Ok, so one of the things the GOP has had in it's crosshairs for years has been social security, and the privatization of such. So, lets say they get their wish, and social security is privatized, what happens to all of the money that I have put into social security for all these years I have been paying into it? What is everyone's thoughts on privatizing social security?
I hate having 6.2% of my paycheck disappear into entitlement oblivion. Long before I hit the retirement age, all the money in Social Security (including all the money that I contributed over my working lifetime) will be gone. So why is the government taking my money away and using it in a way that will never benefit me? I want Social Security, medicare, and all other entitlements to go away. People will just need to be fiscally responsible, like me. And if they aren't, then it's not my problem.
Wow. Do you intend to just sound all partisan and non credible? You could either keep it in the crappy government allocation or create your own which may be better or worse that the government's allocation. It would certainly be a better model than what we have now, but I would question how the administrative costs would work. I would prefer the whole thing be grandfathered, phased out and eliminated. It costs way to much to provide a benefit that qualifies you as poor.
Exactly, keep the government out of my pocket and allow me to invest the money I would have been paying into the sinkhole that is SS in something that will actually not only be around when I'm ready to use it but provide me a much better return.
I've made that case in discussions with a moderate friend before, and he came back at me with a very good argument: suppose the guv'mint did abolish SS and just gave us the money to invest (or squander) as we please. Does anyone not believe that in 25-35 years we won't have a substantial portion of the population who put nothing away and now has nothing to live out their golden years? And who among you believes that in this case, the guv'mint would not create a whole new program, again with our tax dollars, to help these foolish souls?
No one is talking about tossing those currently on SS out in the cold. That is false. Those who have been contributing to SS must be protected. However, there needs to be some changes if SS is to be made fiscally sound. First, the SS surpluses have to be protected from congressional raids. Secondly, The retirement age must be increased. Thirdly, means-testing may be required. As to those employees who are just now entering the work force, they should open private accounts rather than entering Social Security; something akin to a 401 account. If they invest in blue chip stocks whose companies have dividend reinvestment plans, or in treasury bonds, they will do much better than if they were in social security. I believe these plans should be locked so that no withdrawals could be made until the person reaches the age of 60. That would give them security. Also, when they retire and cash in their investment, it should be tax free, which would give them added security. Those employees who have been in the SS system for 5 or 10 years would be given the option of staying with SS or switching to a private account. The entitlement programs have to be reformed and SS would be the easiest of the lot. As it exists right now SS is a giant, government-run ponzi scheme. I think the average benefit payment is under 2,000 a month. Anyone want to live on $2,000 a month?
No one is suggesting SS be abolished while people still rely on it. That is a false dilemma. Hopefully at some point over time it will be replaced by a market-driven investment plan. But the people currently in SS must be protected. That is an obligation government has.
Of SS, medicare and medicaid, SS would be the easiest to replace. The other two will be much more difficult, but we have to do something. We have to find a better way to help people than entitlements. This kind of European-style socialism will dig our economic graves.
People will just need to be fiscally responsible, like me. And if they aren't, then it's not my problem.
Wow, I don't really give a f what I sound like. If I am partisan, so be it. I'm not in Congress. I have a set of beliefs, if I believe you are wrong, and that makes me partisan, so be it. I will still sleep well at night.
