I’ve been waiting in the wings very patiently for the all the uproar to die down before I weighed in on the incredibly stupid 2010 comment made by former Wyoming Senator Alan Simpson in which he called me and my fellow senior citizens, “The greediest generation.”
With essentially no lack of antagonism directed toward career politician Simpson for all this time, I definitely feel the need to finally come forward in order to shed more light on the subject. Let me begin by explaining that in addition to being ill-advised, Simpson’s remark also reveals everything that you need to know about career politicians in general, irrespective of their political party affiliation.
I’m fully aware of the argument about those people who are just like my father—he will be 89-years-old in June—receiving more in Social Security benefits than they ever contributed. I also acknowledge the contention that Social Security was never originally designed to be a person’s sole source of income and that life expectancies are much longer today than when the federal program was first introduced in 1935.
In addition, I understand that so-called “career politicians,” especially Alan Simpson, have consistently viewed the Social Security Trust Fund as a honeypot in which they could dip into anytime they saw a potential problem on the horizon—a situation created by their own blundering desire for reelection. Moreover, it is recognized that neither I nor anyone else signed up to support a government that artificially deprives its citizens of a reasonable return on its life savings (ZIRP), thus creating even more dependence for that Social Security check each month.
Therefore, I firmly believe that Alan Simpson along with the other several hundred career senators and congressmen are truly the greedy group.
Nevertheless, it would appear that we are at a standstill since no amount of discussion, argument, or commentary is going to change either Alan Simpson’s opinion or my opinion. Therefore, I have a very simple solution. I am the first of the baby boomers, thus give back to me and my “greedy generation” all the money that we’ve contributed to the Social Security Fund for the past forty-years and I’ll even let the government keep the so-called interest that it supposedly earned. This resolution will eliminate the name calling since I think even a career politician would agree that the return of what is rightfully ours cannot be classified as greed.
I’ll take my money, buy an annuity, and immediately annuitize it which would provide a monthly distribution for both me and my wife, something Social Security simply can’t do. Then, allow Social Security to wither on the vine after taking care of the Greatest Generation. Again, this removes the name calling.
The only problem I foresee is that to give me my money back, the money actually needs to be there. That could present a major difficulty since Alan Simpson and all of his cronies have already stolen the money—and in my opinion that is truly greed.
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Bill Tatro
Along with his 40-years of dedication in the financial services industry, Bill is the President and CEO of GPSforLife, has authored a highly successful book entitled The One-Hour Survival Guide for the Downsized, acts as editor-in-chief of his dynamic monthly financial newsletter MacroProfit, maintains his very own website at billtatro.com, and faithfully continues his third decade on the radio with It’s All About Money which can be heard Monday through Friday on Money Radio 1510 KFNN (Phoenix, AZ). Bill can be reached via email: gpsforlife@yahoo.com.
Very good, Bill, but you should also have stated that SS is an insurance plan. While there are many seniors collecting “more than they paid in”, there are many who died before age 65 and who were thus in the position of “paying into the system” for years with no return of their principal. Do you think Simpson will refuse any of his lavish pension and health care benefits?
When I received a statement 4-5 years ago, in smaller print at the bottom of either first or second page it said that my soc.sec may not be available to me or it may be reduced from what was listed, when I reach retirement age (Which seems to go up every year or so) as soc.sec would be out of funds by the year 2015 (<2015 I believe, I still have the statement filed here somewhere).
I thought the same thing as Mr. Tatro, send me what I've paid in now and I'll invest it myself, like Mr. Tatro I knew it would never happen as the money wasn't there.
I think social security was created for the purpose of looting it.
The problem with Mr. Tatro’s solution is that Social Security is a pyramid scheme. Only those in early on will get made whole. This is the “Greatest Generations” BIGGEST CON on their kids and grandkids. Yes the government looted the pot as well. But the whole scheme only works if more suckers are conned into the game. Baby Boomers made this possible, but didn’t continue to procreate as prolifically, and now there are fewer people paying in than will soon be drawing out. It’s either going to get bailed out or greatly reduced, then altogether bust, as any pyramid scheme goes sooner or later.
“Baby Boomers made this possible, but didn’t continue to procreate as prolifically…….
Disagree.
It’s simply that the so-called ‘government’ has become much more prolific in exterminating us in a multitude of subtle and surreptitious ways in the last four or five decades.
Career politicians are the problem. If you listen to most of them Republican and Democrat alike talk about problems in the government as if the government is some foreign entity they have no power or responsibility in fixing, leading or correcting. They are the elected representative to correct these problems, but intentionally or incompetently they try to avoid responsibility. It appears they are successfully getting away with putting the blame of no money in the SS Trust Fund back on the people. They are laughing in Americans face because Americans just sit back and let their elected representatives con them into placing the blame on the people. I just don’t understand the American people who sit back and take it up the *** by these crooks and treasonous idiots.
What ever happened to all of that money that the govt. borrowed from the social security fund that has not been payed back. Has the people forgot about that. If the govt. payed all of that money back like they said they would there would probobly not be a problem now with collecting the benefits we all payed into. yep, the govt. robbed peter to pay paul again or so it seems. Peter being the social security fund and paul would be like all of those parties they like to throw down in wash d.c. or something like that anyway, Ya`ll get the point I hope. Just don`t forget when the govt. borrowed from the SS fund and they haven`t payed it back, at least not as of yet anyway, think about it.
Hence people still “buy” the voting scheme! What does voting have to do with this issue, you say? At this point the elections are completely rigged. Not voting and or requesting an absentee ballot would change the system. It not only would change the system, it would expose the election rigging. We need term limits and removal of corporate lobbyists from Washington DC We need complete exposure of the REAL 13TH AMENDMENT, to expose the crooked lawyers whom are not supposed to be in any position in government. As long as people just sit and complain, without taking action your problems will still continue. Social Security being one of them. The cash cow of Social Security funds will never change unless we change our elected officials.