Republicans move to privatize Social Security

[Chris]

Republican leaders left Social Security untouched in their House budget this year, but a group of GOP lawmakers are looking to fill the gap themselves with legislation that would create a voluntary privatized version of the program.

Introduced by Rep. Pete Sessions (R-TX), who also chairs the House's campaign efforts at the NRCC, the "Savings Account For Every American Act" would allow people to immediately opt out of Social Security in favor of a private "S.A.F.E." account. Eventually the program would expand to let employers send their matching contribution to workers' Social Security to a "S.A.F.E." account as well.

"Our nation's Social Security Trust Fund is depleting at an alarming rate, and failure to implement immediate reforms endangers the ability of Americans to plan for their retirement with the options and certainty they deserve," Sessions said of the plan, according to The Hill. "To simply maintain the status quo would weaken American competitiveness by adding more unsustainable debt and insolvent entitlements to our economy when we can least afford it."

House Republicans Look To Privatize Social Security | TPMDC

 

[C_Clayton_Jones]

Pfft – GWB tried that in 2005 with a republican Congress and got nowhere. Fast.

Yet more tedious posturing for the TPM.

 

[Dont Taz Me Bro]

Republicans move to privatize Social Security

How I wish that were actually true.

 

[The T]

Republicans move to privatize Social Security

How I wish that were actually true.

Really. That was torpedoded when Bush attempted it...By DemoCraps.

 

[boedicca]

Great! It's worked for Chile. We should do it.

 

[uscitizen]

Not gonna happen, even with total control of govt the repubs did not even have the balls to submit anything, just talk. Same as now.

 

[Chris]

The Republicans can't wait for their buddies on Wall Street to get their hands on all that delicious retirement money.

They did so well with their derivatives Ponzi scheme.

 

[The T]

More TalkingPointMemo DC Bulllshit...

Chris? LEARN to THINK for yerself for ONCE in yer life?

 

[Mad Scientist]

Well let's see;

The Democrats plan is to keep it gov't run so that they can continue to steal from it.

The Republican plan is to change the name of it.

That about right?

 

[uscitizen]

The Republicans can't wait for their buddies on Wall Street to get their hands on all that delicious retirement money.

They did so well with their derivatives Ponzi scheme.

True, if they get their hands on SS funds they will truely be too big to let fail.
The move to the dark side will be complete.

 

[Dont Taz Me Bro]

They did so well with their derivatives Ponzi scheme.

What do you think Social Security is, candy ass?

 

[Mad Scientist]

The Republicans can't wait for their buddies on Wall Street to get their hands on all that delicious retirement money.

They did so well with their derivatives Ponzi scheme.

The criminals that did the derivatives ponzi scheme are now in the Obama administration.

Someday you'll wake up and see that criminals run our government, republican and democrat.

 

[whitehall]

The political history of Social Security is shameful. LBJ made it official and legal way back in the early 60's that the federal government could use Social Security (FICA) taxes to inflate the general fund. In other words there never was a social security "locked box" because the government spent every dime. President Bush tried to do something about it and democrats went crazy. Bush would have allowed Americans the option of placing a small portion of their FICA taxes in a private account to be invested in the Stock Market. Democrats went crazy. They wanted it all. Blacks would have beniefited because Black men statistically die at a greater rate than Whites before reaching Social Security and Bush would have allowed them to will their SS benefits to heirs. Democrats hated that idea and together with the liberal meaia they convinced spineless politicians not to vote for the bill.

 

[uscitizen]

So with privatized SS could your SS benefits be attached by Divorce? Bankruptcy? Medicare?

 

[Chris]

They did so well with their derivatives Ponzi scheme.

What do you think Social Security is, candy ass?

70 years of success.

 

[Wacky Quacky]

I might support the idea, but I would WAY more information about the plan first.

1) Where is the money invested

2) How is the money invested (conservative or risky)

3) Can I change how or where the money is invested

4) Can I freely monitor my investment

The list of questions goes on and on. But, if done the right way, I support it.

 

[Chris]

I might support the idea, but I would WAY more information about the plan first.

1) Where is the money invested

2) How is the money invested (conservative or risky)

3) Can I change how or where the money is invested

4) Can I freely monitor my investment

The list of questions goes on and on. But, if done the right way, I support it.

And when your investments go south when you are 80 years old, what will you do then?

 

[hortysir]

They're not very good at keeping secrets.
It's not private now

 

[C_Clayton_Jones]

Let’s at least hope they learned their lesson with the RyanCare debacle:

‘Under 55? You just lost your SS retirement; go get a 4th job or work until you’re 90.’

 

[Wacky Quacky]

I might support the idea, but I would WAY more information about the plan first.

1) Where is the money invested

2) How is the money invested (conservative or risky)

3) Can I change how or where the money is invested

4) Can I freely monitor my investment

The list of questions goes on and on. But, if done the right way, I support it.

And when your investments go south when you are 80 years old, what will you do then?

Hence, my questions about changing how it's invested.