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Last edited by rabbitcaebannog; 07-20-14 at 09:06 AM.
The Boomer who say that the Social Security system was projected to be solvent until they were gone. This is what I will say. So it was your understanding that you could screwover your children, and now you are disappointed that it fell on you?
Privatization is largely a strawman created by America's left because they cannot articulate a mission which Social Security can serve. Privatization has little political resonance these days. My guess is that many of those younger Americans polled do not know that 'reduce' really means 'eliminate'. I have talked to hundreds of supporters, and virtually none want a private account. They simply want out. CPWill here is one exception. I have tried to dispel the belief that privatization makes Social Security more financially stable : The Risks of Privatizing Social Security : FedSmith.com
Just historical fact, Social Security had little resistance in DC until the 1990s ( which exactly coincided with the introduction of peak-rates). At that time, people started talking about privatizing the system. In 2005, GWB put forward a proposal which could not get out of a GOP controlled committee. Ryan put forward a concept called the Roadmap For America, which included private accounts in SS. The parts about privatizing Social Security were removed before Ryan proposed it as law. So there is very little evidence that anyone is doing anything about Social Security at all.
Charles Blahous, Public Trustee Of The Social Security Trust Funds, "If this all happens, and renders tomorrow’s Social Security benefits less secure than today’s, it would be a tragic irony: the outcome would have been brought about largely by supporters of Social Security having countenanced the tactics of delay to the point that the program’s unique political protections could no longer be preserved. Those who care about the Social Security program need to clearly understand the consequence of this ongoing neglect; that time for a realistic financing solution has nearly run out." He is talking about people such as yourself.
Is it Becoming Too Late to Fix Social Security's Finances? | e21 - Economic Policies for the 21st Century
The Risks of Privatizing Social Security : FedSmith.com . Long story short the nation can't afford them. The problem is that when money is diverted from SS to personal accounts it creates a bigger draw on the Trust Funds to cover existing benefits. So benefit cuts are moved forward in time.
Why not allow people who want to take part of the SS money and place it into a personal account? It seems to me that those of us who can afford to build such an account up live longer because of our finances as well. Am I wrong about that? When we collect SS, it's often into our 80's or longer, whereas poorer people, without the same level of medical care, simply don't live as long.
Am I wrong about that?
I wonder if there have been any studies regarding income vs. longevity vs. drain on SS.
Your wording sounds like you wrote the article. If that's true, maybe you have the data resources to test this idea?
I knew I would have a good work outlook since the 80's. I would have gladly, then, taken reduced or no SS for the ability to put part or some of that money into a personal retirement account.
If I don't respond to you, maybe I'm tired of nonsense. I don't need the last word like some of you do.
The math isn't difficult to understand. Social Security is a paygo system, which does not generate income with which to pay profits to retirees. Retirees into the 1970s made a killing in profits. Those profits have to come from somewhere. The only place that profits can be created in a paygo system is based on reduced returns to future retirees. This consequence was explained to Congress in 1944 by the man who ran SS at the time.