Sen. Reid's gamble is a sure loser

I understand that they pay in to it......but the key is they don't rely on it for their retirement. I believe they retire with basically their annual salary, plus most develop tremendous wealth while "serving their country" in Congress.

Not to mention their "private accounts' which they enjoy but they don't want us to have....

My plan for social security. ALL people who've been forced to particpate are paid out thier contrtibutions (including the employer match) with interest with compounding based on the T-bill rate in effect for each quarter. Current retirees have their proceeds deducted. Checks are sent, system is over. Next issue please. But then that would be actually ending socialism in America and we don't really want to do that. I stand by to be flamed.

You figure out a way to do it and not end the government up in debt and I'll vote for you.

I believe part of the national debt IS the big IOU to the SSI trust fund. Its shameless that Senator Reid didn't come clean. LBJ was the first President to tap the money from the trust fund to "pay for the Vietnem war". Ever since then, the congress has used the trust fund money to spend on all their pork and social programs to the point that there is an empty trust. In return for their generosity with the people's money, politicians have had their pockets lined with speaking engagement money, shady book deals, promises for work after government service, lobbying fess and other such nonsense, not to mention re-election campaign funds to pay to relatives and friends.

Since the return on the money that was supposed to be in the trust fund, ends up being added to the amount of original debt, the return on SSI surplus money is purposefully held very low - between 2 and 3 percent. Hence, the money that was supposed to be in the trust fund growing, has been withering away, barely beating inflation.

So Senator Reid, which is more of a gamble? Give it to the congresscritters and guarentee the continued theft? Or let Joe Bagadoughnuts invest his own money in the market. The "Risky Scheme" is actually to continue handing over SSI contributions to Senator Spendalot to further his/her corrupt enrichment on the backs of the people.

I agree heartily with your sentiments. My only point is that the US Gov has assets - land specifically which it could (and IMO should) sell. Use the $ from the sale of land to pay for the SS problem. Its a twofer in my book. It increases the tax base and pays for the generation that spent all the SS surplus. I suspect it does so with a minimal negative effect (e.g. inflation) on the economy. The gov doesn't do their accounting right - the problem is no balance sheet. They manage income and expenses, but don't handle assets and liabilities well at all.

No. They don't. They have some other Savings plan. I forget the name of it, but (as you may expect) it's a sweet deal.

Actually all of Congress (as of Jan 1 1984) DO pay SS taxes just like everyone else. Before that, they did not. They do still have a pension plan though.

Sen. Harry Reid has a good thing going - but he thinks its risky for Americans. The Democrats have such a low regard for the rest of us they think we can't manage our own money as wisely as they manage their own investments. No wonder they want to keep Social Security as it is. The last thing the Democrats want the American people to see that when it comes to their retirement, politicians and federal employees don't pull all their money into Social Security. Like DUH. Talk about shamelessness writ large.

Denny Crane: "There are two places to find the truth. First God and then Fox News."

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.