A popular word being used in recent years by politicians is entitlement. What is an entitlement? When I look the word up in my dictionary it gives three definitions, but they do not seem to fit how it is being used today.
They say Social Security is an entitlement, but how can that be? Each payday during my working days a percentage was taken out of my paycheck and sent to the government. A percentage was also paid by each of my employers. When I worked independently, I sent to the government a percentage similar to the combined percentage of an employee/employer.
We all think that the government was to manage this money and invest it for growth and to be used in retirement years.
Of course back in the 1960s there was a large pot of money and the politicians used it for purposes other than what it was intended for. So now the politicians say we have to make changes.
For many years the government has also been saying that individuals should save for retirement and invests a percentage of their paycheck in IRA’s, 401K, 403B and other retirement plans. These moneys are sent to a wide variety of financial institutions to be invested in our individual accounts, to grow and provide income when we do not receive a paycheck. When these funds are mismanaged the government takes legal action against the financial institutions or individuals that used poor judgment.
So we have two similar programs to provide income in retirement years, both of which individuals contributed a percentage of the paychecks. So now I have to ask: are all those IRA’s, 401K, 403B, and other retirement plans also entitlements as the word is being used today?
Kent Rees
Emily
Comments (40)
Add commentFalse Claims , Bigotry , Divisive Behavior ,Hatred & Distraction
Fear mongering , intimidation & inability to focus on real issues are now the hallmarks of the GOP party and their very own racket known as the "Conservative Media Entertainment Complex"
Kent , those conservatives want you to think your contributions you made , dont belong to you any longer ,because they are "WORKING ON" a better idea , along with a few other pressing issues.
Like ; Voter suppression ,Shoot first Leg. ,Redefinition of marriage ,Union busting ,Public Broadcasting , general ignorant rants about most everything, and sad ladies new word of the week = Obstructionism. ( One look at the republicon party platform, will make you shutter when you see the personhood amendment listed as well)
The only place the sky seems to be falling is on their little heads.
So while they whine , the peoples business in DC will go on ,with or without them.
colklink
Thank you for providing an example of bigotry, divisive behavior, hatred and distraction. If more people communicated as clearly as you do, the world would be a better place. ;)
Media Matters Jr.
Kent seems to understand the social security situation clearly.
Mr.Cap, try to read what he says and tell us what isn't true.
You like to use the left wing lingo around your comments.
It shows you don't understand the issue and what he is
saying.
Spend some time learning .
Not Similar
Actually the programs are not similar at all. The government forces you to pay into Social Security if you earn a paycheck. Your IRA/401k etc contribution is voluntary. The government gives you no say in where the SS money is invested. Your IRA investment is under your control. If you die, your family doesn't receive much if anything from your SS contributions. Your family would receive the entire amount of your IRA. You are forced to take your SS proceeds as monthly payments. You have many options for taking your IRA money.
Where would you rather put your hard-earned money?
Not Similar, Part II
Can you take out more from your IRA than you put in + interest?
Sure you can JB.
The gov't does it all the time.
As we speak
there are those in the government trying to put together a plan to takover control of all the 401Ks because they will say that people don't know how to manage them properly when it's time to disburse funds. How many of you want the same people that are managing SS grabbing your 401K too?
Not Similar III
SS and 401K's have nothing in common besides the fact that they are both for retirement income. There is not account with your name on it, with your money in it. SS has never worked that way.
While you are working, the money you pay in is paid out to current retirees.
When SS was started retired people got benefits right away even though they hadn't paid in. Current workers were paying for them with the promise that they'd have their benefits paid by current workers when they reached retirement.
Fluctations in demographics, longevity, and economic activity have all influenced the degree to which that system works. For a long time there was always more than enough money coming in to pay current retirees. Instead of saving the surplus and investing it, it was used to cover other spending needs or tax cuts that Congress wanted to enact. They would give the SS program an IOU and spend the surplus.
Now demographics (Boomers) and longevity (medical improvements), and decreased economic activity, have all caused the SS program to pay out more benefits than it's taking in from current workers. There are a pile of IOU's that the government can't afford to pay back because they are already under a mountain of debt.
401K's are much different.
Not similar IV
Social security added disability and dependent coverage that
as I understand were not originally part of the program.
The disability alone adds greatly to the bottom line . Any question - just look at the numbers that have been added in the last two years.
And now
they want to steal the 401K funds from us.
Once again
It's just another way to continue their effort to punish success. How DARE you be successful and responsible on your own! You didn't build that!
I started my own business from scratch. I've taken in not one dime from the government. I've worked hard and have been fairly successful. I pay in all my taxes (both employer and employee parts) and I put away money for retirement.
The liberals in government hate me.
I'm told I don't pay enough in taxes. I'm told I should give more to the "working families". What the hell is my family if not a working family??? And now I will be told that since I was successful and responsible in my working years, my reward will be to be punished by the government in my retirement years. You gotta love it.
Hunt1
We also owned a business and didn't get/take any of their
government grants etc. I always say that we paid in double
for each of us for social security and medicare. That is the truth. When we sold our business, we had to pay aboutr 36% capital gains for the amount we did make. Now, we had no 401K or IRA, that was our retirement. That is over and done.
Small business owners put in so much time and effort and finance themselves through 2nd mortgage on house or personal loans One thing liberals don't care to understand is the tax preparation, collecting sales tax for the state, collecting federal taxes, medicare, social security, taxes from employees checks and paying to feds. Don't make a mistake or you will be audited. Unemployment, workers comp., all regulations all add to the cost of doing business.
So, Hunt good luck to you.
Yea, Hunt..
I'm trying to decide between unemployment and disability. I'm thinking disability would have longer term benefits so that's probably the way to go. With unemployment, they expect you to actually go out and try to find another job. I'm just not into working that hard.
Well, got to go watch my new 60" plasma and pop a cold one (courtesy of the taxpayers of MN). Then again, maybe I'll just play some games on my new iPad.
BTW, thanks for the free cell phone.
Trip
Thank's for the LMAO!!!!!
Trip
Quick study you are. The new normal is sit back, relax
use your government issued cell phone with the 250 minutes a month to call to see about your disablity, unemployment,
checks and of course, the ever popular food stamps.
Exit from the work force availability and the unemployment
number goes down. It is magic I tell you.
Dear Republicans: Please Keep It Up
As long as the Republicans continue to threaten regresive changes to Social Security and refuse to agree to a budget that calls for a rise in the taxes of those with the highest income, they won't even be able to elect a dog-catcher.
Suits me.
Dear Mission
Who do you think got us here in the first place?
Who will be the first liberal on here
to demand that Guv. Dayton brings his trust back to Minnesota from SD?
You're right mission
As long as there are more and more people taking from the government and less and less of us paying in, more people wanting more given to them and less people supplying it, conservatives will have a hard time winning many elections. But that's a cycle that will have the country circling the drain and it can't and won't end well.
I guess that suits you.
Did you see that F&B?
Somebody has time out for good behavior?? I am betting chey is mad now because he could not have his moment.
Welcome
Hunt1!!! About time you jump in. Thank-You!!!
Just watch (captain of thee Titanic) Remember he know's it all & that (secret agent). Enjoy
Government issued cell phone?
Government issued cell phone? What are you drinking?
Uhhhh, muttley,,,,
the "poor' have been getting government issued cell phones since before Oblummer. Were you napping in the nursing home when it was your turn to get one? Or living in Motley where the telegraph hasn't been working too good?
Government cellphones
Where have you been that you haven't heard of the Obama phones? The program actually has been in existence for a few years, but has expanded greatly in the last 4 years.
It was meant for people who couldn't afford a phone and all they need is proof they are on assistance and they can
get a cell phone and 250 minutes a month. Problem
is people get more than one phone and sell the rest or
trade them. They have no idea where they come from
and recently, I believe in Detroit and other cities, they
call them Obamaphones as they think he provides them.
Truth is they come from Tracfone which is owned by a
big Obama supporter named Carlos something who's very very rich thanks much to this program .We pay for this program by a tax on your phone bll and can't remember what it is called.
F&B
Give him a break. The Sioux cut the line on their way out. The poor guy could not wire Grant/James or Artemus for his cellphone at the time.
Motley
You should get out more.
As FnB and Sadie have said, that program has been around for a long time. And, no, 60" plasma does not refer to implants.
Motley Larry, here's some more info. about "free phones"
http://www.snopes.com/politics/taxes/cellphone.asp. The program goes way back, and a bit of embellishment regarding who started it and what is actually provided is prevalent.
no taxpayer funds? HA HA
I especially like the part about no taxpayer funds.
What? a tax on your phone bill isn't taxpayer funded?
Way to a spin it. If you are a taxpayer and pay a phone bill, you are providing the program.
As we said, this program has been around. People have been video taped at protests earlier this year callng them
Obama phones and saying they get 250 minutes a month.
They also were interviewed showing all the working phones they were able to obtain.
Another government program that started with good intentions, and exploded with abuse.
But Bubba don't
Care.................
I thought everyone had to
I thought everyone had to work for what they have. When did it all change?