Republicans still floating the privatising Social Security Scam

Discussion in 'Politics' started by Magoo, Aug 25, 2015.

  1. Magoo

    Magoo You don't have to be Einstein to figure it out

    George W. Bush's plan to privatize Social Security was thoroughly discredited, but even as the stock market proves wildly unstable, many GOP presidential contenders want to bring it back.

    You really want to privatize Social Security in THIS market?
    No one should need more evidence to understand why privatizing Social Security is a terrible idea, but the stock market provides the opportunity for a refresher.

    George W.'s brother Jeb, Sen. Ted Cruz (R-Tex.), Sen. Rand Paul, (R-Ky.), Mike Huckabee and Rick Perry.
  2. Bubba74

    Bubba74 Well-Known Member

    Yep it is a "horrible" idea

    Truth is the left hates it because it takes money out of the hands of the all mighty govt and gives people the power back
    falconfan likes this.
  3. jimmy g

    jimmy g Kook

    No matter how it can be fixed- its broken now. So, mags- tell me a plan to fix the 210 trillion dollar debt in a world of 2.2 trillion a year in revenue?
  4. Northern Flash


    Some people don't even acknowledge our debt as a serious long as they are getting theirs.

    And by the way, this Social Security issue is just election time gibberish, since none of them will do anything with it.
  5. Magoo

    Magoo You don't have to be Einstein to figure it out

    Start by you not signing up to take it.
  6. Magoo

    Magoo You don't have to be Einstein to figure it out

    You guys won't admit it but you know full well if Bush got his wish most people would have lost what they had.
    Still you want to give up your right to Social Security because these rich knuckleheads say you should.
    Retirement fro most of you here will be a difficult time as is, the reasons are numerous but the numbers show what I say is true.
    And you would let some body talk you out of your Social Security is just a crime, wise up a little!

    Robert Reich
    8 hrs ·
    Seventy-seven million boomers are within sight of retirement – and most don’t have nearly what they’ll need for retirement. Social Security covers a decreasing portion. They haven’t been able to save because their real wages have flattened over their lifetimes and the Great Recession drained whatever savings they had.

    Right-wingers want to make this a generational battle between boomers and Millennials – the same “divide-and-conquer” strategy the right has used over race, ethnicity, the middle class and the poor, unionized versus non-unionized, public employee versus private employee.

    But the real problem is a rigged economy that for decades has siphoned off almost all economic gains to the top. Forty years ago defined benefits were the normal pension. Twenty years ago, defined contributions were the norm. Now it’s do-it-yourself.

    I’m speaking today to the National Conference on Employee Retirement Systems, and including their report below.
    pilot87 likes this.
  7. 20_yrs_2_go

    20_yrs_2_go Well-Known Member

    i for one am all for privitizing ss for 2 reasons

    1) you get to keep a closer eye on your account

    2) most idea's ive seen let you invest in safe stocks up to 30 % of what is in your account

    its a win win situation and far better then whats in place now
    falconfan likes this.
  8. AzPilot

    AzPilot Well-Known Member

    Privatizing SS will not work and it's never going to happen.

    Just look how forcing everyone into the pipe dream of 401ks is working out, most Baby Boomers won't have near enough saved when they are forced out of their jobs. I guess dumpster diving is an option.
    pilot87 and Magoo like this.
  9. a9faninnc

    a9faninnc Super Moderator Staff Member

    He,s a taker so he could care less.Just like all the others,no skin in the game.
  10. Bubba74

    Bubba74 Well-Known Member

    Social Security is the govt's piggy bank, they will do nothing if it does not allow them full access to spend every cent that comes in

    that is easy, go with Bernie, tax the rich at 90% that will fix it in no time
    In fact take every dime out of the GDP have that debt paid off in under 20 years
    (of course after year 1 no one will produce anything so we would have to switch to Stalinistic tactics)
  11. Magoo

    Magoo You don't have to be Einstein to figure it out

    They aren't producing work here, just overseas.
    Higher Taxes will be an import tariff on the wealthys income.
    May be not so nice on them but for the 95% of us will be a very good thing:1036316054:

    By the way Sanders never said he would go for a 90% tax rate someone else said that.
    I'm thinking 40% will be closer to what he's thinking
  12. Magoo

    Magoo You don't have to be Einstein to figure it out

    Social Security isn't like a 401K there is no better returns to expect or reach for, it's an insurance policy that pays out when your old.
    But the good news is it won't lose money either so you don't have to worry about a crash.
    There are plenty of ways to risk an investment trying for bigger returns.
    Just remember there are good years and bad, and the BS they tell us how we're going to be millionaires by just investing a few dollars per week is figured on compounding 8% growth which can happen in any particular year but not every year.
    It's figured on the most optimistic formula that's not reality.
    By the way for the really young people here you had better save a million for retirement, for you with the normal inflation we had the last 40 years a million dollars then will be like $150,000 now is,
    maybe much less value
    pilot87 likes this.
  13. jimmy g

    jimmy g Kook

    It's not insurance. Taxes go to the General Fund. Congress pays Welfare in return. It lasts only as long as faith in fake dollars lasts.
  14. jimmy g

    jimmy g Kook

    Justice Cardozo's Helvering vs Davis version.

    These are true taxes, their purpose being simply to raise revenue. No compliance with any scheme of federal regulation is involved. The proceeds are paid unrestricted into the Treasury as internal revenue collections, available for the general support of the Government. Although Congress may have anticipated that over a period of years the taxes would roughly offset the drain upon the Treasury to be occasioned by the wholly independent appropriations authorized under Title II, such rough budgetary equivalence is not sufficient to deprive Title VIII of its quality as a true taxing measure.
  15. Bubba74

    Bubba74 Well-Known Member

    It is not insurance, it is a tax
    SCOTUS ruled the govt cannot sell insurance, remember Roberts illegally changing BarryCare

    Plus the returns on SS are negative, at least the bank is offering .25% interest on a savings account (would probably go up if the Fed did not have interest rates at zero, another day of reckoning to be coming)

    it is currently 39.6%, so .4% is going to pay off over $200 trillion in unfunded liabilities?

    2015 Income Tax Brackets
    Rate Single Married (Joint)
    28% $90,750 – $189,300 $151,200 – $230,450
    33% $189,300 – $411,500 $230,450 – $411,500
    35% $411,500 – $413,200 $411,500 – $464,850
    39.6% $413,200 & up $464,850 & up

    why don't all these good libs that are crying for higher taxes pay their "fair share"
    after all Barry made over a million last year, but paid only around 20%
    all those entertainers and other libs making more than that, paying less

    hypocrites, each and every one
  16. jimmy g

    jimmy g Kook

    Here's what the Social Security Administration says about 'promises to pay':

    There has been a temptation throughout the program's history for some people to suppose that their FICA payroll taxes entitle them to a benefit in a legal, contractual sense. That is to say, if a person makes FICA contributions over a number of years, Congress cannot, according to this reasoning, change the rules in such a way that deprives a contributor of a promised future benefit. Under this reasoning, benefits under Social Security could probably only be increased, never decreased, if the Act could be amended at all. Congress clearly had no such limitation in mind when crafting the law. Section 1104 of the 1935 Act, entitled "RESERVATION OF POWER," specifically said: "The right to alter, amend, or repeal any provision of this Act is hereby reserved to the Congress." Even so, some have thought that this reservation was in some way unconstitutional. This is the issue finally settled by Flemming v. Nestor.

    In this 1960 Supreme Court decision Nestor's denial of benefits was upheld even though he had contributed to the program for 19 years and was already receiving benefits. Under a 1954 law, Social Security benefits were denied to persons deported for, among other things, having been a member of the Communist party. Accordingly, Mr. Nestor's benefits were terminated. He appealed the termination arguing, among other claims, that promised Social Security benefits were a contract and that Congress could not renege on that contract. In its ruling, the Court rejected this argument and established the principle that entitlement to Social Security benefits is not contractual right.
  17. Magoo

    Magoo You don't have to be Einstein to figure it out

    Always we have the Social Security naysayers, can't do this can't do that ,its illegal. it's a fraud yada yada yada.
    But when its time to collect they won't be a day late and you can take that to the bank.
    pilot87 likes this.
  18. Bubba74

    Bubba74 Well-Known Member

    why shouldn't we
    we have had the money taken from us for decades, its our money we deserve it back
  19. jimmy g

    jimmy g Kook

    Once more you avoided the facts of both Helvering and SSI's own site. Are you proud to leave the kids now in school nothing but bills while you steal their wages?

    Do you have a plan to save it? Or how to live when its cut?
  20. Northern Flash


    First, give us our money back that we've paid in, then we'll be content.
    Second, make Social Security optional........and see how many play along.
    20_yrs_2_go likes this.

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