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.
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.
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....
bttt