Millions of Americans get by on Social Security alone
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wait till the baby boomers retire ... -
Every month get US$809 from government for doing nothing
So good
S$1334++ dip pay hor good leh
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how many % of the US population u talking about?
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unemployment rates are abt 4-5%, not including the homeless (AKA hopeless good-for-nothings)Originally posted by margarita:how many % of the US population u talking about?
Don't compare US unemployment and welfare benefits to SG. What they do over there is plain stupid.
Taxpayer's monies wasted on a grand scale. -
Before we dismiss the US Social Security Program - (Ref No 1 below ), we should understand that despite its weaknesses, this Program is providing support to 52 MILLION US Citizens - which is about One out of Six Citizens. (Ref No 2 below)
That is quite a feat for a US Population of 295, 734,134 (Ref No 3 below) and is largely made possible by some creative and dynamic fund managers - as well as strong private and public financial institutions.
Something must be wrong when our Singapore Government a.k.a the Ruling Party cannot offer a viable or comparable Social Security Program for a population of 4,425,720 Singaporeans (See Ref 4 below).
Is there something even more wrong, when so many charities exist to tax the charitable and kind hearts of Singaporeans ?
Ironically, the Ruling Party will legislate to reward themselves with salaries that far exceed those paid to the US Leaders.
Despite the fact that we have been persuaded by the Ruling Party that the US Social Security System is a failure, the US Treasury and the Social Security Program continue to survive all the wild speculations and contempt that has been heaped on it since the beginning of the program more then twenty years ago.
Is our CPF system be more superior to the US Social Security System ?
Our CPF system depends on a continuously expanding population that provide more contributors to the CPF, as those who have contributed earlier will be drawing down on their earlier contribution.
With a shrinking population, can the smaller group of contributors allow the CPF to succeed ?
Is this not the real reason to prevent the full withdrawal of one's funds at the age of past 55 years ?
Now we see a variety of reasons to reduce the quantum that can be withdrawn, while at the same time new programs are introduced for deductions to be made from our CPF accounts.
Read the review - "Academic warns Singapore must overhaul the CPF" - (see Ref No 5 below).
Ref No 1 - SSA's Performance and Accountability Reports FY-2004
http://www.socialsecurity.gov/finance/
Ref No 2 - Overview of SSA : The Social Security Programs
http://www.socialsecurity.gov/finance/2004/MDA.pdf
Ref No 3 - CIA Fact Book - USA
http://www.cia.gov/cia/publications/factbook/geos/us.html
Ref No 4 - CIA Fact Book - Singapore
http://www.cia.gov/cia/publications/factbook/geos/sn.html
Ref No 5 - Academic warns Singapore Must Overhaul CPF
http://www.singapore-window.org/sw00/000906fa.htm -
indeed.. the Fucking mexicans get free PRs.. free education and all that crap, and they are the ones that cross the border, break rules etc.. and foreign students like me have to pay for this Shit that Shit.. and everything is so troublesome.. what the hell
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The US and Singapore are 2 different retirement worlds.
One feeds you and the other suck you dry.
I'd rather be fed than sucked dry.
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Not to mention they also plugged the CPF contribution loophole 2 years back that enables holders to bank in larger sums into their ordinary acc on top of their monthly contributions to enjoy the relatively large 2.5% interest rate.Originally posted by Atobe:Our CPF system depends on a continuously expanding population that provide more contributors to the CPF, as those who have contributed earlier will be drawing down on their earlier contribution.
With a shrinking population, can the smaller group of contributors allow the CPF to succeed ?
Is this not the real reason to prevent the full withdrawal of one's funds at the age of past 55 years ?
Now we see a variety of reasons to reduce the quantum that can be withdrawn, while at the same time new programs are introduced for deductions to be made from our CPF accounts.
My position on the US social plan is based exclusively on the showering of unemployment benefits given to the homeless and unemployed. It doesn't apply to the social and welfare plan to US citizens as a whole.
A continued extension of such free money to these people = no incentive for these so-called needy to get an education or a job. All they do is drink booze and harass passer-bys, a by-product of a flawed scheme.
In France for example, they provide unemployment benefits on condition that those who apply upgrade themselves and get a job. At least such people will eventually contribute to society.
Such a scheme is definitely more beneficial to a county as whole rather than a no-strings-attached free cash flow. -
The Straits Times reported that we have S$114.9 billion of deposits in CPF at the end of march!!!!
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Any financial analysis?
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Originally posted by dragg:
Only S$114.9 BILLION ?
The Straits Times reported that we have S$114.9 billion of deposits in CPF at the end of march!!!!
If each retiring Singaporeans has an account of S$300,000 by the time one retires at 60 years, this amount will only pay 383,000 Singaporeans in FULL.
What about the other remaining 2.0 Million working adults that will soon follow in batches at the end of each year ?
Is this the reason for creating NEW OBSTACLES to prevent the TOTAL WITHDRAWAL of the CPF when one reaches 55 Years ? -
Originally posted by Atobe:
you can say that is partly why its getting difficult to get to CPF money..
Only [b]S$114.9 BILLION ?
If each retiring Singaporeans has an account of S$300,000 by the time one retires at 60 years, this amount will only pay 383,000 Singaporeans in FULL.
What about the other remaining 2.0 Million working adults that will soon follow in batches at the end of each year ?
Is this the reason for creating NEW OBSTACLES to prevent the TOTAL WITHDRAWAL of the CPF when one reaches 55 Years ?
[/b]
I cannot imagine what happens in the next generation... -
Originally posted by BillyBong:
Your concern is being addressed by the present US President, as he is proposing a structural change to the entire Social Security Program.
Not to mention they also plugged the CPF contribution loophole 2 years back that enables holders to bank in larger sums into their ordinary acc on top of their monthly contributions to enjoy the relatively large 2.5% interest rate.
My position on the US social plan is based exclusively on the showering of unemployment benefits given to the homeless and unemployed. It doesn't apply to the social and welfare plan to US citizens as a whole.
A continued extension of such free money to these people = no incentive for these so-called needy to get an education or a job. All they do is drink booze and harass passer-bys, a by-product of a flawed scheme.
In France for example, they provide unemployment benefits on condition that those who apply upgrade themselves and get a job. At least such people will eventually contribute to society.
Such a scheme is definitely more beneficial to a county as whole rather than a no-strings-attached free cash flow.
Interim change has been implemented in which thos unemployed will have to show proof that they have made efforts to seek gainful employment over a continuous period of at least six months, thereafter the entitlement is removed.
Can anything more be done to those who prefer to lead the life of a vagrant ?
To be fair, the US Social Security System has paid attention to unwed mothers, and families with broken homes to start afresh, with subsidies offered to purchase new homes.
These US Social Security 'hand-outs' to victims of political or economic upheavals or natural disasters has no comparisons to any programs offered to Singaporeans facing similar circumstances.
The present Government a.k.a the Ruling Party keep 'blowing our own trumpets' to drown out the voices and obscure the sights of progressive events that are developing elsewhere.
They prefer to instil fear, helplessness and paranoia amongst Singaporeans of competitions from other countries, of strikes by terrorists, of price increases to basic commodities - rather then to focus on the positive developments of other Governments, which if adopted by Singapore will affect the Political and Financial positions of the Government and Ruling Party.
So the suffereings and charades continue. -
I don't think its so clear-cutlah. In the US, they are still arguing about the changes needed in Social Security. So, the judgement on whether it's a 'positive' development is still unclear. Besides, the money to help this people needs to come from somewhere. Which I guess is what differentiates the CPF and Social Security. CPF does not redistribute wealth while Social Security does. In my opinion, it's probably best not to use CPF as an instrument for wealth distribution and rely instead on other instruments such as Charities or grassroot help such as Mendaki and so-on. Main priority is to still make sure that the person is able to get a job and from that perspective Singapore is better than the US.Originally posted by Atobe:Your concern is being addressed by the present US President, as he is proposing a structural change to the entire Social Security Program.
Interim change has been implemented in which thos unemployed will have to show proof that they have made efforts to seek gainful employment over a continuous period of at least six months, thereafter the entitlement is removed.
Can anything more be done to those who prefer to lead the life of a vagrant ?
To be fair, the US Social Security System has paid attention to unwed mothers, and families with broken homes to start afresh, with subsidies offered to purchase new homes.
These US Social Security 'hand-outs' to victims of political or economic upheavals or natural disasters has no comparisons to any programs offered to Singaporeans facing similar circumstances.
The present Government a.k.a the Ruling Party keep 'blowing our own trumpets' to drown out the voices and obscure the sights of progressive events that are developing elsewhere.
They prefer to instil fear, helplessness and paranoia amongst Singaporeans of competitions from other countries, of strikes by terrorists, of price increases to basic commodities - rather then to focus on the positive developments of other Governments, which if adopted by Singapore will affect the Political and Financial positions of the Government and Ruling Party.
So the suffereings and charades continue. -
Originally posted by kheldorin:
No ith is not so 'clear-cutlah' - nothing is ever "Black and White".
I don't think its so clear-cutlah. In the US, they are still arguing about the changes needed in Social Security. So, the judgement on whether it's a 'positive' development is still unclear. Besides, the money to help this people needs to come from somewhere. Which I guess is what differentiates the CPF and Social Security. CPF does not redistribute wealth while Social Security does. In my opinion, it's probably best not to use CPF as an instrument for wealth distribution and rely instead on other instruments such as Charities or grassroot help such as Mendaki and so-on. Main priority is to still make sure that the person is able to get a job and from that perspective Singapore is better than the US.
There is always the different shades of "Black and White" - as well as the different shades of "Grey" too.
The US Social Security System is different from our CPF system in that the US Social Security is a POOL of individual payment through the taxes collected from all the US Citizens, and is managed by Fund Managers to grow the fund for the benefit of the US Citizens.
The CPF system is a collection of INDIVIDUAL accounts that is specifically paid for the benefit of the INDIVIDUAL, with a niggardly accumulated interest that is added annually; while it benefit the Singaporean Citizens in the form of cheap funding to the Government's needs - this has never been acknowledged by the Singapore Government.
While Charities or Grass Root self-help scheme can cover the needs up to a point, it is dependent on the overtaxed Singaporean's ability to contribute further into such schemes.
Charities and Grass Root Self-Help schemes take the responsibility from the Government, and return this responsibility of looking after ourselves - back to Singaporeans.
Where is the Social Responsibility of the Government to look after Singaporeans, after we have reached the end of our economic usefulness ?