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SS vs. Private Savings

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Zebo

Elite Member
Jul 29, 2001
39,398
19
81
Originally posted by: Genx87
You wanna see all those red states turn blue in, excuse the phase, New York second go right ahead. Take away thier agricultural subsidies, their Tennessee Valley Authority, rural electrification, interstate highways, and about half thier jobs program in the armed forces. Can you say deliverance?

Take away minimum wages while your at it. See Blue state workers make far above minimum wage anyway, we don't need it.

Most people in America already make above minimum wage anyways. Minimum wage is a tool by political parties to play the demographic war.

You also forget Blue states recieve much of the same subsidies. California is a large agriculture state despite having a Blue conotation attached to it.

We can get into a pissing match about tax redistribution of wealth all day long. Like I said earlier, get rid of taxes and the problem is solved. I have no qualms about that. We ran this country before on no federal income tax we can do it again.

Of course that will require dumping bloated programs like SS and medicare and leaving it upto the states to take care of their own.

I have no problem with that.

You act like redistrubution is a bad thing. Every single revolution was about redistribution even the american one and again post robber barren era with 90% taxes on millionaires like rockerfellers and vanderbilts.

Why? Because unregulated capitalism moves wealth from the labor that creates it to the owners who accumulate it. Simple as that. Over time thier control of capital enables them to control politics, banking, and job creation and pay nothing to workers (let them eat cake) because there's more workers than capital. Owners have succeeded in getting it all many times and spawned a revolution because all of a society's productive assets and policies are controlled by a small elite. You get fabulous wealth on the one hand, and destitution and misery on the other.

The way to fix this w/o bloodshed, is to establish mechanisms to move wealth from the top back to the bottom. One simple way to do that is labor unions. The other simple solution is progressive taxation. Lo and behold, our modestly unionized, progressively taxed economy from the end of the war into the mid-1970's was just amazingly prosperous almost to the bottom of society. Lo and behold, every richest country on earth has capitalism with strong socialistic undertones. Take at look at your "no tax" "minimalist government" paradises. They have names like "Guatemala", "Bolivia" and "Chad" you would'nt be caught dead in.

Never underestimate the power you were given by those that came before you. You could'nt survive in a "minimalist government" paradise.


 

Genx87

Lifer
Apr 8, 2002
41,091
513
126
You act like redistrubution is a bad thing. Every single revolution was about redistribution even the american one and again post robber barren era with 90% taxes on millionaires like rockerfellers and vanderbilts.

Actually I am towing bbonds party line from above. He was complaining the red states are leaching off the blue states. My response was, what do you think taxes are but a redistribution of wealth.

So unless you are for getting rid of federal income taxes quit complaining.

Sorry if I was confusing on that point. I can go either way at this point. But on some level redistribution isnt a bad thing as it will keep the civilian population more even in terms of wealth.

bbond on the other hand seems to be fuming at the fact his new jersey is subsidizing red states.

 

Bowfinger

Lifer
Nov 17, 2002
15,776
392
126
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.
 

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
Originally posted by: Bowfinger
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.
http://www.dailyhowler.com/dh011205.shtml
 

imported_tss4

Golden Member
Jun 30, 2004
1,607
0
0
Originally posted by: Genx87
ND would still have a harder time because that 184 billion is a smaller percnetage of CA budget than the 6 billion is of ND. Its like comparing a 184 billion bill to the united kingdom vs a 6 billion dollar bill to Rwanda. Rwanda would definately have the harder time.

Your question has been answered.

How big are each states budgets?

I should also let you know the state income tax rate in ND is quite low. On 6000 gross I was taxed 138 dollars. California is like my Minnesota where we have much higher tax rates.

I am going to have to disagree with your assessment.

There is nothing to disagree with. Its a fact. Math doesn't lie.
 

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: Bowfinger
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.



IN 2018 when SS stop taking in more than it pays out, several things could happen:

A. reduced SS benefits
b. Increased taxes
c. decreased goverment services


1 or all of these things will happen.
 

Bowfinger

Lifer
Nov 17, 2002
15,776
392
126
Originally posted by: charrison
Originally posted by: Bowfinger
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.



IN 2018 when SS stop taking in more than it pays out, several things could happen:

A. reduced SS benefits
b. Increased taxes
c. decreased goverment services


1 or all of these things will happen.
Without changing the law, option A is NOT in the cards. Social Security is not required to reduce benefits until after it has redeemed all the bonds it holds.
 

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: Bowfinger
Originally posted by: charrison
Originally posted by: Bowfinger
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.



IN 2018 when SS stop taking in more than it pays out, several things could happen:

A. reduced SS benefits
b. Increased taxes
c. decreased goverment services


1 or all of these things will happen.
Without changing the law, option A is NOT in the cards. Social Security is not required to reduce benefits until after it has redeemed all the bonds it holds.



Option A is just as much of option as any other option. After all this is money the goverment owes itself...
 

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Originally posted by: charrison
Originally posted by: Bowfinger
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.



IN 2018 when SS stop taking in more than it pays out, several things could happen:

A. reduced SS benefits
b. Increased taxes
c. decreased goverment services


1 or all of these things will happen.

d. government borrows more money to pay (as usual).

 

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: Engineer
Originally posted by: charrison
Originally posted by: Bowfinger
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.



IN 2018 when SS stop taking in more than it pays out, several things could happen:

A. reduced SS benefits
b. Increased taxes
c. decreased goverment services


1 or all of these things will happen.

d. government borrows more money to pay (as usual).



I knew I forgot something..
 

SuperTool

Lifer
Jan 25, 2000
14,000
2
0
Originally posted by: charrison
Originally posted by: Engineer
Originally posted by: charrison
Originally posted by: Bowfinger
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.



IN 2018 when SS stop taking in more than it pays out, several things could happen:

A. reduced SS benefits
b. Increased taxes
c. decreased goverment services


1 or all of these things will happen.

d. government borrows more money to pay (as usual).



I knew I forgot something..

e. Governement itself can invest payroll taxes in stocks, and it will have no problem paying the benefits from all the $$$ it will make on Nasdaq. ;) We don't need private accounts to invest in stocks, the government can open a Scottrade account, and buy stocks itself. :D
 

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: SuperTool
Originally posted by: charrison
Originally posted by: Engineer
Originally posted by: charrison
Originally posted by: Bowfinger
Originally posted by: Genx87
The fact is that Social Security will not have to reduce benefits until somewhere between 2042 and 2052, depending on whose numbers you use (and assuming absolutely nothing is done to address the pending problem). Your 2013 number is a lie ... just like the rest of your disinformation.

Everything is a projection so I would take it with a huge grain of salt. I heard 2018 from the Bush admin and 2052 from a senate budget office. Neither are correct but the real question is which one is it closer to?
When it comes to govt they always underestimate their spending and overestimate their income.

I judging from experience will say it is probably closer to 2018 than 2052. Now the question is when should we start working on it? Now, 2018, 2052, or the day before it goes bankrupt?

If anything talking about changing it is a positive at this point. It needs to be fixed as nobody can deny someday it will take a dump. Fixing it now will be easier than fixing it then.
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.



IN 2018 when SS stop taking in more than it pays out, several things could happen:

A. reduced SS benefits
b. Increased taxes
c. decreased goverment services


1 or all of these things will happen.

d. government borrows more money to pay (as usual).



I knew I forgot something..

e. Governement itself can invest payroll taxes in stocks, and it will have no problem paying the benefits from all the $$$ it will make on Nasdaq. ;) We don't need private accounts to invest in stocks, the government can open a Scottrade account, and buy stocks itself. :D

That is possible as well, run it like it runs the federal employees retirement benefits(however those are private accounts)
 

SuperTool

Lifer
Jan 25, 2000
14,000
2
0
We should put all our taxes into Scottrade, then when we need to buy a tank, we'll just sell some google stock, and voila.
 

Bowfinger

Lifer
Nov 17, 2002
15,776
392
126
Originally posted by: charrison
Originally posted by: Bowfinger
Originally posted by: charrison
Originally posted by: Bowfinger
I believe you are confused. Please show me where even the Bush administration has claimed Social Security will have exhausted its reserves by 2018, because that's the point where they're forced to cut benefits. The 2018 milestone is when Social Security has to begin cashing in its bonds. Doing so leaves it fully funded until sometime after 2040.
IN 2018 when SS stop taking in more than it pays out, several things could happen:

A. reduced SS benefits
b. Increased taxes
c. decreased goverment services


1 or all of these things will happen.
Without changing the law, option A is NOT in the cards. Social Security is not required to reduce benefits until after it has redeemed all the bonds it holds.
Option A is just as much of option as any other option. After all this is money the goverment owes itself...
:roll: Whatever, in the same sense that anything that can be legislated is possible.

In that same vein, however, I now realize you are wrong. It is not a certainty that "1 or all of these things will happen." There are plenty of other options:

d. The Soylent Green option (old folks is good eatin'!)
e. The Logan's Run option (a waste of good meat, but different strokes)
f. The Terminator option (distributed computing runs amok, film at 11)
g. The Red Dawn option (only with Chinese)
h. The Vee option (as above, but with space aliens)
i. The Mars Attack option (as above, but hilarity ensues)
j. The Fourth Reich option (George herds all the old Dems into showers)
k. The Republican option (borrow and spend, borrow and spend)

I'm betting on 'K' myself.
 

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
reduced SS benefits

lol, did'nt realise you lived so close over there in humbolt county.. careful they are using infrared these days for outdoor crops.
 

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,685
136
Somehow, it's tough to cut through all the rightwing rhetoric to arrive at the truth.

1. Privatizing SS now will only hasten the date at which the general fund will need to begin paying back the trust. SS contributions will fall off faster than currently projected.

2. Borrowing a few trillion$ now means we'll all be paying interest on the principal, at the rate of at least 5%, probably higher. So by 2018, we'll be required to pay at least $50B per trillion borrowed, and will have likely paid out ~$1T in interest at that point on a balance of $2T... So we're over $3T further in the hole, with the same problem. There's no exit strategy from such debt acquisition, either, no plan to pay it off, ever.

3. It wasn't just boomers who spent the SS surplus over the last 20 years, and it wasn't all of us who favored it, either. Every person living in the US during that period has received some benefit, particularly anybody who got a taxbreak or any kind of federal subsidy at all... not to mention all the folks who've howled for more military and lower taxes at the same time. They've led the charge of fiscal tomfoolery.

4. The approaching crisis isn't just about SS, it's about the General Fund, and the ability of the govt to meet its obligations. The SS "crisis" is just a symptom, something we can easily postpone with fiscal responsibilty now, and with sme restructuring down the road...

Sheesh, modern so-called Conservatives seem to believe that explosive debt is somehow a necessary ingredient of govt, and it's not, at all. Clinton proved that.

Quite frankly, I'm all in favor of whatever it takes to create a surplus in the general fund, pay down the debt, and switch that repayment schedule over to SS as required... That would, of course, require that the Admin return to a tax and spending model much like that at the end of the Clinton years... rather than some rightwing fantasy of massive spending cuts... for everybody except the military, natch...

Which won't happen, of course, given the looting spree now occuring under various republican sponsored guises. It seems to me that they're willfully attempting to destroy the solvency of the govt, with privatization of SS hastening that process while allowing for some face saving wrt to those switched to private accounts...

Few people understand that the wealth of the financial elite has become global in character, rather than national. American capitalists have decoupled their own fortune from that of the american worker, so they have no qualms about selling us out while spouting a lot of patriotic slogans and trickledown promises. The only thing that seems to trickle down is debt...
 

BBond

Diamond Member
Oct 3, 2004
8,363
0
0
Originally posted by: Genx87
You act like redistrubution is a bad thing. Every single revolution was about redistribution even the american one and again post robber barren era with 90% taxes on millionaires like rockerfellers and vanderbilts.

Actually I am towing bbonds party line from above. He was complaining the red states are leaching off the blue states. My response was, what do you think taxes are but a redistribution of wealth.

So unless you are for getting rid of federal income taxes quit complaining.

Sorry if I was confusing on that point. I can go either way at this point. But on some level redistribution isnt a bad thing as it will keep the civilian population more even in terms of wealth.

bbond on the other hand seems to be fuming at the fact his new jersey is subsidizing red states.

You continue to ignore the facts. Taxes are a fact. Redistribution is a fact. But taxes do not equal redistribution as you so erroneously claim.

Getting rid of federal income taxes, especially during a supposedly conservative Republican administration that over spends more than any administration in U.S. history, is not an option or even remotely related to this topic.

We are being taxed at a higher rate than the states who are getting this tax redistribution windfall because our tax dollars are being taken from us and given to them. This is a classic complaint of the right wing. People whose money is being taken to subsidize others -- only this is on a federal level. When it's done on a personal level you call it welfare. A rose by any other name...

Red States Make a Mockery Of Self-Reliance

By Steven Pearlstein
Wednesday, January 19, 2005; Page E01

In his inaugural address tomorrow, I'm guessing, George W. Bush will take a moment to reaffirm the "red state" values that returned him and the Republican congressional majority to power. You know, things like self-reliance, free markets, small government and fiscal rectitude.

Funny, that. I have in front of me the latest report from the Tax Foundation showing how much each state gets back in contracts, benefits and subsidies for every dollar of taxes paid. And it shows that, with a few exceptions, the anti-government red states are the net winners in the flow of funds while the pro-government blue states are almost all losers.

Among the biggest winners in 2003, for example, were New Mexico, at $1.99 for every tax dollar paid, followed closely by Alaska, Mississippi, North and South Dakota, Alabama and Montana -- the "red-ink states," as Ken Cook of the Environmental Working Group calls them. The biggest loser was New Jersey, at 57 cents per dollar paid, followed by blue states Connecticut, New York, California, Massachusetts and Illinois.

(Happily for those of us in the Washington region, the dominating presence of the federal government makes us big winners.)

In other words, we now have a new red-state political majority comprising voters who, while professing distrust of government and disdain for the values of the blue-state minority, are only too happy to rely on Washington and blue-state wealth to keep them in the style to which they have become accustomed.

This rank hypocrisy might be laughable but for the fact that the fleecing of the blue states has increased markedly over the past decade as Republicans tightened their hold on Washington. And the early signs are that it's about to get worse.

Is it mere coincidence, for instance, that after voting 91 percent for his opponent, the District suddenly finds itself stuck with a $12 million tab for inauguration security? Or that Dick Cheney is still pushing tax cuts and royalty breaks for red-state drillers and miners, even after energy prices for blue-state consumers have rocketed to record highs? Or that the tax plan being cooked up by the Treasury will eliminate the deduction for state and local taxes, which just happen to be highest in blue states? Or that the administration plans to slash funding for urban-oriented community block grants, then bury the program in the Commerce Department?

And how can we square the Republicans' urgent desire to "privatize" Fannie Mae and Freddie Mac with its continued support for Farmer Mac -- or, for that matter, the Rural Utilities Service, a New Deal agency that was supposed to bring electricity to family farms but now finances golf courses in North Texas?

Then again, you'd think those truly committed to free markets and smaller government would be raising hell over the big increase in farm subsidies over the past two years, even as farm incomes doubled.

How's that possible? You may remember that in the bad old days of Bill Clinton, Congress passed the "Freedom to Farm" Act, which was supposed to wean farmers from disaster aid and price supports by replacing those with a gradually diminishing annual subsidy, whether they planted a crop or not. But then the weather turned bad, world prices fell and the farm lobby was back on Capitol Hill with both hands out. When the legislative smoke had cleared, the "freedom" payments survived, only to be supplemented by another round of disaster relief and a brand-new price-support system.

Three years later, red-state farmers are now getting all the advantages of free markets with all the benefits of French-style subsidies. Yields are at record levels, driving prices low enough to trigger price-support payments while sending the price of farmland to new highs. Meanwhile, in blue-state supermarkets, food prices have risen faster than prices for nearly everything else.

George W. Bush says he wants to put aside this silly red-blue thing and be president of all the people. So far, however, his actions -- and those of his congressional allies -- suggest a different reality:

To the victor belong the spoils.

 

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Just curious...am I the only one who is offended by the offer (the only one that's been presented) to give between $1,000 and $1,300 to a private account? Several here want private accounts (and I'm not going to be a hyprocrit about it because I said over 10 years ago that I would sign my SS rights away if they would give me the money to invest myself) including ME, but I find it offensive that I would have to pay in $5400+ per year (my portion maxed out) and only get credit for $1000 to $1300.

I'm willig to give up credit to the $80,000 that I've (company match included) paid in, but not willing to only have $1,300 max credited to MY PRIVATE account.
 

BBond

Diamond Member
Oct 3, 2004
8,363
0
0
Originally posted by: tooltime
the stock market makes 10 % a year historically over time...enough said i think.

Tell that to the people who thought they were going to retire on their stock portfolios in 2001.

The market is cyclical. There is risk involved. Social Security was set up as a risk free safety net for workers' retirement.

An investment portfolio combines risk and risk averse investments. Social Security is the risk averse component of the American worker's retirement portfolio. 401K's and such are there for those wishing to take higher risks if they so desire.

And wouldn't Wall St. just love to get their hands on the $100 billion or so of tax payer funds Bush wants to put at risk. They stand to make billions in fees from Bush's Social Security destruction plan. And when the time comes for those retirees to collect, a nicely timed market decline (like the one Bush presided over in his first term) could wipe out billions more in equity and leave those hopeful retirees in the lurch.

Social Security is solvent. Social Security currently has a $2 trillion surplus. That surplus won't begin to be drawn down until 2019 and will keep the system solvent until 2042 at the minimum. The system needs a few tweaks, now a wholesale overhaul that will end up destroying the system.

Remove the SS taxable income cap until the system reaches equilibrium. Remove SS taxes from the general fund and use them for what they were intended for -- retirement benefits for American workers, not deficit reduction.

 

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: Engineer
Just curious...am I the only one who is offended by the offer (the only one that's been presented) to give between $1,000 and $1,300 to a private account? Several here want private accounts (and I'm not going to be a hyprocrit about it because I said over 10 years ago that I would sign my SS rights away if they would give me the money to invest myself) including ME, but I find it offensive that I would have to pay in $5400+ per year (my portion maxed out) and only get credit for $1000 to $1300.

I'm willig to give up credit to the $80,000 that I've (company match included) paid in, but not willing to only have $1,300 max credited to MY PRIVATE account.


This is likely only a starting place. Benefits still have to be provided to current seniors. It may take a generation to completely convert to private accounts.
 

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Originally posted by: charrison
Originally posted by: Engineer
Just curious...am I the only one who is offended by the offer (the only one that's been presented) to give between $1,000 and $1,300 to a private account? Several here want private accounts (and I'm not going to be a hyprocrit about it because I said over 10 years ago that I would sign my SS rights away if they would give me the money to invest myself) including ME, but I find it offensive that I would have to pay in $5400+ per year (my portion maxed out) and only get credit for $1000 to $1300.

I'm willig to give up credit to the $80,000 that I've (company match included) paid in, but not willing to only have $1,300 max credited to MY PRIVATE account.


This is likely only a starting place. Benefits still have to be provided to current seniors. It may take a generation to completely convert to private accounts.


Being 36, I want the option to OPT-OUT of regular SS in return for full placement of my future contributions going into MY PRIVATE account! :)