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- Lululemon founder departs after criticizing customers December 10, 2013The controversial founder of upmarket yoga pant maker Lululemon Athletica has left after an uproar over his critique of its customers’ bodies.
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- Ex-Goldman Sachs banker jailed in UK December 10, 2013Former Goldman Sachs banker Elias Preko was sentenced to 4-1/2 years in prison by a London court on Monday for laundering.
- Twitter and Starcom to collaborate December 10, 2013The deal Twitter struck with Starcom Media Group guarantees millions in advertising dollars in exchange for advertising spots for Starcom clients.
- Mandela service presents a security challenge December 10, 2013At Nelson Mandela's memorial, leaders of most of the world have gathered, presenting the biggest security event in recent memory. The NBC reports.
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- Cramer: Goldman wrong about this December 9, 2013Goldman Sachs just told clients to rotate out of this stock. Cramer says, ‘don’t listen.’
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- Govt sells the last of its GM stake December 9, 2013The US ended up losing $10.5 billion on the General Motors bailout, but it says the alternative would have been far worse.
- Tech firms want NSA surveillance changes December 9, 2013Tech giants issue open letter asking the NSA to limit its surveillance.
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- Stock party’s punch bowl still full: Deutsche Bank December 10, 2013
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- Carney warns on housing market December 10, 2013The Bank of England's Mark Carney warns on the housing market as the Royal Institution of Chartered Surveyors says it expects house prices to continue to "surge ahead".
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- England to make changes for Perth December 10, 2013Coach Andy Flower says England will make changes for the third Ashes Test as they seek to overturn a 2-0 deficit.
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- New China data boosts recovery hopes December 10, 2013China's industrial output and retail sales rise in November, the latest in a series of signs suggesting a recovery in the world's second largest economy.
- Countdown begins for comet chaser December 10, 2013Scientists say they are in for an anxious wait as they prepare to wake the comet-chasing Rosetta probe from deep-space hibernation.
- US urges China to release Liu Xiaobo December 10, 2013US Secretary of State John Kerry urges China to release Nobel Peace laureate Liu Xiaobo, five years after the activist was detained.
- Thai PM rejects resignation call December 10, 2013Thai Prime Minister Yingluck Shinawatra rejects protesters' demands that she resign before February's snap elections.
- Ketamine 'should be made Class B' December 10, 2013Ketamine should be upgraded from a Class C drug to Class B after new evidence revealed the damage it can have on the bladder, government advisers are to say.
- VIDEO: Snow and freezing temperatures in US December 10, 2013A deadly winter storm has caused several deaths in the US and is keeping much of the country blanketed in ice and snow.
- VIDEO: Syria fighter: 'We are all al-Qaeda' December 10, 2013A 25-year-old man from France talks about being part of the biggest brigade of foreign jihadists fighting in Syria, and why he left them.
- VIDEO: Yellowcake stored in Libya December 10, 2013The United Nations says nuclear inspectors will visit Libya to assess its uranium stockpiles, amid concerns about fragile security in the country.
- Ukraine presidents to discuss crisis December 10, 2013Ukrainian President Viktor Yanukovych is expected to hold talks with three former presidents, as pro-EU protesters remain encamped in central Kiev.
- Brazilian ex-president 'murdered' December 10, 2013An investigative commission in Brazil says it has found evidence that the ex-president Juscelino Kubitschek was murdered by the 1970s military regime.
- Sport leaders called to fixing talks December 10, 2013Senior figures from five major sports are invited to a Whitehall summit following allegations of fixing in football.
- Google lets users create Street View December 10, 2013Google unveils a new tool that allows users to create a Street View - a 360 degree virtual tour - of any place and share it using Google Maps.
- Two French soldiers killed in CAR December 10, 2013
- Stockman: Human Events/Gravis poll of Texas GOP convinced me to challenge CornynConservative Texas congressman set to topple veteran GOP senator, who supported fully funding Obamacare during the recent federal government shutdown.The post Stockman: Human Events/Gravis poll of Texas GOP convinced me to challenge Cornyn appeared first on Human Events.Neil W. McCabe
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- Stockman: Human Events/Gravis poll of Texas GOP convinced me to challenge Cornyn
Social Security – don’t hold your breath!
By Bob Jentges (Editor Emeritus, Clarion Advisory) 5-01-12
The future of Social Security has been in the headlines the past few weeks, which reminds me of the Social Security options I had when I retired from my job in 1999. I had the option of taking 75% of my Social Security benefits if I retired at age 62, receiving 100% of my Social Security benefits if I retired at 65, or getting 135% of my Social Security benefits if I waited to retire until age 70. I guess those options still exist, but don’t hold your breath.
According to their 2012 Annual Report, the Board of Trustees overseeing the Social SecurityTrust Fund, concluded that Social Security faces an unfunded liability of $8.6 trillion, or $73,167.83 per family. Unfunded liability means the amount of future benefits promised to those currently contributing to Social Security. Without changes, the unfunded liability 75 years into the future balloons to $20.5 trillion. Those who contend Social Security is a “Ponzi scheme” may be correct.
For a brief history on Social Security, I recommend syndicated columnist Robert Samuelson’s April 9, 2012 article The Origins of Entitlement. But since you probably do not have time to read it, I will summarize and add a few of my own comments. Samuelson gives a classic example of how a social program instituted with good intentions evolved into an entitlement, that because of changing demographics has become wholly unsustainable in its present form. Yet when recent responsible changes to “save” Social Security are proposed, those changes are demagogued by many. . . for political purposes.
Samuelson points out that when FDR originally proposed Social Security in 1935, he envisioned a ”contributory” pension plan wherein contributions from workers payroll taxes would be saved and later used to pay toward their own retirement benefits. FDR recognized that before workers had time to pay into the system toward their own retirement, there would need to be temporary subsidies for those already retired; the operative word being, “temporary.”
Samuelson correctly points out that FDR squarely rejected the idea that ,over the long term, Social Security should be a pay-as-you-go system where payroll taxes of current workers would be used to pay retirement benefits to those already retired. According to Samuelson, FDR believed a pay-as-you-go system would saddle future generations with huge debts—or higher taxes—as the number of retirees expanded.
Samuelson further points out that when FDR discovered the original Social Security draft proposal was not a ”contributory” pension plan he demanded the plan be rewritten, complaining to his Secretary of Labor Frances Perkins: “This is the same old dole under another name. It is almost dishonest to build up an accumulated deficit for the Congress…to meet.”
Unfortunately, Congress did not heed FDR’s admonitions and gradually switched Social Security to a pay-as-you-go system after FDR died.
In 1960, there were five workers per each Social Security recipient—today there are three—by 2025, the ratio will approach two. FDR was a visionary in that regard— for the burden being placed on today’s workers and that which will be placed on future workers, is unsustainable and will continue to be unless immediate changes are made to the system.
So when Republicans propose a plan to save Social Security for present beneficiaries—and future retirees who are now 55 and older but not yet of retirement age—while devising a sustainable plan for the younger generations, we must not accept demagoguery from the Democrats!
We need solutions to the Social Security problem however, the Democrats have offered none that I am aware of.
Hey, you know what? It happens to be an election year— let’s vote them out !
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