Expect larger claims backlogs and longer wait times at the, Ponzi operator, the Social Security Administration.
The SSA has canceled overtime for most employees, effective immediately, according to an email message from the agency's top finance official, Deputy Commissioner Michael Gallagher.
The decision was the result of discussions earlier that day between Social Security Commissioner Michael Astrue and the Office of Management and Budget, Gallagher said.
As is true throughout the federal government, more than five months into fiscal 2011, the Social Security Administration has been working under a series of stopgap spending resolutions that generally leave funding at last year's levels. A House-passed bill would further cut the agency's budget by $625 million in comparison with last year. President Obama has threatened a veto, but Astrue last week said that services would suffer even if funding stays at last year's benchmark.
I ask, what other pension operation that you know of can't fund its administrative operations internally? Even Bernie Madoff managed to do that.
Social Security may be a Ponzi Scheme, but at least they don't try to hide it. Wall Street is a ponzi scheme. If everyone sells, the stocks go down - if enough people sell they'll go to zero - why is that? Because rising stock prices depends on a continuous stream of suckers to buy the stocks.
ReplyDeleteFor you genius types who like to bash SS, do you not realize it was started because of the failure of the Wall Street Ponzi scheme? Most people in this country will save little if anything for their retirement - I'm sure you'd be willing to let them die in the street and if they steal from you that you'd help speed up that dying process. Fact is, even for people who do manage to save some money, it will not be enough - people are going to need SS. And if they don't get it you genius types are going to be their target when they get hungry.
Better start thinking.
Yes, SS needs some tweaks, and yes goobermint needs massive spending cuts, but SS is all there will be for many people. Unless you want to live in an armed camp you'd best be making sure it is solvent and robust. Because some of those hungry old farts will be armed.
Raise the SS payroll tax to 8 or 10%, raise the pay level it is taken from, give all SS recipients a 10% pay cut, eliminate medicare entirely or ration health care if you are on government care, cut government spending 20% across the board in all other departments annually until the budget is balanced. Then get off your a$$e$ and stop whining about SS.
The Wall Street Ponzi Scheme is being propped up by quantitative easing (printing money) and by fear of inflation.
ReplyDeleteThe stock market is not only a ponzi scheme, but it is an immoral gambling casino dominated by computer trading. There is very little "investing" being done in the stock market.
Gamble your money there if you wish, but be thankful that SS is there in case you step on your p@(ker at retirement time.