The Social Security Privatization Hoax

[Zebo]

http://www.hermes-press.com/sss1.htm

Politicians and Wall Streeters are peddling the Big Lie that Social Security is inevitably going bust.

It is not!

The Social Security System (SSS) runs at a surplus of $100-$120 billion annually and will continue to do so throughout the twenty-first century! This trust fund system is one of the few programs set up by the federal government that works. In 1999, SSS received $383 billion in checks, $436 billion in taxes, and an additional $49 billion in interest. Instead of red ink, Social Security made almost $102 billion in profit, to add to the more than $652 billion it had in surplus from previous years.
......

Privatization schemes are PIRATIZATION scams.
The same Wall Street firms who contribute big bucks to the campaigns of presidents and senators now want to loot the Social Security System of trillions of dollars and jeopardize the survival of millions of retired Americans.

....

Wall Street is pumping millions of dollars into a small band of organizations, public relations firms and "think tanks" whose mission it is to undermine public confidence in Social Security and push for privatization.

.....

Panel projections take the Social Security System trustees' worst-case scenario and claim it to be the only realistic picture of the future for the SSS. The so-called independent studies of Social Security funding have been financed by the very Wall Street firms who want to grab the money. For example, the Cato Institute Project on Social Security Privatization was funded by American Express, the brokerage house of Alex Brown and Company, and the giant American International Group. The co-chairmen of the Cato Institute project are William Shipman, a senior officer at the Boston State Street Bank, and Jose Piñera, the man who privatized Chile's social security system, resulting in a $1.5 billion loss to Chilean citizens in 1995.

 

[glenn1]

The Social Security System (SSS) runs at a surplus of $100-$120 billion annually and will continue to do so throughout the twenty-first century!

If you believe this, then you are a fusking moron.

 

[charrison]

Originally posted by: Zebo
http://www.hermes-press.com/sss1.htm

Politicians and Wall Streeters are peddling the Big Lie that Social Security is inevitably going bust.

It is not!

The Social Security System (SSS) runs at a surplus of $100-$120 billion annually and will continue to do so throughout the twenty-first century! This trust fund system is one of the few programs set up by the federal government that works. In 1999, SSS received $383 billion in checks, $436 billion in taxes, and an additional $49 billion in interest. Instead of red ink, Social Security made almost $102 billion in profit, to add to the more than $652 billion it had in surplus from previous years.
......

Privatization schemes are PIRATIZATION scams.
The same Wall Street firms who contribute big bucks to the campaigns of presidents and senators now want to loot the Social Security System of trillions of dollars and jeopardize the survival of millions of retired Americans.

....

Wall Street is pumping millions of dollars into a small band of organizations, public relations firms and "think tanks" whose mission it is to undermine public confidence in Social Security and push for privatization.

And add in the fact that if it goes into goverment coffers, it gets spent. Those surpluses are only IOUs. The SS/medicare liabilites exceed $40trillion. The system is broke.

 

[Zebo]

Originally posted by: glenn1

The Social Security System (SSS) runs at a surplus of $100-$120 billion annually and will continue to do so throughout the twenty-first century!

If you believe this, then you are a fusking moron.

Are you denying we run a massive surplus every year for 70 years?

 

[Zebo]

Wall Street is pumping millions of dollars into a small band of organizations, public relations firms and "think tanks" whose mission it is to undermine public confidence in Social Security and push for privatization.

Seems to be very effective, look above.

 

[LordMagnusKain]

Originally posted by: glenn1

The Social Security System (SSS) runs at a surplus of $100-$120 billion annually and will continue to do so throughout the twenty-first century!

If you believe this, then you are a fusking moron.

and giving people a choice as to what they do with there own retirement funds sounds like an exalent idea.

Are you denying we run a massive surplus every year for 70 years?

nope, he's just saying or completely ignorant to the facts of the situation if you think the baby boomers will retire without taking more out of the system than will be put in.

 

[Zebo]

The SS/medicare liabilites exceed $40trillion

WTH are you getting 40 trillion? We've only had about 700B surplus paid in.

 

[Zebo]

Originally posted by: LordMagnusKain

Originally posted by: glenn1

The Social Security System (SSS) runs at a surplus of $100-$120 billion annually and will continue to do so throughout the twenty-first century!

If you believe this, then you are a fusking moron.

and giving people a choice as to what they do with there own retirement funds sounds like an exalent idea.

Are you denying we run a massive surplus every year for 70 years?

nope, he's just saying or completely ignorant to the facts of the situation if you think the baby boomers will retire without taking more out of the system than will be put in.

Speaking of morons, this is not a "retirement plan" it's a "paygo" plan. We pay for people retired now, our chilren pay for us.


Prove it.

 

[glenn1]

Are you denying we run a massive surplus every year for 70 years?

That's because they've raised the combined OASDI and HI tax rate from 2% in 1937 to 15.3% today. That's how we've maintained a surplus for the last 70 years. I doubt you propose maintaining the same rate of increase as it at that pace it'll reach 100% in a few decades.

 

[charrison]

Originally posted by: Zebo

The SS/medicare liabilites exceed $40trillion

WTH are you getting 40 trillion? We've only had about 700B surplus paid in.

Alot of folks are going to retire in the next 50 years and alot of IOUs have been written and will be written.
Right now ss/medicare consume 40-50% of the budget.

 

[Zebo]

Originally posted by: glenn1

Are you denying we run a massive surplus every year for 70 years?

That's because they've raised the combined OASDI and HI tax rate from 2% in 1937 to 15.3% today. That's how we've maintained a surplus for the last 70 years. I doubt you propose maintaining the same rate of increase as it at that pace it'll reach 100% in a few decades.

No we just need to dipense with giving benefit to people like my parents who are rich and just give it to poorest old folks. We couold probably even *reduce* withholding this way.

 

[ponyo]

Can you imagine the management fees and commission this will generate for crooked Wall St firms? It boggles my mind. This is a disaster waiting to happen. Should cause short term pop in over owned blue chips though.

 

[Zebo]

Originally posted by: Naustica
Can you imagine the management fees and commission this will generate for crooked Wall St firms? It boggles my mind. This is a disaster waiting to happen. Should cause short term pop in over owned blue chips though.

Yup just like the 401/403 scams did in the 80's and 90's. Dow has'nt really moved in 6 years so I'm sure they are looking for the next boondoggle. Well we know they are with funding this so called research and spreading doom and gloom for SS.


Read on talks about chile's firms making 20% while retirees loose 4%

 

[rahvin]

401/403 scams? Are you this big of a tool or do you just play one on here?

 

[Zebo]

Originally posted by: rahvin
401/403 scams? Are you this big of a tool or do you just play one on here?

They are a boondoggle for wall street nothing else. The only tools are people paying into them unless you company matches 10% like mine which makes it very compelling to invest in some bond funds. Otherwise, you're much better investing yourself in a taco bell franachise or another business which has cash flow and decent p/e ratios instead of overvalued market. But no, they don't give you tax deferment on your salary if you save for a taco bell, now do they? tools


Edit Plus I only do it (403b) because it enables me to escape SS taxes entirely, then only with bonds. If the market takes a dump 1987/1929 etc people in general are fusked. even in the last 6 years most people have only been breaking even w thier 401ks

 

[charrison]

Originally posted by: Zebo

Originally posted by: Naustica
Can you imagine the management fees and commission this will generate for crooked Wall St firms? It boggles my mind. This is a disaster waiting to happen. Should cause short term pop in over owned blue chips though.

Yup just like the 401/403 scams did in the 80's and 90's. Dow has'nt really moved in 6 years so I'm sure they are looking for the next boondoggle. Well we know they are with funding this so called research and spreading doom and gloom for SS.


Read on talks about chile's firms making 20% while retirees loose 4%

Stock market is risky short term, but a good investment for the long term.

 

[Zebo]

Originally posted by: charrison

Originally posted by: Zebo

Originally posted by: Naustica
Can you imagine the management fees and commission this will generate for crooked Wall St firms? It boggles my mind. This is a disaster waiting to happen. Should cause short term pop in over owned blue chips though.

Yup just like the 401/403 scams did in the 80's and 90's. Dow has'nt really moved in 6 years so I'm sure they are looking for the next boondoggle. Well we know they are with funding this so called research and spreading doom and gloom for SS.


Read on talks about chile's firms making 20% while retirees loose 4%

Stock market is risky short term, but a good investment for the long term.

maybe

 

[glenn1]

They are a boondoggle for wall street nothing else. The only tools are people paying into them unless you company matches 10% like mine which makes it very compelling to invest in some bond funds. Otherwise, you're much better investing yourself in a taco bell franachise or another business which has cash flow and decent p/e ratios instead of overvalued market. But no, they don't give you tax deferment on your salary if you save for a taco bell, now do they? tools

Oh jeez. If you think that 401(k)'s and other Qualified Retirement Plans are boondoggles, and that Taco Bell is a better long-term investment than a diversified portfolio of equities, than that tells us all we need to know about how seriously to take your opinion when it comes to economic questions.

 

[Zebo]

Originally posted by: glenn1

They are a boondoggle for wall street nothing else. The only tools are people paying into them unless you company matches 10% like mine which makes it very compelling to invest in some bond funds. Otherwise, you're much better investing yourself in a taco bell franachise or another business which has cash flow and decent p/e ratios instead of overvalued market. But no, they don't give you tax deferment on your salary if you save for a taco bell, now do they? tools

Oh jeez. If you think that 401(k)'s and other Qualified Retirement Plans are boondoggles, and that Taco Bell is a better long-term investment than a diversified portfolio of equities, than that tells us all we need to know about how seriously to take your opinion when it comes to economic questions.

Keep the faith. Does'nt matter what it is, (BTW I have two buddies who own taco bells one passivly the other activly and each unit, is paid for in 5 yrs and after which it's all gravey not to mention sitting on top of a 750K-1M asset) Point is you can't invest in your own retirement tax deferred. Who cares what it is? Be it an apartment complex or a taco bell the government says only wall street can handle your money for you to recieve tax break. It's coersive and anti-freedom.

 

[Zebo]

Originally posted by: glenn1

They are a boondoggle for wall street nothing else. The only tools are people paying into them unless you company matches 10% like mine which makes it very compelling to invest in some bond funds. Otherwise, you're much better investing yourself in a taco bell franachise or another business which has cash flow and decent p/e ratios instead of overvalued market. But no, they don't give you tax deferment on your salary if you save for a taco bell, now do they? tools

Oh jeez. If you think that 401(k)'s and other Qualified Retirement Plans are boondoggles, and that Taco Bell is a better long-term investment than a diversified portfolio of equities, than that tells us all we need to know about how seriously to take your opinion when it comes to economic questions.

BTW you're still have to work don't ya? I don't. Went fishing 278X this year.

 

[glenn1]

Be it an apartment complex or a taco bell the government says only wall street can handle your money for you to recieve tax break. It's coersive and anti-freedom.

Yes, IRAs and QRPs are required to have custodians for the account, but that doesn't mean you can't invest in real estate or other real property. You just have to find a financial institution willing to accept custodianship of those types of assets, and some do. However, using a 401(k) or IRA to hold real property is sorta counterproductive IMHO. That's what things like trusts are for. IRA's and QRP's aren't inherently better or worse than any other type of account you could set up for retirement purposes, they simply allow for tax deferral. That doesn't mean you get out of paying taxes altogether, you just delay it a bit when you contribute to an IRA or QRP.

 

[Zebo]

Look glenn I also have a SEP plan which is similar and do mainly RE with it. I'm not saying WS is terrible and it's not great to hedge your bets with diversification. My poin is to get Match and get tax defferment you must invest in "qualified" plans which all goes back to WS. Again Anti-freedom and coersive. And too risky for seniors IMO.

 

[Pliablemoose]

Zebo, you read some pretty interesting web sites.

The New Enlightenment is the main page to your link.

Let me guess, you're into the whole counter-culture thing, right?

So here's a little fact for you, because of the age distribution of the US public, you can expect to pay a massive % of your income for the rest of your working life to pay SS for little old blue haired ladies to run over you in their Cadilacs on their way to the beauty parlor.

By the time you retire, if they haven't raised the age for you to collect benefits to 80 years of age, the value of the dollar you'll be buying your cat food with will be a small % of the buying power it has today.

I used to read Hermes Press crap, then I grew up.

If you want a realistic look @ what they'll prob offer, look @ the different plans ofered by the current Fed retirement system & the historic rates of return.

http://www.tsp.gov/rates/monthly-history.html

 

[charrison]

Originally posted by: Zebo

Originally posted by: charrison

Originally posted by: Zebo

Originally posted by: Naustica
Can you imagine the management fees and commission this will generate for crooked Wall St firms? It boggles my mind. This is a disaster waiting to happen. Should cause short term pop in over owned blue chips though.

Yup just like the 401/403 scams did in the 80's and 90's. Dow has'nt really moved in 6 years so I'm sure they are looking for the next boondoggle. Well we know they are with funding this so called research and spreading doom and gloom for SS.


Read on talks about chile's firms making 20% while retirees loose 4%

Stock market is risky short term, but a good investment for the long term.

maybe

no maybe about. Long term the market averages 12% and yes that includes the great depression.

 

[Zebo]

Originally posted by: charrison

Originally posted by: Zebo

Originally posted by: charrison

Originally posted by: Zebo

Originally posted by: Naustica
Can you imagine the management fees and commission this will generate for crooked Wall St firms? It boggles my mind. This is a disaster waiting to happen. Should cause short term pop in over owned blue chips though.

Yup just like the 401/403 scams did in the 80's and 90's. Dow has'nt really moved in 6 years so I'm sure they are looking for the next boondoggle. Well we know they are with funding this so called research and spreading doom and gloom for SS.


Read on talks about chile's firms making 20% while retirees loose 4%

Stock market is risky short term, but a good investment for the long term.

maybe

no maybe about. Long term the market averages 12% and yes that includes the great depression.

"Past performance is not indicative of future results."
<<< you'll find this on every prospectus for a reason