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Re: Dems Target Private Retirement Accounts 

By: joe-taylor in FFFT | Recommend this post (2)
Thu, 07 Nov 13 2:08 AM | 60 view(s)
Boardmark this board | Food For Further Thought 		Msg. 57478 of 65535
(This msg. is a reply to 57472 by Zimbler0)
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Actually,

Social security is a retirement plan funded by the contributions of those who participate in it. It is not a ponzi scheme except in the eyes of people like you who would probably like to get out of it entirely. A little jiggling with the contribution level and raising the ceiling on how much wealthy people contribute would make it solvent for many years to come. Ever so often it needs to be adjusted for the times that we live in but it has been around for the better part of a century and is still providing a floor so that those without the sophistication to invest successfully will have some form on a half way dignified retirement. The problems that social security currently faces arose from the presidency of George W. Bush when he almost brought the nation to ruin with his lack of intelligence and foresight.


Joe


To say that "God exists" is the greatest understatement ever made across space and time.


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The above is a reply to the following message:
Re: Dems Target Private Retirement Accounts
By: Zimbler0 in FFFT
Thu, 07 Nov 13 1:31 AM 		Msg. 57472 of 65535

OCU> As for your comment about how the Social Security 'trustfund' has been invested, can you image what it would be like today if Dubya had managed to get his way and had privatized Social Security back when he took office.



I believe I've said this before.
The current version of Social Security is a Ponzi
scheme ran by the government.

Your wife did not 'earn' anything vis-à-vis social
security. The government stole her money and now they
are giving her some of somebody elses money in the
name of a 'retirement benefit'. (That is how Ponzi
schemes work.)

We also have Social Security 'disability' and S.S.
'survivor benefits' . . . they might be necessary
but 'they' are stealing the money that is supposed
to be for folks S.S. retirements . . . NOT a good
thing for long term S.S. survivability.

As for Dubya's 'IRA for everybody scam' . . . That is
just as bad as the current S.S. Ponzi scheme - from
the opposite direction. The folks who need S.S. the
most are the ones least able to invest their moneys.
Instead of one massive Ponzi scheme like we got now,
we'd have thousands of little ones.

For my money, the best solution would be to :

1.) Scale back S.S. No more 'disability', no more
. . . 'survivors benefits'. S.S. should be retirement,
. . . nothing more.

2.) Social Security should then morph into the worlds
largest stock and bond mutual fund. Investing as a
blind index fund in the stocks and bonds of America's
larger and most profitable companies.

3.) Those already retired get fixed annuity
retirement checks. Young folks get shares in the S.S.
Mutual fund. Shares, which, when they retire,they can
sell, as needed, to provide for their retirement needs.
Those in between get a combination of a fixed annuity,
plus shares.

4.) Folks own the shares they have in the S.S. mutual
fund. It is a mandatory investment fund but they
do own their shares, and they can bequeath their
shares to their heirs when they die.

5.) Folks caught trying to 'insider trade' on what
S.S. is going to buy go to jail and get stripped of
all their assets - said assets go into the S.S. mutual
fund and 'redistributed' to all the share holders.

6.) Any politician who even thinks of tapping S.S.
for any reason goes to jail, loses all government
retirement thingies, and is subject to public
humiliation.

It will also be necessary for the federal government
to start running a surplus, so that it can buy back
the government paper which, laughingly, is supposed
to be a 'surplus' of assets for S.S. This so S.S.
can properly invest the money.

I could go on . . . .

Zim.

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