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Social (In)security
IBD Editorials ^ | September 9, 2008

Posted on 09/09/2008 7:32:12 PM PDT by Kaslin

Election '08: The country could use an honest debate on Social Security, particularly in an election year. From comments made over the weekend, though, it's clear that Barack Obama is not the man to provide it.


Speaking Saturday via satellite to an AARP group, Obama, who might not always know what city he's in or how many states make up the union, but knew well to whom he was talking, warned that his opponent John McCain would "gamble" their retirements by privatizing Social Security.

As if teleprompted on cue, he said that McCain embraces "George Bush's failed privatization scheme."

And with those comments, honesty left the building.

Bush's Social Security privatization plan is not a failed policy. It cannot be "failed" because it has never been tried, with the exception of three Texas counties where private systems are flourishing.

The president once had Washington talking about a partially privatized system in which Americans would voluntarily place a part of their retirements into private accounts. But the plan never became law, thanks to congressmen from the party of Obama who were in lockstep opposition, and some squishy Republicans.

What we are left with is a Social Security system that in nine years will begin to pay out more in benefits than it takes in via the payroll tax. By 2041, the "trust fund" will be exhausted and the system broke — unless Congress follows a plan such as Obama's, in which case the majority of Americans will be broke because the tax hikes needed to fund benefits will wreck the economy.

(Excerpt) Read more at ibdeditorials.com ...


TOPICS: Business/Economy; Editorial; Politics/Elections
KEYWORDS: ibd; mccainpalin; obamabiden; socialsecurity

1 posted on 09/09/2008 7:32:12 PM PDT by Kaslin
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To: Kaslin

“The country could use an honest debate on Social Security, particularly in an election year.”

An honest debate with start with “Social security is broken, and there is no way at this late date to fix it.”

No point in McCain starting that debate because the Dems would simply demogogue it, as they always do, and use that to defeat McCain. The only way for the GOP to deal with this issue is as follows: “I will sign any bill that the Dems can pass to fix the problem. They have defeated every bill that the GOP has suggested, so there is no point in me making a proposal. If they want to pass a $73 trillion tax increase to fix the problem, then fine, I’ll sign it. I will attack them for doing it, but I will nevertheless sign it, as long as it fixes the problem once and for all.”


2 posted on 09/09/2008 7:43:17 PM PDT by Brilliant
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To: Kaslin
"gambl[ing]" [citizens'] retirements by privatizing Social Security

I'd rather see that gamble than the fix that's a sure thing: any form of Hillary kare.

Once government has total control then government employees decide if you get care.

Twenty years ago a Dem governor (Lamm of Col.) said that sick old people should die and get out of the way -- he was later pressured to include sick people of all ages.

Soros essentially agrees and has the billions to back Hillary kare.

78 million baby boomers? Don't worry. We got Hillary kare. Hee. Hee.

AARP of course backs Hillary kare. They'll be lowering the age for membership to 35 after they lose 75 percent of their members. I bet.

3 posted on 09/09/2008 7:47:43 PM PDT by WilliamofCarmichael (If modern America's Man on Horseback is out there, Get on the damn horse already!)
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To: All

I’d like playback on this idea...

Frank Lutz’s CSPAN focus group of “independent” MN voters showed that the electorate is the problem to solving the problem. They almost all admitted that they didn’t want taxes raised to fix the problem and they didn’t want benefits reduced either.

So without knowing exact calculations of course, would giving a dollar for dollar tax credit to individuals wealthy enough to forego taking SS be a viable option, coupled with privatizing SS for younger workers? So, instead of drawing their measley $30,000 in benefits from the government that they have to pay in taxes anyway because they have pensions, taxable investments and defined contribution plan assets, they say no thanks to the SS draw and get to keep the equivalant benefit amount in tax dollars.

My thinking is that plan coupled with privatizing for younger workers would in effect bookend those who still need the SS to make ends meet in the near future and take away some of the payout costs.

This has just been rattling around in my mind and thought I’d finally put it out there to see the possible pitfalls I’m not seeing.


4 posted on 09/09/2008 8:04:34 PM PDT by WKL815 (If you want to vote for the perfect candidate, you'd better run yourself.)
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To: Kaslin

We must do all we can to move “trust fund” accounts like SS from debt-based, government owned, programs to asset-based, privately owned accounts.


5 posted on 09/09/2008 8:30:14 PM PDT by theBuckwheat
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To: Kaslin
When Breaux and Moynihan (Dem Senators!)in 1996 proposed the privatization they were met with scorn and denounciation by Bill Xlintoon who wanted to keep Social Security as a club to beat up the Republicans.

Those evil scientist who have developed techniques for increaing the average age for "old farts",(that's what my kids call me), the amount of benefits won't last another 15 years before outflows exceed inflows.

Way to go Dumbocraps!

6 posted on 09/09/2008 8:54:34 PM PDT by Young Werther (Julius Caesar (Quae Cum Ita Sunt. Since these things are so.))
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Comment #7 Removed by Moderator

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