Posted on 02/17/2010 8:53:05 AM PST by SeekAndFind
Like a zombie tromping through a Hollywood gorefest, the idea of privatizing Social Security still walks among us.
The last promoter of the idea that people should personally invest their Social Security assets in the stock market was President George W. Bush, in 2001. With the dot-com crash still ringing in people's memories, the idea died in 2005.
The market hasn't yet recovered from its most recent crash, but the monster unaccountably is back on its feet. This time it comes dressed up as part of the "Roadmap for America’s Future" recently unfurled by Rep. Paul D. Ryan (R-Wis.), the ranking GOP member of the House Budget Committee.
The Roadmap is a retort to the charge that the Republican Party contributes no ideas to the national debate on fiscal issues, only "no" votes in Congress. It's a road map to the dismantling of federal social programs under the guise of making them fiscally sound, while cutting taxes for the rich. (The plan eliminates taxes on capital gains, interest and dividends.)
Social Security comes in for particular abuse. Ryan states that "Social Security's shrinking value and fragile condition pose a serious problem. . . . To maintain the program's significant role as a part of the retirement security safety net, Social Security's mission must be fulfilled . . . without bankrupting future workers."
One doesn't want to be picky about an elected congressman's words, but with all due respect, these words are pure bilge. They come straight from the talking points of Social Security's historical enemies: conservatives who have never believed that the government should play such an important role in people's retirement planning, and mutual fund and insurance companies that hanker for the business generated by millions of Americans looking for a profitable place to park their retirement assets.
(Excerpt) Read more at latimes.com ...
Social Security is a Ponzi Scheme.
It self-destructs anyway.
The social security program is a fraud and will eventually collaspe as all ponzi scheme do.
The last promoter of the idea that people should personally invest their Social Security assets in the stock market was President George W. Bush, in 2001.
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What a radical concept! Invest your savings to prepare for retirement. Sheesh, what lunatic came up with that wacky idea?
I wish I would of had a defined benefit plan instead.
They are already stealing the money; while they have always kept people poor this way.
That's why I stated in my post that it's already happening.
Privatize it or kill it. Whichever. I won’t see a dime from it so it’s just more legalized government theft to me.
Ponzi schemes, or pyramid scams, always fail because they are structurally unsound.
Before Bush went off course, one of his major initiatives for his second term, was a massive reform of Social Security in which the accounts would become your personal and private property, and could even be passed as a form of accumulated wealth to your heirs.
Anything the government tries to do usually ends up a disaster, costing too much, or both.
Yeah, but he screwed up and passed Part D.
PLEASE kill social security. I am a “younger” worker, and while I am paying the tax, which I am sure will increase, I know that 35 years from now, I will not get back anything close to what I paid in. It seems more like organized thievery.
If they're going to end or severely curtail SS benefits, they'd better find a way to pay back at least what they have taken from those who are living, plus interest.
Why not a requirement that wage earners dedicate a couple thousand a year into IRAs (withholding the same way social security is). That would be a start. In the future all they will do is take a couple thou more in taxes anyway, when she goes belly up.
“Yeah, but he screwed up and passed Part D.”
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Well that is Medicare, not Social Security, but yes, a good example of what I meant when I said “before he went off course”.
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
By the same argument, why not just require people to purchase health insurance?
Maybe the Federal planners can just drive over to your house and write up your family's budget too. After all, Uncle Sam knows what's best, right?
I hear what your'e saying, but it's not just about you. There are those who have had their money taken from their paychecks all their lives, in the name of their 'future security'. Many of those Americans will need that 'future security' to survive. I don't know what the answer is going to be, but anyone who is middle aged or older, and sees the abject selfishness of this present generation has much to worry about regarding getting back what they gave, both to Social Security and to America with their sweat and blood.
Yes. A huge entitlement.
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