Posted on 05/26/2024 11:33:21 AM PDT by SeekAndFind
Convert it to stocks and bonds and let Nancy Pelosi run it. She has a remarkably successful career of buying and selling at the most profitable time.
They've been doing that for many years now, and gotten away with it. No reason for them to stop now.
“Illegals working under bogus SS numbers will never see a dime of what they’re paying in.”
If only that were true. Illegals will get SS - all in the name of “fairness”. Look at the cash and prizes they already get just for breaking into our country.
(5) So that the government doesn’t play favorites in the marketplace, the method for selecting which of the profitable companies to buy from next should be done through something like a bingo basket.
That is, there’d be a list of reliably profitable companies from which to choose, but the ultimate choice would be randomized, as happens with the spinning bingo basket and the little ball pulled from it.
(6) Under the proposed new system, when a person’s payroll taxes or self-employed taxes are paid into Social Security, the person’s account would be credited with the percentage of shares proportionate to those funds.
Thus, it would function like an IRA or other retirement plan, only the money would be put into the system involuntarily on the part of the worker.
(7) When the individual retires, whatever the account has accumulated becomes what said individual has to retire on. Any unpaid funds left when a retiree passes on should be passed on to the person’s heirs.
If a guy has a wife and kids and dies young, whatever is in the account goes to the wife and kids.
(8) Those already retired - or who will wind up with partial benefits via the old plan plus shares in the new plan - must be paid what they relied upon.
Thus, the system would earmark a portion of the dividend income from the fund to these legacy retirees, with money coming both from the federal government itself and from the index fund.
(9) Social Security needs to be returned to its function as a retirement fund. Subsets of benefits, such as disability payments, should be removed from the fund and sent to the individual states.
I agree. I've been saying that for years.
A big help for retirees would be to end federal taxation of SS benefits. Thanks to then Delaware Senator, Joe Biden, benefits became taxable. He screwed us then and continues to do so with Bidenomics ravaging the economy.
If congress would stop stealing from social security and cut the 1/3rd spending increase that caused the inflation we have then social security would be have more then enough money.
Duplicate numbers..... if anyone here doesn’t think the SSA doesn’t know AND KEEP TRACK OF duplicate/multiple use of SSNs in different internal accounts I have a bridge to sell you.
One of the first and most productive uses of computers throughout their development has been database management and query for different field criteria. The reason they don’t crack down is because they WANT the FICA/OASDI payments those fake numbers bring in. They also track all the different inputs and keep the true owner’s contributions separate because they don’t want the owner to get credit for the other payments and end up getting a bigger retirement check.
SS isn’t going to change anytime soon. If it does, it will be for those ages who aren’t powerful voter blocs (e.g., very young adult workers vs seniors who consistently vote). That’s not to say there won’t be plenty of ‘scare mongering’ out there and exhausting campaign debate (lies).
1. Insurance companies do this regularly with annuities.
2. The single largest risk to Social Security is government theft, which you can only de-risk by keeping their hand out of the cookie jar.
The point is you can’t eliminate risk.
Ok, all ss moneys get invested in stocks. Then stocks inflate based on more money chasing limited stocks. (we have that now) Yes, stocks in good business grows too. Then easy money chases high risk stocks. Govt encourages stupid investing like today and ...............
You can’t keep govt out of the cookie jar.
My biggest concern today is WHO is going to buy my stocks? They may not be there with money when I need it. It has happened before. Real Estate drops to a third of the high and stocks drop to a third of the high. I have seen it in my lifetime.
There has been discussion in our govt to take over our retirement plans and investments in the promise converting it into an annuity. I believe they would do this if they could.
YOU CANNOT ELIMINATE RISK if you expect a profit. You can reduce it by diversification at best.
your proposals paint a picture of perfect investment. NOT Happening. Look at the whole system.
Of course you do. LBJ.
They are more likely to try to save SS by mandating higher “investments.” They will require a percentage (25% to start) of private 401k and IRA accounts to be held in designated federal bonds as “protection from volatile market forces.”
You plan for risks you cannot afford.
You limit government.
You stop creating money out of thin air.
What initiative do you think will work? Some Politicians have tried to bring up fixing SS, and it generally turns into the third rail of politics for them, and were not talking California’s train to nowhere.
number one, every single federale must be on SS and Medicare...they must follow all the rules/regulations etc just like we peasants....
me, I just worked 47 yrs....
extend the SS to upper earners if need be....
they always want the regular people to work longer but those govt employees whistling in the wind when they get to retire very early....
no cuts in SS or Medicare until govt employees feel the pinch...their pensions are our taxes afterall..
Regardless business interests always speak that way about higher taxes impacting them that the little people will pay.
When business gets its way like it does in Canada you have a 15 percent corporate tax rate while the little folks pay income and sales taxes along with user fees.
The Constitution? Is that ol’ thing still around? /s
2. Bill Clinton passed legislation taxing Social Security.
The problem will cure itself as we Baby Boomers die off. Remember there is no refund of paid but unused benefits.
“I’m against making the younger people and middle age people pay more and work longer....
extend the SS to upper earners if need be..”
You’d have to change the SS benefit formula, or what you propose would only be a stopgap, as raising the income cap for FICA taxes, under the current formulas, wouold also mean those contributing more because they are higher inomce earners, will also be due greater benefits than what is the top benefit possible now. That would mean that if SS did not set aside those increased FICA taxes for the day those higher benefits would be gtting paid, then again SS debts, instead of getting cut down now, will just - as now - be kicked down the road. You’ll be eating those extra FICA revenues now, to help work off some of the SS problem now, and generate new IOUs because the higher benefits will be due later on. THAT will affect the “younger earners” you are trying to save from being part of the pain of repairing some of the SS debt debacle now.
The only solutions that are the least painful solutions are the ones that spread their pain broadly, some here, some there, some there, not narrowly. The more ways we can make adjustments the less painful will be the adjustments hitting any demographic class.
If I were to “blame” any generations it would be those getting benefits now and the “middle class” because it has been their same demographic of Congress critters that caused the problem, and then ignored the problem.
GWBush tried to direct a solution with that in mind when he tried to propose a different system for the younger eaarners now, that would give them a more privatized SS when they retired (getting their own accounts accumulated for them and benefits based on those personal accumulations). BUT his solution did not get far with Congress. The Dims rejected it outright (of course) but wiser GOPers also rejected it as it did nothing for the existing problem and because it did nothing for the existing problem and put younger earners FICA monies into a different plan, it made the existing problem worse.
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