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And this is why social security needs to remain but with the idea that it is a basic transfer payment supported by a tax. That is what it is and it needs to live outside the financial economy.
And what the hell is a "fund" anyway? There is no credit market as if money has anything to do with public expenditures.
Adjust social security progressively and leave a reasonable worker to retiree ratio.
The insolvency of social security is a myth just as much as if welfare could become insolvent. Its a tax burden cost/benefit proposition more or less measured in the idea that falling into a meat grinder at the end of life might impact one's work ethic early in life. 20 somethings will be watching.
No the insolvency of SS is NOT a myth. Even if you ball up your fists, squinch your eyeballs and shout "IT IS A MYTH" as loud as you can, it will not make that loonacy true!
AND YOu cannot create a worker to retiree ratio! Humans making BABIES create that ratio. Even for liberals government cannot help with that. geez.
the baby boom followed by economic happy times that drove down family size has killed the goose that laid the SS golden egg.
Actually it's quite interesting in how it was set up.
Head is appointed by the President for 5 years.
It gets it's money directly from the Fed..no need to lobby to Congress for money.
So we have a consumer finance bureau financed by the banksters protecting us from the banksters.
I have pointed that out in like 4 different threads and also have asked what good this agency has done and the thread dies. But some how people think the agency is needed and really think they will go after the banks.
The hearings and stories about the gvt managing 401Ks, etc, have been going on for a few years now and the gvt moves slow at times. Think about health care insurance that was widely talked about in the 90's and here we are with Obamacare. I have no doubt that the gvt is going to get their hands on this money I just do not know when. Maybe right after the next big correction when 401ks, etc, take a dive that will be their opening.
And this is why social security needs to remain but with the idea that it is a basic transfer payment supported by a tax. That is what it is and it needs to live outside the financial economy.
And what the hell is a "fund" anyway? There is no credit market as if money has anything to do with public expenditures.
Adjust social security progressively and leave a reasonable worker to retiree ratio.
The insolvency of social security is a myth just as much as if welfare could become insolvent. Its a tax burden cost/benefit proposition more or less measured in the idea that falling into a meat grinder at the end of life might impact one's work ethic early in life. 20 somethings will be watching.
Where does the Congress get the over $3 trillion they have "borrowed" from us over the year by not being able to see that money lie around? If we are over $1 trillion in debt each year where do they borrow the money for Social Security? Those IOUs that they have put in the SS lockbox don't amount to one damned thing when they can't find any money to pay for it
You sound like a progressive talking about SS being so safe.
What ? This was an interview with the head of the agency.
hey..believe it or not. I don't care.
Just passing on pertinent information.
If you don't believe a Bloomberg interview with Cordray then fine by me.
Has the appointment of Cordray been upheld by some court yet? I don't think he will stand there long after something is done about the timing of his appointment.
And the left freaked out when the mere mention of optionally having control over 5% of your SS dollars was floated by Bush.
They did that because they were worried about Republicans doing anything that may help Social Security. The see SS as their baby since one of theirs got the Congress to create it and since the first Congress to use money from the fund in the 1950s for foreign aid was also theirs.
Here it comes. the trial baloon has already been floated.
before long, there will be a drum beat to nationalize 401Ks.
It is coming.
Only if they want to start the next civil war. If you think the gun issue is contentious, try outright theft. Shoot, shovel and shut up will be the way federal employees will be dealt with should it come to that.
Only if they want to start the next civil war. If you think the gun issue is contentious, try outright theft. Shoot, shovel and shut up will be the way federal employees will be dealt with should it come to that.
No civil war. It won't be nationalization per say but some nicely named program with some type of guaranteed income stream to protect you from total loss in the stock market and leave you destitute in your old age. They will use the full faith and backing of the USG and you'll never lose a penny of it. Think homeless, destitute, dying in the streets media blitz all because of the "evil rich" on Wall Street !
people will fall for it hook, line and sinker. Doesn't matter that one only need look at SS to see how well they "manage" dedicated, supposedly segregated taxpayer money sent in to DC for our retirement.
And now we have the Consumer Protection Bureau thinking they might be the best ones to manage Americans' retirement money.
I guess amounts totaling over $14 trillion dollars "just sitting there" is too much for any government agency to leave alone.
Like kids in a toy store.
Quote:
Originally Posted by Ferd
think what a 19TRILLION dollar shot in the arm would do for a Liberal/Progressive led government? They could make expanded Social Security promises tell us all our pensions are safe and spend that money in the regular budget just like they do SS tax dollars.
Quote:
Originally Posted by Ferd
Here it comes. the trial baloon has already been floated.
before long, there will be a drum beat to nationalize 401Ks.
It is coming.
Smells like it.
Quote:
Originally Posted by HappyTexan
That's what I pointed out..different groups take their turns talking about how they could better mange private retirement money.
This is a recurring theme in DC. Now the question is which group will win ?
Uh, not the consumers and not those counting on that retirement money.
Quote:
Originally Posted by HappyTexan
It's a Bloomberg article or do you think they make up stuff like Fox does ?
If it doesn't come from the New York Times it isn't true (snicker).
Quote:
Originally Posted by jmqueen
But the rest of us noticed that the housing collapse happened in large part because the damn banks weren't regulated, and we would like those crooks to have a harder time stealing from us than they did before.
No, the housing collapse happened because people lost their jobs...and for the ones who found new jobs, the pay was less.
Quote:
Originally Posted by Swingblade
The article clearly stated manage accounts and said nothing about regulating.
"The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings..."
I don't see the word "regulated" in there either. I guess they're seeing things..... A well-regulated Consumer Financial Protection Bureau, being necessary to ensure über-rich investors don't lose money, the right of the retired worker to be abused by government agencies shall not be infringed.
Uh....
"...while Dodd-Frank didn’t specifically give the consumer bureau jurisdiction over investments, it could step in if the other agencies don’t.
The bureau could claim jurisdiction through its Office for Older Americans, which was established by Dodd-Frank with a mandate to improve financial literacy."
....there's another fine example of well-crafted legislation.
Quote:
Originally Posted by HappyTexan
Actually it's quite interesting in how it was set up.
Head is appointed by the President for 5 years.
It gets it's money directly from the Fed..no need to lobby to Congress for money.
So we have a consumer finance bureau financed by the banksters protecting us from the banksters.
Fascinating...
Quote:
Originally Posted by carolac
This idea was actually floated a few years ago. They are considering taking the IRAs and giving an annuity or other monthly payment in return. Here's an article:
Look.....listen to me now and hear me next Wednesday about 2:00 or so, do not let them do that.
I dead serious about this. Do not let them take control of your retirement accounts, or privatize Social Security into some kind of investment scheme.
Happy, I'm counting on you and the others to lead the charge. Do not let them do that. There is no good end to it; nothing good will come of it.
Every number I crunch, every formula I write, every fiber in my being says "NO." This will turn out badly for everyone.
Quote:
Originally Posted by Swingblade
I have pointed that out in like 4 different threads and also have asked what good this agency has done and the thread dies.
Why do you think it is? I never heard of the Consumer Financial Protection Bureau, so maybe there's a lot of ignorance on the part of people --- myself included. I guess I'll have to look into it.
Quote:
Originally Posted by Swingblade
But some how people think the agency is needed and really think they will go after the banks.
The hearings and stories about the gvt managing 401Ks, etc, have been going on for a few years now and the gvt moves slow at times. Think about health care insurance that was widely talked about in the 90's and here we are with Obamacare. I have no doubt that the gvt is going to get their hands on this money I just do not know when. Maybe right after the next big correction when 401ks, etc, take a dive that will be their opening.
You can count on it.
Eyeing....
Mircea
Quote:
Originally Posted by gwynedd1
Adjust social security progressively and leave a reasonable worker to retiree ratio.
The insolvency of social security is a myth just as much as if welfare could become insolvent.
Quote:
Originally Posted by Ferd
No the insolvency of SS is NOT a myth.
Uh, Ferd's got a point there.
The OASI and OADI Trust Funds are insolvent....they will collapse. As things currently stand, the combined OASDI Trust Fund will be exhausted in 12 years or less.
The only way to prevent that is find 13.8 Million workers now, or increase the tax rate to 18.0%-18.4% (9.0%-9.2% each for employer and employee).
Quote:
Originally Posted by roysoldboy
Where does the Congress get the over $3 trillion they have "borrowed" from us over the year by not being able to see that money lie around?
If Congress balances the budget, and you happen to have a budget surplus for each year thereafter, you could pay for it out of that, but that won't happen.
Quote:
Originally Posted by roysoldboy
If we are over $1 trillion in debt each year where do they borrow the money for Social Security?
You'll be doing exactly what you're doing now.....selling treasury securities.
You did pretty good for Calendar 2012.....you only lost $54.7 Billion.
That $54.7 Billion was converted from the Trust Fund and sold as securities and now it is accumulating interest as part of the public part of your National Debt.
Insolvently ...
Mircea
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