Old age and the Far Right

[ZeroJunk]

Please explain how it works PIO1980 .

[Tom Joad]

Originally Posted by whell

What I'd like is to have back the 6.2% in social security tax that gets sucked out of my paycheck every 2 weeks. Hell, I'd settle for 3.1% of it.

You'd piss it away and when you got too old to work you'd cry to the Gummint to bail you out.

[Pio1980]

Originally Posted by ZeroJunk

Please explain how it works PIO1980 .

It would first require an incorruptible basis for any possibility of success, second be responsible to and for its clients rather than stockholders and/or executives. Wise investment for the long term rather than gambling for the big haul.
Oversight and accountability with harsh real personal penalties for fraudulent activity.

Pretty much everything that is lacking in private investment in the land of the fleeced.

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[Tom Joad]

Originally Posted by Pio1980

How about an underwritten agency with oversight and accountability.

I'm OK with something like that in addition to Social Security, but not as a replacement.

[Pio1980]

Originally Posted by Tom Joad

I'm OK with something like that in addition to Social Security, but not as a replacement.

Incorporated into SS.

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[Tom Joad]

Originally Posted by Pio1980

Incorporated into SS.

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As long as it doesn't take anything away from current Social Security.

The Social Security formula for retirement benefits is progressive. Lower wage people get a better deal out of it than those who are higher earners. Also it works as an insurance. If you are disabled at a young age you get disability benefits. With an investment plan you just get what you have in it at the time. The same goes for survivor benefits if you die and leave a young family behind.

[merrylander]

Originally Posted by ZeroJunk

I don't think anybody has a problem with supporting the elderly as best we can. The problem is that the promises made cannot be paid for. It is something like $150 trillion in liability and we are borrowing 40 cents of every dollar from the Chinese and others as it is. Some will say that the rich need to pay more and maybe so. But, if you confiscated all the money the rich have it would not pay this debt. The arithmetic doesn't work. Now you can devalue the dollar by just printing $85 billion a month out of this air. Put it off for a while. But, what we have now is going to crash. Might be a good idea to try and manage that crash.

Now why is it that other countries can do it and not go broke?

[Rajoo]

Originally Posted by Tom Joad

As long as it doesn't take anything away from current Social Security.

The Social Security formula for retirement benefits is progressive. Lower wage people get a better deal out of it than those who are higher earners. Also it works as an insurance. If you are disabled at a young age you get disability benefits. With an investment plan you just get what you have in it at the time. The same goes for survivor benefits if you die and leave a young family behind.

Agreed. It is a safety net, not a retirement plan IMO.

For the higher wage earners, there is the 401K. Don't the SS contributions from workers today go to pay the benefits for those retired or cannot work? So how do you turn it off.

[nailer]

Bankruptcy will turn it off. The question is, how long can we borrow our money.

[Tom Joad]

Originally Posted by nailer

Bankruptcy will turn it off. The question is, how long can we borrow our money.

I agree we need to balance the budget.

A good place to start is by not spending trillions of dollars on foreign military adventures that make millions of people hate us.