View Poll Results: Should we Eliminate Social Security

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  • Yes, no replacement

    18 30.00%
  • Yes, but with a replacement

    11 18.33%
  • No, we should wait until it goes bankrupt

    1 1.67%
  • No, its not going to go bankrupt

    26 43.33%
  • Other

    4 6.67%
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Thread: Should we Eliminate Social Security?

  1. #21
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    Re: Should we Eliminate Social Security?

    Quote Originally Posted by Cephus View Post
    All that money that's put into the system should be put back into the hands of the people to invest on their own in safe, low-risk stocks and securities. Certainly, the transition is going to be difficult, that's why we need a cut off age, say 40, where those who are younger than that age no longer have to pay social security taxes and those who are older can continue under the old system. If you don't invest in your own future, I couldn't care less if you starve on the street. Actions, or lack thereof, have consequences.

    One thing that has to happen is that every penny that goes into social security cannot be touched for any other purpose and all the money the government has stolen from social security over the years must be returned. It's been a giant slush fund for decades, bringing it to it's current level of failure.
    so, you think it would be financially wise to stash all of the social security tax proceeds into a national matress which could not be used

    another reaon why i believe those on the right haven't a clue about things economic
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  2. #22
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    Re: Should we Eliminate Social Security?

    Quote Originally Posted by justabubba View Post
    so, you think it would be financially wise to stash all of the social security tax proceeds into a national matress which could not be used

    another reaon why i believe those on the right haven't a clue about things economic
    what other uses would you allow?
    If one is war, I propose that no war be started by us without a tax increase first. Pay to play, Mr. President, pay to play.
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  3. #23
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    Re: Should we Eliminate Social Security?

    SS could easily be replaced with a simple to use investment portfolio spread.
    The options could be defaulted as easy for the individual to select and understand, those that want more complex options would have to opt to do so.

    A privatized SS system doesn't need a line in the government budget and is self sustaining.

    Edit: Hell the retirement age could be set to 55 or whenever you have accrued enough assets to retire on.
    It could be based on a formula, would be really awesome in my opinion.
    Last edited by Harry Guerrilla; 04-17-11 at 03:16 PM.
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  4. #24
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    Re: Should we Eliminate Social Security?

    Quote Originally Posted by justabubba View Post
    so, you think it would be financially wise to stash all of the social security tax proceeds into a national matress which could not be used

    another reaon why i believe those on the right haven't a clue about things economic
    Yes, absolutely, that's the whole purpose of having them in the first place. They are intended for use specifically by those who have put into the system, not as a part of the general fund.

    Personally, I don't want the government to have access to those funds in any way, shape or form.
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    Re: Should we Eliminate Social Security?

    Quote Originally Posted by UtahBill View Post
    you should check the history of SS, the GOP played a very large part in it...
    You only have to look at who defends and has always defended the $74,000,000,000,000.00 hole known as Medicaid or the $13,000,000,000,000.00 hole known as Social Security.........

    ........to know the ideology that passed them both.
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  6. #26
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    Re: Should we Eliminate Social Security?

    Quote Originally Posted by repeter View Post
    If you want to look at the greater good, you have to be objective. I'd be willing to hurt people now to help more people later, and thats really what it comes down to.

    And, correct me if I'm wrong, a lot of social programs are about creating a better world for everyone, right? Well, it just so happens that Social Security is inefficient compared to other uses of the same resources, and thus should be reformed.
    Just wondering why you think it is inefficient. If you say it is because it collects funds and goes not itvest them wisely I wold agree. If that is the reason you want to stop it then I wold suggest a different manner than simply stealing the mney that paid into it. You surely would react a bit differently if Goldman Sachs had sold annuities to millions of people, who by definition are mostly poor and middle class, then have them decide they invested the annuity payments so poorly that they were just going to wipe the slate clean and pay no one. Would you be saying I agree Goldman made some bad decisions, but they are nice guys so we will let them disregard what they owe. My sense is that would not be the case.

    I am just guessing that you are either are still in school or just beginning life in the real world. Id that is the case you might be accused of callous generational theft.

  7. #27
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    Re: Should we Eliminate Social Security?

    Quote Originally Posted by repeter View Post
    I was reading an article on Yahoo News, and it stated that 20% of your tax dollars go to Social Security. Now, given the fact that SS is going to go bankrupt in the future, and the way its set up is inherently wasteful, should we cut it completely before it dies on its own?

    I'd say yes, but with the caveat that we should look into establishing a market in the private sector to replace it.
    SS is efficiently run. The only problem is the fund has been robbed. As Gore proposed, the funds need to be locked legislatively to prevent that from happening. That, and an increase in the FICA cap solves the problem.
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  8. #28
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    Re: Should we Eliminate Social Security?

    Quote Originally Posted by sazerac View Post
    If your grandfather had been a union soldier he would have been given 300 acres. But then he would have been a no good damn yankee.
    Funny you should say that because on my father's side, my great grandfather was a union soldier who fought at Gettysburg.

  9. #29
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    Re: Should we Eliminate Social Security?

    Quote Originally Posted by shintao View Post
    Yes, indeed! In this Capitalist America, it is not only pathetic, but shameful that American workers do not have full wage retirements, so there is no change in their lifestyles as they make the transition to retirement. The lack thereof must be caused by corruption and the idiocy of the American people who think useless wars are more important than their families lifestyle. Stupidity reins supreme in our country, so no need to cry about the bed we sleep in.
    Unfortunately, it's not that simple. America has many small businesses that are struggling to survive. Big pension plans cost money to support. The only think they are bound by law to support is to take out social security from their employee's checks. As a government employee, I don't get SS, but my wife can. At my death, she gets half of my government pension, but I get absolutely nothing of her social security pension. That is only fair because I paid nothing into social security. Then again neither have illegal aliens, yet law makers are arguing to pay social security to illegal aliens.

  10. #30
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    Re: Should we Eliminate Social Security?

    Saving Social Security
    The highly successful program, under attack by Republicans and Wall Street, can easily be shored up for future retirees.


    By Bernie Sanders

    February 14, 2011
    Social Security is the most successful social program in American history. It shouldn't be privatized; its benefits shouldn't be cut; and the retirement age shouldn't be raised.

    Before Social Security was established 75 years ago, more than half of our elderly population lived in poverty. Because of Social Security, the poverty figure for seniors today is less than 10%. Social Security also provides dignified support for millions of widows, widowers, orphans and people with disabilities.

    Since it was established, Social Security has paid every nickel it owed to every eligible American, in good times and bad. As corporations over the last 30 years destroyed the retirement dreams of millions of older workers by eliminating defined-benefit pension plans, Social Security was there paying full benefits. When Wall Street greed and recklessness caused working people to lose billions in retirement savings, Social Security was there paying full benefits.

    Despite its success, Social Security faces an unprecedented attack from Wall Street, the Republican Party and a few Democrats. If the American people are not prepared to fight back, the dismantling of Social Security could begin in the very near future.

    Rep. Paul D. Ryan (R-Wis.), the new chairman of the House Budget Committee, wants to partially privatize Social Security, lower its cost-of-living adjustments and drastically cut benefits. An increasing number of his fellow Republicans agree. Rep. Michele Bachmann (R-Minn.), one of the leaders of the "tea party" movement, has said that we need to "wean" everyone except current retirees off Social Security and Medicare.

    There are threats on other fronts. A deficit-reduction commission established by President Obama called for increasing the retirement age to 69, reducing cost-of-living adjustments for today's retirees and deeply reducing benefits for future retirees who make as little as $42,000 a year.

    Just about every day, one conservative or another tells us that Social Security is in crisis, that it is going bankrupt and that the Social Security Trust Fund contains nothing more than a pile of worthless IOUs. As a result of this barrage of misinformation, many young Americans have been convinced that when they reach retirement age, Social Security will not be there for them.

    So what are the facts?

    According to the latest report of the Social Security Administration, the program will be able to pay all of its promised benefits for the next 26 years. After 2037, Social Security will still be able to pay about 78% of promised benefits.

    The nonpartisan Congressional Budget Office has come to a similar conclusion: Social Security will be able to pay full benefits to every eligible recipient until 2039, and after that, it will be able to cover 80% of promised benefits.

    Although Social Security will be strong for more than a quarter-century, Congress should strengthen it for the longer term. That is why I agree with the president, who has called for raising the cap on taxable income. Today, that cap is at $106,800; no matter how much money you make, Social Security taxes are only deducted on the first $106,800. But by removing the cap on incomes of $250,000 or more, we can make Social Security fully solvent for generations to come.

    Even with no change, the fact is that Social Security has a $2.6-trillion surplus that is projected to grow to more than $4 trillion in 2023. Is this surplus, as some have suggested, just a pile of worthless IOUs? Absolutely not!

    Social Security invests its surpluses, as it should, in U.S Treasury bonds, the safest interest-bearing securities in the world. These are the same bonds that wealthy investors and China and other foreign countries have purchased. The bonds are backed by the full faith and credit of the U.S. government, which in our long history has never defaulted on its debt obligations. In other words, Social Security investments are safe.

    Further, despite the manufactured hysteria about a crisis, Social Security has not contributed one penny to the very serious deficit situation the United States faces. Social Security is fully funded by the payroll tax that workers and their employers pay; it's not paid for by the Treasury. Our deficit has been, in recent years, largely caused by the cost of two wars, tax breaks for the rich, a Medicare prescription drug program written by the insurance and pharmaceutical industries, and the Wall Street bailout — not Social Security.

    Why has there been such a concerted effort to privatize Social Security, raise the retirement age or cut benefits? First, Wall Street stands to make billions in profits if workers are forced to go to private financial establishments for their retirement accounts. Second, as the Republican Party has moved far to the right and become more anti-government, there are more and more Republicans who simply do not believe government has a responsibility to provide retirement benefits to the elderly, or to help those with disabilities.

    Needless to say, I strongly disagree with both of those propositions. In my view, maintaining and strengthening Social Security is absolutely essential to the future well-being of our nation. For 75 years it has successfully provided dignity and support for tens of millions of Americans. Our job is to keep it strong for the next 75 years.

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