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Should we Eliminate Social Security?

Should we Eliminate Social Security

  • Yes, no replacement

    Votes: 13 25.5%
  • Yes, but with a replacement

    Votes: 11 21.6%
  • No, we should wait until it goes bankrupt

    Votes: 1 2.0%
  • No, its not going to go bankrupt

    Votes: 22 43.1%
  • Other

    Votes: 4 7.8%

  • Total voters
    51
Yes x1000. The economy has out paced its usefulness. You can no longer live just on Social Security and people would be better off by investing the money thats taken from them in SS tax into a 401k or other investment portfolio, even the extremely poor. That said, social security as far as helping the disabled (all types) should not be done away with.

Replacement would be easy as well, all money invested into a retirement fund is not taxed. If its taken out of a retirement fund (even a bank) early, it get fully taxed at a higher rate (to avoid tax dodging).

Social security was never meant to be a living wage type of income. Certainly anybody who expects to live on their SS better have everything paid for and minimal living expenses..
 
Social security was never meant to be a living wage type of income. Certainly anybody who expects to live on their SS better have everything paid for and minimal living expenses..

Actually, it was designed to give people a living wage in their retirement. The problem is, even if you have everything paid for, its not a living wage anymore.
 
Actually, it was designed to give people a living wage in their retirement. The problem is, even if you have everything paid for, its not a living wage anymore.

Barely Living wage, maybe.......
Your SS will be based on how much you earned, and if you were poor you get a low amount, and being poor, you probably don't have much in the way of assets.
My dad retired with a pension from his union job and SS. Mom never worked. When he died, they had a house/shack that was falling apart, an old car, and $2,000 in the bank.
Not much to show for all those years working...
 
Barely Living wage, maybe.......
Your SS will be based on how much you earned, and if you were poor you get a low amount, and being poor, you probably don't have much in the way of assets.
My dad retired with a pension from his union job and SS. Mom never worked. When he died, they had a house/shack that was falling apart, an old car, and $2,000 in the bank.
Not much to show for all those years working...

All the more reason to get rid of it. At least with putting it into an IRA, it would grow at a higher rate.
 
Whether we get rid of it in some logical process that allows for a functional system to replace it or simply allow it to die on it's own and throw people out in the cold--that's the choice of liberals--Social Security is going to go. The question is will we be responsible and do it with a replacement system or not.

Where I worked we had a pension. Similar to the federal government, our pension plan was underfunded and criminally mismanaged. We killed the pension and shifted to a 401k. Workers had the option of sticking with the pension but with the benefits guaranteed by a purchased annuity or going with the 401k. Workers who switched to the 401k were given cash in their account equal to the presumed value of their pension which, of course, was based on salary and years of service.

Some opted for the annuity (pension), most took the 401k and most were happy.
 
Whether we get rid of it in some logical process that allows for a functional system to replace it or simply allow it to die on it's own and throw people out in the cold--that's the choice of liberals--Social Security is going to go. The question is will we be responsible and do it with a replacement system or not.

Where I worked we had a pension. Similar to the federal government, our pension plan was underfunded and criminally mismanaged. We killed the pension and shifted to a 401k. Workers had the option of sticking with the pension but with the benefits guaranteed by a purchased annuity or going with the 401k. Workers who switched to the 401k were given cash in their account equal to the presumed value of their pension which, of course, was based on salary and years of service.

Some opted for the annuity (pension), most took the 401k and most were happy.

having the federal government pick what type of 401k you are automatically opted into is corporatism.

Either keep it, replace the funds and never touch it (thus sustaining itself). Or get rid of it whole sale. Those are the only choices that don't profit anyone other than people who are putting money into it.
 
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