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Had social security been privatized this year, some people would have lost a lot of money in the market.
See this is the problem when people don't understand the details. The statement above is entirely false and just deals w/generalities.
The push to privatize SS was for younger workers and only allow a PORTION to be privatized (rougly 5% of their portfolio). Obviously if you know you have a long time horizon and only a portion can be put into equities, your risk on the high or low side is minimized. OLDER workers would not have been affected.
People think that automatically people were going to put 100% of their entire SS into equities. THAT IS NOT THE CASE AND WASN'T ON THE TABLE.
When are people stop going to make statements when they don't understand what their talking about.
If you are a young worker w a 20-30 yr window, you'd be foolish to not want to privatize your SS. Would I be able to generate a higher return than Govco over 25 years? Absolutely IMO. Also, this push by dems in the house to take the deductino away from 401k's is ludicrous...
Just another reason why we've already gone down the socialist route in this country.
See this is the problem when people don't understand the details. The statement above is entirely false.
The push to privatize SS was for younger workers and only allow a PORTION to be privatized (rougly 5% of their portfolio). Obviously if you know you have a long time horizon and only a portion can be put into equities, your risk on the high or low side is minimized. OLDER workers would not have been affected.
People think that automatically people were going to put 100% of their entire SS into equities. THAT IS NOT THE CASE AND WASN'T ON THE TABLE.
When are people stop going to make statements when they don't understand what their talking about.
True, I don't know much about this proposal. I was just repeating what I've heard on the news. Those details you've given are more than I knew about it. Thanks.
I'd also like to add that a lot of general broad statements are made here on the boards. Mine was certainly not among the worst of them. I still think my statement is true. Read it again and see if it's false or not.
"Soup lines" and "riots" are OK, but the above statement I made is so far off that it's ridiculous? lol
True, I don't know much about this proposal. I was just repeating what I've heard on the news. Those details you've given are more than I knew about it. Thanks.
I'd also like to add that a lot of general broad statements are made here on the boards. Mine was certainly not among the worst of them. I still think my statement is true. Read it again and see if it's false or not.
"Soup lines" and "riots" are OK, but the above statement I made is so far off that it's ridiculous? lol
You just admitted your statement was wrong.
The idea to privatize was a good one if it had limits (which it did). It was intended for YOUNGER workers and only a portion of SS was to be affected.
The problem is many politicians SCARED people like YOU w/broad brush comments that are entirely FALSE. Now you buy what the media copies and pastes from these politcians and you take it as fact w/o getting all the details.
Actually I WISH the privatization was inacted because I would have 30 years to buy cheaper shares. See what I mean???
The idea to privatize was a good one if it had limits (which it did). It was intended for YOUNGER workers and only a portion of SS was to be affected.
The problem is many politicians SCARED people like YOU w/broad brush comments that are entirely FALSE. Now you buy what the media copies and pastes from these politcians and you take it as fact w/o getting all the details.
Actually I WISH the privatization was inacted because I would have 30 years to buy cheaper shares. See what I mean???
I'm not arguing with you, Coupon. I agree that the stock market is a good investment vehicle over the long term. My post above is still true. All I was saying is that people would have lost money this year. That's the bottom line. Read the post again and tell me what part of it is wrong. We agree on the other facts that you've stated, but my post is correct. My post was to show how anyone can make decisions which can or cannot be detrimental at some point, given enough time. This time it would have looked like not a good idea to a lot of people. It is still fresh in peoples' minds how it was argued about how great the stock market was to have SS money in, and now with the 'meltdown' it wouldn't seem like such a great idea to a lot of people (not me, I still believe in the markets). That's all I was saying.
True, I don't know much about this proposal. I was just repeating what I've heard on the news. Those details you've given are more than I knew about it. Thanks.
I'd also like to add that a lot of general broad statements are made here on the boards. Mine was certainly not among the worst of them. I still think my statement is true. Read it again and see if it's false or not.
"Soup lines" and "riots" are OK, but the above statement I made is so far off that it's ridiculous? lol
Good posters usually back up their statements with links to other data/articles so you can verify for yourself.
I always try to do that or I make sure I add "IMHO" when it is my opinion.
I'm not arguing with you, Coupon. I agree that the stock market is a good investment vehicle over the long term. My post above is still true. All I was saying is that people would have lost money this year. That's the bottom line. Read the post again and tell me what part of it is wrong. We agree on the other facts that you've stated, but my post is correct. My post was to show how anyone can make decisions which can or cannot be detrimental at some point, given enough time. This time it would have looked like not a good idea to a lot of people. It is still fresh in peoples' minds how it was argued about how great the stock market was to have SS money in, and now with the 'meltdown' it wouldn't seem like such a great idea to a lot of people (not me, I still believe in the markets). That's all I was saying.
People were also thrown out of pensions and put into 401K's and the very same thing happened. 401K's have lost between 30-40% of their value now whereas a pension is fixed.
If you are young then you have time to recoup but if you are within 10 years or so of retirement..your plans have just changed (for the worse).
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