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FacebookLETTER TO THE EDITOR:
So much for Bush’s idea of privatization
Mon, Sep 22, 2008 (2:02 a.m.)
Does anyone remember when the Republican George W. Bush proposed privatizing Social Security by investing in the stock market? Doesn’t look too good now!
Discussion: 8 comments so far…
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Can you imagine where your social security would be today, now, if the Bush (and dream of John McCain) had been reality last week? Yes, your future retirement would be in the toilet...nice, he?
Now, we have the same bunch in Nevada, especially the Chamber of Commerce and Hotel Resort allies, proposing to privatize state PERS benefits for new hires...this is a disasterous idea and not worthy any paper it would be written on.
To the Bush, McCain and Gibbons followers and wanna-be's: LEAVE WELL ENOUGH ALONE! If you want to see a revolution by grey-haired seniors in this country just screw with our retirement be it social security or PERS. The blood that would flow will make the French and Russian Reviolutions look like a birthday party for butchers.
Social security is a dead issue. It's going to go broke somewhere around 2017, when the system goes into deficit, and the reality that the SS trust fund doesn't really exist becomes apparent. We might as well start getting rid of it now, and start moving to some sort of defined contribution plan that actually takes into account the changing demographics of the country.
Um...Social Security is still worse than privatization.
Social Security rests on a government which can't control its own spending and doesn't have to.
Now, if the government had of privatized SS AND stayed out of the market and not created FF and FF plus easy fed money then the market wouldn't be anywhere near where is right now. We'd be much better off and your retirement would be just fine.
Besides if you're close to retirement and in 100% in stocks you're an idiot!
Social Security right now is the worst form of retirment investments ever designed.
If this was a privately ran program then congress would be holding hearings every day to put it out of business.
The average return on Social Security taxes put in by the employee and employer is less than what whould get off a money market fund.
If retirees today had invest their money and the employer's contribution into a conservative mutual fund then they would have at least 2x's in monthly income today.
On top of that, they would be able to leave hundred's of thousand of dollars to their love ones if they die.
In social security, all one gets is $600 if you die.
Many people, like black males, never make it 65. They put into social security and all their families get is $600.
If the stock market does crash one day then what do you think will happen to our economy and the ability of the government to collect tax revenue?
Most likely if the stock market crashes then the government will drastically cut social security benefits because it will be broke, too.
The Democrat 2005 plan (Rep. Robert Wexler D-FL was the point man on this proposal) was to tweak the system by just taxing rich people, through increasing the cap on the wage income limit of $90k (e.g. collecting at 12.4 % another $7.5k/yr plus per rich taxpayer, if the cap is placed at ~ $150K) which supports the pay as you go approach based on current promised benefits. Additionally, this plan is intended to further redistribute the wealth (a higher cap would be even better) and allows the government to continue to use the Social Security lock-box 3.5 trillion dollar tax increase, as fresh low cost dollars for new beneficial social programs.
Remember that payments to retirees only accounts for 800 billion dollars per year, or 40% of the total federal budget today. This was advocate by the front page of the USAToday on June 1, 2005.
The only question is when to make the chosen change. Since Senate Minority Leader Harry Reid D-NV, House Minority Leader Nancy Pelosi D-CA, and the Democratic Social Security point man House Ways and Means Minority Leader Rep. Charley Rangel D-MI, have argued that there is no problem until 2042 or later. Rep Rangel has said (on May 12, 2005), "I don't think we should rush out and do more harm" and since this is a pay as you go system, then we should NOT tweak the system or do any changes until 2042 or later. The vote should occur in 2035 to allow the rich taxpayers time to plan.
From the USAToday poll reported May 3, 2005, 46% want to do nothing, 27% chose the Republican plan and just 22% chose the Democratic plan. The fact is that Social Security is over-funded now as year-to-year pyramid "pay as you go" system, and I agree with the do nothing crowd. With Senator Reid influentially supporting filibusters of every Republican activity, doing nothing can be achieved. Democrats can shut the Senate down before any reform is made to Social Security.
Two Points:
1)Please include button to "Suggest Removal" of ignorant and idiotic "Leters To The Editor" like the one submitted by Mr. Brignardello.
2)Does anyone remember Democrat Franklin D. Roosevelt's proposed Social Security Insurance scheme which was sold to the American people with the promises of:
A) Exculding the high earners (those earning over $250 per month),
B) Taxes of no more than 1/2% for employee and 1/2% for employer, and
3) No insidious payroll deduction mechanism to hide the ridiculous and obvious inequity of this ponzi scheme and make invisible to the majority of ignorant American's how much money they will pay for so little return?
hehe, social security is the holy grail of republicans. Keep trying to get rid of it, and Americans will keep rejecting it. Why is it that the AARP (ie those that actually use SS) are massively in favor of it? Incidentally, the AARP is also a pretty unified voting block you don't want to piss off.
redferret should change name to Redherring, or review the stories of the Holy Grail. I am not interested in getting rid of SS (much as no one involved with stories of the Holy Grail was interseted in getting rid of it). As I mentioned in previous post, most American are ignorant, and therefor should be participating in SS. Only sweat off my back is I am not ignorant, yet many Americans are selfishly determined to make sure I have no options when it comes to participating. Why is it that the AARP recieves more than half of their revenue from shilling for their sponsor of Medicare supplements, UHC? Also, why is that AARP whole heartly endorsed Democratic Bill Clintons proposal to begin taxing SS recipeients? I will suggest it is because they too are ignorant and are now the pied piper leading the "Greatest Generation" to now become the "Greediest Generation" Thanks for listening. LD