McCain Wants to Take Away Social Security (Iraq, wage, generation)

[Kerby W-R]

YouTube - Absolute Disgust

[HappyTexan]

Sooner or later it will disappear..we all know that.

But, they should at least give us back the money we put into it

[trzlucky]

Originally Posted by Kerby W-R

YouTube - Absolute Disgust

I'd love to hear the reasons for why this is an absolute disgust? Instead of going into a big pot of money that the government burns, why not put that money you and your employer pay into SS into a Federal TSP type account. That money is yours - that is investested how you want to invest it, and when you retire it is yours. Your returns will be higher and you know that when you retire, the money is yours.

[Wendell Phillips]

Privatization is part and parcel with the administration's plan to eliminate government entitlement programs, while giving another bonus to the wealthiest citizens at the expense of the poor and the middle class. Cutting benefits for the elderly, including the baby boomers (those over 55), while flooding the equity markets with Social Security taxes from the younger generation of Americans works this from both ends. It's a two-time loser for taxpayers and participants who will have to pay more to play the table stakes of "casino conservatism."

[GregW]

I agree with WP. The commercialization of social security is just another ploy to keep the equity markets afloat with public monies. Social Security was established as a pass through system to insure that the elderly would have some disposable income to pay rent and buy food (and coincidentally provide sales for the landlords and farmers) when their private savings and retirement accounts disappeared during the periodic banking and stock market “readjustments”.
This government insurance program is still required. I suggest this program be extended to all wage income without any upper limit at the least and should be applied to all income from all sources including bonuses, golden parachutes, dividends and interest.
I do not trust government (look at Iraq for a reason) but at least it does not have periodic collapses built into the system that depends on short-term gains to allocate resources even if it realizes that this leads to low interest speculation and the eventual and predictable collapse.
Aside – I have wondered how the markets loose money during a downturn? Was the wealth ever really there? What and where are the real gains made in market with ever increasing prices? Is there actually increasing wealth or is there only increasing prices for the same amount of companies and things?

[NewToCA]

My point of view:

- Social Security needs some tweaks to prevent it from getting into difficulty after 2041

- The total deficit needing to be covered is 1.7%

- This shortfall can be addressed through a combination of raising the contribution ceiling, increasing the tax rate, means testing benefits, reducing annual cola adjustments and/or capping annual payments (not advocating here, just listing options)

- The proposal to partially privatize was misguided, and took away from a potentially serious discussion about how to really fix this issue

- The longer we wait to resolve this, the more significant the solution would need to become

[LibertyandJusticeforAll]

Originally Posted by NewToCA

My point of view:

- Social Security needs some tweaks to prevent it from getting into difficulty after 2041

- The total deficit needing to be covered is 1.7%

- This shortfall can be addressed through a combination of raising the contribution ceiling, increasing the tax rate, means testing benefits, reducing annual cola adjustments and/or capping annual payments (not advocating here, just listing options)

- The proposal to partially privatize was misguided, and took away from a potentially serious discussion about how to really fix this issue

- The longer we wait to resolve this, the more significant the solution would need to become

Thank you for putting together actual ideas, it is nice to see someone actually thought something thru. I dont agree with increasing the tax rate or contributions. I think any people born after 2010 should opt out and if they start a system it would be based on funds for themselves not the next generation would pay for the next. Those left on Social security would be paid via tarrifs on imports and deduction of miltary bases in 130 countries. This will fix the dependancy and mismanagement of social security and put retirement back in the hands of people. SS would be phased out and responsible based on individual planning.

[evilnewbie]

Actually McCain was for adding a second account to SS that was privatized. However he flip-flopped on it and now he is against changes to SS. However, I wouldn't rely on SS unless you are retiring soon... its going to go away later... so its a moot point... Obama plans on increasing the funding to SS from the higher income people but that plan isn't going to survive for very long anyhow... Government will continue to steal... I mean "borrow" SS funds to pay for other government social programs... SS is going to be in a hole.. unless Obama can prevent the government from dipping into SS funds for other social programs... with the corrupt government, I don't believe democrats are going to fold away their social programs...

[Rathagos]

Originally Posted by HappyTexan

Sooner or later it will disappear..we all know that.

But, they should at least give us back the money we put into it

Or if they don't do that.. grandfather it. The people that are/have been paying into it get the benefit from it. From day X, no longer will people put into it or get anything out of it when they retire.

[Back to NE]

Originally Posted by trzlucky

Instead of going into a big pot of money that the government burns, why not put that money you and your employer pay into SS into a Federal TSP type account.

Not paying attention to the stock market are you? Wish I was as optimistic as you, I'd retire tomorrow.