Posted on 09/08/2011 12:35:41 AM PDT by Cincinatus' Wife
But three neighboring Texas counties, which opted out of Social Security 30 years ago by creating personal retirement accounts, have avoided a fiscal train wreck while providing retirees with even more retirement income.
Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.”
[snip]
More importantly, if a worker participating in Social Security dies before retirement, he loses his contribution (though part of that money might go to surviving children, if any, or a spouse who didn’t work and therefore didn’t establish his or her own benefits). But a worker in the Alternate Plan owns his account, so the entire account belongs to the estate. There is also, among other benefits, a disability benefit that pays immediately upon injury, rather than waiting six months, plus other restrictions, as under Social Security.
And those who retire under the Galveston model do much better than Social Security. For example:
A lower-middle income worker making about $26,000 at retirement would get about $1,007 a month under Social Security, but $1,826 under the Alternate Plan, according to First Financial’s calculations.
A middle-income worker making $51,200 would get about $1,540 monthly from Social Security, but $3,600 from the banking model.
And a high-income worker who maxed out on his Social Security contribution every year would receive about $2,500 a month from Social Security vs. $5,000 to $6,000 a month from the Alternate Plan……………….
Somebody ought to ask the Democrats that if SS is so great why do they have to force people to do it instead of allowing alternatives?
They jumped all over this, didn’t they?
Oh! Watching MSNBC! What a bunch of Leftist cheerleaders!
The MSM knows the public knows SS can’t survive and are hungry for the conversation and solutions.
MSNBC after-debate coverage “neatly” edited out Perry’s opening about the current and soon to be recipients being kept in the program — but that it was unsustainable for the future.
Was it Romney who said it isn’t the cost of the SS program that made it unsustainable but rather that the money is being spent on other government programs? By holding that position, Americans continue sending their “retirement” money to Washington — the ponzi scheme.
Nationally, polls show voters in general oppose major changes to Social Security. Earlier this year a pro-Social Security interest group said its polling found 76 percent of Florida voters opposed cuts to Social Security to lower the deficit. Among Republicans, it was 66 percent. Among tea party members, 56 percent.
Then again, maybe voters don't care as much as the polls say they do. U.S. Senate candidate Marco Rubio in his GOP primary battle with Charlie Crist said during nationally televised debate that he was open to changes to Social Security. Crist ran ads against him. But Rubio won easily. [end]
How about applying the same thing to healthcare?
It’s such a good idea we have to make you do it.
Anita?
Federal regulations have so balled up the works, restricted common sense solutions and wasted taxpayer's money, that it's getting harder and harder for state and local governments to balance their budgets and offer services.
We need to stop the feds and roll back litigation, regulation and taxation.
Yep, but at all levels, state and local as well. Whenever I ask a liberal who made you buy your microwave they blank stare me. Once they realize I’m serious they’ll say, “No one.” (I suspect they’re thinking ‘nuclear radiation danger’ and are embarrassed to use a capitalist tool of convenience, but even a liberal isn’t that stupid/unproductive)
That they don’t see the invisible hand befuddles them. There needs to be some controlling or central authority, even if it’s just to get the idea. They disbelieve God, but accept that someone must be at the center of it all...usually they want to see themselves there. ;-]
Yes.
People have forgotten that they have innate abilities and should be reminded, “You can do this!” “You could make this!”
The government has bred and bullied personal responsibility and initiative out of people and the people are suffering — and the collapse of our government reflex the condition of it’s people.
Time to reverse this.
Is it ready now? I’m hungry!
Isn't that the basic liberal philosophy?
I think the voters are ready for President Perry.
That’s a great shot, but I remain skeptical. I like him a lot, but worry that he takes credit for things that are natural to a state like Texas.
I understand. But there are a lot of things “natural” to the United States and we need someone who won’t get in the way — who will get obstacles out of our way.
Article mentions Reagan and Perry ...I find that offensive, Perry missed the Reagan revolution, Perry never supported Reagan.
When Perry starts talking about Reagan it will be laughable.
We are supposed to believe he repented for his early years, yet supported Rudy G as recently as 2000
Or in other words - Obamstacles
You find it offensive because you support Sarah, period. If Perrys’ cowboy hat was blown off of his head onto a lake, and he walked across the top of the water to retrieve it, you would immediately post “RICK PERRY CAN’T SWIM!”
As I recall, Reagan supported Ford in 1976, after losing the nomination to him. Ford was also a pro-abort politician.
A lot of very conservative people supported Rudy.
People have many reasons for doing what they do, and it doesn’t always make them a RINO.
I swear, if Reagan himself were running today, 200 Freepers would be on every thread calling him a RINO.
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