All that is predictable and easily planned for by actuarials. SS problems are trivial. Solutions include increasing income levels of contributions (to compensate for inflation), reduce benefits, or simply do what Reagan did. He hyped tax cuts while raising SS contributions percentages.

Difference between investment scams (ponzi schemes) and insurance? Insurance problems are easily predicted in advance and easily corrected. Investments scams, (Enron, LTCM, AIG, Bear Stearns, Madoff, etc) are not easily found until major damage occurs too late. Why was AIG careful to keep risky investments away from insurance regulator oversight? In today's America, investment scams became easy by something that politicians called deregulation.

Just another reason why investment finance needs heavy oversight by an SEC not subverted by a White House. SS was never going to deplete both the Federal Reserve and Treasury. Investment scams have almost done that in only a year AND may have put insurance companies even at risk.

Discussing insurance is nonsense when people such as AIG and Madoff are a far greater threat to the American economy.

The thing that annoys me most about Madoff is that he ruined it all before I could get in on the game.

I could have been rich, rich I tell you!

Steven Greenspan, a psychiatry professor at the U of CO wrote a book about the factors and psychology of a scam. After his book (Annals of Gullibility)was published, "with supreme irony", he lost half his retirement investments with Madoff. Greenspan explains the Madoff ponzi scheme AND Saddam's WMDs.

Greenspan also noted the scam is particularly powerful within an ethnic or religious group as Ponzi demonstrated in 1920 Italy. Religious people particularly because: if another believes your religion, then he must be trustworthy. Nonsense. Rarely are the most religious also the most trustworthy. Just another example of why religion justifies so much of what those same people would otherwise call 'evil'.

How to identify the greatest ‘evils’? Let religion be a basis of any decision. Madoff was particularly influential – could promote his lies easiest - among other older Jews.

You completely misinterpret (or misunderstand) my outrage, and at whom it is aimed.

I don't get why they even HAVE a ceiling...

I still don't get why it needs to be raised. Just make people pay in based on what they actually make.

That discussion you quoted was on paying OUT not IN.

It's the law. I guess if you never make enough money to reach it you really could not give a shit about anyone who does pay into it.

:rolleyes:

Class warfare? Give me a friggin' break. IF they are going to tax people's income for SS, they should tax the WHOLE income.

And laws are not always right. If they were, we would still have slavery, and women wouldn't be allowed to vote.

Good stuff. I've often taken an interest in the work of con artists and the mechanisms behind the process. Its amazing how much of an effect the right image can have on someone.

That's my point. It really doesn't need to be raised, though it does make some sense to keep it in line with life expectancy. Life expectancy for those reaching 65 increased 2-5 years between 1940 and 1990. and the retirement age is going up 2 years.

Even on the expert who wrote the book.

And it's been raised since 1940, no? Wasn't it raised just a few years ago? Or in the past 15 years or so? (My memory is faulty on this...)

And everyone should get taxed the same regardless of how much or little you make. When the minority of income earners pay income taxes there is a huge problem.