In tandem with the outgoing email asking Truth Squaders to write their local media to stop Bush's Piratization scheme, PTS opens the floor to the discussion of Social Security itself. Let 'er Rip!
CLICK HERE Then click on "POST A COMMENT"
-PTS
Why do you young whippersnappers so mad about Social Insecurity. I say, you don't know about it! I say, if I invested all the money I paid into Social Insecurity in Microsoft stock I'd be rich now! Saint George Bush want to let the market work. I say, let the private capitalists work it out!
ReplyDeletePariah Jenkins
Pariah, when is your next LTE?
ReplyDelete-PS
Interesting . . .
ReplyDelete#8 on Jim Cramer's top ten 2005 predictions . . .
8. The president will ram Social Security “reform” through Congress by getting brokerage houses to lobby for the change. George Bush will promise Goldman Sachs, Morgan Stanley, Schwab, Lehman Brothers, and Bear Stearns the contract to privatize Social Security and let them be the administrators of the project. These firms will then get their employees to give millions to politicians who are on the fence. Their stocks will triple in value from the prospect of the new business, they’ll pressure the Republican-led Congress for swift passage in the fall of 2005, and the deal will get done.
Not if we can help it!
-PS
Source:
http://www.newyorkmetro.com/nymetro/news/bizfinance/columns/bottomline/10731/index.html
It is important to point out that Social Security is an insurance program, not a personal savings account. It is a guaranteed source of income for people who have retired. The private sector can make no such guarantee. The question we should ask anyone who supports SS piratization is this: What if you lose money?
ReplyDeleteSS is not in any financial trouble until 2052, or 2041 depending on who you believe. At that point it will pay ~80% of expected benefits. These are with the assumption that we'll have an economy so anemic your stock growth will be ~3-4%. SS will be just fine with a few adjustments. Maybe (gasp!) an increase in FICA.
ReplyDeleteMedicare and Medicaid are the elephants in the room.
If anyone wants to see what happens with a mixed pension plan google for britain, chile, and argentina to see how well that fared for them.
Iman