Majoring in Debt-Huge College Loans/Debt

[Hugh R]

It will take about ten years to get my SS "contribution" principal back let alone any interest on 50 years of what they will have taken out. Not a tax? Get real.

[cairns]

It took me almost 15 years to finish college (with an MBA). Does someone have a problem with that??

Working full time to pay for college, eat and put a roof over your head doesn't give you a lot of time to go to college.

I had the GI Bill too. But I'm not going to say thank you to anyone- I joined, I served, I busted my ass and receiving those benefits was part of the deal. Besides the GI Bill was not a lot of money- it could cover tuition at a community college but didn't come close to covering the Ivy league school I graduated from.

Honestly some of you libs on here are pretty disgusting. Trying to insult someone for taking a long time to finish college?? Screw the other guy??? Pretending you paid for the GI Bill?? 85%??? Social security is not a tax but an investment??

Says an awful lot about the selfish stupidity of the liberal mind set.

[Porsche-O-Phile]

True but incomplete - it's a tax on OUR generation (and the ones to follow) to subsidize (translation: "buy the votes of") the previous generation. I've pointed out in the past how the Baby Boomer generation and the preceding one ("Greatest Generation") screwed us and sold us out in order to provide comfort and security for themselves and got reamed for it. I stand by my assertion. This is exactly what happened with SS, Medicare and Medicaid. The previous generation didn't want the worry of having to plan their retirements and/or the risk of having them evaporate in their "golden years" (Great Depression fears, etc.) so they created SS, then took the money they'd otherwise have invested in their own retirement funds and did other things with it. We pay for that. And yes, you're correct - our generation will either get nothing (outright) or we'll get our (diminished) payouts in highly deflated dollars to the point they'll be worth a fraction of the dollars we paid in way back when.

SS should be terminated. Plain and simple. It's a ponzi scheme built on assumptions of ever-increasing population growth and economic growth, both of which have been proven to be as mythical as unicorns, cold fusion, intelligent liberals or Solyndra return-on-investments.

[porwolf]

Originally Posted by Hugh R

It will take about ten years to get my SS "contribution" principal back let alone any interest on 50 years of what they will have taken out. Not a tax? Get real.

Why do you expect to get back what you paid into the SS fund? Do you also expect to get back all your car insurance payments plus interest if you never had aaccident? SS is not only a retirement fund but also a "social security" insurance plus a retirement health insurance program! It pays if you are unable to work through SSI. You could never get a deal like this from a for-profit outfit!

[Rick Lee]

Originally Posted by porwolf

You could never get a deal like this from a for-profit outfit!

That's true. You can only get a deal like this with a ponzi scheme, which is what SS is.

[porwolf]

Originally Posted by Rick Lee

That's true. You can only get a deal like this with a ponzi scheme, which is what SS is.

The SS retirement fund is solid until 2030, or so! Medicare needs fixing. That can be done to a large extend by letting it negotiate medication prices directly with manufacturers and have better control of payment scales to for-profit health insurers in the Medicare Advantage program.

[Rick Lee]

Porwolf, you are exactly the kind of person politicians count on. Good job.

[porwolf]

Originally Posted by Rick Lee

Porwolf, you are exactly the kind of person politicians count on. Good job.

Maybe exactly like the great majority of Califonians?

[Tobra]

Majority sure, certainly not anything great about them.

[Hugh R]

Most people would like to save 6% of their income or 12% depending on how you look at it. SS takes that and gives around 1% return maybe. You ever heard of whole life insurance, disability insurance, annuities? With some of those you can sell them.

[Noah930]

I'll sell you my SS benefits, Hugh. I'll take that nice new condo of yours for 'em.

(Above meant in green. Unless you're actually willing to do the deal. Then I'm dead serious.)

[Hugh R]

That's another point, I can't sell my SS benefits or leave them to my kids. If my wife and I were to die in a plane crash, the $300,000 we've paid in disappears.

[porwolf]

Originally Posted by Hugh R

That's another point, I can't sell my SS benefits or leave them to my kids. If my wife and I were to die in a plane crash, the $300,000 we've paid in disappears.

But it is an insurance! You also don't get back what you pay into car insurance or private health insurance if you don't require services. And nobody inherits your accumulated payments plus interest either!

[sammyg2]

Originally Posted by porwolf

Maybe exactly like the great majority of Califonians?

True, there are allot of idiot socialists in California. Thank you for demonstrating that so well.

[sammyg2]

Originally Posted by porwolf

But it is an insurance! You also don't get back what you pay into car insurance or private health insurance if you don't require services. And nobody inherits your accumulated payments plus interest either!

How old are you, 12?

Permanent life insurance is a form of life insurance such as whole life or endowment, where the policy is for the life of the insured, the payout is assured at the end of the policy (assuming the policy is kept current) and the policy accrues cash value.

This is compared with Term life insurance where insurance is purchased for a specified period (typically a year, or for level periods such as 5, 10, 15, 20 even 25 and 30 years) where a death benefit is only paid to the beneficiary if the insured dies during the specified period.

Permanent life insurance originally was offered as a fixed premium fixed return product known as whole life insurance also known as cash surrender life insurance. This offered consumers guaranteed cash value accumulation and a consistent premium.

[Hugh R]

A few % is insurance. The bulk of it is piss poor ROI. I pay in $300,000 in "insurance" as you call it, and if I die my wife gets about $1,000/month and my kids get nothing and you call that insurance? I'm guessing you have never taken any college classes in finance. You're in CA right? I try not to insult on PARF, but do you have any real economic sense, other than your gut liberal feelings? You should be outraged by what the Federal government is doing.

[RWebb]

Really?

How does the ROI look after the Great Recession?

[cairns]

Liberals think the Government can do a better job of investing their money than they can (in spite of monstrous evidence that the goverment squanders it). In short, they want government to do it for them.

Republicans would rather keep their money and make their own investment choices.

Pretty simple really.

[Hugh R]

Take your annual SS statement, enter each years "contribution" and do an annual interest analysis at say 1 or 2% interest and see how much you would have had.

[Tobra]

If I do that I would end up with a gang of people carrying torches, pitchforks and ax handles. Probably better to just not run the numbers so I am not exactly sure how much my "insurance" is really costing me.

Insurance, man that is really funny. You are not Jerry Seinfeld in real life are you?