Privatizing Social Security The Bush Mistake

Discussion in 'Politics' started by JoeTheEconomist, Sep 11, 2015.

  1. JoeTheEconomist
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    JoeTheEconomist VIP Member

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    10 years ago, GWB tried to introduce personal accounts into Social Security with a plan that remains a strawman for democrats to this day. This plan was dumb, not in the way that the critics suggest. The greed of Wall Street was the least of its problems. It was just a dumb idea.

    His plan in total did little more than change the pocket which pays for Social Security. It was a shifty plan to push the cost of the system from Boomers to GenXers and Millennials (who really didn't even have a vote). The Trust Fund would have been exhausted more quickly, and our children would have been left to pay for his promise of benefits to anyone born before 1950. It was a bad idea.

    I write on the issue of Social Security reform, and welcome a discussion on the 2005 plan. The longer piece can be found here : Bush’s plan would not have fixed Social Security

    In short, there is no new investment capital created. No we weren't going to get 7% returns. No this plan isn't good for the poor. In total, his plan doesn't fix Social Security. It replaces Social Security with something that is entirely different. He wanted the system to be bigger. No bigger will not work.
     
  2. JakeStarkey
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    JakeStarkey BANNED Supporting Member

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    Bush was a bozo.

    That's all.
     
  3. Ame®icano
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    Ame®icano Gold Member

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    How can something that hasn't happened be a mistake?
     
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  4. The Rabbi
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    The Rabbi Diamond Member

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    Yes it's Bush's fault. Every bit of it. Even things he didnt do were mistakes.
     
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  5. Toddsterpatriot
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    Toddsterpatriot Diamond Member

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    His plan in total did little more than change the pocket which pays for Social Security. It was a shifty plan to push the cost of the system from Boomers to GenXers and Millennials (who really didn't even have a vote).

    GenXers and Millennials won't pay the cost of the system under the current plan?

    The Trust Fund would have been exhausted more quickly,

    And when the system was completely privatized, it wouldn't be needed.
     
  6. Toro
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    Toro Diamond Member

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    You do realize that this is 2015, not 2005, right?
     
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  7. JakeStarkey
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    JakeStarkey BANNED Supporting Member

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    Because it would have been broken, you putz, which was the plan.
     
  8. Freewill
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    Freewill Platinum Member

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    Obama's lack of foreign policy causes a humanitarian crisis in the ME.

    China's economy is circling the drain and we own them big time.

    Racial unrest is greater now then any time in my life and I have lived through a lot.

    And we are still bring up a System that Bush pushed but could not have done himself without Congress. Who knows what might have happened if the fear mongers didn't get their way. Just think of how the stock market would have grown with that giant influx of money. Nope don't think just sit back and bitch at Bush meanwhile Obama and the democrats have done nothing, but complain.
     
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  9. Toddsterpatriot
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    Toddsterpatriot Diamond Member

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    Yes, privatizing the system was the plan.
     
  10. SwimExpert
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    SwimExpert BANNED

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    If I understood the OP correctly, I think he is suggesting that what would have happened is that the Boomers would have enjoyed a reduction in SS contributions leading up to retirement, along with an increase or at least maintaining of generous benefits upon retirement, based on a short term artificially inflated SS trust. In the long term, we GenX folks and the Millenials behind us would have ended up faced with a more dire reality check, demanding an increase in SS taxes we pay, and reductions to benefits and pushing back of retirement age such that the substantially negative effects would fall on us and pass the Boomers by.

    I've heard this before about Bush's plan, but have never had the details laid out to evaluate for my own self.
     

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