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Presidential Candidate Fred Thompson Pushes For Personal Accounts For Retirees
All Headline News ^ | November 9, 2007 | Danilo Gagelonia

Posted on 11/11/2007 3:34:30 AM PST by 2ndDivisionVet

Washington (AHN) - Republican presidential candidate Fred Thompson proposed Friday to reduce promised retirement benefits and to create a system of voluntary personal retirement accounts that can also help to finance the Social Security program.

Under the proposal, retirement benefits for workers who are now 58 and older will not be affected. Employees who are now younger will get smaller monthly Social Security pensions because their benefits will be calculated based on the yearly increase in prices.

Meanwhile, the personal retirement accounts will be funded with workers' contributions to be matched by funds from the Social Security trust fund.

Workers can contribute 2 percent of their salary into their own account. The government will match the first $20 in monthly individual contributions with $50 from the Social Security Trust Funds. Succeeding contributions will be matched 50 cents on the dollar.

Distributed written material on the plan said, "The money belongs to the worker. It could be withdrawn at the worker's discretion after age 62 and used for any purpose, or left in the account to continue growing."

According to Thompson, the creation of personal accounts will stimulate the economy and provide increased tax revenue. The Treasury can then make a payment each year back to the Social Security trust fund to recoup the program's reserves.

Thompson said, "If somebody's got a better idea let them put it on the table."


TOPICS: Business/Economy; Culture/Society; Extended News; Government; News/Current Events; Politics/Elections; US: Tennessee
KEYWORDS: 2008; babyboomers; conservatism; conservatives; courage; duncanhunter; election2008; electionpresident; elections; entitlements; firstprinciples; fred; fredthompson; gop; inflation; innovative; investing; investments; issues; personalaccounts; primaries; prosperity; republicans; retirement; socialsecurity; taxes; thirdrail; thompson; wallstreet
Senator Hillary Clinton (D-NY) says she'll appoint a commission to study the matter. Weasel words, IMO. No one else, that I know of, has any plans at all, just glib sentences on their websites.
1 posted on 11/11/2007 3:34:32 AM PST by 2ndDivisionVet
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To: 2ndDivisionVet

I still think Fred is the man.

I’m not buying into the “he doesn’t really want the job” hype that is being circulated in the LSM. I’m sending a few buck to his campaign tomorrow.


2 posted on 11/11/2007 3:51:40 AM PST by Constitutional Patriot (Socialism is the cancer of humanity.)
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To: 2ndDivisionVet

It’s basically your own retirement 401k plan. Instead of the money which is already taken off your pay for social security, which disappears into the black hole known as general revenues and spent by government, you can see it and watch it grow, just like a regular 401K. Contribute the min, and you end up with the min., but for those smart enough to take advantage of a good 401k where the government contributes a portion to your plan on top of your own contributions, there is no reason why anyone should retire poor.


3 posted on 11/11/2007 3:54:38 AM PST by Nathan Zachary
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To: 2ndDivisionVet

The article mentioned nothing about SSD or SSI. I don’t know whether Mr. Thompson’s plan addresses these or not, but if there is any solution to this mess, they must be.


4 posted on 11/11/2007 4:32:21 AM PST by Roccus (Hillary........brought to you by the PRC)
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To: Nathan Zachary
“Contribute the min, and you end up with the min., but for those smart enough to take advantage of a good 401k where the government contributes a portion to your plan on top of your own contributions, there is no reason why anyone should retire poor.”

I agree. Also, when you die this money can be passed on to your family. When my father died my mother had to choose between her social security or my father's, her pension or my father's (they both worked). She essentially lost nearly 50% of what had been coming in from their pension plans and social security. If it was your own account you would be able to pass that money on. Why shouldn’t you be able to? You worked for it.

5 posted on 11/11/2007 4:33:58 AM PST by pieceofthepuzzle
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To: 2ndDivisionVet
Bump!

FRED VETS, SIGN UP TODAY AT:

6 posted on 11/11/2007 4:49:01 AM PST by W04Man (I'm Now With Fred http://Vets4Fred.net)
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To: Constitutional Patriot
THANK YOU!!

Fred08 - Contribute Now

7 posted on 11/11/2007 4:59:17 AM PST by 2ndDivisionVet (Your "dirt" on Fred is about as persuasive as a Nancy Pelosi Veteran's Day Speech)
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To: W04Man

He is the only candidate who is proposing the only solution to our mess..individual accounts. It could be different,,but individual accounts is the answer.
If you look at the success of Chile, Singapore and Australia..it is stunning.
Makes capitalists of all of us.


8 posted on 11/11/2007 5:00:48 AM PST by Oldexpat
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To: Oldexpat

Huh? link?


9 posted on 11/11/2007 5:05:04 AM PST by W04Man (I'm Now With Fred http://Vets4Fred.net)
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To: 2ndDivisionVet

Yeah, Hillary the centrist will say whatever you would want to hear, she is an ear tickler as all liberals are and rationalize doing evil on the lie that it will bring good. The nazis thought so also. And todays rinos are liberals.


10 posted on 11/11/2007 5:16:31 AM PST by kindred (I am voting conservatives like Hunter,or Third Party. No vote for Rudy or other rinos.)
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To: Constitutional Patriot

It is a great plan. We have a similar plan at work that matches dollar for dollar into your 401K.
Unfortunately, some don’t trust “the market” and think the gov. knows best.

I feel sad for them and really there is nothing one can do to convince them otherwise. it’s the old “you can take the horse to water, etc.etc.


11 posted on 11/11/2007 5:34:12 AM PST by primatreat (Alzheimer's whispers are getting louder. I will not let the door open till this is over .)
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To: 2ndDivisionVet
Thompson said, "If somebody's got a better idea let them put it on the table."

Sounds like a good challenge.

12 posted on 11/11/2007 6:13:13 AM PST by SuziQ
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To: Oldexpat
"If you look at the success of Chile, Singapore and Australia..it is stunning."

Yup. I wonder if the Republicans offered a similar alternative back when FDR was pushing his Ponzi scheme??

If we had gone that route instead of the "pay for your parents" one we did, the USA would have a gargantuan pool of capital, instead of a mountain of debt.

13 posted on 11/11/2007 6:29:23 AM PST by Wonder Warthog (The Hog of Steel-NRA)
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To: SuziQ
Basically, it is the same plan that President Bush worked on, but our sorry Republican congress did nothing to help.
14 posted on 11/11/2007 6:39:22 AM PST by Coldwater Creek
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To: 2ndDivisionVet

He’s one of the few candidates to have a more concise plan on a few issues.


15 posted on 11/11/2007 10:12:04 AM PST by Rick_Michael (The Anti-Federalists failed....so will the Anti-Frederalists)
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To: All

http://www.synthstuff.com/mt/archives/ginsburgsnooze.jpg


16 posted on 11/11/2007 4:37:59 PM PST by RasterMaster (Rudy McRomneyson = KENNEDY wing of the Republican Party)
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To: RasterMaster

On The Issues....duncanHunter_logo

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17 posted on 11/11/2007 4:39:26 PM PST by RasterMaster (Rudy McRomneyson = KENNEDY wing of the Republican Party)
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To: RasterMaster

This is a thread about financial freedom. Protectionists need not apply.


18 posted on 11/11/2007 4:46:11 PM PST by Bull Market (Thompson/Paul 08 - Republicans, Libertarians, Independents MUST join forces to defeat Hitlery)
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To: Bull Market

Financial freedom doesn’t come from those who sell our sovereignty to COMMUNIST enemies.


19 posted on 11/11/2007 4:58:28 PM PST by RasterMaster (Rudy McRomneyson = KENNEDY wing of the Republican Party)
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