$32.70 A Week or $1700 Per Year?

When Bush was pushing his stimulus after 9/11, he sent out checks. POTUS Obama wants to continue the SS tax decrease and give the employed around $32.70 a week depending on income. Which would you prefer? And which do you think is better as a stimulus?

I think the $32.70 is more likely to be spent so it is the better stimulus, especially if you own Starbucks stock or some other lower cost treat, like fillin 1/2 your gas tank.

But I think more people would prefer $1700 in a lump sum, maybe 6 months after they get their tax refund for big purchases or kids going back to school. And $1700 would be more likely to be spent on durable goods like appliances, possibly even a down payment for a used car.

I really just wish they would keep it in SS where it belongs. I did not fill out the form last year for the "making work pay" BS $400 credit and guess what, they corrected my return and sent me a check anyway. Go figure. True story.

I am really torn on playing with SS. Pretty ironic for a libertarian, sure I like getting my money back, but I am betting I am going to need it more when I hit 65 rather than now.

Not to worry 109, the law requires the funds not being paid in now to be made up in the future. Not only will you get to have your benefits paid for by others as everyone else has in the past, now you are going to get them to kick in some of the money you should have paid in to benefit others as well. Pretty good deal as long as you are not one of the young people entering the workforce facing 40 years of paying taxes for the benefit of others. I figure that those young people are going to be paying a higher tax on a higher amount of income just as we had to when the tax rate and amount of income subject to the tax doubled in our lifetime and resulted in the disappearance of private pension plans that made it more likely than not that Social Security would be the sole source of retirement income for much of the middle and lower income groups. Want to know the best way to make a bad situation worse? Ask a government that created the problem to solve the problem they created. It's a surefire way to remove logic and reason from the process.

They should not be playing around with SS contributions and using it as stimulus. The money they have taken so far has to be paid back into the "make believe trust fund" with income taxes, so it goes on the deficit.

It would be like your company taking your pension contributions and giving it to you to purchase the companies products to stimulate business. Lets see a private company try that! LOL

As the economy continues to implode everyone is having to find ways to save money and decrease their debts, in my personal experience I have found I can't spend my way out of debt. Maybe I'm making the issue too simple but it seems to me that if I'm not bringing in enough money to cover my bills I have to cut back on non-essential spending, find ways to reduce debt, liquidate assets, and if possible increase personal income by taking on side jobs.

Why don't these simple ideas translate in Washington? Spending money we have to barrow from funds that are earmarked for a different purpose is foolish; the Gubment can't spend it's way out of debt. How about leaving the money where it is and taking a good had look at the programs that are Federally funded? What programs are being mismanaged, or are truly unnecessary? On welfare or unemployment? How about putting able bodied people to work in the USA Corps, use the collective experience of those people to perform service projects and accomplish those shovel ready jobs that Barry keeps talking about? Do we need a Postal service anymore? I bet UPS, FedEx, and a host of other companies could do the job faster, better, and cheaper.

otisptoadwater wrote: As the economy continues to implode everyone is having to find ways to save money and decrease their debts, in my personal experience I have found I can't spend my way out of debt. Maybe I'm making the issue too simple but it seems to me that if I'm not bringing in enough money to cover my bills I have to cut back on non-essential spending, find ways to reduce debt, liquidate assets, and if possible increase personal income by taking on side jobs.

I actually did spend my way out of debt back in the 80s when I was broke. You see, I wanted to break away from being an employee so I started collecting credit cards that were sent to me almost weekly in the mail (I have excellent credit). Within 6 months I accumulated 50k in debt, BUT, I used that debt to invest in a business repairing and eventually buying/selling used cars. Two years later I was in the black and making a great living...paying taxes, spending money, and making a family.

The difference between me and the government? I had a critical stake in that debt...it was MY obligation to pay back personally so I made wise decisions about how to invest it. Today we send a dollar to Washington and instantaniously lose $.40 to service our massive debt and then we have to HOPE the government is wise enough to invest the remaining $.60 in something that's going to actually give some sort of return.....which just seems to be a coincidence if that ever happens.

Obama is finally admitting taxes are part of the problem when recovering from an economic downturn by suggesting we lower the deductions for social security. The problem with this plan - social security is already underfunded - in other words, more money is going out than coming in - plus the number of long term disability claims are being paid at record rates.

Obama is a knucklehead...and it's disturbing that his campaign, the Democrat Party, and other special interests are advertising like crazy to promote his asinine spending program.

Mr. President - if you want to cut taxes - start with income taxes - then let's talk. By cutting SS, you are taxing my future. You are striping monies out of my retirement fund and jeopardizing it's existence when I retire in 20 years.