Posted on 09/21/2008 12:45:52 AM PDT by Jim Robinson
Barak Hussein Obama today laughed and said John McCain wants your social security invested in the stock market. How would you have liked your social security invested in the stock market this week, he asks? And his liberal Democrat audience howled in approval of his financially astute remarks.
But wait. Not that the stock market did all that bad this week, but we don't invest our retirement funds week by week. They're there for the long haul. In the long run, the stock market returns 9% to 10% annually on your investments. They say your Social Security account returns approx 1.5% annually. I don't know how they calculate that though, seeing as how the social security lock box is empty. Your social security account is zero. It's nothing but IOUs. And those government IOUs just got watered down this week by approx a trillion bucks.
No, I don't think I'll agree with Obama on this one.
Stock market, any day.
By the way, your use of the words “lock box” bring me back to the great SNL sketch about Gore.
Well said brother. and I agree with you.
why only stock market? it could be in anything private: money market, bonds, etc
I am 55 so it might be too late for me if the opportunity came along in social security. Still I have my retirment in stocks.
I would like an option to do so. I expect that is the prevailing opinion.
Announcer: A broken economy. Failing banks. Unstable markets. Families struggling. To protect us in retirement, Social Security has never been more important. But John McCain voted three times in favor of privatizing Social Security. McCain says, “I campaigned in support of President Bush’s proposal.” Cutting benefits in half, risking Social Security on the stock market. The Bush-McCain privatization plan. Can you really afford more of the same?
Obama: I’m Barack Obama and I approved this message.
http://www.factcheck.org/elections-2008/scaring_seniors.html
I don’t know. You’ll have to ask him.
By the way, that trillion dollar wipeout this week came to us thanks to Obama and his socialist pals. He has a lot of nerve bringing it up.
The government has a tough time handling toilet tissue for its bathrooms-—it certainly shouldn’t be handling MY money.
maybe Obama thinks we’re still in the 70’s when the only people who owned stocks were rich people who bought shares from a broker.
We did this exercise in economics class.
The 1.5% is garbage...your SS payments are welfare if you’re employed off-and-on in minimum wage jobs, but for anyone with a career your return actually decreases as you progress.
Even earning 1.5% would leave you with a negative real return, because inflation is higher. If you ever progress beyond minimum wage, your “returns” start off negative, and are made further negative with inflation.
It has nothing to do with security. That 12% SS is just another tax burden. Allowing you to divert a portion of it into private savings (much less the whole thing, and Lord forbid you just got to keep it to begin with to do whatever you please) would mean further independence, rather than reliance on Omnipotent Government.
As with everything else, it boils down to Control. If you aren’t dependent on handouts and scraps, what do you need the socialist politicians for?
I want the ability to tell Social Security to get lost so that I can manage my own finances. That may or may not include the stock market, depending on economic conditions.
I aways ask folks just how bad they think they would do in a worst case scenario with the stock market and they usually say that maybe they’d lose half their capital.
I respond by telling them that that’s INFINITELY better than the present system where their capital is exactly ZERO.
ZIP. NADA. GOOCH. It’s spent. ALL of it. Every penny is GONE. What’s worse, it was PLANNED that way!
A diversified portfolio for long term investment it’s the stock market of course.
Definitely the stock market. Preferably though, something on the order of the Galveston Model utilizing fixed-rate guaranteed annuities with a 20% flexibility allowing one to quickly change from a choice of Mutual Funds, Bond Funds, Money Market Funds or locking the flexible 20% into the annuities.
I'm on my way to have “invested” about $200,000 into S.S. and Medicare. I have a medical condition that makes it very unlikely that I will live until my full S.S. Retirement age of 66.
My financial guy told me I probably would have had a couple of Million in the bank had my money been invested for the last 40 years, but I only have a promise of $1800 a month IF I make it to age 66. If I collect at age 62, I have a “promise” of $1200 a month. Again, the odds are that I won't collect for very long.
My money, and everyone else's for that matter, is gone.
I wold love to be the guy at a Town Hall Meeting asking Obami the Commie why I have been robbed for the last 40 years with nothing to show for it.
Remember when the deduction for S.S. wasn't called a tax, but it was called S.S. Insurance? I do...
Let us invest our funds how we choose to.
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