Quote:
Originally Posted by saden1
I'm open to other ideas, I'm just not open to what I believe to be bad ideas. I don't have a problem with the concept of privatizing SS if it were made private as the program was being created. I do have a problem with the practicality of it at this point. The way it currently works is such that the younger generation pays into it so that the older generation can collect. What if we privatized SS tomorrow? What does that all mean? Can we implement the Galviston plan across the country? What will happen to my friends mom who is permanently disabled?
SS privatization crowd is all talk, no bark. Certainly no substance, just plain hate of "Socialist Security."
I'm not extreme, I'm just extremely opinionated and everything I say is reasoned and thought out though some might not like my methods or rational.
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mecixo chile and australia (among others) managed to do it. you do like galveston did... let people opt out, and then they can put their SS money in a private account that guarantees 4-6% return per year (sometimes they make more than the guarantee). Those accounts are divided between multiple regulated regional banks and credit unions (which basically look at it like long term CDs) - that way there's no chance of one bank failure bankrupting a retirement class (and these things can be FDIC insured).
so that takes care of everyone opting out going forward. you leave those nearing retirement on the old system and gradually reduce america's tax burden as the old guys retire (and the opt out rate will be over 90%).
probelm solved - less taxes, no one gets forced out on the street, and the younger guys get actually interest on their very safe accounts, beating inflation and making it economically feasible to keep the idea of guaranteed retirement without bankrupting the nation.
SS and medicare are EASY problems - galveston and japan already solved them
30 years ago!!. why reinvent the wheel?