"Tweaking" Social Security

Discussion in 'Politics' started by chanel, May 19, 2010.

  1. chanel
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    chanel Silver Member

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    Report says Social Security needs only ‘tweaks' | Business | Chron.com - Houston Chronicle

    Predictions?
     
  2. Toro
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    Toro Diamond Member

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    Social security is untenable as is and must be reformed. The math does not work.

    This is what I suggest.

    - Social security should be run like a real pension plan, investing in stocks, bonds, real estate, etc. The current plan is nothing but government government obligations earning about 3% per year. There are no other pension plans in America I can think of that invests in nothing but government debt. A typical pension plan earns 6% to 8% per year. The difference between earning 3% and 7% per year is staggering over time. $1 invested at 3% compounded in 50 years will equal $3.83. $1 invested at 7% compounded over 50 years will equal $28.46. You solve a lot of the social security problems this year.

    - Raise the retirement age. The average life expectancy of people receiving social security in 1970 was about 5 years. Now it is 15 years.

    - Means test. Until the math gets solved, people above a certain wage should receive less, in line with the actual amount they contributed over the years.

    - Allow people, if they so choose, to manage their own social security. Eventually, this is how all pensions will be structured. It offloads the liabilities of the state onto the individual.

    Taxes should not be raised. People who receive social security have not put in enough money to justify their payments. Social security is an inter-generational transfer of funds from the young to the old. It should not be made more so.
     
  3. Skull Pilot
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    Skull Pilot Platinum Member

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    I suggest you allow people to keep that 15% of their income in a privately held account and keep the government's slimy hands out of the cookie jar.
     
  4. ihopehefails
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    ihopehefails BANNED

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    I would like to up the min retirment age for S.S. at 71. That would save a lot of money right there as less people draw from it and more people contribute to it.
     
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  5. keee keee
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    keee keee Senior Member

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    Easy fix here. Put all senators and congressmen in this system!!! It would not be broken and broke if they were in it!!
     
  6. keee keee
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    keee keee Senior Member

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    This is the first year we sent out more money than came in. Isn't it funny a democrat was in office when this happened!!!
     
  7. Polk
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    Polk Classic

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    If the government forces them to hold it an account, how is that any different from the current system? You still don't have any real measure of control over the money, except increased exposure to risk (and if a downturn occurred, the government would end up bailing seniors out).
     
  8. Oddball
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    Oddball BANNED Supporting Member

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    And that's really what this is all about: Control over the hoi polloy by an elite few, who ostensibly "know better" than they.
     
  9. Polk
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    Polk Classic

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    My God, your reading comprehension is terrible.
     
  10. keee keee
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    keee keee Senior Member

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    exposure to risk? They take my money misuse it and I get nothing when I retire. That's what is happening now!!!! Name one program the govenment runs that is not full of fraud, waste, and corruption and is not broke or going broke in the near future? And now I will have to go to these losers for my healthcare thanks to Obama and DEMOCRATS!!! With their great track record I have a lot of faith in them!!! The real kick in the ass is they senators and congressmen exempted themselves from these programs.
     

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