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Showing posts from August, 2011

Rick Perry -- S.S. is not a Ponzi Scheme

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Words of Wisdom

Life flies past us so swiftly that few of us pause to consider those who have lost the tempo of today. Their laughter and their tears we do not even understand for there is no magic that will draw together in perfect understanding the aged and the young. There is a canyon between us, and the painful gap is only bridged by the ancient words of a very wise man ---

“Honor Thy Father And Thy Mother”
Source: from the feature film of 1937, “Make Way For Tomorrow”.

The State of Social Security

The National Committee to Preserve Social Security and Medicare (NCPSSM) recently made three videos containing questions and answers about the state of Social Security. What follows are the notes I took while viewing these videos:
The amount in the Social Security trust fund is 2.6 trillion dollars. It will grow to 3.7 trillion dollars over the next ten years. It is rock solid and has the full faith and credit of the United States government. The bonds are valid and will continue to pay full benefits.Those on Social Security did not receive a cost of living adjustment in 2010 and none in 2011. The formula did not allow it because it’s not based on inflation that impacts seniors but rather it is based on inflation that impacts wage earners. Those on Social Security need a different formula. One that will keep up with the costs of living, not one that ignores it. The new formula being considered by the right wingers does just the opposite. It actually says that the zero cola that seniors…

The tea party is a very sad lot

A few days ago, a tea party guy tried to tell me that SSI (supplemental Security Income) came out of Social Security taxes. He was wrong.
The SSI (supplemental Security income) program makes payments to people with low income who are age 65 or older or are blind or have a disability. The Social Security Administration manages the SSI program. Even though Social Security manages the program, SSI is not paid for by Social Security taxes. SSI is paid for by U.S. Treasury general funds, not the Social Security trust funds.
Some tea party mechanics were under the impression that the Postal System was paid for by the government. They were wrong, the postal system is paid for by those who use it through the purchase of postage stamps.

Gary, Indiana

Union Members-Check it out

Rethinking Retirement: Focus on Income You Can Count On

After 27 years as a public high school teacher, Harry Sawyer was looking forward to a more relaxed life in retirement. But his monthly pension of $1,100 a month after taxes and health insurance was less than he and his wife, Liz, needed to cover their regular monthly bills.

Fortunately they had both invested in individual retirement accounts (IRAs). The big question: how to transform their IRA into income that could be counted on, month after month, whether the market was up or down.

As baby boomers keep marching into their 50s, 60s and 70s, this dilemma will become more and more common. For many retirees, the answer will be an income annuity.

An income annuity allows you to convert a sum of money from your savings (the premium) into a lifelong series of steady, guaranteed income each month, depending upon the option you choose.1 It’s a reliable and affordable way to help make sure you will have the income you need to cover li…

Lynn Williams at United Steelworkers Convention

I'll Miss Ray Bockman

Here’s a photo of Joyce Bockman on the left and Ray Bockman taking registrations for our SOAR Chapter Retirees Reunion. That was a job that Ray would ask for every year.
In 1979 there was a vacancy in the position of Grievance Committeeman in the NIPSCO Wabash Valley Division. At the time, Ray was the Grievance Committeeman in the Construction Department. Ray nominated me and because there were no other nominations, I got the job.
When I retired, we started a SOAR chapter for NIPSCO retirees and Ray and Joyce have always been faithful to our chapter.
I’ve never known Ray to be late for any event but always came early. He wouldn’t stand for anyone else being late either. He was quite a guy. He made a point of being at every NIPSCO stock holders meeting.
Ray was one of the most loyal and faithful union members I've ever known. I have a lot of great memories about Ray and I’m going to miss him.

America Must Now Turn to Solving Job’s Deficit

WASHINGTON, D.C. (August 2, 2011) After the House and Senate passed legislation raising the debt ceiling and cutting as much as $2.4 trillion in spending over the next decade, the BlueGreen Alliance released the following statement from Executive Director David Foster:

“With more than 14 million Americans out of work, and with sluggish job growth over the last few months, immediate action is needed to put people to work and to ensure that the U.S. stays competitive in the 21st century.

“Unfortunately, the resolution to the manufactured debt-ceiling crisis does nothing to address the heart of America’s long-term economic problem: job creation. Slashing spending will not create jobs, it will not spur economic growth; it will only make it more difficult to solve America’s jobs crisis.

“Congress must now turn to solving America’s jobs deficit.

“Securing the jobs we have now and investing in the industries of the future — renewable energy, energy efficiency, advanced transportation and inf…