Jim Crum has forwarded a link to a September 22, 2007 ABC News article about Barack Obama's plans at that time for "a major tax hike" with respect to Social Security. Obama had said that he aims to raise the wage base ceiling to include all income. As Jim points out in his e-mail, there is a demographic shortfall due to the baby boom bulge.
No matter how you slice it, unless you are a low wage earner and so a recipient of the higher accrual rates that social security pays to the lower salary bands, Social Security is a terrible deal. The actuarial value of $25,000 payments beginning at age 67 are about $250,000. Someone who earns $50,000 per year and works for 40 years puts in $248,000 over a lifetime, excluding interest. If you include interest the value is more than three times as much. Moreover, the employer contributions are not free to employees because they have the effect of reducing employees' wages. The "incidence" of the employer contribution falls largely on employees, so we are really paying the full 12.4% rather than the 6.2% we see taken out of pocket.
I think a good solution would be for the government to allow employees to receive back their contributions to date, perhaps not including the employer contributions or any interest. They're not paying any interest anyway. If they were, a $50,000 lifetime employee would receive a social security benefit of $75,000 per year at age 67, three times what you get.
I would rather get half my money back (the employee portion) without interest at this point than to continue to participate in Social Security. I feel this way on moral grounds alone, but I believe that since I have 13 years to age 67 (I'm being honest there) it would be better for me to have the $75,000 or so than to wait for the piddling benefit that Social Security pays. Washington isn't competent to run Social Security or any other retirement plan. I find it offensive that I have been forced, essentially at gunpoint, to participate in the Social Security boondoggle.
Of course, Barack Obama would rather raise taxes than allow me to invest for my own retirement. I find the violence of social democratic ideology to be intolerable.
Enough people would likely take half their money in cash rather than participate in Washington's crummy Social Security Plan to make the terribly designed and conceptualized plan work. As a result, despite falling demographics the chumps, beggars and slaves who wish to continue to participate in Social Security would be subsidized by those who love freedom and prefer to think for themselves.
Sunday, November 2, 2008
Fight Fascism--Link to Gates of Vienna
Pamela Geller of Atlas Shrugs reports that several mainstream cultural websites, Gates of Vienna, Jihad Watch, Brussels Journal and Dhimmi Watch, have come under a, what Geller calls , "fascistic" attack. I am a long time fan of Baron Bodissey but previously failed to list his site on my blog roll. In support of Pamela's position, I have linked to all four sites on my blog roll. I've had enough of political correctness for one lifetime. If anyone thinks after 2008 that the pissant media has any importance or any chance of honest reportage of the news, I have a special psychiatrist who can help you. If you e-mail me I'll send you his number.
Saturday, November 1, 2008
Barack Obama versus Keith Ellision: Both Receive Hamas Support
Scott W. Johnson of Powerline Blog offers a convincing analysis of the numerous parallels between Barack Obama and Keith Ellison, the Congressman from the Minneapolis area. Johnson writes:
>Both Ellison and Obama attended Louis Farrakhan's 1995 Million Man March. In Ellison's case, attendance came in the heyday of his involvement with the Nation of Islam. For Obama, attendance appears to have been an act of racial solidarity. In Obama's eyes, Farrakhan himself was retrograde...
>Obama nevertheless found the functional equivalent of Farrakhan in Jeremiah Wright. Wright had no such reservations regarding Farrakhan. He has an enduring relationship with Farrakhan that goes back at least as far as their joint trip to visit Col. Gadaffi in 1984. In casting his lot with Wright's Trinity United Church of Christ, Obama found the useful Christian analogue of the Nation of Islam.
>Ellison abandoned his affiliation with the Nation of Islam after he unsuccessfully sought the Democratic endorsement for a state legislative seat as a self-identified member of the Nation of Islam running under the name Keith Ellison-Muhammad in 1998. In 2002, as a Muslim, Ellison won the Democratic endorsement for the legislative seat minus the -Muhammad. This year, after avowing his allegiance to Wright in a celebrated speech, Obama famously cast aside Wright and Trinity United Church under pressure late in the primary season.
>In seeking their respective nominations, both Ellison and Obama found support among Hamas and friends. The Hamas-related support for Ellison and Obama is indicative of the melding of the left with Islamist forces at home and abroad. It is an alliance that Ellison embodies.
Read the whole thing here.
>Both Ellison and Obama attended Louis Farrakhan's 1995 Million Man March. In Ellison's case, attendance came in the heyday of his involvement with the Nation of Islam. For Obama, attendance appears to have been an act of racial solidarity. In Obama's eyes, Farrakhan himself was retrograde...
>Obama nevertheless found the functional equivalent of Farrakhan in Jeremiah Wright. Wright had no such reservations regarding Farrakhan. He has an enduring relationship with Farrakhan that goes back at least as far as their joint trip to visit Col. Gadaffi in 1984. In casting his lot with Wright's Trinity United Church of Christ, Obama found the useful Christian analogue of the Nation of Islam.
>Ellison abandoned his affiliation with the Nation of Islam after he unsuccessfully sought the Democratic endorsement for a state legislative seat as a self-identified member of the Nation of Islam running under the name Keith Ellison-Muhammad in 1998. In 2002, as a Muslim, Ellison won the Democratic endorsement for the legislative seat minus the -Muhammad. This year, after avowing his allegiance to Wright in a celebrated speech, Obama famously cast aside Wright and Trinity United Church under pressure late in the primary season.
>In seeking their respective nominations, both Ellison and Obama found support among Hamas and friends. The Hamas-related support for Ellison and Obama is indicative of the melding of the left with Islamist forces at home and abroad. It is an alliance that Ellison embodies.
Read the whole thing here.
Obama Campaign Enraged Over Wright Ad
I just received the following from Scott Wheeler. Note the Obama campaign's continuing suppression of opposition speech.
We have now raised over $8 million in our final emergency effort to stop Barack Obama.
I can tell you that the Obama campaign is absolutely enraged by our activities and our new ad reminding voters of the close relationship between Rev. Wright and Obama.
Two of the major TV networks have temporarily suspended our ad because of complaints by the Obama campaign. They have complained about the pictures used in the ad depicting Obama and Rev. Wright.
Our legal team is fighting back. We expect to be back on the air!
Other pro-Obama supporters are claiming Obama was not really that close to Rev. Wright and that we are exaggerating the relationship.
The facts: Obama has stated that he was converted to Christianity by the Rev. Wright in his late 20s. Previous to that, as a child Obama had been raised by his stepfather as a Muslim.
Obama has described the Rev. Wright as a mentor, friend and advisor. His description, not ours.
Obama stated he could not reject Rev. Wright any more than he could reject the Black Church.
Again, his words, not ours.
All of Obama's attacks indicates this ad is having a powerful effect.
We are planning a final, major effort Monday night on television in key swing states and on Tuesday morning.
Anything you can contribute today will help our important cause.
Time is absolutely critical. Help us defeat Obama — Go Here Now.
Thank you.
We have now raised over $8 million in our final emergency effort to stop Barack Obama.
I can tell you that the Obama campaign is absolutely enraged by our activities and our new ad reminding voters of the close relationship between Rev. Wright and Obama.
Two of the major TV networks have temporarily suspended our ad because of complaints by the Obama campaign. They have complained about the pictures used in the ad depicting Obama and Rev. Wright.
Our legal team is fighting back. We expect to be back on the air!
Other pro-Obama supporters are claiming Obama was not really that close to Rev. Wright and that we are exaggerating the relationship.
The facts: Obama has stated that he was converted to Christianity by the Rev. Wright in his late 20s. Previous to that, as a child Obama had been raised by his stepfather as a Muslim.
Obama has described the Rev. Wright as a mentor, friend and advisor. His description, not ours.
Obama stated he could not reject Rev. Wright any more than he could reject the Black Church.
Again, his words, not ours.
All of Obama's attacks indicates this ad is having a powerful effect.
We are planning a final, major effort Monday night on television in key swing states and on Tuesday morning.
Anything you can contribute today will help our important cause.
Time is absolutely critical. Help us defeat Obama — Go Here Now.
Thank you.
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