Skip to comments.WHY "ADD ON" RETIREMENT ACCOUNTS ARE SO POPULAR WITH DEMOCRATS
Posted on 03/03/2005 7:27:05 PM PST by Conservative Firster
As much as I hate to say it, it sure looks like Bush's plan for private accounts within the hideous Social Security system are in trouble. The campaign waged by the Democrats and their AARP sycophants has worked. Young people haven't shown any excitement over the idea of actually owning a portion of their own Social Security retirement accounts, and old folks have -- as we surely must have known they would -- fallen for the Democratic scare tactics that their benefits would be in jeopardy if younger people got private accounts.
Democrats, with no small amount of help from Republicans, are now going to push something called "add-on" accounts. The concept is this: You leave Social Security as it is, but tack on something over and above Social Security. You create a new program of government-subsidized privately owned retirement savings accounts. The idea will be sold to the American people this way: You take a certain percentage of your earnings, after you've already paid your Social Security taxes, and put that money into a retirement account which you own. The government will then match whatever you put into that retirement account. That, of course, constitutes a spending program. Where does the government get that money? More deficit spending, of course. You really don't think they're going to cut some program somewhere in order to come up with the funds, do you?
OK .. Now let me tell you what else is going to happen. I'm setting myself up for a huge "I told you so" at some point down the road. As soon as these "add-on" accounts are established liberals are going to start whining that it's just not fair because poor people don't have enough money left over to invest in their private accounts. The solution will be obvious. People in lower income brackets will become eligible for full government funding of their add-on retirement account. It will be a straight, pure income redistribution payment ... from those who have to those who have not. This is no problem for our politicians because they've been operating under the concept that income is distributed, not earned for decades.
In the meantime ... I would just love to hear from some of your crotchety old farts today on the show. Tell me why you're so damned dead set against the idea of your grandchildren owning a portion of their own Social Security retirement accounts. Come on ... give me a call. I'd live to hear it.
add ons are hogwash.
It will just be a new way to depress the ecconomy because it will reduce paycheck take home pay.
This is a trial baloon that should be shot down --- IT IS NOTHING MORE THAN A COPOUT TO SS REFORM and just making you save more of your OWN MONEY to cover Washington's miserable butt!!!!
The idea is simple, at least for redistributionists.
If you privative SS, the excess money can't be used for other giveaways. Private SS funds won't be able to support folks that have issues.
I know a guy who knocked up a woman, she had the baby, and I love him dearly(the child) and the father gets a SS income because he's got issues. He's been on a SS disability since 99 or so because he can't work a job. He frankly could work flipping burgers but won't.
This is what I object to. I ain't making this up. The circumstance is true as I knew it about a year ago. May have changed, but far as I know, this wank gets SS because he's unable to work. That really bothers me.
I would say where our real problem lies is in the age group, not just over 55, but higher, in the 70 up area. They are scared and the Dems play on that through the AARP. I won't even join the socialist org even though you can get some good benefits through them.
Anyone 55 to 65 should be receptive to this, actually everyone should be. It won't cause any loss of retirement for the older folks and will give the young people a chance for a lot better retirement, of course you all know that already. Thanks for letting me rant and please be careful when you tar a group, any group, with the same brush.
I really have to disagree with you on this statement. Old people such as you and I( I am retired also) earned the SS we receive because we payed into it, at least I did, for years. I paid into it for about 48 years and you think I didn't earn it? Sorry, we did earn it, the problem is it is a pyramid scheme that makes those comming up from behind pay more to the ones retired. It has to end, but don't say those drawing didn't earn it or don't deserve it. They derserve a return on the payments they made all their lives and don't forget it.
The problem is that the money you paid in is probably only a mere fraction of what you have taken out. Social Security is nothing more than a wealth transfer system and onerous tax on those of us working idiots who pay into this sham.
How is an add on account any different than the IRA accounts which already exist?
Are the elitist Dems forgeting is that a young worker may not have money left over to invest after FICA takes it 12.4 percent bite?!
Sheesh!!! This is as bad as an old KGB disinformation operation!
Heard Neal's show yesterday and not one call came in from the greedy geezer's who are killing the President's plan to help their grandchildren. They are the Democrat AARP members who showed up and scared the hell out of the Republican congressmen during their recent break by whining at town meetings all over the country. Where were the conservative AARP members who could have countered them at these meetings? I hear crickets chirping...
Nothing against any old person particularly, but there is a mentality of entitlement that is simply astounding when you really think about it.
Young workers get the shaft and can barely pay their bills due to high taxes, exorbitant housing costs, etc, and the seniors demand more and morw and more when they never paid in a fraction of what they take out.
Think about it, many people on Social Security get more per month than many young workers working full time after you consider FICA, taxes etc. What a damn joke this system is.
Most doctors and insurance companys would be out of a job if the government did not pay for every medical procedure every time a senior sneezes. I remember my grandfather going to the doctor every time he had a little cold or cough. The medical bills to medicare were unbelievable.
Nothing against my elders but the system is much more favorable if you got your money in at the lower FICA withholding rates. It was initially only 2 percent and has grown exponentially to 12.4 percent over the years.
It is such a scam perpetrated on working people. If you are self employed, you pay 15% SS tax.
The worst part about this whole scam on working people is that young people are demanding only that they can keep their own money, they are not asking for others to pay for them.
Many seniors are huge welfare cases but don't see it that way because they don't have illegimiate kids or have food stamps. But is is still welfare.
Another scam is the fact that if you pay in your whole life as a single person and die, you can't pass that money on.
Please don't say all those greedy old F---s, I really am not one.
I think most of us know at least one greedy old fart. Then you throw AARP on top and you have MANY greedy old farts, lol.
I have a greedy old fart for a father. On one visit to his house he was watching the news and the topic was Social Security privatization, naturally he watches LIBERAL news. He started ranting that people shouldn't be allowed to take care of their own money and put it in the stock market. His brother (my Uncle)lost a bunch of money in the stock market.
I argued with him that my children(his grandchildren)should have their own private accounts. That nobody should put all their savings in the stock market, yada, yada. Then I topped it off with a reminder, "Hey Dad, Uncle lost money in the stock market right? He collects $4000.00 a month and you collect $1000.00. Plus he gets to leave his money to his daughter when he passes and you leave behind nothing." He shut right up and I haven't heard a word about it since.
It can get really annoying dealing with this man and he is not alone in his opinion. He lives in a retirement park and they all gather around and whine, "woe is me". They bought into and still buy into the government will take care of me, I just have to reach the age of 62. He was in perfect health, earning double what he now collects from Social Security and he just quit! Now my sister and I have to supplement him even more (he has always "borrowed" off of me most of my adult life) because he doesn't have enough to live off of. I can't afford to help him by myself anymore so my sister was recently recruited when he retired.
Meanwhile, he is eating up money that I could be saving for my retirement. But, they are my parents and my burden. I am trying my hardest to make sure I am not such a burden on my children in my later years. My children have seen this from their grandparents all their life. It's probably one of the major contributors to their "I want my own money" attitude. Hell, I'm in my 40's and even I would sign up for privatization!
So, you see Frannie, in my eyes you are in the minority. But I do hope to be just like you when I retire! Okay, rant >off>.
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effect Gen-Reagan/Generation-X (Those born from 1965-1981) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
You got that right. After all the taxation (theft), I am lucky to get 45% of my earnings. What this causes is a lower quality of life for me, than my parents. My gross wage is higher, yet my economic power is worse! Makes me wonder why I try.....
Anyway, I would be willing to sacrifice the last 20 years worth of SS contributions for the ability to opt out of the system today.
The problem is that many older people are so brainwashed that they are impossible to reason with. Everything is doom and gloom and god forbid people have more control over their own lives.
The real kick in the pants with these people is that they never ever paid the tax rates that most people pay today, yet take out more from the system than any other group.
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