socail security stimulus plan

jillio said:
And from those who have worked every day of their life, paid into the system, and are now living off of less than 1000 a month in retirement benefits.
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Do you mean that Social Security recipients of the $250 checks will also be paying into the pot for those checks? How about the SSI recipients? Do they also contribute to the $250 checks? I thought only the people working now were paying for the stimulus checks. :confused:
 
Tousi said:
Doesn't 55 million payments at 250 smackers apiece come to 25 billion?
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You forgot the charges to making the checks and the material they used. Also the labor and hardship of the person who double checking the list(yea, right).

so around $14 billion.

That is if your sources says it's actually $25 billion, but if we go off the first post here it's actually $14 billion.
 
I read an article from the newspapers last Sunday. So, I thought I'd share that news with you all.
Here it says:
Q: When will recipients of Social Security, Supplemental Security Income, railroad retirement benefits and veterans disability compensation or pension benefits start seeing one-time checks of $250?
A: Payments will begin disbursed no later than mid-June.

Q: When will my food stamp benefit go up?
A: The 13.6 percent increase in food stamp benefits begins in April. That will mean an additional $20 to $24 a month for households. The increase lasts until the end of September, when the program is automatically adjusted for inflation.
 
I fail to see how a one time payment of 250 dollars is gonna help......anyone?
 
Sosie said:
I read an article from the newspapers last Sunday. So, I thought I'd share that news with you all.
Here it says:
Q: When will recipients of Social Security, Supplemental Security Income, railroad retirement benefits and veterans disability compensation or pension benefits start seeing one-time checks of $250?
A: Payments will begin disbursed no later than mid-June.

Q: When will my food stamp benefit go up?
A: The 13.6 percent increase in food stamp benefits begins in April. That will mean an additional $20 to $24 a month for households. The increase lasts until the end of September, when the program is automatically adjusted for inflation.
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More information -- Find An Answer to Your Question (Page 1 of 2)
 
Reba said:
Do you mean that Social Security recipients of the $250 checks will also be paying into the pot for those checks? How about the SSI recipients? Do they also contribute to the $250 checks? I thought only the people working now were paying for the stimulus checks. :confused:
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I'm saying that the people who paid into the system during their long work histories paid into the system in order that the funds would be there for them when they retired. And the majority of those who rely on SS retirement as their only source of income, and will be receiving the $250.00 checks, are living below the poverty line, and are among those that are suffering most during this recession. But I suppose the fact that they have worked for a large portion of their life, and paid taxes into the system, and are now in dire straits, often having to choose between medication and food, doesn't matter to some.

Many, many people that receive SSI benefits do work, and do pay taxes into the system.

I work now, 2 jobs as a matter of fact, and I do not regret the fact that our elderly and our poor will be receiving a $250.00 check to make their lives a tiny bit more bearable.
 
Tousi said:
I fail to see how a one time payment of 250 dollars is gonna help......anyone?
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Perhaps that is because you aren't having to make a decision between paying for your medication or purchasing food.
 
About stimulus one time pay $250, yes the people who are on SSI, SS benefits will receives in sometime May. For people who are working, they will have tax less withhold and pay more on paycheck. Compare with one time $250 and employee paycheck?
 
tinkerbells said:
About stimulus one time pay $250, yes the people who are on SSI, SS benefits will receives in sometime May. For people who are working, they will have tax less withhold and pay more on paycheck. Compare with one time $250 and employee paycheck?
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Yep, and I'll bet that those who have posted in opposition to the $250.00 stimulus payment will be gladly accepting their own tax cuts on their paychecks.
 
Tousi said:
I fail to see how a one time payment of 250 dollars is gonna help......anyone?
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It's not the one time payment to one person on how it gonna help, its the big picture here. Can you imagine all of 55 millions of retirees and disabled spending each 250 totaling 14 billion ? that is a huge amount of cash infusion into the enconomy. Even if half of them save the money or use to pay the bills , its the other half at 7 billion dollars being spent into the local economy. Think about it - its still in the billions, not millions of money spent. SO do your part if you are on SS. Either spend it or save it or pay the bills- you are still helping out to kick start the receeding of the recession. caspice ?:cool2:
 
jillio said:
I'm saying that the people who paid into the system during their long work histories paid into the system in order that the funds would be there for them when they retired. And the majority of those who rely on SS retirement as their only source of income, and will be receiving the $250.00 checks, are living below the poverty line, and are among those that are suffering most during this recession. But I suppose the fact that they have worked for a large portion of their life, and paid taxes into the system, and are now in dire straits, often having to choose between medication and food, doesn't matter to some.

Many, many people that receive SSI benefits do work, and do pay taxes into the system.

I work now, 2 jobs as a matter of fact, and I do not regret the fact that our elderly and our poor will be receiving a $250.00 check to make their lives a tiny bit more bearable.
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I just wanted to know the source of funds for the checks. I wanted to know if the money came from current SS funds or from a special tax or newly created fund. I didn't say anything against the recipients. I have relatives and friends on the receiving end of SS and SSI, and they can use the extra help. I guess you meant your editorial comments for the general audience.

I think "the people who paid into the system during their long work histories paid into the system in order that the funds would be there for them when they retired" is not accurate from an accounting perspective. The funds that they "contributed" while working were used to make beneficiary payments of others at that time. Nothing was put aside for workers' future benefits.

I don't begrudge recipients their checks. I just hope the next generation feels the same way you do now when it's time for you and me to collect our SS retirement checks. :)
 
jillio said:
Yep, and I'll bet that those who have posted in opposition to the $250.00 stimulus payment will be gladly accepting their own tax cuts on their paychecks.
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That's what I can't figure out. If withholding is cut, then less money goes into the SS pot. If stimulus checks are paid from that reduced pot, how do the numbers balance?

That is, less $ in, but more $ out. What is the math for this?
 
Reba said:
I just wanted to know the source of funds for the checks. I wanted to know if the money came from current SS funds or from a special tax or newly created fund. I didn't say anything against the recipients. I have relatives and friends on the receiving end of SS and SSI, and they can use the extra help. I guess you meant your editorial comments for the general audience.

I think "the people who paid into the system during their long work histories paid into the system in order that the funds would be there for them when they retired" is not accurate from an accounting perspective. The funds that they "contributed" while working were used to make beneficiary payments of others at that time. Nothing was put aside for workers' future benefits.

I don't begrudge recipients their checks. I just hope the next generation feels the same way you do now when it's time for you and me to collect our SS retirement checks. :)
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Its my understanding that the source is part of the stimulus plan - the overall tax payers expenses. The SS money comes from taxes anyway- but you are right , How will it affect us 20-40 years down the road. My guess would be we wont actually know till its too late right ?
 
Reba said:
That's what I can't figure out. If withelding is cut, then less money goes into the SS pot. If stimulus checks are paid from that reduced pot, how do the numbers balance?

That is, less $ in, but more $ out. What is the math for this?
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Federal withholding does not go into the SS pot. SS taxes that are withheld do.
 
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