Privatizing Social Security Again?

Nonno

Habari Na Mijeldi
"This year, 2011, marks the beginning of baby boomers receiving Social Security checks and they should be alerted of past perennial Republican attempts to partially privatize the program.

Heaven forbid that plans prevail to invest a certain amount of those checks in the stock market, as many pension plans have taken a bath in the current meltdown. While there have been past GOP plans to partially privatize the program, fortunately they have all failed. So far the Social Security trust fund remains tempting for the gamblers and other risk takers on the market."

Read full article here.
 
Oh I certainly understand the concern... besides the risks associated with investing the funds in the stock market... if the funds are invested they couldn't be "borrowed" to fund other congressional expenses like they are used now.
 

bcp

In My Opinion
"This year, 2011, marks the beginning of baby boomers receiving Social Security checks and they should be alerted of past perennial Republican attempts to partially privatize the program.

Heaven forbid that plans prevail to invest a certain amount of those checks in the stock market, as many pension plans have taken a bath in the current meltdown. While there have been past GOP plans to partially privatize the program, fortunately they have all failed. So far the Social Security trust fund remains tempting for the gamblers and other risk takers on the market."

Read full article here.

Interestingly enough, I have put my own savings away for retirement along with the forced deduction for social security.
It seems that the money I took care of is going to pay off at a much higher rate than SS will.
I am still going to demand my check should I live to 100 or whatever the age is now that the dems say I can retire.
 

BernieP

Resident PIA
Oh I certainly understand the concern... besides the risks associated with investing the funds in the stock market... if the funds are invested they couldn't be "borrowed" to fund other congressional expenses like they are used now.
:killingme

1. I would like to have control over my investments. If I want to buy government debt, let that be my choice.

2. I think the system is a fraud, people who pay in can be denied benefits yet people who never contribute a dime can get benefits. Some political hack came up with a scheme that said if you recieve a CSRS annuity, you can't get a SSI check EVEN if you have paid in and otherwise met the requirements.

3. In light of that rule, why can't we "means test" retirees? Why should a millionare get a check from the SSA?

It's become a ponzi scheme used by liberals to buy votes. Scare the elderly into thinking the bad conservatives are going to steal their money, add more welfare recipients to the publc roles.
 

aps45819

24/7 Single Dad
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hvp05

Methodically disorganized
... many pension plans have taken a bath in the current meltdown.
And many people withdrew their money in time because they were paying attention and saw what was coming. :shrug:

How do people opt-out of SS?
 

SamSpade

Well-Known Member
"This year, 2011, marks the beginning of baby boomers receiving Social Security checks and they should be alerted of past perennial Republican attempts to partially privatize the program.

Heaven forbid that plans prevail to invest a certain amount of those checks in the stock market, as many pension plans have taken a bath in the current meltdown. While there have been past GOP plans to partially privatize the program, fortunately they have all failed. So far the Social Security trust fund remains tempting for the gamblers and other risk takers on the market."

Read full article here.

And yet it's still true that over any long term period in our history, stocks have outperformed everything else - and that includes the Great Depression - and it certainly earns better than what Social Security earns, which in reality earns nothing.

Moreover, privatization means, the money is ALWAYS yours. If you die before Social Security kicks in, you're done. And the money stops when you die.

Gamblers and risk takers? How about greedy bureaucrats who get to spend the money that never gets collected by the payee?
 

ylexot

Super Genius
So, you don't give a damn about future generations?

I'm one of those "future generations" and I'm fine with it. Please don't speak for me. I would love it if they "privatized" social security...or just did away with it all together. I don't expect to get a dime from it because the county will be bankrupt because of SS by then.
 

aps45819

24/7 Single Dad
So, you don't give a damn about future generations?

Yes, that's why I'd like to see an option to control how you SS deduction is invested, such as with a mutual fund insted of the current option of investing it in breeding crack whores
 

philibusters

Active Member
I am still going to demand my check should I live to 100 or whatever the age is now that the dems say I can retire.

You should check your facts before you throw blame around for the support of raising the SS retirement age.

John Boehner: Raise Social Security Retirement Age to 70


John Boehner: Raise Social Security Retirement Age to 70 - Political Hotsheet - CBS News

I am for raising the age of Social Security and for adding a means test. I would also add a means test for medicare. Not so much on the theory which some of you might attribute to me of soak the rich, but simply without such reform the spending on such programs is not sustainable. I think benefits for both programs may have to be cut too across the board for those programs, whether the recipient is rich or poor to limit spending.
 
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ylexot

Super Genius
I am for raising the age of Social Security and for adding a means test. I would also add a means test for medicare. Not so much on the theory which some of you might attribute to me of soak the rich, but simply without such reform the spending on such programs is not sustainable. I think benefits for both programs may have to be cut too across the board for those programs, whether the recipient is rich or poor to limit spending.

I understand that position, but that just makes those programs even bigger income redistribution schemes. I'd rather go the other direction.
 

bcp

In My Opinion
I am still going to demand my check should I live to 100 or whatever the age is now that the dems say I can retire.

You should check your facts before you throw blame around for the support of raising the SS retirement age.

John Boehner: Raise Social Security Retirement Age to 70


John Boehner: Raise Social Security Retirement Age to 70 - Political Hotsheet - CBS News[/QUOTE]

I am for raising the age of Social Security and for adding a means test. I would also add a means test for medicare. Not so much on the theory which some of you might attribute to me of soak the rich, but simply without such reform the spending on such programs is not sustainable. I think benefits for both programs may have to be cut too across the board for those programs, whether the recipient is rich or poor to limit spending.[/QUOTE]

as long as I would get back what I put in with compounded interest, I would be happy to subject to a means test.
Other than that, its just going to make me party harder when a welfare leach dies

there does come a point where people get tired of working to support the lazy.
 

MMDad

Lem Putt
"should be alerted of past perennial Republican attempts to partially privatize the program.

Right. The current model is in such great shape, let's not do anything that might actually help. Besides, the people are too stupid to make the right choices - that's why we need The Won, Queen Nancy, and the rest of the intellectuals to make all of the decisions for us.

Heaven forbid that plans prevail to invest a certain amount of those checks in the stock market, as many pension plans have taken a bath in the current meltdown. While there have been past GOP plans to partially privatize the program, fortunately they have all failed. So far the Social Security trust fund remains tempting for the gamblers and other risk takers on the market."
And the government income has done so much better than that, hasn't it?

I know my retirement account has grown astronomically over the last two years. I'd love to be able to have my SS in there too - I'd be looking at a great retirement!

Instead, I will pay thousands of dollars per year for 59 years, then get back my investment if I live to 90. Of course, that assumes there will still be anything to give me by then.
 

Aerogal

USMC 1983-1995
I've been contributing to SS for 42 years and my 401K for 10. I have over 200k in contributions and dividends in my 401K and about 65K in SS.

I'd like to tell the gubberment to keep what I have in SS - just stop taxing me for it.
 

Sparx

New Member
I am still going to demand my check should I live to 100 or whatever the age is now that the dems say I can retire.

BTW, and correct me if I'm wrong but Ronald Reagan was the last person to raise the retirement age and say when you can retire. He also raised the FICA tax at the same time.
 

bcp

In My Opinion
BTW, and correct me if I'm wrong but Ronald Reagan was the last person to raise the retirement age and say when you can retire. He also raised the FICA tax at the same time.

and your point is?
 
The language of the Social Security privatization conversation has always seemed off to me. The Social Security program itself was (is) a de-privatization of a significant aspect of the economy/life. Privatizing Social Security would mean getting rid of the program. Partially privatizing Social Security would mean getting rid of part of the program - not just allowing people to invest some of 'their' contributions for themselves, but rather not requiring them to make (that portion of) contributions (or otherwise set aside funds) at all, and not paying (a portion of) benefits roughly associated with those contributions.

We should privatize Social Security - we should get rid of it. We'd obviously have to do that gradually though.
 
BTW, and correct me if I'm wrong but Ronald Reagan was the last person to raise the retirement age and say when you can retire. He also raised the FICA tax at the same time.

I believe that's basically correct, and to say that the increase was gradual would be an understatement. The major statutory changes to the program were enacted in the mid 80's, and the first 1 year increase in the age just took effect, while the second 1 year increase in the age won't take effect for some time yet.
 
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