Privatize Social Security

[james dixon]

Privatize Social Security

The Social Security program provides workers and their families with retirement, disability, and survivors insurance benefits. Workers earn these benefits by paying into the system during their working years. Over the program’s 83-year history, it has collected roughly $20.9 trillion and paid out $18.0 trillion, leaving asset reserves of $2.9 trillion at the end of 2017 in its two trust funds.

With assets of $2.9 trillion, who wouldn’t want to be the owner--?

I am sure Trump's minions would like a slice of the pie !!

 

[Subduction Zone]

Privatize Social Security

The Social Security program provides workers and their families with retirement, disability, and survivors insurance benefits. Workers earn these benefits by paying into the system during their working years. Over the program’s 83-year history, it has collected roughly $20.9 trillion and paid out $18.0 trillion, leaving asset reserves of $2.9 trillion at the end of 2017 in its two trust funds.

With assets of $2.9 trillion, who wouldn’t want to be the owner--?

I am sure Trump's minions would like a slice of the pie !!

Those "trust funds" only exist on paper.

 

[Sunstone]

Tell you what. Let's privatize social security but only after you tell us how that worked out for the middle class and poor in Chile when Pinochet tried it.

 

[Woberts]

Tell you what. Let's privatize social security but only after you tell us how that worked out for the middle class and poor in Chile when Pinochet tried it.

It was great! Pinochet was so nice, he gave his enemies free helicopter rides are a token of friendship!

 

[sun rise]

One of the reasons I'm such a strong Democrat is that the right keeps trying to steal the money I'm owed based and give it to the wealthy and big corporations in the form of tax cuts and special deals. Or at best steal the money my younger friends will soon be owed. The answer is the same. I went from considering voting Republican in 2008 to no way no how even for city government. And it's why I contributed much more than ever before to Democrats in 2018 and expect to up that in 2020.

 

[Revoltingest]

Those "trust funds" only exist on paper.

There actually is no "trust fund" as this name would describe.
One thing it would mean is that money is held in trust for someone.
But there is only a liability to the someone, & that liability is subject to conditions.
Government can revoke entitlement to SS payments (per SCOTUS).
With no money being held, there is no "fund".

 

[Revoltingest]

One of the reasons I'm such a strong Democrat is that the right keeps trying to steal the money I'm owed based and give it to the wealthy and big corporations in the form of tax cuts and special deals. Or at best steal the money my younger friends will soon be owed. The answer is the same. I went from considering voting Republican in 2008 to no way no how even for city government. And it's why I contributed much more than ever before to Democrats in 2018 and expect to up that in 2020.

One reason I started collecting SS benefits ASAP is that both parties
are micturating away tax revenue on an ever increasing deficit.
I was concerned that it might not be there for me, due either to
cuts in benefits or means testing.

 

[Salvador]

One reason I started collecting SS benefits ASAP is that both parties
are micturating away tax revenue on an ever increasing deficit.
I was concerned that it might not be there for me, due either to
cuts in benefits or means testing.

Good thinking, wise financial retirement planning on your part.

SS trust fund is projected to be insolvent by 2034, meaning SS will only then be able to pay out what's coming into the fund. This is projected to result in benefits being then slashed by approximately 25 percent.

Social Security Funded Until 2034, and About Three-Quarters Funded for the Long Term; Many Options to Address the Long-Term Shortfall | Social Security Matters

 

[Revoltingest]

Good thinking, wise financial retirement planning on your part.

SS trust fund is projected to be insolvent by 2034, meaning SS will only then be able to pay out what's coming into the fund. This is projected to result in benefits being then slashed by approximately 25 percent.

Social Security Funded Until 2034, and About Three-Quarters Funded for the Long Term; Many Options to Address the Long-Term Shortfall | Social Security Matters

It's also fun to receive them.
Immediate gratification.

 

[Salvador]

Privatize Social Security

The Social Security program provides workers and their families with retirement, disability, and survivors insurance benefits. Workers earn these benefits by paying into the system during their working years. Over the program’s 83-year history, it has collected roughly $20.9 trillion and paid out $18.0 trillion, leaving asset reserves of $2.9 trillion at the end of 2017 in its two trust funds.

With assets of $2.9 trillion, who wouldn’t want to be the owner--?

I am sure Trump's minions would like a slice of the pie !!

"What can Americans expect in future Social Security retirement benefits? A Heritage Foundation study reveals that the Social Security system's rate of return for most Americans will be vastly inferior to what they could expect from placing their payroll taxes in even the most conservative private investments....

If Americans were allowed to direct their payroll taxes into safe investment accounts similar to 401(k) plans, or even super-safe U.S. Treasury bills, they would accumulate far more money in savings for their retirement years than they are ever likely to receive from Social Security. "

Social Security's Rate of Return

 

[Subduction Zone]

Good thinking, wise financial retirement planning on your part.

SS trust fund is projected to be insolvent by 2034, meaning SS will only then be able to pay out what's coming into the fund. This is projected to result in benefits being then slashed by approximately 25 percent.

Social Security Funded Until 2034, and About Three-Quarters Funded for the Long Term; Many Options to Address the Long-Term Shortfall | Social Security Matters

Taxes will be raised to keep it going. It is a bit of a Ponzi scheme that has been kept afloat partially by the immigrants that Trump wants to ban.

 

[shunyadragon]

One of the reasons I'm such a strong Democrat is that the right keeps trying to steal the money I'm owed based and give it to the wealthy and big corporations in the form of tax cuts and special deals. Or at best steal the money my younger friends will soon be owed. The answer is the same. I went from considering voting Republican in 2008 to no way no how even for city government. And it's why I contributed much more than ever before to Democrats in 2018 and expect to up that in 2020.

What do you mean, prevent the rich?!?!? The already own everything or have a lean on it.

 

[Salvador]

Taxes will be raised to keep it going. It is a bit of a Ponzi scheme that has been kept afloat partially by the immigrants that Trump wants to ban.

Of course, Ponzi Schemes may work in the short run for early scheme contributors, but they inevitably end up in total disasters for later scheme contributors. If any worker were allowed to invest his social security contributions into a conservative low-risk stock market index fund instead of the status quo SS trust fund, he/she would get a far greater return from his/her contributions than what he/she can be expected to receive out of the SS trust fund.

 

[Subduction Zone]

Of course, Ponzi Schemes may work in the short run for early scheme contributors, but they inevitably end up in total disasters for later scheme contributors. If any worker were allowed to invest his social security contributions into a conservative low-risk stock market index fund instead of the status quo SS trust fund, he/she would get a far greater return from his/her contributions than what he/she can be expected to receive out of the SS trust fund.

There is no doubt of that. But then Social Security, like it or not, is used for a lot more than a retirement fund.

 

[Revoltingest]

What do you mean, prevent the rich?!?!? The already own everything or have a lean lien on it.

We who do it know how to spell it.
Booowahahaahahahahahaha, etc!

 

[Subduction Zone]

@Revoltingest I know that is correct, but I liked the original a bit more.

 

[Ellen Brown]

One of the reasons I'm such a strong Democrat is that the right keeps trying to steal the money I'm owed based and give it to the wealthy and big corporations in the form of tax cuts and special deals. Or at best steal the money my younger friends will soon be owed. The answer is the same. I went from considering voting Republican in 2008 to no way no how even for city government. And it's why I contributed much more than ever before to Democrats in 2018 and expect to up that in 2020.

AND, they tried to redefine the vocabulary. I paid into that fund for 45 years and it was supposed to be a savings account. Some sneaky folk tried to redefine it as an "Entitlement", and tried to make that mean it was not money we EARNED !!! Presently, I've been taken care of very well as long as someone doesn't bang on the door, thinking that I live in a flop.

Thankfully I'm on the upwind leg, circling the field and It can't be soon enough.

 

[Revoltingest]

Some earned what they get.
Others get more than they earned.
Because it has no money, it depends upon an
increasing number of working taxpayers to fund it.
Ponzi scheme, anyone?
Medicare and Social Security: What you paid compared with what you get

 

[Ellen Brown]

Some earned what they get.
Others get more than they earned.
Because it has no money, it depends upon an
increasing number of working taxpayers to fund it.
Ponzi scheme, anyone?
Medicare and Social Security: What you paid compared with what you get

You do what I did and let them tell you that they're paying you too much!

 

[Revoltingest]

You do what I did and let them tell you that they're paying you too much!

I'll take all I can get.
And the income tax I pay on it goes straight to you!
Of course, others must chip in.