Changes to Social Security

[ctenidae]

Hammer-
There aren't any, yet. Bush's detailed plan was only handed out to journalists a couple of days ago, and whitehouse.gov isn't even posting it. Your best bet is to read a handful of teh newspaer articles out about it (please be sure to balance Fox with, say, the NYT. I went through a couple of websites that are obvious GOP schills (www.socialsecurityreform.org, for one glaring example) adn it appears they're already gearing up the "You're either with us or against us" machine- This quote kills me:
Those who favor making changes to the current Social Security retirement program are united in their support for the following principles:

1) Permit workers to invest a portion of their Social Security payroll tax (FICA contributions) in individually owned and directed personal retirement accounts.

2) Oppose payroll tax increases.

3) Guarantee a "safety net" (minimum government benefit) for all retirees.

4) Preserve benefits for current retirees and near retirees.

So, if you oppose private accounts, you're clearly for bankrupting America's future, right?

 

[hammer]

So, if you oppose private accounts, you're clearly for bankrupting America's future, right?

I don't know about anyone else, but I don't oppose private accounts at all. I already have several, they're just called IRA and 401k accounts.

It just seems that all of the principles behind the proposal just don't add up. Divert incoming funds to private accounts, don't increase payroll taxes, preserve benefits...sounds like "voodoo" Social Security to me.

 

[ctenidae]

That's why the fine print in Bush's plan cuts benefits over time...

 

[hammer]

That's why the fine print in Bush's plan cuts benefits over time...

Yep, and diverting funds from current payroll taxes to private accounts will just make that worse, most likely to the point where the "safety net" that is promised will have so many holes that they'll have to raise payroll taxes eventually.

I'm an engineer and not an economist, so maybe I don't know what I'm talking about...

 

[smitty77]

These folks get so much money and entitlement benefits that they don't have to work, yet there is always a butt in their mouth!!!! Cut their benefits til they find a way to work and earn some of that cash!!!

Don't get me started on this one. It's a shame that those who really need the help are (usually) too proud to accept the help and work their arse off trying to make it on their own, while the rest of the lazy bums in this country abuse the system.

I think all of this banter has raised more questions than it answered. Uphillklimber is right, some people cannot plan for their own future. So, how about bigger tax incentives for those who can and do plan for their future? Something like being able to claim another dependent if you sack away X percent of your salary every year. Or possibly allowing retirees that have a substantial nest egg the option of deferring SS benefits, and give them a lower tax rate on funds drawn from their personal IRA?

Just some thoughts.
Smitty

 

[Max]

And for those who think a 401-K plan is 100% safe, I could tell you a horror story from personal experience that you would not believe. Personally, I think the government should totally get out of the retirement business.

 

[ctenidae]

Get through the normal forum garbage, and this is actually a pretty good discussion on thepros and cons of SS privitization. Just read carefuly to balance out the NeoCons (tm) with the Whining Liberals (tm). Some of the people actually do know what they're talking about.[/url]

 

[ctenidae]

When I ran a restaurant (several moons ago), one of my bartenders ran into a problem- she has a son, and was living with ehr boyfriend of several years, engaged, etc, who also had a son. She took her son to the airport to go stay at his grandparents for the summer. When she got back to the house, her "boyfriend" had moved out, lock, stock, and barrel. She was all of a sudden stuck with bills far beyond her means. We did what we could at the restaurant, extra shifts, etc, She went to the Welfare office, just needing a hand untilshe could get out of the lease, move into a more affordable place, get back on track. They denied her. One woman, with a job and a kid from a previous marriage, needed a helping hand for a very short while. I thought that was who welfare and such was for.
The happy ending to the story is the kitchen crew consisted of some rather burly sorts, none of whom took kindly to anyone screwing with one of their girls.
The moral of the story- take care of yourself, because the gov't is not there to help when you really need it. At retirement or otherwise.

 

[Stephen]

Government is not the solution to the problem. I'll aways remember Reagan's line about the scariest thing someone could hear is "We're from the governement, and we're here to help."

-Stephen

 

[bigbog]

SS revamping.......

There's another angle that isn't listed in the poll.... Congress has years to do one thing they sometimes do well...and it's the one thing the Administration cannot do AT ALL :roll: .....and that is DESIGN a strategy based on known facts, not on scare tactics...that WILL Work. If our fearless leader cares so much about the average workingman in THIS country, why does the plan have to be finalized within the confines of this Administration's lifespan?.... :roll:
The kegboy isn't into procrastination...(I like that!), but he's too comfortable at creating stories (aka..."lying"..) for his own benefit, at the expense of society. The idea that taking the tax cut away from the wealthiest 3% is a tax increase.....makes one want to throw up....