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Thread: House Panel Backs Major Military Retirement Overhaul

  1. #91
    Senior Member Bos Mutus's Avatar
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    Quote Originally Posted by USN - Retired View Post
    So where's the plan to "fix" social security, medicare,
    Far too complicated to go into on the forum...you'll have to look it up for yourself...of course nothing has been fully enacted recently, but in a nutshell:

    Democrats: Protect the 100% of the benefit, raise taxes if necessary

    Republicans: Reduce the benefit, reduce the tax, if possible...let people invest some of it themselves

    Tea Party: Shut down Social Security entirely

    Personally, I think the answer will end up being somewhere in between the Dem and Rep solution...like I said, maybe a litlte of the Dem increase in tax and a little of the Republican decrease in benefit to bring the projection line up...

    and the federal debt?
    Social security does not contribute to the federal debt.
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  2. #92
    Senior Member Bos Mutus's Avatar
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    Quote Originally Posted by TJMAC77SP View Post
    Small changes have and continue to be made (retirement age has been raised). I can't collect full benefits until age 66 and 6 months (not 65). It hasn't seemed to solve the problem.

    I may not believe the doom and gloom bankruptcy of the far right but I also don't believe the rose colored glasses outlook of the Dems (actually more of an ostrich kinda outlook.)
    I'm not seeing anyone with rose-colored glasses...unless that's how you characterize my point of view here...

    I think there are some things that need to be addressed...but there always is. There is no solution to anything that will fix problems forever...doesn't mean the weren't effective at mitigating problems, lessening them, etc.
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  3. #93
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    Quote Originally Posted by Bos Mutus View Post
    Tricare for Life is for Medicare eligible retirees (Age 65+)

    When you retire, you have the option of Tricare Standard for Free. Or Tricare Prime, which is around $38 per month for the family plan, IIRC.

    I took Tricare Prime and it has been well worth it.
    Does Tricare prime cover Dental work?

    Quote Originally Posted by sandsjames View Post
    Personally I don't care where it's going and what they are doing with it. I would just prefer to have it in my pocket.
    Same here. Which is why i support doing away with Social security!

    Quote Originally Posted by sandsjames View Post
    We can live on the 20 year retirement right now, along with my wife's pension and my VA. I choose not to because a job I really love doing opened up and I got hired.
    I am keeping in the black with my 20 yr retirement, my mother's UK Pension and the rental income from my house i own in Gulfport. BUT as soon as i get the chance (the market will tell) to sell that house i will. Back when i moved from Gulfport up here, if i sold the house, i would have barely gotten around 110k for it, when i bought it for 159k. Now i am willing to take somewhat of a loss to get it off my hands (so i no longer have the Mortgage payments) but 50K? No way.
    I keep checking the market, and once it hits around 140k for comparable, i will sell it. Well try to at least.

  4. #94
    Senior Member Bos Mutus's Avatar
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    Quote Originally Posted by garhkal View Post
    Does Tricare prime cover Dental work?
    No. The tricare dental plan is separate...and it costs a lot more than the medical. It's about $135/month for the family plan.
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    Senior Member USN - Retired's Avatar
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    Quote Originally Posted by Bos Mutus View Post
    Social security does not contribute to the federal debt.
    I never said that it did, but it might in the future. Under current law, when the social security program goes into an annual cash deficit, the government has to seek alternate funding beyond the payroll taxes dedicated to the program to cover the shortfall. How will the federal government get that alternate funding?

    Of note, as of 2011, the government has "borrowed" nearly $2.7 trillion from the social security trust fund and used the money for other purposes. In other words, the money ($2.7 trillion) is gone. It is a $2.7 trillion IOU. How will the federal government repay that $2.7 trillion loan to the social security trust fund. Increase the federal tax rate or borrow more money and increase the federal debt?

    There will be some major tax increases in the future.
    As Libertarians, we seek a world of liberty; a world in which all individuals are sovereign over their own lives and no one is forced to sacrifice his or her values for the benefit of others

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    Senior Member USN - Retired's Avatar
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    Quote Originally Posted by Bos Mutus View Post
    Far too complicated to go into on the forum...you'll have to look it up for yourself...of course nothing has been fully enacted recently, but in a nutshell:

    Democrats: Protect the 100% of the benefit, raise taxes if necessary

    Republicans: Reduce the benefit, reduce the tax, if possible...let people invest some of it themselves

    Tea Party: Shut down Social Security entirely

    Personally, I think the answer will end up being somewhere in between the Dem and Rep solution...like I said, maybe a litlte of the Dem increase in tax and a little of the Republican decrease in benefit to bring the projection line up...
    The government really doesn't have a plan to "fix" social security and medicare. The government is just "kicking the can down the road".

    Brace yourself folks. In about 15 to 20 years, there will be some significant increases in taxes and significant decreases in social security benefits.
    As Libertarians, we seek a world of liberty; a world in which all individuals are sovereign over their own lives and no one is forced to sacrifice his or her values for the benefit of others

  7. #97
    Senior Member Bos Mutus's Avatar
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    Quote Originally Posted by USN - Retired View Post
    I never said that it did, but it might in the future. Under current law, when the social security program goes into an annual cash deficit, the government has to seek alternate funding beyond the payroll taxes dedicated to the program to cover the shortfall. How will the federal government get that alternate funding?
    It is my understanding that the social security program is prohibited from borrowing money.

    When the SS program goes into an annual cash deficit...it reaches into it's own trust fund to make up the difference. That trust fund is currently somewhere near $3 Trillion...and we are currently still running a surplus (adding money to it)

    IF...nothing changed and all projections were accurate, we would balance inputs and outputs by the year 2020 and begin drawing from the surplus beginning in 2021....which would last until 2033....at which point, the money coming in would still be paying 77% of the money going out...and that is what needs to be worked on.

    Of note, as of 2011, the government has "borrowed" nearly $2.7 trillion from the social security trust fund and used the money for other purposes. In other words, the money ($2.7 trillion) is gone. It is a $2.7 trillion IOU.
    It's "gone" in the same way that money you put in the bank is "gone"...in the same way that if you purchased a savings bond it's "gone"...in the same way that if you purchased stock in a company it's "gone"

    Yes...they don't have it in Cash...but an IOU from the federal govt. is one of the safest investments out there, if not the safest.

    How will the federal government repay that $2.7 trillion loan to the social security trust fund. Increase the federal tax rate or borrow more money and increase the federal debt?
    Perhaps. The federal debt...another overblown panic-inducing phenomenon that sounds horrible to the person balancing their checkbook at home and makes for good fear-mongering TV news commentary.

    Here's a hint, if the govt is not operating in a deficit, it has collected too much taxes from you. Debt is the only way to control govt. spending...when the govt operates on a surplus, they should be sending money back to you until they are in debt again.

    There will be some major tax increases in the future.
    No way! The Republicans promised!!
    The Voice of Reason

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    Senior Member USN - Retired's Avatar
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    Quote Originally Posted by Bos Mutus View Post
    I'm not seeing anyone with rose-colored glasses...unless that's how you characterize my point of view here...
    "Rose colored glasses" is an outstanding characterization of your points of view about social security.
    As Libertarians, we seek a world of liberty; a world in which all individuals are sovereign over their own lives and no one is forced to sacrifice his or her values for the benefit of others

  9. #99
    Senior Member Bos Mutus's Avatar
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    Quote Originally Posted by USN - Retired View Post
    "Rose colored glasses" is an outstanding characterization of your points of view about social security.
    Nothing new under the sun...

    "We will...endeavor to administer the disability [program] efficiently and effectively, [and]. . . to help rehabilitate the disabled so that they may return to useful employment.. . . I am hopeful that this new law. . . will advance the economic security of the American people."
    -- Dwight D. Eisenhower, August 1, 1956


    "The Social Security program plays an important part in providing for families, children, and older persons in times of stress. But it cannot remain static. Changes in our population, in our working habits, and in our standard of living require constant revision."
    -- John F. Kennedy, June 30, 1961

    "One of the most urgent orders of business at this time is the enactment of hospital insurance for the aged through Social Security to help older people meet the high costs of illness without jeopardizing their economic independence."
    -- Lyndon B. Johnson, February 9, 1964

    "[This law] assures the elderly that America will always keep the promises made in troubled times a half century ago.. . . [The Social Security Amendments of 1983 are] a monument to the spirit of compassion and commitment that unites us as a people."
    -- Ronald W. Reagan, April 20, 1983
    The Voice of Reason

  10. #100
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    Quote Originally Posted by Bos Mutus View Post
    Debt is the only way to control govt. spending...when the govt operates on a surplus, they should be sending money back to you until they are in debt again.
    Wow...really? We borrow around $.40 for each dollar we spend and this is a good thing? We are going to reach a point where 100% of GDP will need to be used to service the debt/pay the interest. Interest rates are close to zero right now. What happens to the debt when interest rates go back up? It explodes! True, some debt is necessary, but only when it is manageable and keeps debt/GDP ratio constant. However, it's not. It's rapidly eating up GDP and is absolutely unsustainable.

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