The Future of Capitalism?

[BSM1]

Actually it's not really any kind of personal bank account even though the more one puts in helps to determine what they may get back in return after they retire. Some people may collect but may not put a penny in because of disability. Some others may put in but die before they can ever collect.

Social Security is just that-- "Socialism" and not a personal bank account. Same with Medicare and Medicaid. Same with u.c. These were all designed as part of our social safety-net and not our personal bank-account.

It was set up to never be touched and paid back at a certain age. However, the workers who contributed this money would have been better served if they were allowed to place this money in an annuity or mutual funds program.

 

[metis]

It was set up to never be touched and paid back at a certain age.

Again, see my last post as it was never thought of as any kind of personal bank account, especially since most people back then didn't live long enough to collect on it.

However, the workers who contributed this money would have been better served if they were allowed to place this money in an annuity or mutual funds program.

And how do you think that would have worked out in 2008-9 when the stock market was in danger of collapsing. Imagine the panic if people's SS was mostly tied up in stocks & bonds?

 

[BSM1]

Again, see my last post as it was never thought of as any kind of personal bank account, especially since most people back then didn't live long enough to collect on it.

And how do you think that would have worked out in 2008-9 when the stock market was in danger of collapsing. Imagine the panic if people's SS was mostly tied up in stocks & bonds?

There are safeguards in this case (and the stock market didn't collapse). If the stock market collapses it would affect the SS funds also.

 

[metis]

There are safeguards in this case (and the stock market didn't collapse).

Which safeguards? In the vast majority of cases, there are no safeguards when it comes to personal accounts.

If one listened to the economists on this, they were very concerned, and the results of the closed door meeting of top party leaders in September of that year dealt with possible dire consequences as we were losing 700,000 jobs in one month alone. As economist Joseph Stiglitz called it, we were in a "free-fall", and the party leaders were told by Paulson and Bernanke, both Republicans, that we could see our entire economic system collapse unless Congress did something fast! Congress didn't buy it at first, the stock market took it's biggest single hit in our history the next day, and then Congress finally got "religion" and passed a stop-gap measure.

If the stock market collapses it would affect the SS funds also.

They are kept independent, which is evident because Bush wanted to do just that but failed. Now, if our economy collapsed, that would be a different story.