We don't KNOW. If you live 20 years after retirement, you'd make out like a bandit on SS.
If your best argument against prvate accounts is fees and comission you have no argument..in fact it sounds like youd be against 401ks or IRAs for that matter.
How did Enron employees make out on their 401ks? (I know you're too smart to ever make their mistake.)
IRAs and 401s are in addition to Social Security and do not replace it. I think people should take advantage of any savings or investment plan that they choose to provide for their retirement.
Absolutely shrink it. There would be less money for the federal govt to spend. That is shrinking it.
Really? Didn't we just have a demonstration this week that being out of money is no deterrent to spending?
1. envy of those who earn comissions
Oh please! The attractiveness to the individual for diverting some FICA money into individual accounts is the possibility that the investment yield will be higher than SS. If fees, commissions, etc. reduce yield sufficiently to wipe out the advantage, then what's the point?
That has nothing to do with envy, it has to do with weighing potential benefits.
2. distrust of allowing people to control their retirement destiny
Why do you think Social Security was created in the first place?
these arguments are so easy to shoot down, it isnt even a challenge.
""We don't KNOW. If you live 20 years after retirement, you'd make out like a bandit on SS.""
two things wrong with this...one) this is true for current retirees,not for those who are going to retire in 20-30 years as SS become more more negative the younger you are...two) if is the big word here..if, well if you dont live long SS is a huge rip off..with personal accounts you can bequeth them to your heirs
""How did Enron employees make out on their 401ks? (I know you're too smart to ever make their mistake.)""
Demogoguery of the first degree here. Enron employees could only invest in Enron shares. Again I must repeat myself, no indivudual shares would be invested in, only funds.
"Why do you think Social Security was created in the first place?"'
supplemt retirement, no provide for it. Agsin you seem blind to the fact that it is going bankrupt and that a 1935 program no longer serves its function as it was originanly construncted..if you want it to survive, and it sounds like you do, youll pull your head out from out of the and accept some changes that give workers a higher rate of return...yuor solution of higher taxes and cutting benefits just makes SS a negative rate of return program