is not possible.
Yes, this would work. Trump could get such a plan through, were he not dealing with the Stop Sticks of fake news, Russian election meddling lies, #resist idiots, and assorted AstroTurf anarchists who want to keep him from succeeding.
This plan seems plausible ,, by getting rid of 20 years of time when nothing is saved or grown you get over the hump to sustainability...
What struck me was that each time I visited was that I was,by far,the oldest person in the waiting room.Another thing struck me as well but to mention it would be an unforgivable violation of the rules of "political correctness".
Just sayin'...
The easiest way and first attempt at Fixing social security should be to Abolish all other Taxpayer Funded Retirement Programs Nationwide, all the assets turned over to Social Security and All retiree’s rolled in to Social Security.
Then we can talk about reduced benefits or higher costs for retiree’s
But, but we were promised! Here is what was said back in 1964!
https://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And here is where your money went. Read and weep!
https://www.ssa.gov/OACT/ProgData/fundFAQ.html#n4
With tens of trillions of dollars to be "invested" (i.e., stolen/spent) this "blue-ribbon" panel will be a magnet for the most corrupt and incompetent "experts" in the country. And it'll be appointed by the President and Congress—guaranteeing that only the worst people will be in charge of it.
End it. Socialism security is an unconstitutional transfer of wealth from working people to non-working people. Cut off payments and stop the taxes. It’s criminal and always has been and always will be.
we need to transition the young out if they want to.
currently 15% of gross wages go to SS - let anyone under age of say, 25 opt to place that 15% into a 401(k) or stay in the SS system. The clincher is once you decide, you can never change.
Social Security is easy to fix, at least on paper. Politically I know it’s difficult, but, it’s really straightforward as to how we can fix things.
In order to make Social Security solvent, with a perpetual balanced budget into the future, a combination of three factors have to be considered. Those factors are:
1. The retirement age could be raised incrementally for younger workers.
2. A modest tax increase could be enacted.
3. Benefits could be trimmed back.
All of these are political dynamite. But, if the powers that be want to make Social Security solvent, some combination of these three things has to happen.
Otherwise, we will continue into the future, and we will reach a point at which the system is completely broke.
The laws of economics and math cannot simply be ignored, any more than we can ignore the laws of physics. At some point, the system as we know it will collapse if it stays on the current trajectory.
How Three Texas Counties Created Personal Social Security Accounts and Prospered
https://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/#17f7dc613283
How Privatized Social Security Works in Galveston
http://www.nytimes.com/2011/09/18/us/how-privatized-social-security-works-in-galveston.html
The only way to save Social Security is to take it OUT of the hands / control of politicians.
Or congress could just undo all the changes they have made that hand out Social Security money to people other than those who worked and contributed to the fund.
It started out as a contributory retirement fund but over the years congress has raided it and treated it as a wefare slush fund to finance their “feel good” changes.
“The money would be placed in an investment account managed by a blue-ribbon panel of investment experts appointed by the president and Congress.”
Um, no. Can’t you just envision the members of this blue-ribbon panel appointed by DC politicians? Talk about putting the fox in charge of the hen house.
am i seeing this right ?
2015 there were 3,978,497 births times 35 times 7,000 = 974 trillion, before the first 7,000 per gets paid back ?
where does the 974 trillion come from ?
In 2010 3,999,386 children were born in the US. So under this plan approximately 29 billion additional dollars would be put into the stock market every year. I’m not a financial guru but maybe some freeper here is and can comment on what kind of effect this would have on the stock market?
1. Raising the retirement age to 70. He sneaked that in.
2. Northing will keep Congress from tapping into that kind of money.