Originally posted by: BOBDN
Originally posted by: Corn
If the Bush administration had their way with the privatization of Social Security, one of the main goals of his administration, the result would have been US workers would have not only lost their retirement savings they had in 401Ks they would have lost their SS retirement as well.
Will the lies never cease? Tell me BOBDN, what was the percentage of the individual's contribution that Bush's private SS plan would have allowed to be privately invested?
Here, how about I answer that. 2%
That's right kids, you heard it here first: BOBDN claims that a 2% deduction of the amount one pays into SS would have completely drained one's social security.
You'll have to excuse me for a moment by asking for clarification regarding the example that you provided regarding "US worker's" 401k plans having been completely drained. Sounds pretty broad, so please enlighten me, when, and how many, "US workers" lost everything in their 401k? Inquiring minds want to know.
Why did you feel it necessary to add "Cry me a river?" Do you enjoy witnessing your fellow Americans suffer through privatization?
Do I enjoy it? No, did I say LOL? No. Therefore I can only assume you continually want to play the ignorant and tired argument of Republicans don't care!!!! "Suffering"? You make it sound like waiting in line is some horrific experience causing the general population to fling their bodies into the sea. Fool. I'm curious, if things were so rosey before, why did your fellow voters allow this privatization in the first place? I'll tell you why.......The prior inspections system was fscked up before. Sounds like it's merely the status quo. Boo Hoo.
With the baby boom generation nearing retirement age the privatization of SS would drain contributions from the system at exactly the time when they are needed most. With the stock market volatility we've seen in the past two years there is a very real possibility the money won't be there to pay benefits to people who paid their share all their lives. With the looming budget deficit, estimates as high as $500 billion this year and deficits for as far as the eye can see, SS will be further strained.
The 401K accounts of millions of Americans have lost a significant percentage since the Bush recession began.
Don't minimize the risk to the retirement income of the generation about to retire. Along with all these factors they now face paltry interest rates on their savings.
Thanks for calling me a fool. You're staying true to form. I've agreed to stop the personal attacks but after today I'm beginning to wonder whether or not that was a good decision. Some people will never change. But I'm sure the first time I retaliate someone, usually one of the people who share your views, will say I'm at fault.
That pretty much sucks.
Point 1)
My 401k account went down. So what. I'm 32 years old. I'm thinking in 33 years, it will be up again. Any fools who were near retirement and were heavily invested in the stock market and not diversified in Bonds, they knew the risk. Your whole premise is Null. Investing 101, the closer you are to retirement, the lower risk your account should have. People in Bonds made a killing over the last 3 years!!!
Point 2) The stock market "bubble" burst well before Bush entered office. And once again, went down heavily after 9/11. Your association with Bush and these declines are very far from the truth. Last I checked, the market is at about 9,400. Not bad, considering it was dancing around 7,000 a short time ago.
I won't call you a fool, but I will say you are letting your feelings about Bush get ahead of the facts on the markets and investing.
 
				
		 
			 
 
		 
 
		 
 
		 
 
		 
 
		 
 
		 
 
		 
 
		
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