Social Security, The Republicans, and The Wealthy

[treasurefinder]

Originally Posted by cb at sea

SS was supposed to be a SUPPLEMENT...not your entire retirement! All individuals were supposed to SAVE their own money for retirement....and SS was a supplement....

I think folks forget that!

Originally Posted by greywar

I think every single business that then cut their pension plans, and reduced the % of cost that was employees massively didnt forget it. They just saw a opportunity to try and convince people not too worry. After all you pay into it all your life, and it will replace the need for a pension! Something that at one point was seen as almost mandatory.
in 1998 60% of fortune 500 companies offered defined benefit plans. by 2013 that had dropped to 24%. And those are for the biggest companies, whose plans werent offered to everyone.

Basically people didnt forget it, but businesses turned it into the replacement.

Greywar you are absolutely correct!!! If everyone still had a pension we could talk about cutting benefits. However companies have quietly done away with pensions so you are dependent on SS and your 401k.
Since 2008 you could barely get a decent return in traditional savings while banks borrow at zero interest.

and yes the cap should be raised and I say this as a household well over the cap.

[InformedConsent]

Originally Posted by greywar

And yet...is it? He is getting massive crowds

Of course he is... the 'I want free sh*t' masses.

[workingclasshero]

Originally Posted by treasurefinder

Greywar you are absolutely correct!!! If everyone still had a pension we could talk about cutting benefits. However companies have quietly done away with pensions so you are dependent on SS and your 401k.
Since 2008 you could barely get a decent return in traditional savings while banks borrow at zero interest.

and yes the cap should be raised and I say this as a household well over the cap.

it was american individuals , not the companies, that wanted pensions to be gone

goes back to the YUPPIE era...they didnt want to be STUCK in one job just for pension bennies..they wanted MOBILITY...hense 401k, etc came to be the primary type of mobile pension

the comapnies did what the PEOPLE wanted... yes it was more benificial to the companies...but it was what the people wanted


you asked for it...you got it