Social Security Privatize?

Discussion in 'Current Events' started by archangel, Feb 3, 2005.

  1. archangel
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    archangel Guest

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    Okay guys and gals this is going to be a hot button issue this year...so here goes just one mans opinion:It does not take rocket science to figure this one out...Leave it alone...It was intended to be a safety net for the elderly..it has been raped and abused by politicians for uses other than it's intention...Right now there is a 3.3 ratio of contributors to payee's...hummm...it was 16 to one previously..what happened? Well try outsourcing of jobs for a start...then add importing of illegal immigration workers to the mix and walla we have a problem...what is the answer?Well we close our borders tightly...punish corporations who outsource and hire illegal immigrants for low wages...punish politicians who rape the coffer for programs the SSA money was not intended for and call in the IOU's placed in the system for the illegal withdrawl...I like and am satisfied with GW's anti terrorist war,however he is way off base on this one...what say you? :slap:

    Please go to www.lootingsocialsecurity.com
     
  2. Annie
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    Annie Diamond Member

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  3. Fmr jarhead
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    Fmr jarhead Senior Member

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    I think offering options for investing my hard earned cash is the best way to do it. I know I have a moral obligation to continue to support the social security system for those that are over 55, but those that are younger need to take responsibility for themselves, and use their own money (the FICA money taken out of your check) and decide how to invest it for themselves. If you chose to leave it in a government run program, then that is fine, but if you chose other options, then you have a greater chance of success.

    Here is an example of how it will succeed:

    Social Security Example:
    Joe is your average American. He makes $7 per hour and works a 40-hour week for 52 weeks a year.

    $7/hr x 40 hrs x 52 weeks = $14,560/yr.

    Currently, all workers are paying 15% of their income into Social Security. President Bush is proposing that people be allowed to take 2% of that and invest it to help build their retirement. In our example, 2% is to $24.27 per month.

    $14,560/yr. x .02 = $291.02/yr. ($24.27 a month)

    Take that $24.27 a month and invest it into a decent growth stock mutual fund at an average of 12% interest per year, and you would have $947,815 at retirement.

    From age 20-70 = 50 yrs. = $947,815

    At retirement, you could take 8% of the interest per year and live on it. You could leave the other 4% to account for inflation and still be better off than when you were working.

    Retirement Income at 8% = $6318 a month

    Now if you make more than $7 per hour, you are able to invest more.

    $30,000/yr salary = $2 million at retirement - $12,600/month
    $45,000/yr salary = $3 million at retirement - $18,900/month
    $60,000/yr salary = $4 million at retirement - $25,370/month
    $75,000/yr salary = $5 million at retirement - $31,000/month

    In this example, it is easy to see that you could enjoy a higher standard of living after retirement if you were allowed to control a small portion of your money that goes to Social Security from each paycheck

    ow much is Social Security going to pay? figure on less than $2000 per month for your average wage earning American.
     
  4. dilloduck
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    dilloduck Diamond Member

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    1. Democrats are going to say no to anything Bush proposes.

    2 Democrats want that big wad of money laying around if they ever return to power.

    3 Democrats do NOT want people to be able to keep their own money. They want to redistribute it like the socialists they are.
     
  5. Merlin1047
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    Merlin1047 Senior Member

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    Screw social security.

    Give people back the money paid in by them, their employers and a reasonable interest rate. Dump the whole damn program.

    It's time to go back to the concept that people should take care of themselves. It's time we stop going to the government with our hands out. It's time to get the government out of our lives (as much as possible).

    If there are old folks who are going to starve due to lack of funds, we have programs in place to care for them - it's called welfare. If you think about it, that's all that social security is anyway - welfare in disguise. Once a person draws out more money than he or she would be entitled to based on what was paid in plus interest, then they are getting welfare - period.

    So I'm of the opinion that we can scrap social security, let people manage their own lives and let those who can't apply for welfare.

    If the government wants to get our from under the yoke of under funded social security entitlement programs, then let people manage their own savings in the form of IRAs and other retirement saving programs. Make these savings programs not tax deferred, but tax exempt up to a specified limit - say 1 million. People participating in these self-directed programs would understand that they would never be entitled to collect social security. That way the social security program could be gradually phased out or at least substantially reduced.
     
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  6. Merlin1047
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    Merlin1047 Senior Member

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    Exactly right, Dillo.

    The whole thing pisses me off to no end. All my working life I have lived below my means, saved, invested and put funds aside for the future. During that time I have paid at or near the maximum into FICA for nearly forty years. Now as I near retirement, it appears that the wife and I should have a pretty comfortable income. But now the egg-sucking liberals come into the equation. They think that because I have not been an irresponsible spendthrift, because I saved and invested, because I have accrued sufficient assets to support myself, that somehow I am no longer entitled to the money paid into FICA by me and my employers. Somehow they have decided that I should be "means tested" and if I have other income, then they are free to steal MY money and redistribute it as they see fit to people who are not entitled to it.

    The liberal attitude is totally infuriating. Had I been an idiot who spent money faster than I made it and reached my retirement age without a pot to piss in, the libs would come running to me with wheel barrow loads of money. But because I COULD get along without social security, libs think that I'm not entitled to it. Dammit, that's MY money. I paid it into FICA and I'm entitled to get it back - even if I had more money than Bill Gates.


    :blowup:
     
  7. nakedemperor
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    nakedemperor Senior Member

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    Without social security, how many seniors do you think could pay for housing, food, and prescription drugs? On a welfare check alone? That's just not likely, as I see it. Cutting the program entirely would be disasterous, considering how high medical coverage is these days. I think I saw medical bills were the peoples' least favorable issue with the president, and for good reason. We have a responsibility to our elderly. They're part of our country's community, and shouldn't be faulted for not generating enough income to provide shelter, food, and medicine for themselves for the remainder of their non-capital-generating lives.
     
  8. dilloduck
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    dilloduck Diamond Member

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    No one is suggesting that----it's a fix-not a decapitation
     
  9. nakedemperor
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    nakedemperor Senior Member

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    .
     
  10. dilloduck
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    dilloduck Diamond Member

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    merlins quote was in anger at the screwed up system and NOT what Bush is proposing . Read the speech again.
     

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