Privatizing Social Security? Again?

At the [tag]president[/tag]’s press conference yesterday, a reporter noted that Bush had “failed” to achieve the major goals of his second term, most notably privatizing [tag]Social Security[/tag]. The president insisted that he hasn’t “given up” on his agenda, and still has “two years left.”

For [tag]Bush[/tag], it wasn’t a casual remark — he still hasn’t given up on one of the biggest political fiascos of his presidency.

More than a year after Social Security reform faded from the political radar screen, the debate erupted anew [this week], as Democrats seized on news that President Bush hopes to revive an unpopular proposal to make changes in the national retirement program.

In recent days, Bush has said Social Security remains one of the “big items” he wants to tackle next year and he continues to “believe that a worker, at his or her option, ought to be allowed to put some of their own money . . . in a private savings account, an account that they call their own.”

“I couldn’t believe it. What an opening,” Democratic pollster Celinda Lake said. “I think he had an out-of-body experience.”

The Democratic Senatorial Campaign Committee issued a release, saying, “Just when you thought your Social Security was safe from privatization, George Bush is bringing back his plan to privatize Social Security and cut guaranteed benefits.”

To be sure, this isn’t exactly new. In June, the president, in reference to his Social Security scheme, said, “If we can’t get it done this year, I’m going to try next year. And if we can’t get it done next year, I’m going to try the year after that, because it is the right thing to do.” Shortly thereafter, White House Chief of Staff Josh Bolten “stressed his interest” in paving the way for a renewed push on Social Security.

Can someone explain to me what on earth the White House is thinking?

Rep. Tom Davis III (R-Va.), who opposed Bush’s privatization plan last year, said, “I guess you could argue if it gets Iraq off the front page, it was probably a good thing at this point.” He added, however, that a new White House push on the issue “is not going anywhere. This president never likes to back down. I think he’s putting it on the table, but I don’t think anybody’s going to pick it up.”

Obviously, that’s true. In case there were any lingering doubts about the popularity of privatization, the AARP released a survey this week showing that voters remain strongly opposed to the White House approach, and nearly as importantly, so are the vast majority of political candidates, from both parties, who responded to the AARP’s Voter Guide questionnaire.

With this in mind, what, exactly, is the point of even trying to reintroduce the issue before the midterm elections? It’s hard to imagine that the GOP is so afraid of talking about Iraq that they’d prefer to put Social Security privatization on the frontburner again. Have we really reached a point in which the Bush gang would rather the Dems attack Social Security privatization than have the Dems hit the GOP on national security issues?

If the White House really wants to have this debate all over again, I’m game. For that matter, as No More Mister Nice Blog noted, “Hey, and maybe after that he can rehire Brownie! And reopen the Terri Schiavo case! And sell some ports to Dubai!”

What beautiful timing. We should use this to knock the legs out from NJ marriage decision.

  • And here we keep thinking that the Republican’t Congress is a rubber stamp for Boy George II. We keep forgetting it’s guys like Davis who scuttled the Social Security Privitization.

  • And as you reported earlier, Dubai IS controlling ports without restrictions and the whole uproar about it had no lasting effect. Maybe Bush figuree he can rely on short memories for SSPriv too. The stock market is high so he might think he can sell the idea of hooking SS to it. Just don’t anyone retire during a crash.

  • It’s the presidency as psychodrama. GWB is, for the umpteenth time in his life, failing massively. His presidency is going down in flames, his signature issue, Iraq, an utter fiasco, and his legacy to the GOP is to leave if far weaker than it was when he took office.

    Rather than face his continuing failure, GWB blusters and pretends that he will move this issue forward. Anything to avoid facing the fact that the remainder of his term will be spent watching his presidency collapse.

  • Maybe the president can just start deeming lots of random citizens as enemy combatants, keeping them imprisoned without access to counsel or the courts, from just before and throughout their retirement years. My guess is they will not be entitled to social security payments while so held. This could be an effective method to balance the social security funding situation. And Cheney would then have all sorts of people to dunk in water (man, with that admission, and with the strong chance that he could be the deciding vote in an evenly split Senate for a couple of years, his impeachment really should be a priority issue).

  • If it’s a base election, then I think they believe Bush’s appeal is not backing down on conservative principals. They’ll put up some moderate position, as he did with cutting and running from “stay the course”, while they have Rumsfeld on Hannity playing dog ear politics, saying he’s doing no such thing.

    Another great example is global warming. Bush gets lots of mainstream news making some motions about cutting down on emissions, and then the next day, on page 14, has a sarrogate say, “Don’t worry. We’re lying our asses off.”

    The conservative base wants Bush to lie then turn around and do what they really want.

  • When I first started working many, many years ago, my December paycheck was always fatter than my paychecks of the previous eleven months. Why? Because I had surpassed the annual earnings cutoff, and NO social security was deducted. It was like a raise in salary, and I had a few more dollars that I could spend as I wished — not as the U.S. Government said I should spend it. Unfortunately this happy state of affairs lasted for a few years only.

    If I could have used my Social Security deductions to fund a personal investment account, I’d be filthy rich today. That’s what Bush is talking about — taking PERSONAL responsibility for your future, rather than relying on Big Brother to support you with other people’s money.

  • Bush likes to think of himself as Stephen Colbert: that he has big brassy balls. Unfortunately, Bush is neither as smart nor as witty, so shooting from the lip causes him to make promises his butt can’t cash, despite the fact that he can make his poor choices national policy.

    Social Security pivatization is really just a ruse to tie the fate of every American to the fate of corporations. If our retirement is inextricably linked to what and how business performs, we’re less likely to want to fetter companies with taxes, environmental restrictions, regulations, etc. This is great for the tightknit community of corporate officers who have been treating getting a high executive position as winning the lottery and carte banche to treat the busines’s wealth as their own for the taking. SS privatization will ensure the gravy train will keep rolling for a long, long time.

  • Maybe what the White House is thinking is that they can, through whatever means, keep control of Congress and then claim a mandate. After all, he did mention it before the elections.

  • Fallen Woman,

    “Because I had surpassed the annual earnings cutoff, and NO social security was deducted. It was like a raise in salary, and I had a few more dollars that I could spend as I wished — not as the U.S. Government said I should spend it.”

    I assume that you took every penny of this extra money and invested it in an IRA to take personal responsibility for your future, right?

    You are fortunate enough to have earned enough money to exceed the SS deduction cap. Don’t make the mistake of assuming that your personal situation applies to anyone but you.

    I’ve got news for you and W and all of these “the market is the solution to every problem” people; every American has the option to open and contribute to an IRA. The Roth will provide tax free disbursements when you retire.

    The idea that Social Security “steals” your money from you is crap. The idea that every wo/man (fallen or not) for themselves is the solution is crap. W’s private account plan is crap.

  • I’ll let you folks rely on the government to fund your retirement… I’m saving (and investing) on my own, earning much better returns while I’m at it. You’re all absolutely nuts if you think the government is going to provide you with a healthy retirement nest egg (given its returns are 1-2% each year) in a few decades. In addition, the demographics just don’t support the notion of a smaller workforce funding a larger retired population.

    Answer me this: Why not allow me the option of maximizing the investment my own funds in my private IRA accounts (while also paying taxes into social security) while you guys wait it out for your government funded retirement???

  • MNP – -you are wrong,

    NOT every American can contribute to a Roth. It has salary limitations as well as total contribution limitations. Why put those restrictions on me when I am willing to contribute to a Roth and beyond my $4500 limitation in my personal IRA. These are assets that would be mine, and thus my children could eventually inherit them… Not so for your outdated soicalist program called misnamed “Security”.

    And I’ll tell you one other thing, the private market does a much better job managing money and creating wealth than the Federal Government – no matter which party is in charge!

  • Fallenwoman likely is one of the mass ignorant who intentionally refuse to recognize the huge problems and suffering which occurred in the United States back in the late 1920s and into the 1940s resulting primarily by the nature of our capitalistic society at that time. She fails or likely intentionally refuses to understand the purpose and benefits that are provided by social security in the form that it is in, and the likely consequences of what would happen if this ocuntry went back to the old method, as she is proposing. Funny that Ronald Reagan himself, who lived through that suffering, understood this history and the purposes behind social security and worked very hard in a bipartisan fashion to shore up and not change social security. But what the fuck does he know.

    And her comment seems to indicate that she is not filthy rich at this point in time, and that is all due to her having to put less than 7% of her income into social security (which is then matched by her employer–that’s a better rate of return than we have seen around here for at least 6 years). Odds are she never would have put any of this money away and would have spent it all, and would eventually be a huge drag on society, one who has to beg for assistance at some point in time in her future due to a) economy/capital markets downturn b) unexpected medical condition and medical costs c) litigation costs of some kind d) children stealing from her e) a combination of the above.

    She is just like many that I know and lived with in the South–they think that they should pay no taxes at all and that they can best take care of themselves with their own money in times of troubles. Well, until that big hurricane hits and they lose everything. Then they are all the biggest fans of government, begging every day for government assistance.

    Morons. And one of those who make up the 30% who still support our president.

  • “I guess you could argue if it gets Iraq off the front page, it was probably a good thing at this point.”

    Uh-huh. Just like the Foley scandal knocked a lot of things off the front page (at least it dominated the Washington Post for a while). Be careful what you wish for schmeg-head.

    petarado @ # 9 nails the real reason behind MonkeyShines’ burning desire to privatize SS. It also explains why we’ll never see Shrubya pushing a law that would require companies maintain pension benefits for retired employees. Right now that is what’s going to overload the SS program, but it would be better (from his view at the top of the economic food chain) to sneer at the millions of people who could never make enough to save for retirement.

    And look at some other benefits for his fellow corporate swine: People working longer so they can stave off the day when the evening meal consists of Alpo Burginon (sp), an marked uptick in forclosures on homes (especially since it is much harder to declare bancruptcy. His banker buddies will be able to pick up property for a song! And best of all, if brother Neil runs another scam that causes people’s hard earned savings to evaporate like Shrub’s brain, they’ll have to go back to work again!

    Hell, we might be looking at a country that is divided into a tiny non-working upper class and a large, throughly subjugated working class in the near future. Of course, as the French aristocracy already learned, even hungry people can throw rocks.

  • From the comments, those people who support Social Security privatization make decent livings. For those who don’t, Social Security may be an integral part of retirement. The middle class is getting squeezed today, and the Republican you-are-on-your-own mantra is creating huge risks for middle-class families.

    Although I oppose SS privatization, I would support it if the federal government provided universal health care for all its citizens.

  • >Fallenwoman: If I could have used my Social Security deductions to fund a personal investment account, I’d be filthy rich today. That’s what Bush is talking about — taking PERSONAL responsibility for your future, rather than relying on Big Brother to support you with other people’s money.

  • Welcome back Fallenwoman & JRS, Jr.
    I am so sorry to see that you both have joined the “Blame America First” crowd.
    FW, In attributing the fact that you are not filthy rich since SS & Medicare take so much of your pay, you seem to be missing the point that you make far more in earnings than the average American (based on your December raise story). As we all have the personal responsibility to handle our own net earnings, and since you make a lot (compared to the average) why aren’t you at least rich (if not Filthy rich) already? It’s not America’s fault, you spend your own money.
    JRS, congrats on your sucess. I hope that it continues for you, and that the commenters are a bit more polite in their responses to your comments. Remember, not all of us are as well off as you are, and many of us wish to “blow off some steam” in this left leaning community.
    I personally would like to see signs as close to every polling spot as the law allows that state:
    Want Bush to do as good a job on Social Security as he did with Iraq & Katrina? Vote Republican!

  • JRS JR

    I am not wrong I only offered a Roth IRA as an example. Max out your Roth contributions, open an traditional IRA, max out your 401K, buy real estate, buy bonds, buy gold, buy whatever they hell you want. You are not prohibited from investing or saving. If you think the Roth should have unlimited contributions, great. The reason it does not it so that the tax break is not abused as a shelter for millionaires.

    The Social Security system is supposed to be a baseline floor for retirees not 100% funding for life after 65. People used to have pensions plus Social Security. The union busting Rethugs took care of that. Some people have 401K (or a similar plan – I’m not wrong for not listing every tax code related to retirement) but not all.

    I am sorry that you feel like a 3 year old about your money and I’m sorry if your kids have to get of their asses and work for themselves instead of simply taking the scraps you leave them.

    The common good will ALWAYS trump individual exceptionalism, always.

  • In addition to what petorado said, the effort to privatize Social Security is a pre-emptive attempt to insulate the filthy rich from addittional taxes that will need to fund the obligations of the FICA system for future retirees.

    There is also a few Rovian angles here. If the Republicans get wiped-out, Rove will blamed the “Senior Vote,” not the anti-Iraq war vote–allowing Bush to continue his “hell-bent-for-leather” (or oil) foreign policy. Disfusing the blame for the coming election defeat, would allow Bush to govern pretty much as he has.

    PS — In the “lame duck” session after the election, look for the Republicans to try and make all of excessive tax cut permanent.

  • As a forty-six year old, I regard the Privitization of Social Security as a f**king joke. Why? Because I’m at the tail end of the baby boom. The whole idea of privitization is that the boomers will put their money in stocks, and then when they retire, someone will be willing to buy those stocks from them.

    Just who exactly?

    If you were born in 1946, maybe someone will be willing to buy stock from you so that you profit. But by the time the Boomer surge passes, who the hell do you think is going to pony up a profit for the late comers.

    You’ll see such a stock market crash like you would never believe possible. All stocks are traded at prices vastly higher than they deserve to be, and once the well of money dries up, it will be a buyer’s market and a seller’s nightmare.

    So Fallen, JRS, if you want to bet your future on the notion that someone in the future will happily give you huge profits on stock that you have to sell to survive, please go ahead.

  • Lance, I’m not advocating private funds for those that are in the twilight of their careers nor am I advocating 100% equities either but a safe mix of treasuries, corporates and equity indexes. As a 35 year old, after paying my share of FICA, I’d like to have the option of maximizing my returns in a PRIVATE account, so I can be comfortable in retirement and so that can be handed down to my 3 boys.

    Lance, tell me how we’re going to fill that whopping funding gap in 10-15 years as the baby boomers retire? There are 3 widely known options (1) Raise taxes (2) Reduce payments or (3) Increase returns… Increasing returns via public market investments seems like the easiest way with the least fallout, but I’ll let you answer.

  • “If you were born in 1946, maybe someone will be willing to buy stock from you so that you profit. But by the time the Boomer surge passes, who the hell do you think is going to pony up a profit for the late comers.”

    It’s a global economy my friend… those economies rapidly amassing wealth overseas for teh first time are looking to the US (the most stable and liquid market) to store and grow that wealth… they will be the buyers of the next generation.

  • Ugh. My comment got gobbled up by the gremlins.

    What I had said was that privatization will take the same amount of SS taxes, it just diverts a portion into the newly created private accounts. Fallenwoman won’t see a reduction in SS taxes **unless** someone creates a separate, newly created SS tax break.

    That said, privatization is not to be viewed as a new entity funded with new money. When looked at in the context of the total SS program, you’ll find that the diversion of money from the Trust Fund results in a form of double booking for the overall program. Everyone who looks at privatization agrees that there will be a huge amount of money that has to be allocated from the ***General Fund*** to prop up the dwindling SS Trust Fund and to fund the private accounts. The estimates *start* at the hundreds of billions and move up to the trillions of dollars.

    The only way this doesn’t get more airplay is because privatization proponents falsely compare the private accounts model with a ‘do nothing’ model in which the Trust Fund does indeed run out of funds 20 – 30 years from now. It’s a false comparison because privatization will drain the trust fund some 15-20 years from now, resulting in the need for the general fund bailout. Also, who honestly believes that ‘do nothing’ is even on the table?

  • MNProgressive wrote
    > The common good will ALWAYS trump individual exceptionalism,
    > always.

    I agree with you 100%. However, Social Security is no longer the common good. In the beginning, when the ratio of workers to retirees was high, Social Security was able to provide a fantastic rate of return. But as that ratio dwindles, so does the rate of return. It’s nobody’s fault. It’s not politics. It’s just math.

    As things stand, with a worker:retiree ratio of 3:1, the effective rate of return on Social Security dollars is about 2.8%. At that rate, people would be better of putting their money in a money market fund. And, of course, over the long term, you’d get much better returns out of the stock market.

    The demographics have changed. Because of that, Social Security is no longer a good deal. The problem is that politicians have elevated Social Security to such a sacred level that people no longer think rationally about it.

  • “Lance, tell me how we’re going to fill that whopping funding gap in 10-15 years as the baby boomers retire?” – JRS Jr.

    I’d do three things.

    One. Raise the FICA taxable income level to the base salary of a U.S. Congressman (House) and peg it there. Everytime Congress votes to raise their own salary, more money for Social Security.

    Two. Raise the Maximum and Minimum retirements ages on a rising scale in the out years to a point where conservative (and I mean not expecting miraclous growth rates conservative, not Rovian Conservative) estimates show the fund can cover the liability.

    Three. Every non-election year let Congress reassess the program and if it is able, push out the rise of the retirement ages so the program is still in the green.

    All vastly doable. And it satisfies Bill’s point by raising the number of workers to retirees by making retirement happen later in life.

  • Bubba (#15), three cheers for your statement, and for showing an actual knowledge of history. I wish you could send this xcomment to the group of ‘The market will fix everything, government does no good’ types and remind them of what actually happened when we had a ‘laissez faire’ economy. Every government regulation was put in as a reaction to private enterprise failures, and usually because of near rebellions because of it — look at a study of the radical MidWest/farm belt. Look at the Triangle Shirtwaist fire, look at the stock manipulations and bucket shops before the Depression and the Depression itself.

    The market might work, if no company has major market share, produces one product, and there was no advertising. (I defy anyone to tell me, using ‘free market logic’ how Bayer Aspirin and other branded over-the-counter medicines can survive against generics that are a) the same thing, b) are equally available in the same stores, and c) cost 40% of the branded items. (Ironically, in this and other areas, the concept of ‘economies of scale’ seems to break down. I live in an area with a lot of small pharmacies as well as representatives of two large chains, Duane Reade and Rite-Aid. Not only are branded items more expensive in the chains, but even generics are nearly twice the price as in my usual pharmacy.)

    Free Market Ideology shares one, usually overlooked, thing in common with Marxism. Both were developed in a pre-corporate era. Neither plays out as it is supposed to in a corporate era. (I am not as anti-corporation as many of my fellow liberals. I think they do a lot of things that are good and valuable, but they need to be held in check through Galbraith’s ‘counterveiling force’ and they need to be kept from taking over the agencies that are there to supervise them.)

    Tom Cleaver (#10): entirely agree. It would help drive even more people away from the Republicans.

  • Can someone explain to me what on earth the White House is thinking?

    What they’ve been thinking for several decades — THE prize, the key single accomplishment, would be to dismantle the New Deal. Why did Bush go to Iraq? Because people told him it would be easy, and he wanted to build up political capital as a War President that he could then spend on destroying Social Security. That’s been the goal all along, and he’s not going to give it up now just because it didn’t work last time.

    (Frankly, if the Iraq war had gone “well” — e.g. if we had declared victory and gone home after “Mission Accomplished”, then safely relied on the MSM to not waste our beautiful minds on the resulting civil war — I think he would have pulled it off.)

  • Um, the “do nothing” plan is the position of the vast majority of those who oppose individual accounts, with a few exceptions such as Lance. In fact, most Democrats and liberal bloggers spent far more time trying to discredit the basic facts set out by the Social Security trustees and other independent experts to justify the Do Nothing Approach than they did in discussing alternative solutions.

    Individual accounts are a form of advance funding. Without some form of advance funding — i.e. setting aside some current resources to fund future benefits instead of relying entirely on future taxpayers — every generation will face a lower rate of return than the previous generation, paying higher taxes to earn lower benefits as the ratio of workers to retirees declines. Any alternative that doesn’t includes some advance funding with either face that problem, or will leave the system facing large and growing cash shortfalls again in a couple of decades, even if the program is “solvent” on paper.

    And for the record, even AARP acknowledges that “privatization” was never on the table, at least not in the form it has been carictured. Those who complain about “privatization” make it sound like the existing defined benefit system would be all but eliminated and workers would rely on Wall Street brokers to invest money for them. The reality is that virtually all reform plans with individual accounts preserved a fairly robust defined benefit and most of them actually had a stronger defined benefit for people at the bottom of the earnings scale who are most dependent upon Social Security. And the accounts in most plans would not be private, but rather individually owned and controlled accounts managed by a government board similar to the Thrift Savings Plan for federal employees.

  • Can someone explain to me what on earth the White House is thinking?

    He’s thinking he still needs to “put-out” for the “johns” on Wall Street–they’ve already paid him for “servicing”. He just hasn’t come across with the “piece of ass” he owes them yet…

    Naomi

  • A number of other commenters, including Lance, have hit on something that needs to be addressed. When the entire working populace is encouraged by government to dive into investment markets, it will fundamentally change the dynamics of those markets. Rational investment, if there is such a thing in our bubble driven economic world (dot com bubble, housing bubble), will get increasingly manic to follow perceived market trends.

    JRS points out its a global economy, and that’s correct, but now non-US markets are booming and the highest returns are in foreign investments. Look it up. If US investors become convinced, like during times of other bubbles, that sending investment money offshore will get them the best return, imagine how volatile US stocks will be when everyone sells to cash in on the overseas bonanza.

    Social Security is basically a government enforced savings program. At the moment, American citizens have a negative savings rate: they are blowing wads of credit-fueled cash. This is precisely what will happen if no mandated retirement savings exists. People will blow their cash in the short term and not plan for the long term. Let’s not repeat our Aesop’s fable past of the Depression years.

  • “Social Security is basically a government enforced savings program.”

    That is Absolutely WRONG. Today’s FICA taxes pay TODAY’s Social Security needs. It is a TRANSFER PROGRAM.

    #27, Agree with all 3 suggestions… that said, why not allow some of that increase in FICA taxable income level for the option in private accounts for younger workers?

    What’s amazing, I think people are closer than the Pols think on this issue and a number of compromises could get this issue solved pretty easily. Heck, I’m willing to pay more FICA taxes and put off the SS benefits if I’m given some option to pay the incrementntal increase into a private account!

  • “I think people are closer than the Pols think on this issue and a number of compromises could get this issue solved pretty easily. Heck, I’m willing to pay more FICA taxes and put off the SS benefits if I’m given some option to pay the incrementntal increase into a private account!”

    I completely agree about a compromise being very possible if people could get over knee jerk reactions and slogans about tax increases and privatization.

    (the savings from increasing the wage cap diminish over time as retirees collect higher benefits based on higher contributions, unless SS is turned into a welfare program by breaking the link between contributions and benefits.) So increasing the payroll tax cap won’t do much for the long term sustainability of Social Security unless the higher taxes paid now are saved to cover future costs. But under the current structure, the increased revenues are likely to be used to finance larger deficits in the rest of the budget instead of being saved. That might help the short term unified budget, but won’t do much for the long term of Social Security. Individual accounts offer a way to make sure the higher revenues coming into the system now, when the system is running a surplus and the additional revenues are not needed to pay current benefits, are saved to pay for benefits in the future when the system will face shortfalls. That, coupled with some modest restraints in benefit growth (preferably targeted primarily at middle and upper income workers who will have a greater opportunity to benefit from accounts) would put the system on a financially secure, sustainable course.

    There is a plan that would do just that, the Liebman-MacGuineas-Samwick plan developed by former advisors to Bill Clinton, John McCain and George Bush respectively. You can read about the plan here: http://www.nonpartisanssplan.com/pages/1/index.htm It’s not my ideal plan, and I can quibble with some of the details, but it is a useful illustration of the type of compromise that is possible when slogans are put aside and replaced with actual give and take on substantive issues.

  • Social Security is insurance, not an investment vehicle. It’s a safety net. Many many people need it. It’s a good thing. Leave it alone.

    Stop helping environmental cancers kill old folks and stop letting war kill off our young people and SS will be just fine.

  • Bill #26 + JRSJr

    “The demographics have changed. Because of that, Social Security is no longer a good deal. The problem is that politicians have elevated Social Security to such a sacred level that people no longer think rationally about it.”

    Demographics have changed. The baby boomers are all going to retire and all of you are going to get 2.3% ROI. I, for one, will not be retiring for something like 35-40 years (keep moving that back to help pay for all you). At that point, all the babyboomers will be but a bad memory.

    What you are saying (not just you) is that for this one segment of the population the return is not so great. That does not mean the system is forever broken. Hey, if we can borrow billions for war we can borrow billions for old baby boomers.

    The fact that the “greatest generation” gave rise to the most selfish bunch this country has ever seen is a sad irony. I, for one Gen X’er, am really tired of the whole group. Our society has molded itself to serve your interest for 60 years and the friggin whining that kicks up when you don’t get your way is unreal!

    You want to fix it? Fine. Means testing. That will help. Ending survivor benefits (most baby boomer women work so no more dependent housewives). That will help. If you want a better ROI figure out how to get it. Increase the tax and have the SSA invest in the magic market. As a final act before you all move on to your great reward how about the wealthiest of you decide not to take what you feel is “due” to you and you can make the system solvent that much sooner.

    All I know is once this baby boom generation is gone the world will be a much different place and there will be one hell of a lot of cheap condos.

    I have broad brushed the whole generation and for those of you who are not selfish jackholes as I described please accept my appologies.

  • #36 The fact that the “greatest generation” gave rise to the most selfish bunch this country has ever seen is a sad irony. I, for one Gen X’er, am really tired of the whole group. Our society has molded itself to serve your interest for 60 years and the friggin whining that kicks up when you don’t get your way is unreal!

    The generation you’re born into is no different than the race you’re born into.
    Sheesh I haven’t seen that kind of prejudice against a group since I was in the South. Even with the non-jackhole clause.

  • I knew a guy like JSR. He had it all figured out. He invested, had a good steady job, great retirement plan. He had nothing but contempt for those whose retirement relied heavily on SS. Unfortunately his job was with Enron and his retirement date was two weeks after it collapsed.

    That’s the fatal arrogance of Rebublicans.

  • I’m suprised that no one has mentioned the driving force behind all this privatization junk. Corporations want to increase their bottom line by 7%. Once this program becomes “privatized” then employer’s part of the tax can be eliminated. Bingo. an additonal 7% of revenues to the executives bonuses.

    Seriously, the Republicans are a wholly owned subsidiary of corporate America. Every action they have taken concerning money has been to increase the wealth of corporations and their owners/executives.

    Small investors like me see a small increase in my investments. A large portion of this increase is then taken as management fees and other investment fees so a portion of my earnings goes back to the corporations. It is a “fixed” percentage of my investment.The big investors pay a much smaller portion of their earnings in the way of management fees. They are a smaller percentage for the large accounts.

    When we are all pumping money into “investments” chosen by the Bush administration you can be sure that the management fees will be fixed so the corporate managers will rake in the cash and the “investors” will pay the fees without any way of knowing what they are or having any say in controlling them.

    The corporations win both ways. Pay out less on the front end and rake in more on the back.

    Just my thoughts on the issue.

  • Oh, by the way, Bush still won’t tell anyone how all this is supposed to work. Its still up to Congress to give him something he will sign.

    That’s my rant for the week.

  • Re: #38 Dale, you know, you are so right… That big, bad “vast right wing conspiracy” will get you every darn time!!

    Heck, I bet you think that all those Catholic Republicans who came home from war and made all those babies in the late ’40’s were probably at fault for the demographic challenges facing us today and tomorrow!

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