Judge for yourself. Here is a real Treasury security.
Somebody paid 500 troy ounces of gold for the above piece of paper. Good luck getting it back. And double good luck getting any of "your" Social Security.
Posted on 04/28/2005 6:38:41 PM PDT by Brilliant
the "rich" dont pay SS taxes.
Well, I guess I should state the wealthy dont pay it, those who still earn an income do.
Those with wealth would do well to not pay hardly any taxes.
I'm not sure how to read it yet, let's see some details first about how they measure "poverty" for example, if they ever simply means tested this at retirement - reducing benefits for people who had other retirement assets like 401Ks to draw from - you would see a massive industry of people taking their 401K assets offshore so they would not be "counted" to reduce their SS benefit.
Can someone help me out here.
Are these truly private accounts, where I can invest the money as I please, or will I be required to invest it in a government run account?
Judge for yourself. Here is a real Treasury security.
Somebody paid 500 troy ounces of gold for the above piece of paper. Good luck getting it back. And double good luck getting any of "your" Social Security.
This is already true. Bush's proposal is part of the current structure.
you will have several choices of funds to invest in - just like a 401K.
"The only good thing about Bush's proposal is that it's DOA. I was previously in favor of social security reform. Now I'm against it. And I'm not the only one."
I agree. Nothing is better than a "reform" plan hijacked by RINOs.
And, let me add... Olympia Snowe is going to be writing this SS bill. They can't get it out of Senate committee without her vote (unless they can recruit a Dem, which seems very unlikely.)
You can bet that "reform" will turn into redistribution and bigger government when Ms. Snowe is done with it.
"If you work your entire life, earn lots of money, and pay thousands into the social security trust fund, but then you suffer setbacks and end up in poverty in your retirement, you apparently would be entitled to reduced benefits."
Um...the government has ALWAYS been counting on the fact that many of us will be Good Little Earners, bust our humps, pay in GOBS of money to Mother Government, and then die early. Social Security is basically an Insurance Scam; they're betting on you to not die and keep the coffers full.
I can name a half-dozen people within my own family that this has happened to; most recently my Stepmom who paid in for 45 YEARS and collected for a two whole months before she died of cancer.
My best girlfriend died last year, as well. It took lots of "b*tch sessions" to even get her to APPLY for her benefits. Her first check arrived two days after she died. For a thousand bucks. Yep. She got her moneys worth! (She died at 47, career military, then State employee.)
People. We need to get it together. How many more years are we to be sucked dry before we rise up against this? I don't care WHO is getting the benefits. I don't care if widows and orphans and the elderly are being supported. They are a MINISCULE part of our society that could easily be taken care of through private charities.
We are soooo being scammed. Why doesn't anyone see this? President Bush can put lipstick on this pig all he wants, but it'll still be Hillary and Hillary Care, IMHO. (And I voted for him.)
You are ignorant of the current program. It already does this.
Bush seems to be dumb enough to think you can "fix" a Ponzi scheme if you make sure to only screw over certain people. And get the sheeple idiots and picture-lickers to keep voting for your party, of course.
you are correct, it does. and it does it on the "back end" too, through the income tax, subjecting a higher portion of your SS benefits to income tax depending on your total income. Clinton raised that tax dramatically.
but the issue is, will it get worse under this proposal?
But they'll be government run funds - correct? No Fidelity or Vanguard, for example.
If nothing changes, it has to be the only answer left.
It will do it a lot more, if he has his way.
no, he understands that the only way to "fix" a ponzi scheme is to start getting people who are just entering the scheme - a way to escape. that's what the private accounts do, its slow to start, but as time marches on, everybody can escape. it will take a generation to accomplish this.
its the only way. what are your solutions to this?
Sure, I don't agree with Social Security becoming a poverty program on principle. What I do agree with, however, is the idea that it's worth putting up with if we get private accounts.
Why? Because with private accounts everyone will see that the market offers results, while the idiots on the Left offer nothing more than hot air. And that, I think, is finally what will make it possible to privatize Social Security altogether.
Me too, Nyboe. Me too. Heck the Constitution Party looks better every day (donning my flame suit now).
Unconstitutional redistribution of wealth, pure and simple.
Please, let's reward the underachievers more than the achievers.
Let's just END socialist security, Mr. President.
Color me disgusted...
I can't believe the government is going to run mutual funds. in fact, the amounts of money in these funds would be so large, I imagine it will have to be spread out across alot of different financial management firms.
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