I hope it is approved, because that is less money for Washington to spend (our money) and more money that can be realized when we retire. I see this as a FIRST step in reducing the government's control over our money and our future.
If I had my way, I would end social in a way as to grandfather in the young workers in America, and let attrition end the SS payments for we older folks. Let the people in America KEEP their OWN money and protect it, and certainly keep it out of the hands of the leftist liberals that feed on it.
Sounds like we can count on the Hildebeast.
The Dims are really not afraid of the stock market, they are afraid of losing control of our money... This would call their bluff. If they went for it (they won't) we could just amend it in a couple of years to allow some investment in stocks, followed shortly after by full investment in stocks...
It's a funny subject,everybody I have talked too under 40 loves it. Everybody over 40 is scared to death of it.
No darnit, I want to continue to "invest" in a "company" which pays a 2% return, has zero retained earnings after 60 years in "business", has a huge contingent liability, has zero assets, is 100% leveraged, pays zero dividends, couldn't get a loan from a bank because of fiscal irresponsibility, is in a loss position, and if I die prior to payout, retains my stock by default.
I don't pretend to be an expert on this issue but instead of allowing private investment in Social Security why not raise the limits on say IRA's so it would encourage people could save more for their retirement? Just a thought...
IMHO, the hope of personal accounts is the only thing keeping this market from sinking into the abyss. If it passes and that's a big "if", there is immediately increased demand.
Why, what a great idea!
Does it have to be stocks?
How about CDs, T-bills, bonds etc.? Or combo of some or all - the way corps and institutions offer retirement plans to their employees now?
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!
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.