United States

McCain still wants to Privatize Social Security

Wed, 10/01/2008 - 2:16am
By: boo boo

McCain has not changed his mind on Privatizing Social Security. We have only to look on this past week as an example of what Stocks can and will do over time. They are not a dependable source of income. It is "Gambling" with our Future if Social Security is Privatized.

>Privatizing

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Privatizing Social Security
Submitted by R on Sun, 10/05/2008 - 7:07am.

Your right I much rather have social security run out then privatize it. That is a much more stable future.

Thanks for showing us the way.

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Sorry Arwen
sniffles5's picture
Submitted by sniffles5 on Sun, 10/05/2008 - 8:10am.

You've been drinking too much of the Decider's Koolaid.

In a worst case scenario, the baby boomer bump would exhaust the Social Security reserve, NOT the primary funding, around 2037 or so. There would still be enough money to pay AT LEAST 3/4 of Social Security to everyone until the Boomers die off (roughly 40 years afterwards).

Most people are aware that the looming Social Security non-crisis can be simply resolved by removing the artificial cap on Social Security withholding for high income earners.


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Spyglass, Mudcat
Submitted by boo boo on Thu, 10/02/2008 - 12:50am.

What about the Hundred and Fifty million people, unable, won't, don't, can't, don't know how, to play the game of investing or saving at least a little for their future retirement? What is to become of them? That is a heck of lot of old people homeless, and hungry on the street or should we just let them eat cake? What kind of Country would we be to let millions and millions of Old People suffer like this? I'll agree, Social Security is a NOT PERFECT System but sure better than nothing.

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Boo, Boo..
Submitted by Spyglass on Thu, 10/02/2008 - 8:08am.

Where did I say abolish Social Security for all?

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spy: SS
Submitted by Nitpickers on Thu, 10/02/2008 - 9:05am.

Are you advocating a choice by a worker as to whether he contributes to SS or not?

If so, would the employer not contribute either?

Would employers then only hire people who didn't want into SS? You bet.

You must know it won't work without full participation! We aren't all 6th graders!

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Spy
Submitted by susieq on Thu, 10/02/2008 - 8:24am.

I understand what boo boo is saying. There are people out there who will save $1,000, then withdraw it and borrow another $1,000 to buy a $2,000 item.

Someone would have to draw the line and say, "You're responsible, so you can manage your own." And to others, "You're not capable of handling a dime."

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I understand a "safety net" is needed..
Submitted by Spyglass on Thu, 10/02/2008 - 9:23am.

Just not to the extent we are paying now.

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boo boo:
carbonunit52's picture
Submitted by carbonunit52 on Thu, 10/02/2008 - 4:44am.

One can't have empathy for those of us less fortunate and still be a modern conservative. How incongruous!

"I can't wait until tomorrow, because I get more lovable every day."


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Let me have my contributions to date
Submitted by Spyglass on Wed, 10/01/2008 - 7:25pm.

and let me out NOW....

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Yea boo boo, last week and this week is tough
mudcat's picture
Submitted by mudcat on Wed, 10/01/2008 - 7:04pm.

Usually retirement accounts last longer than a week and if you look at the stock market over the last 30 years - which is a normal career span contributing to a retirement account - you will see a much greater overall return than social security (about 1.5% per year if you live 75 years - look at your ss statement and do the math)


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Social Security
Submitted by skyspy on Wed, 10/01/2008 - 7:00am.

It still might not be a bad idea to privatize SS. As the program stands right now, the program will be out of funds in years to come.

If they ran the program like the gov. run TSP program you would have a choice of investing in conservative funds or investing in the stock market. So you would have some control over how much risk you wanted to take with your retirement.

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Privitizing Social Security:
carbonunit52's picture
Submitted by carbonunit52 on Wed, 10/01/2008 - 4:49am.

It is "Gambling" with our Future if Social Security is Privatized.

John likes gambling

"I can't wait until tomorrow, because I get more lovable every day."


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