'You can't take away MY Money. I need to be able to raid social security with fake IOUs. How dare you try to take MY money for social engineering away from ME!'
/Sarcasm OFF
Posted on 02/02/2005 8:08:48 AM PST by qam1
I would like to issue a challenge to anyone under the age of 40 in the United States of America. It is time we become actively engaged in this debate over Social Security.
For those of us in our 20's and 30's, this current debate over the coming crisis in Social Security should be ours since it will have the greatest impact on us and the generations that follow after us.
While federal lawmakers can debate the merits of whether we are in an imminent crisis or not, it is clear to most people that if nothing is done the system is going to fall apart by the time we reach retirement age. The latest public opinion polls show that most Americans believe there are problems with Social Security that need to be fixed. And now.
I applaud those lawmakers who recognize the coming breakdown of Social Security and are offering possible solutions to make it as solvent as it can be by the time we reach retirement age.
With all the pontificating on the subject of Social Security by both the Democrats and the Republicans, the main point of discussion should be to come up with a workable plan that will actually create money that will be there when my generation goes to retire in 30-40 years.
And because wealth does not create itself, it will be necessary to allow those of us who are decades away from collecting benefits to invest some of OUR money in personal investment accounts.
And that's an important element that has been missing in the debate over Social Security. It's OUR money, not the lawmakers in Washington. Listening to the Democrats on Capitol Hill, you'd think it was THEIR money on the line.
"President Bush should forget about privatizing Social Security," Senate Minority Leader Harry Reid (D-NV) said on Tuesday. "It will not happen -- and the sooner he comes to that realization, the better off we are."
Who does Harry Reid think he is obstructing any discussion about improving Social Security for people in my generation? I know he's merely pandering to the senior citizen community to keep his precious seat on Capitol Hill. But this isn't about today's Social Security recipients nor is it about the Baby Boomer generation. They'll get all the money they have contributed into Social Security as they should.
But for those of us in the Generation X era and beyond, this is vitally important. While most Democratic and some Republican lawmakers are afraid to support President Bush's plan to allow some of the Social Security money to be invested to earn a profit, it is exactly what is needed for people my age to have something to retire on.
It's not gambling in the stock market, as Democrats suggest, but investing in sound businesses and making smart investments in solid interest-earning accounts that will earn younger workers the money they need when it comes time for them to retire. Why is this so difficult for some people to understand?
Sen. Bill Nelson (D-FL) said on Monday that he "will oppose diverting money from the Social Security trust fund."
What Social Security trust fund, Sen. Nelson?! There isn't one and that's what makes this debate with these Democrats who have no clue so incredibly frustrating. They are only looking at it from the perspective of what they can gain politically today rather than doing what is best for future generations. Sucking up to seniors by making it about them is blatantly dishonest and people my age need to hear that loud and clear because this is about us.
Sen. Nelson added in his comments, "I will fight against cuts to Social Security benefits. I will fight against any plan that relies on massive borrowing and increases the debt. And I will fight to protect this program that provides a safe and reliable source of retirement income for millions of Americans."
What cuts, Sen. Nelson? What plan have you offered to make Social Security what it needs to be? If Social Security is such a "safe and reliable source of retirement," then why are so many workers my age afraid it will not be there when we reach retirement age?
If you really want to fight for something, then how about standing up for the millions upon millions of young workers who want to be assured there will be something there for us when we reach retirement age. What plan do you have to make that happen, Sen. Nelson? I'm waiting.
Expect this debate to continue for many years to come if nothing is done about it in 2005. But with each passing year, it will become more and more evident that something will need to be done to make sure Social Security will be there when my generation comes of age.
Maybe it'll take another decade or two before people my age will be elected to serve on Capitol Hill to actually do something about this very real problem. But the longer we wait to fix the problem with Social Security, the more difficult the decision will be to make the changes necessary.
The time to do this is now. Do it for my generation and the generations that follow. Have the courage to stand up for what is right. Will you join me in this challenge?
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My own simple solution to Social Security is to allow individuals to opt out. If I don't care about receiving benefits later on in life, I should be allowed to not have the funds withheld from my paycheck today. It's telling that this option is, of course, not on the table at this time.
I'm 37 and I get the impression I am already too old for whatever happens. They've been squawking about this since at least 92 with Perot and all that, but nothing gets done. I believe GW wants to get something done, but I also believe he'll sign absolutely any kind of soc security reform that crosses his desk. And I believe I'll be left out in the cold with the crappy old system.
I'm 37 and I get the impression I am already too old for whatever happens. They've been squawking about this since at least 92 with Perot and all that, but nothing gets done. I believe GW wants to get something done, but I also believe he'll sign absolutely any kind of soc security reform that crosses his desk. And I believe I'll be left out in the cold with the crappy old system.
I think we need to address that insidious, socialist Medicare program also, as it's projected to run out of money long before Socialism Security.
I read yesterday where Medicare pres. drug benefits will now cover Viagra and other similar drugs. Thanks to Bush's increases here, we now get to subsidize the sexual activities of senior citizens!!! Where's the outrage over this?
I started dealing with the social security issue about 15 years ago when I started working full-time.....it's called 401K. My wonderful husband (also an accountant) wisely proclaimed at the onset of our marriage that social security is nothing but a TAX and our family would not count on it, so we don't.
Anyone born after 1960 has lived their entire work career under Carter's extreme Save SS forever tax hike. We also have had our benefits cut so that we no longer can retire at 65, but two full years later, at 67. So we have already had our taxes raised and our benefits cut. Any more cuts or tax increases should only be on those born BEFORE 1960.
I agree. As my husband and I are the lone employees of our home businees, that extra 16% would be better invested in our company, which in turn would provide the real capital we would need to invest in our retirement! I'm 27, he's 31, so Social Security is not even on our radar as something to look for.
And won't be because it "opts out" those receiving the funds you won't be paying. No realistic proposal anticipates that the people who have been paying the tax will willingly let the government break it's promise.
There are many realistic proposals to get from where we are to where we want to go, yours hasn't shown up because it is not realistic.
I think it is realistic. True, because of the flawed set-up of Social Security (pay-as-you-go), there would a short-term shortfall in funding. In the short-term, pull funds from the general fund to make up the difference. In the long-term, this goes away, the Social Security crisis is behind us (or, at least, is not a "crisis" for those who don't want Social Security in the first place), and Americans have more freedom to choose how they want to finance their own retirements. What's wrong with that?
You seem to be the only one.
True, because of the flawed set-up of Social Security (pay-as-you-go), there would a short-term shortfall in funding. In the short-term, pull funds from the general fund to make up the difference.
LOL, how much? Run the numbers then get back to me.
and Americans have more freedom to choose how they want to finance their own retirements.
That should be the goal. It is not the goal for many Americans.
What's wrong with that?
Nothing in theory, I have always called for the abolition of the Ponzi scheme. But, your plan is not politically realistic.
The "general" fund you speak of, is in deficit. Where will the money come from? There is no tooth fairy, so you either have to cut spending or raise revenue. Propose a plan for that and we will look at it and see what happens. Until then, your idea is not realistic.
'You can't take away MY Money. I need to be able to raid social security with fake IOUs. How dare you try to take MY money for social engineering away from ME!'
/Sarcasm OFF
Retirement is simple not going to be an option. The only way to "save" SS is to put the retirement age beyond the average life expectancy.
Simply put, forget about retirement or private SS accounts, neither is going to happen.
This has been a huge issue for me for a while now.
Make SS completely voluntary.
That too!!
The old codgers on SS is too worried about not getting your money now if you opt out of SS. Until we come up with a way to replace the money that those like you and me would not pay in taxes if we opt out they won't go for it.
My solution would be a 10% tax on all imports from China. Judging from Wal-Mart that should bring in Billions.
typical Democratic response....steer the reform away to other issues. Check out http://www.socialsecurity.org/catoplan/
When SS started...it was a simple check to cover groceries and the essentials...it was NOT a pension check. Look over all the literature that the Roosevelt adminstration put out...they never claimed that...and today's SS program doesn't advertise itself as a pension program. Its not such a vehicle. If people really wanted a government pension program...then the total that you and your employer need to put into the system is 20 percent (10 and 10). Thats the only way to make it a true retirement program. And yes, it must take into account that people are living longer.
The only issue I have with private investment deals...alot of folks could come up and risk an awful lot (80 percent of their reserve) on a fund that is possibly doomed to turn south. And lets face facts...if you had a $300k retirement account one day...and suddenly lost $100k over 30 days (Lets use 1/3 of your investment in Enron for example)...your ability to sustain yourself on the account left rapidly decreases. I know lots of people with no investment knowledge and would not be smart at 55 to move all their invested money over to bonds...and their risk ratio may be tied to the fact that they invested in a fund that constantly delivered less than expected goals.
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