Posted on 02/02/2005 12:29:39 PM PST by xsysmgr
We're 57 and we're all for it, immediately!
I'm 46 and for it all the way, for myself and for the future of my three children.
2%?!?!
I just looked at my Social Security statement, and I'm expecting a -1% return. You must be closer to retirement than me.
41, and hope it passes!
On one hand, I've got 14.2% of my income "invested" at a promised return of about -1%. To make matters worse, it's invested in treasury notes--IOU's, not hard assets--that will be worthless in 2018 unless they change the payout structure (read: higher retirement age or means testing) or raise the premium.
On the other hand, I could take my 14.2%, or even 1 or 2%, invest it at market rates, and expect to do much, much better. And, to make matters even better, if I drop dead at 65 years and 1 month, that money becomes inheritance that I can pass on to my wife and child. Social Security loves it when people die early...they take that money and plow it right back into the system.
Whatever the democrats say about 2042 or 2052 as the bankruptcy point is smoke and mirrors. Since the Social Security premiums are being passed right through to the general fund--in exchange for IOU's, the critical date is the date that the payouts begin to exceed the premiums. 2018. Period.
further proof the dims can divide and subdivide us into
niche class warriors rather than Americans .
Take a life-long minimum wage earner. Social security will pay him about a third of his monthly pay when he retires. That is, to say, Social Security will pay him 1/3 of minimum wage. Period.
Take that same life-long $5.25/hour employee, give him his 14.2% premium, long term stock market returns, and 45 years of compounding, and he can retire with a $Million annuity.
It doesn't take a high school diploma to tell you which plan is better for your average fry cook. But there are a couple hundred democrat congressmen that'll tell you they know better. Don't buy their claims of doom and irresponsibility. It's your money...demand a choice!
What if, after MY money has been extorted by the fed, I dont have ANY extra for my IRA?
How bout just letting me spend my money as i see fit, and invest in my own future???
I saw a dem commenting on FOX who said that because Bush didn't get the majority of the young people voting for him - and that Bush got a higher majority of older people - who are against the changes in SS - the dems are convinced they have the younger vote on the SS issue.
However .. they have obviously overlooked or ignored a poll of that same demographic of voters who have voted overwhelmingly in support of the change in SS - to allow personal accounts.
Poor dems .. in their haste to block everything Bush proposes - they ignore reality.
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