Social security is not socialism but it needs to be privatized

OK what's my incentive here? I have nothing to gain financially one way or the other. Guess I'm just a big meanie huh, the Grinch that stole Christmas. LOL

 

And yet another former adversary that agrees with me. SS isn't working as is and is in the process of failing as designed. This is going well. As for welfare for the old being what SS will be with a new tax on the rich I agree and if that's the direction the coming generations want to go it's their call. Beware of unintended consequences though. As one government failure after another is financed by tapping the wealthy it could eventually lead to some undesirable economic consequences. You can only go to the well so often before it's dry but that's a subject for another thread.

 

Let's be clear. By your definition every single government program that demands increased revenue is a failure. It is a laughable definition but have at it. And call it old age welfare too. These semantics are hilarious but who cares? Action is what counts. And we will update social security as often as necessary. But continue your semantics if it makes you feel better

 

You can't take yes for an answer I guess. We are on the same page and in the context of this thread there's nothing for us to argue about. You agree with me that SS is not going to work as designed and needs a massive infusion of new funds. You also agree with me that taxing the rich to accomplish this turns SS into welfare for the old. First time we have ever been in harmony in here " buddy".

 

Who said I was arguing? I know what the truth is. If you figured it out to....even better

 

Maybe it is you who needs homework. Prior to Chavez Venezuela was run by a president named Caldera, elected in 1993. Under his rule which included the shift of a substantial part of the banking system to state control and the suspension of some Constitutional rights, the economy was in a tailspin sinking deeper and deeper. Then Chavez was elected by a large majority. Two years later there was a coup attempt but after 2 days Chavez returned to power due to public protest (see the power of the people?) and military opposition to the coup. Chavez was re-elected by a large margin in 2000 and again in 2006.

Prior to Caldera the president was Perez. He nationalized the oil companies. He also imposed austerity measures and prices started rising. Riots occurred on a scale not seen since the uprising of 1958. The riots were crushed, killing thousands. Conditions continued to deteriorate and in 1992 there were 2 coup attempts.



https://en.wikipedia.org/wiki/History_of_Venezuela

http://www.nationsencyclopedia.com/Americas/Venezuela-HISTORY.html

 

It needs a new tax.

The rich can easily afford it. The system worked for them, permitting them to get rich, so they should help support the system more than those beneath them.

 

We've already established you think the taxpayers will bail out retirement accounts when the pvt company fails and goes bankrupt.
And there won't be any money available at that time. It will have to come from new taxes or taking from another place.

So, why take the risk if the taxpayers are still on the hook? From the one of the safest investments places there is.

What other reason might you have?

 

This is great, yet another convert in here admitting SS is failing as designed and needs a massive new infusion of funds to stay afloat. As I said earlier it's up to the younger generation to make this decision to turn the SS retirement fund into old age welfare or to opt for privatizing it and having it be a self financed retirement fund. I would council for option number two but in the long run it's not my call and I'll be interested to see what you guys do. My bet is the snowflakes will opt for socialism and welfare and punishing the rich but time will tell. At this point in life I'm just an interested observer and truly don't have a dog in the fight. Age has its rewards.

 

Everything ever done will fail eventually if it's not maintained and upgraded periodically. From building a house to building financing.
Can you name one thing that hasn't? Or will not.

I haven't seen anyone here ever say anything different.
But you and the R party want to destroy it and the potential retirement of millions of future retirees.

 

Do what you want. Prop up SS which you admit is failing as designed by taxing the rich and turning SS into welfare or privatize it, I truly don't care. The main point of the OP was SS is not working as designed as 1930s demographics have been turned upside down and now you all are agreeing with me. IMO it would be more profitable for coming generations and better for their economy to privatize it but that's just my opinion based on nearly 70 years of life experience. As so often is the case though young people think old people are stupid and disregard their council and that's fine but think long and hard before you turn SS into welfare, the unintended consequences may surprise you.

 

Bunk and you know it. EVERY program needs adjustment occasionally. The SS system has been adjusted to meet changing needs regularly. And it now has almost 20 years of solvency. What other program can you say that of as it is right now with no changes projected? None.

It is now appropriate to make more adjustments to anticipate distant future needs. Hell, the Republicans made changes in the USPS retirees' medical fund to anticipate changes they though might occur in 75 years!!! I didn't hear you griping about that!

 

Thanks for your opinion. It has been noted

 

You are more than welcome.

- - - Updated - - -

You are more than welcome.

 

In the name of fair play please continue and list the government scandals, corruption and greed. Lets not follow the main stream media and only give half the story.

It really doesn't matter does it? Either way you have the same type of folks running the show. The difference being with privatization folks have a choice. If nothing else a choice of by whom we are screwed. There are honest financial people out there.

Just like with the health care debate it all comes down to better education of the less privileged, not government control. The way government has screwed the education pooch from every position makes one wonder if the real greedy power mongers (IE: government) want the less privileged educated.

 

Name 1 thing designed 80 yrs ago that hasn't changed or needs upgrading? It's how things become and stay successful. They get tweaked, upgraded, maintained, and improved.
Now that you feel this way, how about working on your R party buddies and get them to make SS sustainable for your kids and grandkids.

 

Honest financial people retire, move to a different job, or die.
The system needs to be one that can withstand decades and decades of generations and people running it.
The system needs to be sound.

 

Difference is we are not talking about a new roof, new paint, new plumbing and wiring based on the existing structure. The very foundation of SS is that it's supposed to be self financing. Much like an annuity fund you pay into it and then at maturity it starts paying out to you for as long as you live and that's where the security part of social security comes into play. You get the benefit of not outliving your money at the price of letting someone else use and invest money you could have used and invested yourself.
Much like your house example anything needs periodic maintenance and adjustments but there comes a time when a house just needs torn down and that time is when the foundation crumbles. That's where we are with SS,it's very foundation is crumbling due to the fact that demographics have been stood upside down since its inception in the 1930s. My opinion is it's time to build a new house, your opinion is to tax the rich and prop up this house with the crumbling foundation. My opinion is just my opinion and the coming generations will do what they will do but at least we are all on the same page now and agree SS can not and is not working as designed.

 

For a guy with no dog in this fight....you got a big angry dog in this fight

 

If that sounded angry to you, you truly are in the snowflake generation. Voicing opinion is not mean and scary it's just honest discussion.

 

Easy ranger. Nobody in my battalion called me a snowflake. Don't go away angry....just go away. Lol

 

As long as the annuity hasn't lost money or gone bankrupt. Where are these annuities investing the money? They need to earn money to pay out money.
What guarantees it will never lose money? What happens when it does lose money?

 

Be honest here and get your R party buddies to act on maintaining the system we have. Not destroy it, go private, and then at some future date, call on the fed gov't to bail it out.
That would be the best you could do for you kids and grandkids. If that is your true motive.

 

The beauty of private annuity companies is you can research them and study their financial records in detail. They tell you in detail what they invest in and why. You also get quarterly reports telling you how much these investments are earning. It should be mandated that any annuity that wanted to be eligible to participate in privatized SS would have to have a AAA rating though. Once again this is just my preference and council but you younger people may not see it that way.

 

Sorry but I'm not an R. I voted for Trump and the R party hates him nearly as much as the D party. I hate them both.