Is Biden is going to take away our cash savings accounts?

[Cellblock2429]

But it was the Republicans and Wall Street that wanted our Social Security money.

/---/ And our Social Security would not be on the verge of bankruptcy if it were invested in the stock market like FDR wanted. We'd all be far ahead. Congress said no. They wanted the power.

 

[Woodznutz]

Yeah there are no angels in this debate that's for sure.

But there is always the lesser of evils.

 

[Woodznutz]

/---/ And our Social Security would not be on the verge of bankruptcy if it were invested in the stock market like FDR wanted. We'd all be far ahead. Congress said no. They wanted the power.

Congress didn't meddle with SS until 1981, and SS is not on the verge of bankruptcy. The Trust Fund is on the verge of being used up. From there it's going to be 'put and take' if nothing is done. However, the needed adjustments have always been made and will likely continue to be.

Any downturn in the market would have negatively affected retirees. Most cannot wait for the markets to recover, and the selloffs that always occur during downturns would leave many permanently screwed.

 

[Cellblock2429]

Congress didn't meddle with SS until 1981, and SS is not on the verge of bankruptcy. The Trust Fund is on the verge of being used up. From there it's going to be 'put and take' if nothing is done. However, the needed adjustments have always been made and will likely continue to be.

Any downturn in the market would have negatively affected retirees. Most cannot wait for the markets to recover, and the selloffs that always occur during downturns would leave many permanently screwed.

/——/ Initially FDR wanted to allow some privatization but dropped the idea when Congress pushed back. The first changes started in 1939 then through the 40s and 50s

History of Social Security in the United States - Wikipedia

en.m.wikipedia.org

 

[Woodznutz]

/——/ Initially FDR wanted to allow some privatization but dropped the idea when Congress pushed back. The first changes started in 1939 then through the 40s and 50s

History of Social Security in the United States - Wikipedia

en.m.wikipedia.org

Changes/adjustments yes but never 'privatization'. Congress had to borrow the burgeoning Trust Fund as it was sequestering too much money from circulation. It was also a way for the fund to safely earn interest.

 

[Cellblock2429]

Changes/adjustments yes but never 'privatization'. Congress had to borrow the burgeoning Trust Fund as it was sequestering too much money from circulation. It was also a way for the fund to safely earn interest.

/----/ "Changes/adjustments yes but never 'privatization'"
OH, for crying out loud. I never said there was privatization, only that FDR initially approved of it and Congress stopped it GEEEZE

Now get a load of what Congress denied the rest of us.

How Three Texas Counties Created Personal Social Security Accounts and Prospered

Three Texas counties opted out of Social Security 30 years ago by switching to personal accounts, and those workers have made money every year.

www.forbes.com

...three neighboring Texas counties, which opted out of Social Security 30 years ago by creating personal retirement accounts, have avoided a fiscal train wreck while providing retirees with even more retirement income.

Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.”

Part of the employer contribution in the Alternate Plan goes toward a term life insurance policy, which pays four times the employee’s salary tax free, up to a maximum of $215,000. That’s nearly 850 times Social Security’s death benefit.

• A middle-income worker making $51,200 would get about $1,540 monthly from Social Security, but $3,600 from the banking model.

 

[Woodznutz]

/----/ "Changes/adjustments yes but never 'privatization'"
OH, for crying out loud. I never said there was privatization, only that FDR initially approved of it and Congress stopped it GEEEZE

Now get a load of what Congress denied the rest of us.

How Three Texas Counties Created Personal Social Security Accounts and Prospered

Three Texas counties opted out of Social Security 30 years ago by switching to personal accounts, and those workers have made money every year.

www.forbes.com

...three neighboring Texas counties, which opted out of Social Security 30 years ago by creating personal retirement accounts, have avoided a fiscal train wreck while providing retirees with even more retirement income.

Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.”

Part of the employer contribution in the Alternate Plan goes toward a term life insurance policy, which pays four times the employee’s salary tax free, up to a maximum of $215,000. That’s nearly 850 times Social Security’s death benefit.

• A middle-income worker making $51,200 would get about $1,540 monthly from Social Security, but $3,600 from the banking model.

Those are government employees, whose wages and thus savings, are guaranteed by the taxing authority of the county and state. You need to know how many of those employees were laid off, quit, or were fired during those years compared to job losses in the general population. Also, their levels of pay as compared to the general population. The devil is in the details.

 

[Dr.Know]

Is Biden is going to take away our cash savings accounts?​

no

How do you know, when they bring out Digital currency

 

[rightwinger]

How do you know, when they bring out Digital currency

Biden is going to cancel Trump NFTs
What will you do then?

 

[Moonglow]

/——/ Taxes and inflation takes away our savings.

My savings increased

 

[Moonglow]

Or you could get a real job earning real money

 

[wamose]

Is Biden is going to take away our cash savings accounts?​

no

Maybe not. But by the sound of things coming from the WH, he might just be planning to tax those accounts into extinction. MAGA

 

[rightwinger]

Maybe not. But by the sound of things coming from the WH, he might just be planning to tax those accounts into extinction. MAGA

Interest has always been taxed
That half percent interest you get on that Savings Account really adds up

 

[Blaster]

Democrats want our money and also want to control every facet of our lives.

 

[Cellblock2429]

My savings increased

/——/ And inflation is chipping away at it every day.

 

[wamose]

Interest has always been taxed
That half percent interest you get on that Savings Account really adds up

I'm talking about his insane idea to tax unrealized capital gains and the other huge tax hikes he's proposing. And this crazy confiscation of people's money is only made worse when you see it going to pay off student loans, giving foreign aid and supporting crazy wars and supporting the 20 million illegal aliens who they allowed to break into our country. And in spite of all the proposed additional tax income, we will still manage to tack a couple trillion a year onto our national debt. Democrats will only run this country into the dirt because of their irresponsible spending. Back to MAGA.

 

[The Duke]

 

[Cellblock2429]

/----/ Let me dumb down that wall of text so you can understand. Taxes are wage theft.

 

[Woodznutz]

Interest has always been taxed
That half percent interest you get on that Savings Account really adds up

I get 4.4 percent on my Marcus online money market account.

Home | Marcus by Goldman Sachs®

Marcus by Goldman Sachs® is committed to helping customers reach their financial goals. Learn about our online savings options, including high-yield savings accounts and CDs.

www.marcus.com

 

[rightwinger]

I get 4 percent on my online money market account.

The topic is savings accounts