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Hope Social Security isn't messed up!

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djayzriel
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06 Aug 2011, 10:34 am

I have a plan that will will help correct social security but I do not have the politcal clout to start the process yet. Its a long term goal of mine though.

I believe that every single person on disability should be able to work as much as they want. I believe that paycheck earned should go to a goverment payee to be held in trust until the end of the month at which team you recieve your disability benefit OR your earned pay whichever is greater. If you didn't make much your disability check should cover the difference. In example person A made 200 dollars, they are approved for 700 dollars in disability payment.. so you take 200 from 700 and they recieve 500 dollars as thier disability payment for the month. You never end up with less then what your base disability payment should be, and on months you manage to take care of yourself you are paying into the system instead of being a drain on it.

I am on disability and yes I see myself as a drain on the system as well. I would give anything to be able to work but as the laws are written right now there is no safe way to do so. With my job history of only lasting about 15 days at any given job that would constantly put me behind the upcoming month leaving me without a job and with a tiny disability check that wouldn't cover rent.



Inuyasha
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06 Aug 2011, 11:49 am

aghogday wrote:
psychohist wrote:
And now here's the other half of the facts:

http://www.bloomberg.com/news/2011-08-0 ... ccord.html

Quote:
U.S. Rating Cut by S&P on Deficit Reduction Pact

The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor’s on concern spending cuts agreed on by lawmakers to raise the nation’s borrowing limit won’t be enough to reduce record deficits.


Sounds like the only way they were not going to lower the rating would be if the politicians had come up with a serious plan to reduce the deficit.

They do mention that although there is still a demand for treasuries do to the issues in Europe that the downgrade may eventually result in higher mortgage rates and auto loan rates.

Do you still think that won't happen?


Sounds like the Tea Party's stance for major spending cuts and a balanced budget Constitutional Amendment is the correct one.



psychohist
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06 Aug 2011, 4:22 pm

aghogday wrote:
They do mention that although there is still a demand for treasuries do to the issues in Europe that the downgrade may eventually result in higher mortgage rates and auto loan rates.

Do you still think that won't happen?

I still think it won't affect the typical nongovernment interest rate in the U.S.

The article mentions loans which are "tied" to the interest rate the treasury pays. If you currently have an adjustable rate mortgage that is based on treasury bonds plus, say 1%, yes, you'll see a small adjustment upwards - I suspect closer to 20-30 basis points, or 0.2-0.3%, rather than the 70 basis points they say, but yes. However, those are a small minority of the mortgage market; most mortgages are either fixed rate or adjusted based on some other parameter. At the same time, people refinancing to a fixed rate mortgage may see a slightly lower interest rate since some of the people who decide not to buy treasuries will decide to finance mortgages instead.

Overall, it will be a wash - the average interest rate paid in the private sector will not change because of this.