Posted on 09/12/2011 3:28:49 PM PDT by cumbo78
Thad McCotter unveiled his SAVE SOCIAL SECURITY plan today at the Heritage Foundation.
Heard him on Rusty Humphries today.. I like what I heard.
BS. There is no plan that will work and the simple reason is Demographics. How does he get around that?
We are a nation of about 311 million population with the prospect of somewhere around 50 to 70 million Baby Boomers retiring in the next few years. In 1960 the ratio of those paying into the system was roughly 22 to 25 people per person getting SS benefits. Now that ratio is about 2.3 to 1. When all those Baby Boomers hit the ratio goes to about 1 to 1.
Do you actually think that generations X,Y,Z and AA will pay that Tax Freight for those getting ready to hit SS? I don’t think so. The reality is that the Baby Boomers and the those behind them will get no SS or Medicare, we are broke there are no monies to pay out and yes a Default is coming.
You can read his plan on the link McCotter2012.com or you can watch the video/intro of the plan at the Heritage Foundation’s website. McCotter and Peter J. Ferrara explain it and answer questions.
We should all just kill ourselves....That will show them!!
But McCotter doesn’t belong in the debates, right?”
Ok. Right. He doesn’t belong. The “plan” is a perfect example of Rs doing what they do best - trying to make bad socialist programs function a better for a little longer. I stopped reading when I got to the guarantee. Here we have an exercise in can-kicking based on a promise of continued intergenerational theft.
The Feds have no role in providing for any retirement other than the retirement of its employees. Providing welfare payments to those over 65 is no part of the fed gov’s constitutional powers.
Did you read the Plan? Did you watch the video? Do you know that the actuaries are in agreement that this plan will work. Do you realize that if your personal account fails because the market completely tanks, the LEAST you get is what you would have gotten from the existing system? Do you know that under this plan it becomes YOUR account, money you can leave to your offspring?
READ THE PLAN. ITS YOUR ACCOUNT.
There is no individual account and never has been. You have been paying to take of your parents and grandparents and they got all the best of the benefits.
There is nothing left.
So, you “peeked” at it and you know more than Peter J. Ferrara, Thad McCotter and the impartial actuaries? That’s rich. What would be your plan?
The “IT’S YOUR ACCOUNT” part comes before the guarantee. Don’t you understand that the guarantee puts taxpayers in the position of guaranteeing the performance of the financial markets? It isn’t likely that people will believe the lie that there is no significant risk in giving the guarantee. We’ve been suckered on that one before - all you have to do is raise the issue of Fannie Mae, etc. Then there is the inevitable temptation for politicians to try to buy votes by trying to raise the amount guaranteed, etc.
You are engaged in a futile discussion with people who love their “mailbox money”. SS is like a horse with three legs with compound fractures; the kindest thing to do would be to put it out of its misery. Nevertheless, there are people who like getting checks and will grasp at anything to try to keep them coming.
I ask that you go to Heritage.org and watch the video presentation. McCotter and Peter J. Ferrara explain it in detail.
Instead of dealing with politicans, they set up what was their version of a 501(c)(3) and the taxes funneled to it bought the needed equipment without read tape.
I want at least 51% oversight of a new SSI program in the private sector via a non profit with only 49% house and senate oversight if that much at all, people like Vanguard's John Vogel on the board.
The investment choices? The Federal TSP is fine, the employers portion you choose which funds, yours only real T-Bills, not the phony ones they use now, and you build a bond ladder for your retirement with it....
The plan was desrcibed by Peter J. Ferrara as a combination of the Federal TSP and the plan Chile has used quite successfully for the last 30 years.
I read McCotter’s summary. Actuaries have, over the years, certified all kinds of contradictory things about SS. Their opinions proceed from assumptions in their models. The taxpayer contingent liability cooked into the model has nothing to do with actuarial expertise - it is a political element of the model. Moreover, any assumption that the program won’t expand is generally contrary to our experience with welfare programs benefitting powerful blocks of voters.
I should also mention that I know Peter Ferrara from when we were students at Harvard. He was heavily invested in studying SS then and went on to make a career of it. Frankly, I am surprised that he is behind this proposal.
Ferrara and McCotter have been working on this for quite some time. What really ticks me off is, here you have a Republican candidate for the Presidential nomination who has introduced legislation to reform Social Security, has a plan to re-structure the banking system, has a REAL understanding of the threat that is Communist China, has a better grasp of foreign policy issues than any of the candidates, Republican or Democrat, but he gets excluded from the debates because of some contrived popularity contest created by the media. Its simply OUTRAGEOUS.
By the way, Heritage is in the tank for Romney. If they are endorsing this plan, it is likely that Romney will tout something like it.
Perhaps room will be made for McCotter when Huntsman and Santorum are gone (neither has any numbers and neither adds anything of interest to the debates).
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