Monday, October 04, 2010

New management?

Social Security reform has come to the forefront of the midterm elections as some Republicans have expressed support of some sort of privatization. President Obama has vowed to fight any efforts to privatize Social Security.

How do you feel about privatizing Social Security?




Comments

1. henry said...

We cannot turn over social security to the same insurance companies that continue to avoid and manipulate reform.

2. Beth said...

We finance war,why not SS? No to privitazation!

3. Charlie said...

I'm all for privitation of social security. When it is privatized, it needs to be made totally private, to keep government completely away from it, too. I'm still waiting to hear President Obama's fix. He said repeatedly while campaigning that fixing Social Security was an easy fix. If it's so easy why hasn't he fixed it? Also privitizing has nothing to do with insurance companies. Has more to do with Stock Brokers. I do know that the way it's going now isn't working, so let's get Government OUT of the Social Security funds, like it was originally intended!

4. Tex said...

Privitazation puts back into the grasp of Wall Street.Haven't they done a great job of protecting the interests of Main Street?(toungue placed firmly in cheek)

5. John said...

I am 33 years old and have paid into social security since I was 16 years old. I will probably pay for another 32 years and I won't be able to collect a dime. If Obama will not allow privatization, then he needs to allow for others to opt out. He should allow me the opportunity for me to get a return on my money. But since he is a socialist, he believes I should work hard so others don't have too. We should be responsible for our own retirement.

6. Gary said...

The demise of Social Security is another fear tactic of the right to bolster private interests.This country would never allow Social Security to belly up.A good start will be to get America working again so that more will be available for future generations.We have a government for a reason.Some things are best leaving alone.

7. Jim said...

I should have the opportunity to use MY money and invest it as I please.Yes to privatization.

8. Tina said...

How I feel about privatizing Social Security is "Accountability" is all I have to say. I have been placing money into social security for a long time...A long time! Before Obama or Bush! Social Security can not be privatized. A spend out at this point is crazy when we have been kicking out for so long. This topic is to tuff to discuss at this point however not to tuff to continue to explore. It is like this I say all money is not good money and all support is not good support so we need to look deep into leadership is all I have to say. Needless to say I support our leader at this time however I will continue to review some of the issues our leader is supporting and discuss them with the administration I support. My suggestions on this topic are that we should stand firm on what we support initially. Review his concerns regarding why he supports this issue and ensure that this is something that you support. Contact the Obama administration to review this topic. And remember we selected his leadership lets support him and always review concerns that impact you. Things you can change! Simple.

9. Jeff said...

I agree with the President.We can not trust Wall Street.

10. Henry said...

I am confused Tina. R U for or against?

11. Andy M said...

Why not give the the choice? If I want to prizitize I can if you don't want to you don't have to. I would even consider raising my retirement age of 65 if given the choice.

12. Fred said...

privatization? Bring it on! It can't be worse than what the government is offering. They're giving me an investment plan that taxes me twice, won't go to my family if I die before getting my benefits, gives me less than what I put in, is driving up our national debt, and has no insurance/backing whatsoever. And as a black man, my life expectancy is less than the projected benefit start date. Are you kidding me? This is better than the private sector?

The stock market has NEVER been down over any 10 year stretch... never ever. not even during the great depression. I'd rather take my chances on accumulating wealth with people (companies) that are themselves interested in accumulating wealth.

13. Ben said...

I think we should allow the choice of privatization for people who've already been paying in, and fully privatize for those not yet in the system. That way they aren't losing any of their past pay in a transition. At the very least the retirement age needs to be raised a little - say, a year for those between 55 and 60 right now, 2 years between 50 and 55, etc. otherwise, people any younger than that who've been paying in are out of luck. Remember, when SS was conceived and put in place the retirement age was older than the average life span, now it's 12 years younger and this contributes to its future insolvency. If it tracked with average life span the retirement age would be 77.

14. Sparky said...

Yes, privatize. Better that, than redistribute to those that didn't earn, which is what Obama and congress will do.

15. Tommy said...

I'm all for privatizing S.S. This is supposed to be a volutary program, but I am forcer to pay into something I don't want to. I will not see any of the money I have payed in, but you have people that not payed a dime into the system getting a check every month,( Nobama's Aunt)

16. Mark said...

Lets see, MY money is taken from ME against MY will and given to others against MY will to pay off for their investment they made years ago. MY money is covering other past investors. Didn't Bernie Madoff go to prison for doing that?? I guess if you are in the US Gov, it's legal. Notice I said MY MONEY!! It's not yours, not the governments and not the public! IT IS MY FRIGGIN MONEY!!!! I earned it. What don't people get???

SS hurts poorer people the most. A hard working person with limited means pays into SS all his life, retires, gets one check and dies. Guess what his/her kids get for his 40 plus years of paying into SS....nothing!!! all that money is gone. It could have been a college fund or down payment on a house...instead the gov just keeps it.

Give me MY MONEY!!!!

17. Red in Virginia said...

Get the govt out of Socoal Security. Having said that, we'd need a blended format to secure those current recipients and folks who are about to retire.

Remember that SS is NOT a pension plan, it is an income replacement scheme. My father worked from 1935 to 1989, and his Sears pension is $284 a month and his social security payment is $1208. That covers a week in assisted living. I have a US Civil Service pension that covers my living expenses and the other the other three weeks at dad's assisted living. I alco pay for his pharmacy and telephone expenses. If I didn't have a real pension, we'd both be up a certain creek.

I also do not favor government involvement in running or oversight of pension plans. If anything, having worked for the federal government for 36 years has taught me the following:

a. The federal government does not adequately reward success and relentlessly punishes failure.

b. Given a, above, government salaries are too low to attract skilled financial managers who would be better off wotking for the private sector, and those that that would have the pension plan management jobs would not accept much risk, fearing punishment, so that the rewards of their investments would be seriously suboptimized.

c. If pensions are to be required, they should be managed by the private sector, and the managers should be adequately compensated. The US should not take equity positions in publicly held companies. It's just plain bad public policy.

d. The under educated public tends to be remarkably risk adverse, so a pension plan would doubtless offer a wide variety of diverse investment instruments, as do most 401(k) plans now do. One of those instruments would doubtless be US Treasury securities, so participants would be funding US sovreign debt.

It's all doable now. The real issue is how to maintain the existing annuitants as well as those who are too far along in the SS system.

Perhaps we could dismantle the Obama medical insurance scheme and use the proceeds to publicly guarantee existing SS accounts and to fund real retirement pension plans for the rest of the people in the social security system pipeline. That public funds would not be owned by the beneficiaries. Instead, the public money would generate investment income for retirees as a pseudo 401(k) plan, and the principal would revert to the US Treasury at the annuitant's death.

On one hand, you'd have a massive up front actuarialy doable cost. On the other, the government is guaranteed to get its money back, diminished somewhat by inflation.

The main social benefit would be that nobody woulf have to retire in Social Security induced poverty.

18. Stan the Man said...

Privatization is not the answer.All of you who complain about my money and my retirement will have no problem running to get YOUR government run Medicare benefits.Hypocrisy at its worst.

19. Robert Brown said...

New management is not the answer.Congress has the responsibility and duty to manage the SSA and to adjust to market shifts.

20. Cyn said...

What role should government have?Many of you pseudo-libertarians want to pick and choose.How about road maintenance,trash pick up,DMV,Police,Fire and on and on.What about privatizing the armed forces?C'mon guys

21. jesse said...

I trust the government's commitment.I think we should all have private retirement options.Social Security is not socialism.

22. carrie said...

No to privatization!

23. Jermaine said...

I'm ok with privatization. I just had my father in law pass away at the age of 66. He has paid into Social Security for over 45 years, and was only able to get 4 years back. I understand that something has to be done for the disabled, minor children with a deceased parent, etc. But how about letting me put some money to the side that I could give to my children in the event that I dont make it to Social Security. And if I do make it to 67 and beyond, I will have a nice nest egg on top of 401(k)s and Roth IRAs that could help me have a nice, comfortable retirement. I pay over $6000 / yr. into Social Security now - how about letting me have $2000 of that invested into a private account?

24. Brandon said...

Tanya,to answer the question,I do not favor privatization.Just want to say that this site is great. You don't censor and allow all viewpoints.Bravo!I don't know how you do it here,FB,Twitter and now youtube.Great job at the march.R U going to post it here? You are an exception to the norm.You look exactly like your pics.No photoshopping here.A rarity on Facebook.Sorry to ramble on and on......Just a fan who has never posted.

25. Cyn said...

We need new management of the Republican Party,not Social Security.The Tea Party and Libertarians are driving the GOP further to the right.RIGHT out of office!

26. Mark said...

Stan the man...what an un-informed comment. Way to generalize and avoid the issue. How do you know who "runs" to medicaid?? You have a list? Besides, Medicaid is taken out of my check every two weeks, again, against my will. So to say "people run to it", well, they were forced to pay for it, why wouldn't they use it? This isn't place for talking points, so please put on your critical thinking hat and give an educated answer. You too Cyn, that is such an old argument. Notice no one complains about those items, items which support a basic infrastructure. Clue here: basic infrastructure for day to day operations is expected from our gov, supporting pyramid investment schemes has nothing to do with supporting fireman, police and building roads. Grow up.

27. Russ said...

Social Security needs to be taken from the control of the federal gov't and should be taken care of at the state level. Less feds and more local. When has the federal gov't ran anything responsibly?

28. Cyn said...

Mark,being an old argument does nothing to discredit it.When is government intervention too much?Why these issues now when the Republicans grew the not only the government but the deficit during the previous eight years.Where were the cries of government intervention then,I repeat,C'mon,be honest for a change.

29. Bill said...

You who say 'no' and fear Wall Street have been manipulated by the media. Have you seen who Wall Street backed for President in 2008? Do you know who helped Wall Street get rich at taxpayer expense(bailouts)? Do you know who now is talking about taxing or confiscating your 401Ks? Yes, your Democrat Socialist government. WAKE UP! Vote the bums out!

30. S+Ayers said...

Phase out and abolish the federal social security system. Move it to the states and let them run their own system if their citizens want it and decide if they want to make it voluntary or not. I have three words that can do away with the concept of a government retirement account, SAVINGS, SAVINGS, SAVINGS!!!

And they should not be saying "privatize ". They should say and mean, "personalize".

Keep our governments small and close so we can better control them.

31. Dena said...

Listen~ keeping social security private doesn't mean insurance companies or wall street will take it over...it means you keep your money and save it for your future. Right now sociL security is the biggest ponzi scheme in history! The IRS has proven they are not only incompetent, but corrupt by willfully using our SS money for other things! Remember how great freedom is, fellow Americans! We all fought hard to get everyone their freedoms, black and white fought together to correct a horrible wrong...don't 'hand over' your freedoms....fight like hell to keep them!!!

32. Tina said...

to Henry, I am against. I have been putting money into SS for sometime. What about the benefits I am suppose to obtain.

33. wayne said...

do we really want to trust the crooks on wall st to handle our money? the stock market is so volatile with all that greed going on. say no to the tea-CROOKlicans in their bid to eliminate SS.



Post Your Comments

Name
URL
Email
(Note: Email address is NOT published!)
Remember Me
Comments

CAPTCHA Reload
Write the characters in the image above