How to Fix Social Security

Monkeydad · 03-26-2008, 09:25 AM

Privatize.

I wrote a 16-page paper on Privatizing SS in college. It was a good idea THEN and still is.

Congress (specifically the one party that created it) was incredibly selfish for shooting this down when President Bush proposed it. They don't want their program to look like a failure, even though it clearly is. So, instead of being responsible, they decided to block any change to their failed program for political reasons, in the process forfeiting any chance for a retirement for the current generation of workers and also our children.

I received my SS statement in the mail last week, the one they mail you annually to show you what your benefit will be upon retirement. I noticed that it stated that if I work until 67, I can receive full benefits. That used to say age 65. I expect the retirement age to keep going up and should be around 72-75 by the time I retire, not that any benefits will be there for be.

Anyone with common sense can see that SS in its current state CAN not work. With the retirements of the Baby Boomer generation, there will be more people withdrawing funds than working to provide them. The ratio used to be 15:1 (workers:retirees). Now the ratio is estimated to be about 2:1 and still falling.

There never was a Social Security Trust Fund as claimed. The money has always been tapped into and shifted to the general fund for spending on random bills.

The ability for people to save for their own retirements is the only workable solution for future generations. Being able to have the option to take the insane SS tax amount and investing as we wish is just smart. You don't need to have any knowledge in the stock market, because even playing it safely has ALWAYS yielded a 10% return historically.

Those who choose to gamble with the SS will just have to take what (if anything) they are able to get. There will need to be a transition period so that workers now nearing retirement can still get the SS funds they were stupidly promised by an irresponsible government, but afterwards, everyone should be required to invest for their own retirements.

The country of Chile has the best plan and example of how successful a full privatization can be.
EMPOWERING WORKERS: THE PRIVATIZATION OF SOCIAL SECURITY IN CHILE

View Poll Results: How Would You Fix Social Security?
Raise Tax	0	0%
Cut Benefits	1	4.17%
Privatize	12	50.00%
Other (explain)	11	45.83%
Voters: 24. You may not vote on this poll

03-26-2008, 09:25 AM	#10
Monkeydad Living Legend Join Date: Mar 2006 Location: PA Age: 47 Posts: 17,460	Re: How to Fix Social Security Privatize. I wrote a 16-page paper on Privatizing SS in college. It was a good idea THEN and still is. Congress (specifically the one party that created it) was incredibly selfish for shooting this down when President Bush proposed it. They don't want their program to look like a failure, even though it clearly is. So, instead of being responsible, they decided to block any change to their failed program for political reasons, in the process forfeiting any chance for a retirement for the current generation of workers and also our children. I received my SS statement in the mail last week, the one they mail you annually to show you what your benefit will be upon retirement. I noticed that it stated that if I work until 67, I can receive full benefits. That used to say age 65. I expect the retirement age to keep going up and should be around 72-75 by the time I retire, not that any benefits will be there for be. Anyone with common sense can see that SS in its current state CAN not work. With the retirements of the Baby Boomer generation, there will be more people withdrawing funds than working to provide them. The ratio used to be 15:1 (workers:retirees). Now the ratio is estimated to be about 2:1 and still falling. There never was a Social Security Trust Fund as claimed. The money has always been tapped into and shifted to the general fund for spending on random bills. The ability for people to save for their own retirements is the only workable solution for future generations. Being able to have the option to take the insane SS tax amount and investing as we wish is just smart. You don't need to have any knowledge in the stock market, because even playing it safely has ALWAYS yielded a 10% return historically. Those who choose to gamble with the SS will just have to take what (if anything) they are able to get. There will need to be a transition period so that workers now nearing retirement can still get the SS funds they were stupidly promised by an irresponsible government, but afterwards, everyone should be required to invest for their own retirements. The country of Chile has the best plan and example of how successful a full privatization can be. EMPOWERING WORKERS: THE PRIVATIZATION OF SOCIAL SECURITY IN CHILE

How to Fix Social Security

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