Give me back that 6% (technically 12% w/employer contribution) of my income that's going to Social (In)Security and let me invest it myself!
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 (i.e. The Baby Boomers) 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.
There is no question that Social Security must be eliminated. The only issue is how to get rid of it in the most painless way possible.
Phasing out social security has always been the right idea, but it won't happen until the backs of the next generation or two begin to break under the tax burden. Then I think those taxpayers will force the politicians to begin to phase it out, and it'll end with the Baby Boom generation. That's my prediction, anyway. Check back in 50 years to see if I'm right.
The Republican Party of Big Stupid Government doesn't have the guts to do anything like this. They don't even have the stones to take PBS off the taxpayer teat.
Most people feel far too marginal too give up a "defined benefit" type of retirement plan. If the stock market tanks (or closes - markets are like companies, they can tank or even disappear), then there is no backup.
Social Security will end, it just won't be "phased" out. It will end along with Medicare, Medicaid, and welfare in one fell swoop ... it will happen the US reaches it economic colapse in the next 30 years or so. It will happen so fast that 1930 will look like the good old time.
You and I won't be worring about "I can't believe my check ain't coming in the mail any more". We'll be worring about defending the little bit of food and water we have stored from roving bands of gangs. There will be no work, no "savings" ... just you, your family and what ever guns and ammo and provisions you stored away till some sembelence of law and order appear a few years later .... under Sharia Law!
So look at your young kids or grand kids now and think of the HELL HOLE this country will be in next few decades.
Oh, I almost forgot .... Have a nice day :)
Wait -
so he says to cut off all SS benefits to the younger generation, while maintaining their payroll taxes, and then he goes on to say he'd give the younger generation an exemption from added tax to pay down the debt?
Phasing out the retirement portion of SS is a good idea. However, is this guy asking the younger generation to pay for the older generation's benefits and receive nothing in return? Or is he proposing a new tax on the older generations ONLY that would be used to pay down debt they have incurred so as to relieve the future debt load on the younger generations? It sounds like he wants me to sacrifice my 12% contribution so that the older generations can retire with full promised benefits while I get nothing. What ever happened to SHARED sacrifice?
Kudos to the Freeper who astutely observed that the ratio of workers supporting each beneficiary is still 16 to 1 . . . it's just that 13 of them are in places like China, Malaysia, South America, etc.
Is Social Security an entitlements if one all their life was forced to pay into it?
That money could have gone into a nice IRA or some other program to give far more benefits than the recipient gets today!
Sell off the socialist federal forests over a 40 year period. As you retire, you get a lump sum payment to do with as you wish - no more.
It solves two problems - gets rid of a pyramid scheme and gets the government out of the communist land business.
I don't have a problem phasing out Social Security but I want every penny I've paid into it back with interest.
"We’ve also made promises to the working mothers and fathers in Generation X..."
Bend ova....baby...............
Absolutely!
However, it stands as much chance of being phased out/overhauled/changed as does the game of BINGO.