The Social Security Debate??

[Chicken of the Sea]

I've never posted in the politics board before, but I was just wondering if anyone had any thoughts on the SS debate in the US right now?

I found an interesting website that talks about the problems with Bush's proposal...http://www.bushin30years.org/about.html

[pandora]

I think it is very risky. I know that right now my grandparents are already facing difficulties with SS.
Here's a link to the Washington Post about how the poor have the most to lose. http://www.washingtonpost.com/wp-dyn/articles/A36311-2005Feb18.html

Here are other links that discuss the SS issue:
http://www.factcheck.org/article305.html
http://www.nytimes.com/pages/national/nationalspecial/index.html?excamp=GGGNbushsocialsecurity


And this link has cool graphs (oh the memories of Ross Perot)
http://www.rationalrevolution.net/articles/social_security_lies.htm

[SFjoey]

I should be allowed to use my SS savings in any way I choose. I'm sorry if the poor are too stupid to know what to do with their money.

Too many years have gone by with no options in SS...its time for a change.

[Peter Oberth]

I should be allowed to use my SS savings in any way I choose. I'm sorry if the poor are too stupid to know what to do with their money.

Too many years have gone by with no options in SS...its time for a change.

If it was meant for your own investment, they would just not take it out of your pay check. Seriously though, shouldn't you argue that you should be able to use your tax and medicare money however you want?

[SFjoey]

Thats the thing...it was not designed for personal investment, but it is very out-dated. It is time for a change.

And no...tax and medicare money are a different situation. Taxes are meant to benefit the greater good...they are not for personal survival. Medicare is meant to provide you with healthcare when you can no longer work or afford it.

SS was designed , in theory, to allow you to survive when you can no longer provide a steady income for yourself...when you are past the age of working. If you are able to increase the amount you are to live on then you should be allowed that chance. The government already dictates enough of how you spend your money...SS, at least a portion of it, should be left to the individual to deal with.

[pandora]

That's fine if the individual wants to invest it. Invest it whatever way they want. I just want a guarantee that if they lose their money by investing badly that they will not get a cut of mine. I don't think it is stupid to not invest Or to invest. It depends on what you are comfortable with. I mean yes those that did not invest have not double their money; but you have got to admit there are also stupid people that invest and end up losing it all. The whole thing is you should be able to choose what you want to do with your money and not be forced one way or the other.

[SFjoey]

I agree...there should be a choice. That is what I am fighting for. You are correct that people will find a way to screw up a good thing...they will lose money in the process. But I don't pity them. Survival of the Fittest is very much present in a free-market economy (and society for that matter).

[Nicholasp27]

well something will have to be around for eacb generation...u can call it SS or u can call it welfare, but what happens when SS is tapped out and 20 million retirees have no savings? they'll have to get survival money from the govt in one form or the other...no matter what u call it...

so what is the solution to keep up the funding for retirees, whatever the name is?

[Chicken of the Sea]

I think it's a difficult issue. Most people seem to agree that there need to be some changes to SS, but how to do it is where there are a lot of differences. I think that some changes could be made to strengthen SS instead of doing away with a system that does offer support for the less fortunate members of our society.

I'm also hesitant about adopting reforms that will end up costing our generation trillions of dollars in the long run. Even if we start to manage our own money, the administration's proposal as it stands now, costs a lot of money. Money which I bet we'll have to pay off in the end.

I have been investing through my 401K, which is a good way to save for retirement. 401Ks and IRAs are very similar to personal saving accounts.

It just seems that we should take time to find solutions that work for the most people instead of overhauling the entire SS system right away.

[taxnerd]

Considering that Social Security was only supposed to be temporary when it was created it looks like it is playing out its last days. Other course, we are not the only country with a similar problem. China had to raise its retirement age because it doesn't have enough current workers to pay for those that have retired.

No matter what Congress does, don't get caught with your pants down. Participate in your company's 401 k and open up an IRA (either a Traditional or Roth)...do both. Then quit using your credit cards...you definitely don't want to still be paying those off when you retire. Do everything that you can to save money for your future.

[Peter Oberth]

shouldn't the Right win be arguing to get rid of Social Security, not privatize it? Afterall, shouldn't they consider SS governmental "parenting"?

[Chicken of the Sea]

Good point, that should be the case, but getting rid of SS entirely would be very risky. Lots of older and disabled citizens rely on their SS checks to help make ends meet...and it is a type of anti-poverty insurance. Plus, where would the government get their extra money to spend if we got rid of SS?? ;)

I agree taxnerd, we should all take advantage of 401Ks and IRAs. They are great ways to save for retirement...especially when companies match your contribution...

[Femasia]

There is a way to get rid of Social Security. The Federal Government and some local governments have been using other means of retirements for their employess which produces more gains for the employees. There is no money in Social Security, just a lot of IOUs. Sometimes doing the right thing is difficult. The so-called old people are getting money that is not theirs, but is yours; you pay money each week or each month from your paychecks to provide for people you don't know. It is a tax without representation and a taking by the government of your money. There will be no money by the time you want or need your Social Security benefits. If you were to have the money & invest it in the bank or anywhere else, you would be better off.