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EducateWorthington.org

The 912 Project - Glenn Beck

912 Group of Central Ohio

Please let me know if you'd like your link added

This is a video smackdown of WOSU callers and a good piece be George from the NW.

<a href="http://www.youtube.com/v/ThjeWV8lRTA&rel=0" target="_blank">http://www.youtube.com/v/ThjeWV8lRTA&rel=0</a>

This is a video on how to use the social security calculator.

<a href="http://www.youtube.com/v/nAc-1Kx8bzw&rel=0" target="_blank">http://www.youtube.com/v/nAc-1Kx8bzw&rel=0</a>

Watchdog group bringing fiscal tour to Columbus


The Fiscal Wake-Up Tour is making a stop in Columbus — and it is taking reservations.

Sponsored by the nonpartisan fiscal watchdog group the Concord Coalition and the John Glenn School of Public Affairs at Ohio State University, the examination Jan. 10 of the nation’s long-term financial challenges will take place at 5:30 p.m. at the Blackwell Inn Ballrooms, 2110 Tuttle Park Place, the school announced last week.

Among the featured speakers are Republican Rob Portman, White House budget director and former congressman from Cincinnati, and Democrat John Glenn, the former Ohio senator.

The tour, which also includes participation by the conservative Heritage Foundation and liberal Brookings Institution, is a nationwide series of town-hall meetings about how to deal with soaring Social Security and other entitlement costs.

The public can attend free, but reservations must be made in advance. To reserve a spot, call 614-688-3206, Ext. 2, or send an e-mail to jan10@ jgippm.ohio-state.edu.

Compiled by Dispatch Washington Bureau Chief Jonathan Riskind.


jriskind@dispatch.com

http://www.dispatch.com/news-story.php?sto...1224-A7-00.html
 

Social Security for illegal aliens
By Stephen Dinan
THE WASHINGTON TIMES
January 4, 2007


An agreement the Bush administration reached with Mexico on Social Security benefits would allow illegal aliens granted amnesty in the future to claim credit for the time they worked illegally.
    The deal was reached in 2004 but never released publicly because it hasn't been submitted to Congress. The TREA Senior Citizens League, a Social Security advocacy group, recently obtained the document through a Freedom of Information Act, and said it confirms the group's worst fears.

http://www.washtimes.com/national/20070104-120950-4277r.htm

Economics Is Not For Actuaries

By GEORGE GILDER
January 2, 2007; Page A23

Would conservatives please forget the Social Security "problem"? As Peter Drucker once wrote in these pages, "Don't solve problems, pursue opportunities." When Republicans solve "problems," they feed their failures, starve their strengths, and fritter away their remaining power in political imbroglios and special interest pork-fests.

Nothing good is going to come from political haggling over some hypothetical Social Security crisis decades in the future, when our economy will be vastly different and hugely more productive. From the completion of a worldwide fiber-optic broadband Internet to cornucopian energy and medical advances, the global economy is engaged in a siege of accelerating innovation that will unify it and enrich it increasingly as time passes. But no legislative reshuffling of taxes and spending today will enhance the economy's ability to support medical care, housing and transport for the aged in the future. That will depend not on actuarial trumpery but on the realities of productivity, technology, immigration and global trade and investment.
http://online.wsj.com/article/SB1167684133...in_commentaries

Why, if Social Security is simply to be a safety net, and more specifically, to be means-tested in the future, does it not have all segments of society paying in to it? Why are the Ohio governmental employees and teachers exempt from participating?

 

Good point, remember we have the presetation this Wednesday.

National Debt Clocks and Savings Clocks

http://zfacts.com/p/461.html

OSU endowment saw worst returns of largest college funds
Sunday,  June 17, 2007 3:49 AM
By Barnet D. Wolf

THE COLUMBUS DISPATCH
 While several Ohio State University sports teams were ranked No. 1 at times during the past season, the investment performance of the school's endowment fund trailed the pack.

The total investment return for OSU's fund was 10.6 percent for the year ending June 30, 2006.

http://www.dispatch.com/dispatch/content/b...A1_BP71GGS.html

A model for Social Security reform
By Ray Holbrook with Alcestis "Cooky" Oberg
The current debate about reforming Social Security reminds me of the discussions that occurred in Galveston County, Texas, in 1980, when our county workers were offered a different, and better, retirement alternative to Social Security: They reacted with keen interest and some knee-jerk fear of the unknown. But after 24 years, folks here can say unequivocally that when Galveston County pulled out of the Social Security system in 1981, we were on the road to providing our workers with a better deal than Franklin Roosevelt's New Deal.
When I was county judge in 1979, many county workers were concerned about the soundness of Social Security, as many people are today. We could either stay with it — and its inevitable tax increases and higher retirement ages — or find a better way. We sought an "alternative plan" that provided the same or better benefits, required no tax increases and was risk-free. Furthermore, we wanted the benefits to be like a savings account that could be passed on to family members upon death.

Our plan, put together by financial experts, was a "banking model" rather than an "investment model." To eliminate the risks of the up-and-down stock market, workers' contributions were put into conservative fixed-rate guaranteed annuities, rather than fluctuating stocks, bonds or mutual funds. Our results have been impressive: We've averaged about 6.5% annual rate of return over 24 years. And we've provided substantially better benefits in all three Social Security categories: retirement, survivorship, disability.

Our plan vs. Social Security

Upon retirement after 30 years, and assuming a more conservative 5% rate of return, all workers would do better for the same contribution as Social Security:

• Workers making $17,000 a year are expected to receive about 50% more per month on our alternative plan than on Social Security — $1,036 instead of $683.

• Workers making $26,000 a year will make almost double Social Security, $1,500 instead of $853.

• Workers making $51,000 a year will get $3,103 instead of $1,368.

• Workers making $75,000 or more will nearly triple Social Security, $4,540 instead of $1,645.

http://www.usatoday.com/news/opinion/2005-...galveston_x.htm

Retired government workers are twice as likely to get a pension as their counterparts in the private sector, and the typical benefit is far more generous. The nation's 6 million retired civil servants — teachers, police, administrators, laborers — received a median benefit of $17,640 in 2005, according to the Congressional Research Service. Eleven million private-sector retirees covered by traditional pensions got $7,692.

http://www.usatoday.com/news/nation/2007-0...ons-cover_x.htm

[We could say [Democrats] spend money like drunken sailors, but that would be unfair to drunken sailors. It would be unfair, because the sailors are spending their own money. --Ronald ReaganAl Gore didn't invent the internet, he invented global warmingThe welfare of humanity is always the alibi of tyrants - CamusThe person who advocates government planning of the economy always assumes that it is his plan that will be put into effect. --Hayek]

$45 trillion gap seen in US benefits

By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - The government is promising $45 trillion more than it can deliver on Social Security, Medicare and other benefit programs.

That is the gap between the promises the government has made in benefits and the projected revenue stream for these programs over the next 75 years, the Bush administration estimated Monday.

The $45.1 trillion shortfall has increased by nearly $1 trillion in just one year, according to the administration's "Financial Report of the United States Government" for 2006. And, it's up 67.8 percent in just the past four years. In 2003, the shortfall between promised benefits and revenue sources over a 75-year period was put at $26.9 trillion.

The shortfall includes Social Security and Medicare in addition to Railroad Retirement and the Black Lung program.

When the gap in funding social insurance programs is added to other government commitments, the total shortfall as of Sept. 30 represented $53 trillion, up more than $2 trillion in just a year, the report said.

"Our government has made a whole lot of promises in the long-term that it cannot possibly keep," Comptroller General David M. Walker, the head of the Government Accountability Office, said Monday.

http://news.yahoo.com/s/ap/20071217/ap_on_.../budget_deficit

Snowball:  
OBSERVATION: That $17,640 median benefit for public retirees seems really low to me, when you consider that a 30 year retiring Ohio teacher today will get approx 67% of a final salary that probably averages $70,000, so nearly $50,000 per year in benefits.  

US braces for baby boom retirement wave  
 
Dec 24 10:40 PM US/Eastern
 44 Comments          
 
 


View larger image

 




‘I’m Getting Paid Back’: First Boomer Retiree Claims Her Cash

 
  The first of the vast US baby boom generation goes into retirement in January, setting off a demographic tidal wave with wide-ranging economic, political and social implications.
Kathleen Casey-Kirschling, born on January 1, 1946, is acknowledged as the nation's first baby boomer and the first to apply for social security benefits, for which she will be eligible in 2008.

The New Jersey grandmother is the first of an estimated 80 million Americans born between 1946 and 1964, a generation that led a social revolution in the 1960s and changed the fabric of most facets of society.

The cost for government-funded social security and medical care for the boomers leaves a funding gap of between 40 and 76 trillion dollars for next 75 years, according to various estimates.

 
http://www.breitbart.com/article.php?id=07...&show_article=1

[We could say [Democrats] spend money like drunken sailors, but that would be unfair to drunken sailors. It would be unfair, because the sailors are spending their own money. --Ronald ReaganAl Gore didn't invent the internet, he invented global warmingThe welfare of humanity is always the alibi of tyrants - CamusThe person who advocates government planning of the economy always assumes that it is his plan that will be put into effect. --Hayek]

It's A Raid!

By Philip Klein

"The only way to fix the (Social Security) system is to bring more money in or send less money out," Barack Obama said at a Quincy, Illinois town hall meeting on April 18, 2005, according to the Quincy Herald-Whig.

At the time, the state's newly minted U.S. Senator was making one of the most prevalent Democratic arguments against President Bush's proposal to give workers the option of investing a portion of their payroll taxes in personal accounts. As the Herald-Whig article (linked to on Obama's U.S. Senate website) put it, "Obama said President Bush's plan to create private retirement accounts by siphoning away money from Social Security would cause the very crisis that Bush and his allies say they're fighting to avoid."

More than three years later, Obama still remains fiercely opposed to personal accounts -- but he's no longer concerned with siphoning away money from the nation's retirement system. Lost in all the controversy surrounding Obama's pledge to cut taxes on 95 percent of Americans is the fact that his proposals would drain hundreds of billions of dollars from government coffers that would otherwise be available to pay out benefits to retirees.

Last week, I asked Brian Deese, an Obama economic adviser, to explain the rationale behind the campaign's claim to cut taxes on 95 percent of Americans. As critics of the plan have pointed out, more than a third of Americans pay no income taxes, and thus his tax credits can easily be described as government handouts.

Deese responded to me by email, arguing that it was important to differentiate between income taxes that many people escape, and payroll taxes, which nearly every worker pays to fund Social Security and other entitlements.

"Obama’s Making Work Pay Tax Credit will directly cut taxes for 95% of all workers," he wrote, insisting that it would benefit all those with incomes under $150,000. The plan would "offset" the 6.2 percent employee payroll tax on the first $8,100 of income earned, according to the campaign, translating into as much as a $500 payment per individual and $1,000 payment per couple.

There's a persistent myth that the federal government actually has two bank accounts -- one that stores the payroll tax revenue left over after it makes payments to current Social Security beneficiaries, and a general bank account that funds remaining government services, mainly through income tax revenue. But practically speaking, since the federal government borrows from the Social Security system to help finance its deficit, all the money ends up in the same pot.

In other words, the smoke and mirrors routine surrounding Obama's tax proposal has been conjured up just so that the Obama campaign can make the dubious claim that its plan would "still preserv[e] the important principle of a dedicated revenue source for Social Security."

http://www.spectator.org/archives/2008/10/24/its-a-raid