The*Empress

OH OH!!!!

Updated: 10:04 PM EDT
Bush Plan May End Social Security Checks
Report Says High Wage Earners Would No Longer Qualify
By GLEN JOHNSON, AP

WASHINGTON (April 6) - Someone born next year who goes on to earn what the government considers a high-wage income could see his Social Security check replaced by the personal investment account President Bush has proposed, a congressional study says.

Democrats said Wednesday that the study, which they commissioned from the nonpartisan Congressional Research Service, was troublesome because it illustrated how the accounts - invested in the stock market - might eventually eliminate Social Security's guaranteed checks.

"President Bush says his plan is best for future generations, but this analysis shows how they would be the biggest losers. Our kids and grandkids born now might not have any guaranteed Social Security benefit," said Rep. Charles B. Rangel, D-N.Y., who requested the study and has been a staunch opponent of the Bush proposal.

The White House disputed some of the study's assumptions, but celebrated the finding.

"If they commissioned a study that they now argue shows how personal accounts exceed Social Security, Eureka! That's the point," said Bush spokesman Trent Duffy.

The study found that traditional checks could disappear as a result of two factors: the cut in benefits the president has proposed for all people who open private accounts, and a change that would reduce traditional checks by linking their growth to an index of prices that is smaller than the currently used index of wages. The president has said he would consider that option, though he has not endorsed it.

Under both scenarios, the money that could be committed to a private account would increase while the promised traditional benefit check would be decreased, based on an offset formula discussed by the White House.

Ultimately the amount of income diverted to the account could disqualify a worker from receiving a traditional check. Whether he would receive more or less in benefits than from traditional check payments would depend on the investment performance of his account.

In one study example, a person born in 2006, who goes on to a career as what Social Security considers a "scaled high earner," would not receive a traditional check, only payments from his personal account. This year a person in that category would have annual average earnings of $56,091.

"For these individuals, their entire Social Security income would be comprised solely of their individual account proceeds," said the report.

Other wage groups, as well as people retiring before 2071, when a person born next year would be 65, would still receive some form of traditional benefit check in addition to their account proceeds, according to the analysis.

The study was released as House Republicans, just back from a two-week congressional recess, pledged to press ahead with plans for legislation this year.

"This is like being for the Civil Rights Bill in 1960," said Rep. Tom Cole, R-Okla., emerging from a weekly meeting of the GOP rank and file. "You may not win but it makes you feel good and you're on the right side."

Rep. Roy Blunt of Missouri, the third-ranking GOP leader, said Social Security legislation remains a priority for Republicans, but he declined to specify a timetable for bringing it to the floor this year. He and other Republicans renewed their criticism of Democrats, accusing them of trying to block solutions to the program's financial difficulties for political gain.

"The American people understand there is a problem," said Rep. David Dreier, R-Calif.

Republican officials who spoke on condition of anonymity said several lawmakers spoke up at a closed door meeting of the rank and file and said their constituents seemed to be warming to the idea of legislation. They offered no details.

The 13-page study was based on several assumptions, chief among them that workers will be allowed to place an increasing amount of their earnings in the private accounts. To date the president has said workers will be able to contribute up to 4 percent of the wages subject to Social Security taxes, except the amount would initially be capped at $1,000.

Bush has suggested that amount could increase by $100 annually, plus an additional adjustment for wage growth. The study's authors assume that pattern would continue until the amount diverted to the account equals the president's 4 percent ceiling.

The report also assumed the use of price indexing when determining the size of traditional benefit checks, instead of the traditional link to wages, which are expected to grow faster.

Duffy contended that idea undercut the validity of the study, saying, "It's based on an assumption that's not been decided yet, so it's an exercise in futility and it doesn't represent the president's plan. The president doesn't anticipate any benefit changes until we work with the Congress."


04/06/05 17:42 EDT

Deafness

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The*Empress

I wonder, what will life be like if Americans no longer can get Social Security checks?

Will the society be more friendlier? More compassionate? More
jobs available? More hospitality from strangers???
And more giving and sharing?

Deaf258

If the Social Security is cut from the Deafies, almost all the Deafies will become a secret mafia.

It already happened to Russian Deafies when their benefits got cut.

Codger

Your title is misleading Miss P. It lives up to your name. You did not read the article. Bush cannot cut Social Security. He sent a proposal for reform to Congress. It mainly says that high income people will be weaned off the government tit. Someone making $100,000 a year needs entitlements? And deaf people do not get Social Security Retirement benifits. Unless they are retired and also deaf. Loss of a free ride is no excuse for becoming a criminal either. Get a job.

Beauty2Girls

huh, what u mean, deafscuba?
I have grown up in USSR then, 1991 became Ukraine so now, I moved here in USA 1999, deaf ppl got both work paychecks and benefit as SSI but here different who has job no or descreased SSI, right? there my parent get both of course, low but both not bad for children only SSI or Benefit, terrible low like for 1 day of rent or bread amount children's benefit, Huh!

I was told president of Ukraine has met President Bush yesterday now they are friends and willing to help to improve Ukraine, I assume will copy here, cut Benefit who has job, dunno, wait and see I will hear from my parent who s are still living there, Ukraine. I will post here

Beauty2Girls

And there is the deaf leader in each city, he got benefit but not enough cuz no job, lazy, one likes to take tax from deaf ppl (not all, most fighting against as disagree or stay away from team or group involved with the deaf leader, the deaf leader may touch/contact who never been involved but wealthy deaf leader just dislikes/jealious, long story to explain) somehow, I didnt see like here deaf leader. I knew many deaf ppl work other country, france, italy and others, they have to pay 1/3 or 30% to deaf leader, huh?! that is life in Ukraine and Russia, also I heard deaf leader lives unsafe, could get killed, happened one in Moscow, others in Kiev and Nickolaev, is that u mean DEAF MAFIA? there is not only deaf, hearing also.


PM me if interested to know everything about INS, living there

Alot ppl here thought ppl from other country married to American easy to become US citizen quickly, not true

The*Empress

I think half of Americans in USA are overpaid and other half of Americans in USA are underpaid.... And I think Bush should cut Social Security and raise the minimum wages to $10. And all Americans should get equal pay.

Celebrities shouldn't get so much million of dollars... maybe thousands.

And anyway... Oprah asked Tom Hanks how many hours did he worked
on the movie, "The Polar Express"?... and he said few hours of the week.

And Oprah asked the maker of the movie, "The Polar Express"?
and the maker said he worked overtime and long hard hours and few years....

And my point is... Tom Hanks get millions and the Maker only get less.

That is stupid... the movie would be fine by itself if the maker didn't
use Tom Hanks's voice. I don't think the children and moviegoers would
care if the character in the movie has Tom Hanks' voice.
Right?
So why Tom Hanks get 10 times much payment than the Maker who
worked harder than Tom Hanks???

I think Social Security is stupid. I think old people can do a little thing such as sweeping outside or inside of the buildings... And some other stuff they can do. Especially at McDonalds.... old people and disabled people can
wear some funny costume and open doors for customers and greetings...
It would be good for business as well.

Deaf258

Huh?? I am not DeafScuba!

I learned of this mafia information from a Deaf History workshop in Utah a couple years ago.

Y

What do u mean by that ? I never heard of this before..

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Deaf258

If the benefits are taken away from Deaf people and the public won't hire Deaf employees, then most of the Deafies will turn to prositution, drugs and mafia type of business.

Y

Oh I understand what u mean now, thanks !

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DreamDeaf

We dont call it the Deaf Mafia, we call it the Deafia in St. Louis. Heh.

now back on topic...

__________________
Smiles,

DreamDeaf

www.dreamdeaf.blogspot.com

oakbluffs

I think you misunderstood the word "mafia"

The*Empress

I hope not. I think we Deaf people can find a way to survive...
Maybe get a small business. or have a circus... I can try taming tigers, bears, and lions. Why not?

Nancy

Are you serious? LOL You could get mauled by those animals.

tekkmortal

DO NOT tame those animals unless u meant stuffed animals.

Cjanik

why not? i wanna see her TRY to tame a lion...no wait...how about a grizzly bear? i'll bring the popcorn. but if something happens dont count on me helping you..im just the spectator

The*Empress

All I need is a whip and a microphone....


You guys are just chicken.

Angel

hahaha....

__________________
"When we do the best we can, we never know what miracle is brought in our life, OR in the life of another." ~ Helen Keller

sequoias

it's your funeral.

Nesmuth

There's already a deaf mafia going on. It's called Kappa Gamma.

Richard

Tousi

Someone already lives in a "circus" type life ......

The*Empress

Well I hope you save me, won't you Sequoias?

You can be Tarzan, and I'll be Jane.

Beauty2Girls

OOPS, sorry, I mean deaf258
there in Ukraine and Russia, all deaf and HOH get both salary and Benefit/SSI and some deaf/HOH does not want to work like deaf leader likes to take money from hard working ppl or whoever,
DEAF MAFIA? it is between deaf leader and other deaf leader in each city also may be his own group/team or other's team/group

I m interested what book u read?

net0man

if ur really that paranoid, start saving in retirement funds.

Nesmuth

As of now,the Bush plan to overhaul Social Security is in ICU.

Richard

Codger

I think Miss Pinocchio can do a little thing such as sweeping outside or inside of the buildings... And some other stuff she can do. Especially at McDonalds.... Miss P and other disabled people can wear some funny costume and open doors for customers and greetings...
It would be good for business as well.

The*Empress

My mom's friend, Shirley, saved all of her money in her own personal
bank... she has a 3 feet safety lock box in her attic... and put
all the money in there. She doesn't trust the bank.

And my Grandmom did the same thing...
she stored all her money in the big big 4 feet safety lock box.

After she died... her children looked in the lock box...
and she has many thousands of dollars in there...
She was a landlord and my Grandad worked few jobs and own a barbershop.
So they saved and saved up.

Deaf258

It was not in book, because it was in ASL-signed workshop about history of Deaf people..