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Dangerous Financial ProductsDon Boudreaux has provided us with another glimpse into his refreshing perspective on economics. 22 June 2007 Ms. Clara Perez www.democracyjournal.org Dear Ms. Perez: Thanks for your e-mail alerting me to Presidential-hopeful John Edwards's proposal to create "a regulatory commission to protect consumers from dangerous financial products." If such a commission does its job, I suggest that the first dangerous financial product that it attacks be Social Security. Not only are Social Security's returns lousy; not only does the institution providing it have no sound plan to keep it solvent; not only does this institution intentionally mislead its clients about its insolvency (witness its discussions of the illusory "trust fund") - but its "customers" are forced to buy it. THAT is a dangerous financial product! Sincerely, Donald J. Boudreaux Chairman, Department of Economics George Mason University Cafe Hayek Blog
SOCIAL SECURITY: THE PROBLEMS WITH LIVING-INâLiving-inâ is very common nowadays. So many children are raised in a family set up wherein the parents are not married. The problem with this arrangement arises when its time to claim for benefits. Take for example, a Social Security member who is an unmarried father dies and has left a spouse and a kid. The big question now is whether the remaining spouse and the kid are entitled to benefits even though the deceased member and his spouse are not married? The usual remedy for this type of problem is to file for a petition in a family or a superior court with the involvement of the family of the deceased member. The reason for such is to determine the paternity of the deceased member. Likewise a DNA test can also be conducted to further support the claim of the surviving family. The parents or the siblings of the deceased member may contribute the DNA sample for the DNA test. After which, the result of the DNA test must be brought to court in order to file for the changes of the birth certificate of the child or children then that is the only time the filing for social security benefits can commence. However, if in spite of the documents presented still your claims are denied then it is high time for you to consult an expert on Social Security Law-experts like a Social Security Lawyer. A California Social Security Lawyer will provide you with all the legal advices you need. Aside from that, your Social Security Lawyer will review and examine your submitted documents in order to come up with effective legal solution directed toward getting you the benefits you rightfully deserve.
Social Security Trust Fund Still DoomedSocial Security Fund Trust Fund Still Doomed Club For Growth Argues for Market-Based Reform Washington â The Club for Growth reiterates its commitment to genuine market-based Social Security reform in light of the funding crisis projected by the Social Security Administrationâs 2007 Trustee Report. Released earlier today, the report predicts that Social Security costs will outstrip tax revenue coming into the âtrust fundâ by 2017. But, of course, the âtrust fundâ is not a fund in any meaningful sense of the word. Absent reform, by 2017, the government will be facing either a politically untenable benefit cut or, more likely, a huge tax increase. âSocial Securityâs funding crisis isnât going anywhere unless we do something about it,â Club for Growth President Pat Toomey said. âTodayâs report only drives home the need for real market-based Social Security reform in the form of personal accounts. Not only will personal accounts go a long way to solving the fundâs insolvency problem, but, more importantly, they will also restore personal freedom and independence to Americaâs workers.â âSome politicians refuse to embrace personal accounts because they mistakenly believe that the American people cannot make their own decisions about how to invest and save for retirement. It comes down to a basic lack of faith in the American people and an overabundance of faith in themselves. Throughout our history, Americans have always preferred more choice and freedom over less. Social Security is no different.â
A Chance Of Winning A CaseSo many individuals who filed for a case would want to know their chance of winning their case. However, there are some factors that need to be considered when filing for a case. Take for example cases concerning Social Security Benefits. It is not easy proving that you have the right to claim since there are legalities involved starting from the time you sign up to become a member of the Social Security up to the time that you are filing for a claim. The most common problems during claims pertains to some information that arise that have not been divulge during the application for membership. You see, there is some exclusion in the contract that you sign. And in most cases, there are members who try to hide some information about themselves that are called for in the application for membership. So problems arise during the filing of claims. The usual problems occur during claims pertaining to disability and death. This is where most of the exclusions are applied. The sad part of it, is that often times the cause of the death or the disability are at the list of the excluded items of the contract. This is also the reason why most claims are either denied or rejected. However, there are legal remedies that can be acquired. Let a Social Security Lawyer examine your case for you since he has a much wider knowledge on the matter. Also, provide your Social Security Disability Attorney with all the details as well as the documents needed in order to know whether you have a case or not.
IGNORANCE OF THE LAW EXCUSES NO ONE...SO THUS IGNORANCE OF SOCIAL SECURITYIt is quite disappointing to know that very few Social Security members are actually aware of the benefits they are paying for. In fact, some members only know that they are entitled to receive certain benefits only in times when they are about to file for their claims. Ironic isnât it but this is reality. And the saddest part is some of the people there in the Social Security Administration really takes advantage of this situation. The miniscule knowledge of Social Security members to the law governing Social Security create a problem especially when they are about to file for their benefits. Since they are not aware of all the legalities involved they become adamant especially when they become aware that are some exclusions stated in the contract that would have an adverse effect on their claims. The result is a big misunderstanding between the Social Security Administration and the claimant. In order to prevent such from happening, it would be best for the Social Security to impose strict ruling that all members should undergo a seminar before applying for membership in the Social Security. These way unfair treatments of members as well as corruption in the Social Security system are minimized. For those who are going to file for a claim and does not have any idea on the legalities involved you may always try to call the hotline of the Social Security Office in your area in order for you to know the step by step procedures. And just to be sure that you get the correct amount of benefits you deserve try to have a California Social Security Disability Attorney to review your documents before you file it. This way you will be provided with helpful legal advices as to what pertinent documents should be included and what other information is needed to hasten the filing procedure of your claim. And also having a Los Angeles Social Security Attorney to help you with your claims can give you peace of mind since you know that your right is protected.
Ferrara Opposes 'all Options On The Table'Peter Ferrara of the Institute for Policy Innovation has a new publication titled Personal Accounts, Not Tax Increases, a 2-page paper that begins with some history of the advances toward personal ownership and ends with a prescription for "the only way to achieve personal accounts." In between, Ferrara argues that it has been a mistake to consider benefit cuts or tax increases as part of a reform package, as "it was including these options on the table that actually killed the campaign for personal accounts" in 2005. Students for Saving Social Security asked Ferrara a couple questions about his publication, and you can read more of the exchange on the S4 Web site. Exclusive to this site is the following, which argues against the progressive price indexing of benefits: "When I see organizations from Washington telling young people across the country that these organizations will save Social Security for them, and that young people should support Social Security reform, while these organizations are in Washington promoting tax increases on these young people, and Social Security benefit cuts for their future, it makes me ill. Here is an example. These organizations will go to young people and say if nothing is done by the time they retire there will only be enough Social Security money to pay 70% of promised benefits. Then in Washington these same organizations promote something called progressive price indexing, and how does it solve the problem? It cuts future promised benefits so that by the time today's young workers retire Social Security will only be obligated to pay them 70% of currently promised benefits. For young people, that is not the solution, that is the problem."
FACTS ON SOCIAL SECURITY DISABILITY SERVICESThere are different types of Social Security Disability Benefits and as members we have to be abreast with all legal components concerning Social Security. One type of disability benefit is the Disability Insurance Benefit. This type applies to disabled individuals who have worked in recent years with the general rule 5 out of 10 years. And also included in type of disability benefit are those disabled widows and widowers who are at least 50 years old and whose disability has been found out to exist over a certain amount of time after the death of either the wife or the husband. The Social Security however requires that the deceased member should have worked the amount of number of years required to be able to qualify him or her of the insurance. For cases wherein the deceased member has a disabled adult child, the ruling of Social Security requires that the child should have been disabled before aging 22 years old in order for the child to benefit from the death of his or her parents or any other member of the family in which he is dependent upon. All of the benefits offered by the Social Security are available for everybody. Interested individuals are only required to have enough credits and a job covered by Social Security to avail of the benefits provided by the agency. Nonetheless, the rate from person to person differs depending on the number of years they have worked and the degree or the severity of the disability. For Social Security related cases there are Social Security Attorneys to turn to. Social Security Lawyers have the expertise and the knowledge to help you through your various Social Security troubles. These Social Security Lawyers can be reached either by phone or by email. Check your state and get to know the Social Security Attorneys in your area.
Pence On Fox NewsCongressman Mike Pence, elected with Club member support in 2000, was on the Fox News Channel earlier today to talk about tax hike rumors surrounding Social Security reform. The video quality is a little crummy, but it still works.
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Social Security Rant
Hank Bohannon
As the Baby Boomer Generation continue to get older, one of the hot topics will continue to be Social Security. Critics claim that Social Security is going bankrupt, and that it needs to be privatized as soon as possible, or people will lose their benefits. This rant examines if Social Security needs to be privatized, and if it is actually going broke.
Thanks to various search engines, and thanks to the Information Superhighway, there is much data to suggest that Social Security--even at the going rate--will be able to pay full benefits at least until 2032, and some research indicates it could survive as long as 2042. Also, seventy-five percent of Social Security funding comes from the payroll tax, which guarantees that Social Security will never go broke. The trick is--in about thirty or forty years, to come up with a system to make up the other twenty-five percent. Those who like to crunch numbers, and those who are familiar with the mathematical formula claim that a raise in the payroll tax by two percent--one percent by the employer, and one percent by the employee, will guarantee the survival of Social Security until the Second Coming. Analysts like to stress the fact that a tax increase--no matter how meager it may or may not be, is not the only solution. With the advancement of technology and medical science, people are living longer than they ever have before. Also, various amounts of disease have been quelled. About ninety years ago, the number one killer in the world was Spanish Influenza. Today, the flu is no longer a serious threat. Also, polio used to be a scourge on society, but these days, that disease has been virtually eradicated off the face of the planet. Thus, it makes sense that the retirement age will--and should--be raised to about 70. Actually, seventy years of age is not old. In fact, it is about the average age, in this country, and well below the average in many industrialized nations in the world.
Of course claiming that Social Security is under-funded is not telling the whole story. Let us look at the facts. So far, on this war on terror, the United States has spent over 300 billion dollars. If that amount is divided by the present population, that equals to about a thousand dollars for every man, woman, and child in the country. Also, do not forget about the hundreds of millions of dollars that "loaned" to other countries in the world. Instead of saying, "Social Security is going broke because of the population", the correct statement should be, "the president believes that there are more important things to spend money on rather than insuring that benefits will be around for years to come."
Whenever Social Security Reform is mentioned, there are always a select few that love to clamor that the system should be privatized. Statistically we know that people spend more than they save. If Social Security should be privatized, what about the millions of people that do not have a bank account? Should those people automatically receive an account? And who is going to make sure that these people get an account--the federal government? That would defeat the purpose of privatizing Social Security in the first place. It's kind of like saying, "let's fix our brakes so we can take the car to the mechanic so he can fix the brakes."
I could do a lot of research and list a lot of data and list a lot of references, or I could use history and common sense to prove that Social Security should never be put in the hands of a private institution. It is certainly true that there have been many government scandals that have cost the taxpayer billions throughout the history of this country. The failure of the Savings and Loans is one example, and the list is quite lengthy. Also, there have been many scandals in the private realm that has wiped out the life savings of countless people. Enron is just one example in a list that I am sure is exhaustive. Thus, the conclusion is that history shows that it government bureaucracy is safer than the private realm, thus leave Social Security alone.
I like to discuss politics and history. I have two college degrees in those disciplines. Please stop by my site sometime at (www.xtraxtrzxtra(dot)com.)
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