from this week and any comments you have on Social Security. In the meantime, here are a couple of comments that have already arrived about Social Security:
Reader Eagle495 isn’t happy with the Republicans: “You do know that it is the Republicans in Congress that want to increase the fees for Medicare and increase the Deductibles, don’t you? They also want to gut Social Security… Gee remember when the tax rates for the Ultra Wealthy were really high and we paid our bills and had a small deficit? It was just before Reagan was elected and the Republican Revolution began.”
Reader Jim saw it another way: “Reagan’s ‘revolution’ caused total Federal revenues to soar upward. The Democrat Congress managed to spend it all and then some.”
Now’s your chance: You can go to the website and add your comments by using this link.
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Speaking of government-related programs, the Obama administration is forecasting only a small rise in the number of Americans receiving health insurance through the Affordable Care Act. Observers say it indicates that fewer-than-expected young people are signing up through the program. When the plan was created, most experts said that attracting healthy young people (and their premiums) would be key to offsetting costs related to older people who likely would need more care. The Health and Human Services agency estimated that 10Â million Americans will be covered by late 2016 through health plans purchased on the federal and state insurance exchanges under so-called ObamaCare.
Emergency crews were busy shoveling mud from a stretch of Interstate 5 north of Los Angeles after floods washed debris onto the major freeway, stranding hundreds of vehicles and forcing some motorists to wait for help atop their cars. So far, there are no reports of deaths or injuries. Officials say they expect the freeway to be reopened by this afternoon California time.
My team’s not in the baseball postseason this year, so it’s not as exciting as it was three of the past five years (can you guess my team?) But the National League Championship Series is set for a dream matchup for the TV networks. The Mets beat the dreaded Dodgers to advance to NLCS to face the Cubs, who earlier beat the Cards. If the Cubs get to the World Series, and win it, it will be their first championship in 107 years.
Remember you can join the conversation by clicking here and adding your comments on Social Security, ObamaCare, the Cubs or anything else.
Best wishes,
Mark
(Mike Larson will return Monday.)
{ 126 comments }
It is the same thing every year. Congress does not want Seniors, Disabled, Veterans and
the poor to have an increase in Social Security Benefits.
There are those in Congress making $174,000 a year that complain they are not making enough money. The only thing that has gone down is gasoline cost. Tell me how far do people that are retired, disabled, poor, go if they even have a car?
We all have worked all our lives and did not work for the Government and need to have our yearly increase.
Congress better not take a salary increase if they are not giving an increase to us. They have to remember we are the voters that show up without fail at the polls. It is time for Congress to make a change in their decision.
This is why in 2016 we need a POTUS who is not a current serving Politian. We need a proper clean out in Washington and restore payments for their original purpose so that it is affordable, transparent and reliable. We must be able to let people plan ahead with certainty and not just rely on free stuff and hand outs.
Congress and the Supreme Court and the President should be forced to live by the same crappy laws they force on us poor schlubs. ESPECIALLY OBAMACARE. Of course they exempted themselves from it. You don’t think Obama and pelosi and Reid want to be on Obamacare do you?
Raise taxes? How much more blood can they suck from us turnips?
NO. ALWAYS NO. LET THEM CUT SPENDING 50%. PERIOD.
Get rid of EVERY person in politics who is up for reelection! NEVER reelect anyone to ANY office! STOP the SOBs from making a career of preying on the public!
I’m reading a book about organized crime in America. We all know the mob made a fortune thanks to the do gooders banning alcohol and drugs. They made their really big money during WW II thanks to rationing fraud. Guess who was in charge of the ration coupons? Try A young congressman named Richard Millhouse Nixon. My eyes are really being opened to the fact that we are a nation ruled by criminals and their employees. Everyone in there now needs to go for us to have a chance. You are more right than realize when you urge us to never vote for an incumbent. Jim
Exactly Fred
This is Obama the golfer, looking after the poor and hungry while his administration runs up unpayable debts. This is how all the pollies are looking after themselves at everyone elses expense. And what are the Dems offering. Mr. Sanders wants to add to the debt and give away more free stuff.
The only way Social Securty will remain viable is to expand and diversity the investment options. You know manage it like all other long term investment/retirement plans. We as owners of social security should have some input into where the money can be invested. Guess politicians can’t think that way or that far into the future.
I understand that Canada treats their version of social security as something of a fund, investing it in the markets. Their fund rises in value instead of decreasing, as our “trust fund” does.
Chile has done the same thing. Part of the funds are privatized and it’s working great. Don’t let anyone tell you otherwise, Social Security is imminently fixable without raising taxes. COLA my behind, I want a raise. It’s our money, not theirs. It’s also our government if we would get involved. We have tremendous political power if we only used it. Let the politicians who robbed the lock box be held accountable. With a $3 trillion budget and a printing press I don’t want to hear a word about limiting or trimming our benefits. Us Baby Boomers paid a massive fortune into this system and its payback time. Also, when I started paying into it a dollar was a dollar. Jim
We no longer have aTrust Fund. Everything goes into the General Fund and used for the politicians own agenda! Need to re-establish the Trust Fund and keep it separate from the general fund!
I feel social security is fixable now but ….. the longer we wait to fix it….. the greater the chance of it becoming insolvent FIRST we need to take off the cap off social security immediately and let everyone pay the same percentage weather its 25,000 or 25,000,000 on earned income. SECOND we need to enact laws that make sure money that goes in the social security trust fund stays there ……..in other words lets not use it as every politicians personal piggy bank to rob THIRD social security needs to be means tested …….. for the older person who is only getting 25,000 and needs that money to survive they require a yearly raise after all they worked for it its not an entitlement it was theirs to begin with . SOCIAL SECURITY was created as a source of income for the elderly and disabled so they might not starve left to their own perils but recently one president has done more damage to social security and medicare with his reckless spending habits stealing over three quarters of a trillion dollars from medicare to pay for his obamacare enacting a law allowing employers and employees to each pay in two percent less during the recession just think how many more years social security would have been solvent if all that money had stayed or gone into the social security trust fund
Social Security was a system designed to support people retiring at 65 when the average life expectancy was 67. So let’s move away from the pointless rhetoric of whether Republicans cut too much or Democrats spend too much. The truth is that given the dramatic life expectancy change in the ensuing decades, the math doesn’t work period. So you have two choices, either raise the employment tax dramatically, or means test the system. Personally I don’t want to be paying more in employment taxes so that Warren Buffet of Bill Gates can collect social security. So I would prefer to limit who is eligible to those who really need that safety net. And I say this knowing full well that if implemented, I will end up NOT being covered. Statistics may be the third form of lies, but Math tells the truth. A system designed to cover people on average for two years cannot keep supporting us when the life expectancy has risen by decades.
Social security is not an entitlement, all workers and their employers paid into the fund. When the government invaded this trust fund and used the money for other uses that was the beginning of the end…
Also many less people paying into S/S today and more people collecting then those working today.. And a longer life span…S/S was meant to be a supplement not the only money people had to live on…Unfortunately that is not always the case.
bill clinton balanced the budget,bush, whom i voted for once, shot that all to hell.
clinton actually ran the budget at a surplus until he found out that was illegal and would have to give money back to the people. not much incentive there spend less than you make. no wonder bush pissed it all away.
Funny, I remember Newt Gingrich and John Kasich balancing the budget. A lot of that was the result of the “peace dividend” we got from the fall of the Soviet Union (Reagan) and a gangbuster economic boom that jacked Federal revenues big time. Oh, wasn’t there some serious welfare reform, also engineered by Gingrich and Kasich. They made a “Contract with America” and kept their promises. I will also concede that Bill Clinton was one of the few chief executives that really tried to be the President of all the people, especially the girls! Jim
i’m always astonished how politically naive and the lack of business acumen our presidents have on entering office. how did they ever get so far up the political ladder? i doubt if any of them could run even a medium size business, let alone run a large country like ours. good thing they have savvy advisers and four years to learn the job.
funny you didn’t mention BARACK HUSSEIN OBAMA he wouldn’t even submit a budget for the first 6 yrs too bad how you forgot to mention that OBAMA promised transparency in his government . its funny you didn’t mention how OBAMA went on a spending spree the national debt is now 80% HIGHER than what it was before he took office and we still have another 15 months with this imbecile as president all I can say is good ridance
history will give obama credit for rescuing america from the depths of the great recession. deserved or not, it happened on his watch and obama will get credit for the bull market, full employment, and economic recovery.
Mark,
Your editing left out something very important that both you and I know to be fact about the rally from 1982-2000….. It was Paul Volcker, appointed by Carter, that broke inflation through his increases in the Fed Funds rate for a while….. At the time he did that Reagan complained bitterly and wanted to fire him (which, of course, he could not)….. “Trickle Down Economics” was a joke that only further enriched the already Ultra Wealthy and crushed the Middle Class, which was demonstrated by the fact that Income Inequity went parabolic up, along with the Deficit under Reagan and the Republican Revolution….
mike s. or eagle 495 your editing left out that the deficit went parabolic straight up with OBAMA a imbecile DEMOCRAT…………………. without a doubt the worst president this country has ever seen you forgot to mention that that national debt went up 80% just since having a democrat as president and he still has time to spend money for 2016 and 2017 since he will be making out both budgets
This is so unfair. SS is our money because we paid into it. Welfare recipients do not have to contribute anything and there are never any shortage of funds for them to receive their unearned benefits. The Government has been stealing money from SS to fund other projects and Obamacare. Obamacare is extremely expensive and a drain to our economy.
Congress has just had another increase in their salaries and we have no increase in our SS? They have pensions and the cream of the crop in benefits too at tax payers expense.
When are they going to wake up?
When are WE going to wake up and stop reelecting them?
I agree with you BUT-have you written a similar letter to your elected reps? If ALL of us made it clear we have no use for people who would gut a retirement we were FORCED BY LAW TO PAY FOR we would see our interests protected.
The lack of a COLA in Social Security is just more of Ayatollah Obama’s war on the middle class. The index used to determine the SS COLA does not even come close to reflecting the costs seniors face. Gas prices are down which affects the vast majority of seniors very little, now people driving to work is another story. Food prices and the cost of prescription drugs are up which has a bigger impact on seniors than working people. The system is flawed and there are attempts to use an even more flawed system. The system needs to look at senior costs not the general population. Need to remember that most seniors paid into the system for decades, this isn’t some freebie, we paid for it. Now it needs to live up to the promises made when it took our money without so much as a please or thank you, we didn’t have a choice to join or not.
The Social Security funds which were deducted from our paychecks were to be used
for the purpose of helping seniors out once they retired. There was no accountability
for the money collected. The money was used by the Government for all their other
pet projects. With Lyndon Johnson’s Great Society the lock boxes containing our money was spent. Now, who are they kidding when they say there has been no inflation ? Try buying anything for the same price it was one year ago !!
Mark & Mike ..This where everyone is way off. Now is the time to talk interest rate hike here October 28th 2015. (12 days away) I was told that their was only a 11% percent chance that the rate increase will happen in October. Get Ready Get Ready Suddenly it is up on you. It will happen on Wednesday the 28th of October 2015. 25 basis points. Since January I mention on this site it will be October 28th 2015. If I am in error I will never return to this site. I wish everyone a good jump start before rate hike this month.
I will not hold it against you if your wrong,your welcome back anytime Barry
Social Security is supposed to be only a supplement to other retirement funds, but you are right Ted, that seniors need to eat, have a place to live, heat it when necessary, and have health care. All these costs are continually rising, in part because the Fed keeps tinkering to cause inflation, and legislators do things like raising minimum wages. Social Security takes none of this into consideration. It is badly designed that way, and Congress, of course, is the designer.
I think it’s time for a PAC tax. You know that these high rollers are writing off their contributions to candidates. Let’s pile on a ” running for office tax “.
Anything over one $ million is automatically dunned for thirty-nine %, and added to Social Security.
I like your idea, Gil!
I’m in a horrible situation financially. My Social Security benefits are $758/mo. The only other income I have is about $300 from investments. My bare bones monthly expenses are $2,000.00 — that excludes “surprises” like plumbing problems or car repairs, etc. Social Security is an entitlement in the truest sense of the word — we ARE entitled to it. We paid into the program and are entitled to receive our money back. The word “entitlement” is wrongly used to describe most welfare-type handouts. In many of those cases, people have never paid into the system and don’t intend to. They are takers, not givers; parasites, not producers.
good on ya Lona
Why is it that the government is always talking about social security running out of money at some date, but welfare never is in danger of running out of money, seems strange to me.
Mr. Joe: that does seem strange doesn’t it….and especially when you consider, as has already been pointed out, that the recipients of welfare funds have never had to contribute anything, unlike social security moneys which were taken out of future recipients’ paychecks religiously!
How is it that people are putting money into Social Security from their paychecks and the Gov. calls it an entitlement. I thought welfare and food stamps were an entitlement and why aren’t they running out of money>
Welfare and food stamps aren’t entitlements…they’re just “gimmies!!”
…and why SHOULD the recipients of welfare and food stamps even try to work?? They net more sittin’ on their cans than they would get from working a job!
I, the average Joe taxpayer, have no problem with reaching out a helping hand in the form of welfare and/or food stamps to someone who needs it…for awhile, until they can get back on their feet.
BUT, I DO have a MAJOR problem with these recipients turning this help into a lifestyle!!!
you know Robert I think of it like this 2 parents with 4 kids on the public dole are really the ones living the American dream they don’t have to pay for their housing its subsidized their healthcare its free their drugs its free ( OH WAIT IM NOT TALKING ABOUT ILLEGAL DRUGS ) their babysitting is subsidized their transportation is subsidized their food is free and whatever they don’t spend they can sell their food stamps at half off to buy alcohol and recreational drugs and think of the little things heating and cooling assistance the list goes on and on when are we going to wake up and put an end to this lifestyle this has been going on since LBJ a democrat started it
Mike Larson’s got it wrong (yet again) on both Fed interest rate ‘rise’ & oil prices. A year ago, he was urging us to buy energy-stocks when oil was around $100 barrel. He was also adamant interest rates would rise this year, with many hysterical (related) “Bloody” events. It was obvious the Fed would do nothing, as they can’t afford increased interest-payments on their unpayable debt. Easy money is around for much longer. As usual Mr Larson is horribly wrong (urging us to sell stocks last month with Dow around 16,000..Whoever sends Mr Larson money for his advice/recommendations should think about witholding it, to pay for psychiatric counselling. It’s a no-brainer..don’t pay him until he justifies his stated education ‘credentials’ with a year of good-calls. His big-calls have been truly awful. I personally benefited by doing the opposite of his biggest calls..especially those with his exclamation marks attached !!!! Think twice & prosper. He should be held to account, just like Janet Yellen & her reckless ‘transparent’ policies that Mr Larson fails to accurately forecast
In all fairness, Mike Larsen spuds a lot like the Financal writers for the Conservative papers after FDR was elected in 1932. They were wrong then and now. Mike’s Education is in Journalism, not Business…. :(
IMAGINE the united states controlled completely by liberal progressive democrats . Agreements would be signed without reading them their new philosophy would be we have to trust our enemies lets just give them a hug and trust them they are our friends now so lets give them whatever they want millions , billions hey it doesn’t matter as long as they are our friends whats a few dollars we have to trust them they are our friends now lets sing kumbaya WELL HEY LETS HOPE THAT NEVER HAPPENS THAT COULD LEAD TO BAD THINGS HAPPENING ………………………… ohhhhh wait it has a Democrat BILL CLINTON TRUSTED NORTH KOREA and because of his misguided policies and giving them 150 million dollars to be our friend they got a nuclear bomb out of the deal notice any similarities to the iran nuclear deal except this time with another DEMOCRAT BARACK OBAMA WERE GIVING THEM 150 BILLION
Hey Genius,
You need to do some study….. Since 1929, we have been under Republican Administrations for 35 years and Democratic Administrations for 40 years…. The stock market gains under the Democratic Administrations where 167 times better than those gains under the Republicans….. You might do well to turn off those Right Wing Screamers and do your own research!… :( Geeezz
prove it MIKEY S. or is it EAGLE 495 or HEIDI yea im sure more LIBERAL PROGRESSIVE B.S. THATS ALL YOU SPEW PURE B. S. 167 TIMES PLEASSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
The government is slowly killing the middle class – they are doing it to supposedly guarantee their cushy jobs- they keep it up and things are going to change – and I don’t think they’re going to like it
Politicians have been using the monew from the TRUST fund for political convenience. Republicans to finance wars and Democrats to pander to minorities. There is a law that allows newly arrived Cubans, who may have been communists for many years, to be admitted into the US and they are paid benefits that, in some cases may exceed those of the people who worked and contributed for many years to the Fund.
It is an outrage and extremely unfair.
By the way, I did leave the island over 50 years and have contributed during all those years. The politicians should be indicted for violating their fiduciary duty to protect the SSfund.
I receive Social Security and a pension from the City of New York. By law, I cannot get a Cola on mu pension for five years.However, I did expect a Cola on my Social Security. They did not freeze my property yax, or my income tax, or copayments on my medications. Yhe price of foos has risen, and the cost of public transportation has gone up,Let politicans live on the same income, for two years, as full time politicinas, , without free medical catre, that the rest of the wrold has,
Rumor has it that some members of the Senate were unwittingly overheard speaking on this same self subject, when one of them exclaimed “Let them eat cake.” I guess we’ll just have to wait and see if history can repeat itself.
Michael: …..or, in modern times…..let them smoke pot!
Social Security was a Ponzi scheme when it started under Roosevelt and continues as one today. As long as more than enough folks pay into the system than take out, all is OK. The “Trust Fund” of excess payroll taxes is full of US Government IOUs. So when the payout becomes larger than the revenue, as the SS Trustees say it will in a few years, the government will have to collect more taxes to make up the difference. Those of us collecting SS benefits and paying taxes on retirement income will have to pay more income taxes to cover our SS checks. What a great system!
The push to tax the “wealthy” even more is merely a ruse to make the middle class feel less threatened. I am open to be corrected but if I am wrong then that means my first grade math has failed me, or I am missing something that should be right in front of my face. According to my math and information, if the govt. taxed all millionaires/billionaires in the United States at a 100% tax rate, the amount collected would not cover the annual federal deficit, let alone pay down the national debt! Anyone up to the challenge of proving me wrong?
Social security funds may be drained but it is owed trillions by the other parts of government.
The lie continues to be propagated that republicans want to do away with it or cheat folks out of it but the truth is that they want to allow folks to use private funds and investments in its place for younger folks so it cannot be raided like the current system has been.
As far as the inflation rate, that is calculated however the affected agency wants it to be. Normally it is published with so called volatile food and fuel removed, but when the agency affected needs them, food and or fuel is put back I the equation. Everyone who buys groceries and medicine and other essentials knows inflation is way higher than currently touted.
I have no faith in our Government or our Politicians. We are being governed by criminals, crooks, thieves and gangsters. Trillion dollar budgets, are you kidding me? These people spend money like it grows on trees. They account for nothing. All they want is more and more money so they can spend it. Forget about debts, they don’t matter. Interest on the debt, No Problem. We just tax more or cut benefits. I am retired Military. Our benefits have been slashed so much that we no longer have benefits. The public think we are getting all kinds of goodies. When I tell them the facts, they can not believe it. The only heroes in this country is the military. They are mostly professional in every way. We ask for nothing other than what was promised to us and we can’t even get that. I firmly believe Social Security and Military Retirement should be tax free. We have served our country and paid our debts to society. To tax someone making the paltry amount paid in Social Security and Military Retirement is criminal. These are the poorest of the poor in most cases. We spend more on our enemies and criminals than we do on our Senior Citizens and Military Veterans. This country is a disgrace. Our leaders could care less. They are all filthy rich, self serving and a disgrace to themselves. We need a true American to run this country. All members of Congress and the Senate should be made to work for Free. They should no be paid for the way they have ruined this country. They all should be jailed for treason against the American people. God Bless this country. We need divine intervention to bring us back to reality.
We need someone respected in the military to run for office and help teach discipline.
You got that right, Robert.
George Washington would roll over in his grave if he knew the sad shape the nation he helped to found was in this shape!!
God bless you Robert. No one deserves a fair shake more than our Veterans. Their benefits and healthcare should be the best money can buy. The military is the last bastion of selfless patriots. How a nation treats its Vets is the measure of its worth. We should all be ashamed. My Dad was a bombardier in WW II and was in a German prison camp for two years. He didn’t even get his back pay or promotions, yet never once complained. He went to the VA one time and swore, never again. We all owe you a debt we can never repay. Jim.
The cost of food and fuel is inflating while wages, and now S.S. benefits are deflating.
All this while the rich are getting far richer than ever before in our history.
Somehow, this all smacks of “Let them eat cake!”.
Granted, the tax code is a complete and total mess and really quite unfair to just about everyone.
What is needed is a new tax code that is simple and fair. There are plenty of examples around the world that do not soak the rich or the poor or the middle. They are fair, in other words. We do not need to reinvent the wheel, here. Just plug in a system that actually works and has been tested.
But the powers that be are not going to let that happen.
In the end, our government will default on its debt to everyone. It is too far in the hole to ever get out no matter how much money the create or taxes they raise. Trillions in debt can not be paid back or pay for promised benefits.
Get used to it and do your best to find a way to protect yourselves. This mess will be extremely painful to resolve and reset.
Better think of living abroad and getting a second passport.
At very least, get your money out of banks and the system (retirement accounts) before the government decides your money is their salvation and seize it.
You are so right ohiolehua, Thing is older folks cannot relocate easily. I wish I could but cannot. That said, your advice is right on!
The only reason why Obama was picked was because he was black and he’s ruined are nation and they are letting him they should have him pay back everything and he needs to be impeached they have made our nation 100 times worse there is no jobs and talking about black outs he doesn’t care about the Americans they turn white people down but black and Mexicans can have anything tax free it’s better to have no insurence and he needs to give us a raise in our income impeach him before everyone go’s under
OBAMA HAS INCREASEED THE NATIONAL DEBT 80% SINCE TAKING OFFICE HE STILL IS GOING TO BE MAKING OUT THE BUDGET FOR 2016 AND 2017 SO EXPECT THAT NUMBER TO RISE SIGNIFICANTLY
LET THESE CROOKED POLITICIANS STOP STEALING MONEY FROM OUR SOCIAL SECURITY AND USING IT FOR THEIR OWN GAINS. YES IT IS AN ENTITLEMENT!
WE PAID INTO THE SYSTEM MOST OF OUR LIVES AND ARE ENTITLED TO THE BENEFITS. INFLATION IS OUT OF HAND AND THE SAME FOR PEOPLE NOT HAVING JOBS. THE STATISTICS BY THESE CRIMINAL POLITICIANS AND FEDERAL RESERVE
ARE FALSE. THEY DO NOT INCLUDE FOOD AND MANY OTHER EXPENSES THAT HAVE INCREASED. JOB STATISTICS DO NOT TAKE INTO AFFECT THOSE WHO GAVE UP LOOKING FOR JOBS OR ARE WORKING A FEW HOURS A WEEK. COMPLETELY DISGUSTED WITH THE FEDERAL RESERVE AND THE ENTIRE GOVERNMENT. WHAT HAS HAPPENED TO THIS COUNTRY IS A SHAME. LEAVING OFF WITH THIS. MORT HOMER. YOU CAN PRINT MY NAME AND E-MAIL ADDRESS. BE MY GUEST.
Some put blame on the Democratic party for spending money, however it was a democratic Administration that they left the country with a surplus and no other than a Republican Administration that spent it all and then a lot more, so his argument does not hold water. Also raising the min wage would not affect the depletion of SS funds actually it would add funds to SS not take away. Another argument that does not hold water. Increasing the SS Tax by a for tenths of a percent and taking the cap off income liable to be taxed for SS with probably be enough to weather the storm and leave money in SS coffers.
Take the cap off income subject to SS That will give us a surplus and allow SS to be there for our grandchildren
Based on Laurie’s comment, I’m not the only one thinking to take the cap off the income subject to SS. That will help to build the SS fund so our grandchildren can feel confident it will be there for them.
Laurie and Phyllis, I respect your statements, but social security never was intended to be a substitute for individual retirement planning…
…just like the $255 death benefit to a surviving spouse only was never intended to cover the entire cost for burial.
Given, what’s happening now with social security funds is not right, but it was never supposed to be an alternative to an individual’s planning for the inevitable…even if we DON’T like to think about “those things.”
btw, I have no problem with taking the cap off income subject to SS….I’ve always made just enough to be taxed to the fullest anyway….
I shouldn’t be surprised at the number of responders who have ranted and raved about the “takers”, the “SOBs”, the “politicians”, the”Democrats”, the “Republicans”, etc.; but I am. The Social Security Administration prepares and submits several fairly lengthy and technically detailed reports that address both Social Security and Medicare, to the President of the United States, and all of the elected members of the U.S. Senate and the House of Representatives. These reports contain exhaustive financial data covering all types of related expenses, incomes, actuarial data, benefit shortfall projections, as well as recommendations for means and methods to correct these shortfalls. I have no idea how many of these annual reports have been prepared and submitted. But, it’s been at least ten years, since I first reviewed the SSA reports. Every one of the elected U.S. Senators, Representatives and the President have received a copy of these reports each year he or she has served. They ALL, Republicans, Democrats, and Independents, have had the ability, not to mention the responsibility and the duty to correct these shortfall problems, and not point blame to others or filibuster against the fixes.
Simple fix would be to make ss payroll deduction apply to the entire paycheck. .
agree.
and the benefit would need to reflect the increased contribution
There have been times when the formula has delivered greater than actual inflation adjustments to Sicial Securiy receipients. Balances out over time. Certainly we should not be looking for ways to increase Social Security benefits when there is insufficient funds to sustain it. Likely eventual solution will be increased taxes and benefit cuts. By the way I am retired and Social Security is a critical component of my retirement income.
How much is Congress cutting or freezing their salaries? Why is always the
Retirees who get cut when they can’t do anything about it and the most
vunerable? Also raising the cost of Medicare coverage dollar amount to
be covered 100%. We do vote.
How much is Congress cutting or freezing their salaries? Why is always the
Retirees who get cut when they can’t do anything about it and the most
vunerable? Also raising the out of pocket cost 100% to have coverage.
We do vote.
I feel the people who contributed for many years were robbed by the government, who used it as their little piggy bank and ” borrowed” money they knew they would not return. I feel it’s too bad we cannot sue the government with a class action lawsuit to replace what they took from the social security funds. There is so much fraud and waste in this country that it is pathetic.
Mae it would be like suing ourselves as we would foot the bill. Best thing is to throw them all out and start again.
Hi Again Mike
A strong economy is most impacted by spending and where people spend there money. When government’s over tax and use faulty formulas in reporting inflation as deflation and not equally weighing on the survival items such as food, clothing, shelter, and medical costs and everything needed to maintain an income in such formulas, spending drops significantly and the economy slows down, stagnates, and collapse. The United States has entered the century when the baby boomers are retiring because of old age or serious disabilities. Problem is the majority of Americans did not save enough because they were only making enough to survive or lived only for the present. The medical industry is out of control because the ACA did not not include legislature to either regulate that industry to keep prices down or open that market to foreign countries where either would bring down costs. The stock market profit makers proves the above. This single market is going to be the reason for the collapse of our economy and the stock market and the majority of Americans may not agree, especially those investing in that market for decades and doing well. The economists all know this because it is basic economics. The global economy is like any other system process that engineers and economists have been studying for centuries where each country represents a gear interconnecting all those gears that make up the global economic machine and oil is the most important to keep the economy moving slowly, same speed, or faster. The US and Saudis and everyone knows this. Sorry rambling on, but we all need to be aware of what we already know. The Russians know this better than most countries especially today.
So its ok for the
Goverment to get a raise when they do nothing but keep taking We The Peoples money…
If you feel that way, Dee, you know who NOT to vote for nest November.
All the money we paid in while working was suppose to be in a fund only for
retired people. The Senate & House needed money and put it in the General
Fund and gave Social Security Fund and IOU. And that is why we do not
have the money now to fund retirees.
Re: Social Security and COLA: “It also doesn’t take into account regional variations.” That was the 1st COLA slap. (Even medical billing requires Usual and Customary pricing based on micro-regions.) NO COLA is the second. I think we see the 3rd one clearly now.
If we all saved more and spent less according to the advice offered, consumer spending would cause the economy to completely tank and go into a sharp recession. So how is saving more the cure at near zero interest rates?
Gee, I am stunned that the experts(?) missed the Obamacare enrollment target by a factor of three. The healthy, hard working folks have to realize that the politicians are all- knowing and we should not expect or need to think and make choices for ourselves. Sure, we have a little debt ($19 trillion), a few people (40 million) are out of a job or under-employed, and wages have declined over 4 years but as we Cub fans used to say: ‘wait ’til next year.’ Go Cubs!
The gross excesses of congressional expenses, e.g., pensions, healthcare and office expenses could be used to offset the cost of Social Security. There is so much bureaucratic monetary waste in D.C. to fund most anything. Why should members of congress be entitled to their own tier of benefits? Many are just there for the notoriety, the perks and payoffs from the lobbyists.
I think it is really ironic and deceptive how the government calculates and manipulates the cost of living. They leave the cost of gas and food out of the calculation to minimize the impact of inflation, and then turn right around and use the (low) cost of fuel as the excuse to avoid giving an increase in the cost of living while regular folks know that it is getting harder to make ends meet.
I am willing to give up more of my SS benefits to help the sanctuary cities and illegals crossi ng the border,so they can get the benefits they deserve.An increase for them in housing,food,shelter,medical services and a SS check so they can help get their transportation in order.is completely warranted.I cannot understand why so many would be uptight about this! I’m 73 w/8 yr old twin girls and we are all happy to give as much as we can.However I must admit we are getting tired of eating dog food,but we all do it in love.To hell w/this Govt and Dumbacrats!
Curious as to where you get your info from. Most illegals live in the shadows. They don’t collect benefits of any kind. Reminds me of that old bugaboo about the Cadillac driving welfare queen the Regan spent so much time talking about back in the 80’s. They workand pay social security taxes even though they can never collect social security.They receive no government benefits. If they are caught they are deported. Even some who were born and have lived all their lives in this country. Ought to take a breather from the Fox Misinformation channel.
I have had medicare for 2 plus years. have not used it ‘yet’. Live in a small town and hate the docs, they are nothing but pill pushers. What happened to the docs ( and nurses) that really cared about the heath of the folks? Guess what happened……The UNIONS!!
What happened to the brilliantly clean white clothing that nurses used to wear? Doctor’s too.
Now they wear these nasty multi color things that show no dirt or contaminants.
I happen to know a couple who work in hospitals and their home is filthy……all that filth goes into the hospital. No wonder people get sicker and get more bacterial infections in hospitals. Sickening!!
Well, if Social Security recipients aren’t receiving a COLA increase, Congress, their staff and federal employees ought not to be getting a pay raise or increased benefits in 2016.
I hope everyone remembers it in November 2016 when the give a paltry increase and expect us to still vote for them whether Republicans or Democrats.
Ed Shire
You are so wrong. The cost of the illegals is a ‘HUGE’ burden on this country.
They invade our schools (special language teachers and on and on) They invade out emergency rooms driving our cost of heath care through the roof!! They bring in diseases that before were stamped out in this country. I am sick to death of paying for illegals.
I know from where I speak.
I cam to this country in 1983 as a ‘LEGAL’ immigrant with a little son. I had to go through the wringer to get in here.
1 Complete police and political background check.
2. Complete physical to make sure I had no communicable disease.
3.Complete background work ethic so would not be on the ‘dole’
4. Had to have a ‘Sponsor’ who would vouch that I would not even try to be on the ‘System’ for at least 4 years.
I agree with reader Jim. Until Clinton’s second term, the government was spending way over income. After 1995 that changed and surpluses occurred until 2001. This was mainly due to the Congressional swing from 40 years of Democratic rule to the Republican majority. Check the record it is true. Only after G. W. Bush came into office and 9/11 follow-up wars did spending go haywire and huge deficits occur again.
Absolutely B.S.!…. Look at any deficit chart (other than one made by the RNC) and you will find that the Deficits went parabolic up from the day that Reagan became President… It flattened out under Clinton, then went even more parabolic under Cheney/bush thanks to their disastrous Iraq policy and their unfunded Medicare Drug Policy…..
But I guess the deficit hasn’t gone up under Obama? I understand there is vicious disagreement over the success or failure of Reagan’s policies. I have read plenty advocating your position as well as mine. We did have a very good economy in the eighties and nineties so he couldn’t have been all bad. Bush the Younger was a disaster. You can’t cut taxes, declare war, and give everybody free drugs without breaking the bank. Sometimes I think the only solution for us is to let the Red States secede from the Blue States and let us each do your own thing. I know I can’t change your mind but I can assure you that I will never under any circumstances accept Democrat policies as realistic. The concept of taking peoples stuff to give to other people just doesn’t float with me whether it is deemed fair or not by some politician. It’s highway robbery. The concept of everybody having enough is one thing, but everybody having the same thing is a ludicrous concept that simply doesn’t work. Jim
Correction: Our divide would be more accurately defined as the city folks versus the rural folks. We just see the world in a completely different way. Jim
My wife and I both collect SS now and since we have no debt we can live quite well on what we receive. We do have other income that goes into savings. I realize we have it better than a lot of people so I think SS should be means tested. I am happy with Medicare and there I think premiums should be means tested also. I am a very moderate Republican and don’t like the greed I see in the party these days.
The Republicans are obviously all rich or stupid or both. Just look at the increase in home prices and the increases in real estate taxes. People with fixed income should also have fixed taxes. The current system of real estate taxes amounts to theft because people need to sell their home eventually in order to survive. If Congress think increasing the price of a pill from $10 to $750 is OK then they need to provide the pills paid for by their billionaire friends. The Koch brothers could really gain respect with this.
Social security is more important than ever, not the other way around. We live in a nation that has done nothing while pensions have been taken away from the majority of American. Now it’s social security and an IRA if you’ve been smart with your money and made enough to save along the way. We can make social security a sound program simply by means testing it and raising the cap so that there’s enough revenue to keep it going to the end of the century. Think about that. If we just increase taxes marginally on those who can easily afford it, we can take care of our grandfathers and grandmothers the way they deserve. Why wouldn’t we want to do that?
There is a Cap and Trade tax designed to by applied to companies that burn fossil fuels to obtain the energy for their product manufacturing or for electric power generation. Burning fossil fuels increase the green house gas CO2 in the atmosphere that is proven to cause global warming that could cause serious survival problems in the future for all earth life. I like to know how the moneys from this Cap and Trade tax are used to reduce the global warming problem. It should not be used for the government’s pork and barrel projects. I assume that the best approach is to use the moneys only for reducing global warming by replacing the burning of fossil fuels by solar energy, wind and hydro power as soon as possible in a gradual way as not to cause serious conversion problems when reducing fossil fuel consumption. Nuclear power, although not producing CO2 gas, is also contributing to global warming, because the uranium power rods dissipate the heat to run the steam power turbines that drive the electric generators. A kilo-watt-hour electric power from a nuclear power plant will cause more heat dissipation into the earth’s atmosphere than a kilo-watt-hour electric power from the fossil fuel burning combined cycle plants, because they have considerable higher thermodynamic cycle efficiency than the nuclear plant. This means that if all fossil fuel burning electrical power plants are replaced by nuclear power plants, than global warming will advance faster because more heat is needed per kilo-watt-hour. Solar energy is free and does not cause extra energy addition to the earth beyond what is received by the sun. Nuclear power and fossil fuels cause an extra heat spike to the earth that was not present before the industrial revolution and this extra heat must be radiated to black outer space that has a temperature of about minus 50 degrees Fahrenheit. No global warming caused by fossil fuels and nuclear power would exist if the heat from the sun’s radiation is equal to the radiation cooling effect of the earth radiating this same heat from the sun to the very cold black outer space. This condition only exists if fossil fuel burning and nuclear power are abandoned and the green house gases returned to before the industrial revolution concentration in the earth’s atmosphere. Other global warming causes, such as sun cycles, volcanic action, forest fires etcetera, are of course also influential in global warming, but are not man made.
Okay everybody…close all energy producing down, light no fires and then freeze your asses in the dark!
Reader Jim is Wrong! Least we forget that Reagan gave us two serious Recessions; supported the off-shoring of jobs (selling us all on some kind of nonsense about Trickle Down Economics), He also raised Taxes at least five times and tripled the National Debt.
Reagan (who saw a Commie behind every door; and, under every bed; allowed ole’ Cap the Knife, to take the Govt for $1.4 Trillion Dollars for additional Defense Spending. Reagan thought he was getting SDI (remember?) but, instead Weinberger, spent the wad of cash on WW II type equipment. Today we have at least 9,000 Rust Buckets (Tanks) just sitting; and, their maintenance costs are extremely high.
Reagan didn’t do S . . .! for ordinary Americans. He busted Unions; and supported off-shoring of jobs. But, not to worry; a rising tide would raise all boats; only it didn’t! Technological Advancement was one thing’; but, to purposely send good manufacturing jobs overseas; so the Greed’s could pocket the Wages of the Working Man was just plain wrong!
Two of Reagan’s biggest mistakes ; were, hiring Greenspan; and, Preaching the Gospel of DEREGULATION! The latter went World Wide; and, Predators came out in droves. For, without reasonable controls and restraints on Economic Predators; they will eat you alive! Thus, for far too long; Capitalism became a License to Steal; and, stealing is what Wall Street and Large Corporations are very good at. It is estimated that the Greedy and Fraudulent Financial Sector took Middle America for about $10-12 Trillion Dollars; as, so many Millions – – lost their Jobs, Homes, Autos, Retirement and College Savings; to schemes con-cocked by W/S Predators; who, as Warren Buffet pointed out; unleashed their Financial Weapons of Mass Destruction. The Bush Great Recession followed; and we still have not recovered – – even after almost seven years! Capitalism has been Deformed by our Puppet Masters; and it is they; who now determine the Winners and Losers. Capitalism is dead in the traditional sense; and, Big Money seems determined now as well; to undermine Democracy; by determining Winners & Losers in the Political Arena. This ain’t your Grand Dad’s America; nor that of our Founders. What is America today – – anyone venture a guess?
Remember the Iran – Contra debacle? Congress said no to providing money to arm them; and, Reagan and his CIA Henchmen attempted to do it anyway. The rest of that story gets quite nasty; and, is a subject that deserves it’s own separate space.
Ah, yes! we must not forget the Maestro – – one Alan Greenspan. He was a chief figure in destroying the Fidelity of our Monetary System. At Reagan’s direction; the two of them created the greatest illusion of Wealth Creation that World has ever seen. It was time to Parte’; and, so they did – – with Fiat Money; and artificially low Interest Rates. The 90’s seemed so prosperous and successful! Spirits were high; and, only a dumb – dumb; couldn’t get a loan. The harsh reality of it all; NONE OF IT WAS PAID FOR! It was all based on DEBT! Reagan was a Patriot and was good at running his mouth; and that’s about it. As President; in the end, he hurt the Country! In Fact, his own former White House Budget Director, David Stockman; names Reagan as one of the THREE GOP Presidents responsible for bringing the Nation to it’s Financial Knees. The other two were Richard Nixon; and, young George Bush.
Donald,
Well said and true…. One only has to look at the deficit charts to see that from Reagan forward, they went parabolic up…
Bottom line, we forgot the lessons our Grandparents told us an,d once again, fell for the swan song of the GOP, which, once again has proved disastrous to this country…
You see, when we elect politicians who do the bidding of the Ultra Wealthy rather than the average citizen, the economy and the country falters…
The last Republican disaster of 1929 and their Great Depression took many, many years to make right…
That said, the period of Democratic domination from 1932-1981 was the period of the greatest economic and manufacturing improvements, the period of the greatest increase in living standards for the average American and the period of the greatest growth of the Middle Class in American history…
Since the Republicans were allowed to return ALL of those indicators of economic success have fallen….. :(
I think you are both well intentioned but you seriously oversimplify our problem which is a thoroughly corrupt, wasteful , bloated Federal Welfare State on the verge of bankruptcy. They are all payed by the same paymaster whether its Congress, the Executive, or Judiciary. They are all responsible for scuttling our once dynamic Republic. Certainly the Republicans are a bunch or country club jerks, but the “know what’s best for us” Democrats are just as offensive. I don’t want anything from either of them. I want them to leave me alone. Jim
AND the swan song for the liberal progressive democrats is don’t worry were giving it alllllll away today gimme me gimme me gimme me come and get it the liberal democrats brought you signed agreements without reading them first . so they really had no knowledge of what they were signing that’s what you get when everything is controlled by democrats . All they want to do is appease their voting base by giving it all away now it tells you they don’t worry about future generations
I would like to emphasize that I think Free Americans, liberal or conservative, are the most beneficial and dynamic society that has ever existed. When taken in its totality The Federal Government will go down in History as the single most corrupt and destructive institution ever devised. They have been shoving their sanctimonious BS down peoples throats all over the world, making it “safe for Democracy”, since WW II. Maybe the rest of the world doesn’t want Democracy. The World is sick of it and is finally starting to push back everywhere. The majority of people on the planet despise our government and justifiably so. Anyone here or abroad who supports it is detached from reality. Jim
One more comment and I’ll shut up for the weekend. Every night we argue about who did what and when, sometimes very eloquently. But the truth of the matter is that we are all fools. We are playing shuffleboard on the deck of the Titanic. We have hit the iceberg and we are sinking. What difference does it make who was at the helm. There are 75 million Boomers who are thinking we can depend of the Federal Government to give us a comfy retirement and good healthcare. They owe us and the world over $100 trillion in unfunded liabilities. They don’t have it and aren’t going to get it whoever is President next year. It isn’t going to happen. What are we thinking. Numbers like this didn’t even exist a few years ago. It’s a fantasy. Those who aren’t prepared to be self sufficient are in big trouble. I bet you a buck most of the fat cats in D.C. already have an exit strategy and a bunch of Swiss francs overseas. We were born at maybe the most fortuitous time in History. We have had great lives and careers, but I’m afraid our real test lies just ahead of us. Jim
All those tanks will come in handy for whatever dictator decides to take control when the final collapse happens. He’ll need them.
If the Democrats on this blog feel so hunky dory about the economy and this market then they should participate in the Ferrari IPO on Wednesday to show us the way; and then go out and buy a Ferrari to back it up. I read where the dealers don’t make much money off the sale of the car but get their income from maintenance. Hmm, did Ferrari learn this from Obamacare?
With your Ferrari you can leave the rest of us in the dust; just watch out for the chuck holes. Maintenance is expensive you know.
Social Security is being paid for every month by everyone of us during our working years, and therefore it is not an entitlement, it is a deposit contribution towards our retirement years.
Everyone is paying the amount the government set up. If this amount is justifiably not enough, the gov need to adjust it and keep the fiduciary promise to return the received payments as the social security payments at retirement
You paid in only a small percent of what you get from SS; the rest comes from payments by current workers.
glad to see larry edelson shutdown troll city. some real jerks over there.
In regard to the statement “On the right, some politicians consider Social Security an entitlement and are looking to revamp how it’s all considered.” SS is not an entitlement but and “earned benefit” that each and every wage earned paid into. If each wage earner was able to deposit this money into an account each year plus the interested it would earn, most current SS recipients would be currently receiving more. If they increased the rate by 1/4% and the base was increased, SS would not be in trouble. The FEDs just haven’t kept up with these two areas.
So the Medicare premiums go up 52% for those making over $170,00 annually (that’s $85/hr ). That’s the law now, so if Congress changes/reduces it, it shows they really are for the rich getting richer. It’s about time those who own 2 or 3 houses pay a little more, rather than take it from those who need every dollar from Social Security to pay the utility bills.
It seems funny to me that when gas was high they always focus on the number that excluding food and gas. Now that this one item “gas” goes down it is given as the reason for no cost of living raise for Seniors. Seniors have already had their income decimated with the Fed suppression of interest rates and their Banks CDs paying next to nothing. It is shameful the way these retirees are treated.
Surely the answer is to either raise the cap or to have no cap on the amount of earnings upon which contributions are determined. Why do the powers that be, put off just figuring out the answer and stop all this nonsense every year or so. You do not need to be a rocket scientist to forecast the likely number of recipients and contributors and fix the problem.
As regards Social Security, I am wondering about a relatively recent change in the law that does not permit both Social Security and Public Employee Retirement Funds from various states. I was told that those who worked for awhile for employers who withheld social security and then worked for awhile for those who were under State PERA, such as school teachers, are going to lose the benefits of both sources and now only get the higher amount. I am not sure if this is true or how it works, but it could affect many people who are planning to retire. I would love a good explanation.
Reagan did that by executive Order for Firefighters and Police, despite the fact that they had paid the maximum into Social Security, through side jobs and there own businesses…. :( How very Republican of Reagan… It took effect about 10 years after he left office….
WELL THEN THAT MEANS ITS BILL AND HILLERY CLINTONS FAULT SINCE HE WAS THE PRESIDENT BACK THEN
No COLA is OK. We really can’t afford bit neither should we pay for the frivolous expenses of over-the-top vacations for Presidential family members. Too bad economy doesn’t start at the top!
You seemed to fail to be aware that Obama has taken far fewer vacations than both Bush’s and Reagan….. Oh, Limphog failed to mention that? How normal of him… :(
MORE LIBERAL B . S…………………………………….. bush took his vacations on his own ranch on his own dime THE OBAMAS AND STAFF TAKE THEIRS IN HAWAII, and the BAHAMAS at the expense of the American taxpayers you forgot to mention that MICHAEL OBAMA has spent more on her wardrobe at the taxpayers expense than all the first ladies combined oops did I make a mistake on spelling her or his name wrong oh well she does have man hands
As an attorney, I see the abuse in the SocSec system where too many people are applying for SS Disability when they are not qualified but the govt does not investigate
The claim as they should paying out benefits that are certainly not deserved. you can
rely on the govt to give monies away.
Social security contributions should be increased by adding .1% to the employee and employer for the next ten years. This total increase of 2% should help maintain current benefits for many years. This increase is justified since people are living longer and collecting more benefits.
The simple fact remains, thanks to the outrageous spending of our spendthrift legislators
and their leader, we are out of money. We all have to take some cuts and anyone who
votes for a giveaway (free college,etc.) candidate will just hasten the end of our country.
If we don’t solve this financial crises it will be the end of America. I urge everyone to get
involved, demand that they get spending under control, that they cancel salaries for life
for our legislators regardless of how long in office, that they stop paying for immigrants to
go to college when many of our own students whose parents are paying the taxes can’t
get loans, jail the legislators that push through orders for equipment the army and navy don’t want and won’t use just because their state benefits from the jobs, etc. They spend
money like water and it will cause our nation to fail.
The failure of our nation is already cast in stone, Shirley. The politicians have done us in, and we let them do it. We have only ourselves to blame for what is going to happen.
If you read Martin Weiss’s letter this morning, you know that the U.S. economy is in BIG trouble. The optimists are going to be hurting shortly. He has good advice – take heed.
The Fed can doubtless cheapen the Dollar, which would help our manufacturers like Boeing and Caterpillar, who depend so much on foreign markets, but that would mean lots more inflation in this country, as all the imports we have come to depend on would rise in price. Ms. Yellen is caught between the anvil and the hammer. There should be no interest rate changes this year, and maybe next year – at least until the renminbi joins the reserve currencies in the SDRs in October, 2016.