Quote:
Originally Posted by djplourd
Allowing SS to invest in the stock market instead of just buying treasuries should increase the overall returns and at least partially cover the funding shortfalls. However, my question is what happens in an extended downturn (recession/depression)?
What do you think about this?
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I think it's a good reason for civil war. The government totally sucks at picking winners and losers and giving the 3% of all US businesses that are publicly-traded corporations is the same thing as giving those 3% of business control over your retirement.
Quote:
Originally Posted by sholomar
Given there's no real social security "trust fund" and social security is basically paid out from general revenue, there's not really any money technically there to invest in the first place. It's all just promises to pay, rather than account balances.
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Great. Another low-information voter who has no clue how the program works. At the risk of talking over your head, I will express what actually happens as a mathematical equation:
FICA Revenues = (Neg.) General Fund Revenues + Interest
Get it?
Quote:
Originally Posted by justanokie
I think Social Security (as implemented) is a dumb idea to begin with.
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It was created by a Republican governor and in 1935 when the Social Security Act was signed into law, 35 States had social security programs and the remaining States (there were only 48 at the time) had pending legislation or commissions studying the social security programs of other States.
Quote:
Originally Posted by justanokie
Other countries handle this much better.
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You mean like France that slashed pensions from 50% of wages to 37.5% of wages because they can't pay for it?
Or do you mean like France that raised the number of working years to 42 years (43 for those born 1973 and later) while Americans only have to work 35 years?
Or do you mean like France that raise the retirement age, got thumped with high unemployment, and then lowered retirement and will probably have to slash pensions further to 28.5%?
Or do you mean like Germany whose unfunded pension and healthcare obligations are 240% to 280% of their GDP (depending on the source and the EU Central Bank puts it higher) and is fearful of even addressing the issue lest their be massive unrest and dissent?
Or do you mean like basket-case Italy that owes 300% of its GDP and is in turmoil over what to do about pensions and healthcare?
Or do you mean Sweden that is privatizing healthcare to get ahead of the tsunami but unsure about pensions?
Or do you mean any of the others who are sucking wind because no level of taxation will sustain their pension and healthcare plans?
The US has no real problem with Social Security. It just has to step-increase the FICA tax to about 8.0%-8.2% each for employer and employee to fund it forever (literally, and least for as long as the US exists).
Quote:
Originally Posted by GWoodle
Social Security is required to hold special issue Treasury securities. They may be stuck with 30 years of low interest rates.
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Great. Another commenting on nothing. It's 3% or the prime rate, whichever is higher.
Quote:
Originally Posted by albert648
It already costs 8 figures to billions to get elected into public office.
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Because of your apathy.
You're long on talk but do nothing except talk.
Quote:
Originally Posted by albert648
Enjoy your negative real returns then.
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What's your ROI on your car insurance? Your homeowner's/renter's insurance?
Educate yourself.
Quote:
Originally Posted by k374
SS is a system to save people from themselves who would otherwise starve due to their own poor financial choices.
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For the minority.
The rest are simply the rabble. The great mass of miserable men. How is the US different than Sumer, Akkad, Mari, Nuzi, Mittani, Hittite, Hurian, Egypt, Greece, Rome, Anywhere in Asia, or Africa, or anywhere else or any of the Medieval despotates?
It isn't.
75% of the people will never amount to anything. They are the drones. A smaller percentage excel, and live better than the drones, but that's all they do and there's nothing special about them. An even smaller percentage are the movers and shakers and then a teeny tiny percentage are exceptional.
It always was that way, it is that way now, and it will always be that way and there ain't a damn thing you can do about it, unless you manage to take over Earth and implement a eugenics program, assuming eugenics actually works.
Expecting people who cannot to do the things they simply cannot do and never will be able to do is absurd.
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