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themp
Citizen
Username: Themp
Post Number: 1265
Registered: 12-2001
| | Posted on Monday, December 13, 2004 - 10:28 am: | 
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Here is a chart of the year in which the Soc Sec trustees have said the program will go bust over the years. Kind of interesting. Maybe the crisis is being pumped up a little?
More at
www.washingtonmonthly.com
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cjc
Citizen
Username: Cjc
Post Number: 2894
Registered: 8-2003
| | Posted on Monday, December 13, 2004 - 10:52 am: |
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Social Security will, as I understand it, pay out more in benefits than revenues coming in will cover in 2018.
What was Clinton talking about with his private (though govt managed accounts) during his term? Suddenly, when it might be fixed and one of the biggest legs of liberalism might be canned, there is no problem. |
themp
Citizen
Username: Themp
Post Number: 1267
Registered: 12-2001
| | Posted on Monday, December 13, 2004 - 11:10 am: |
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mmmm-mmm, canned legs. |
Rastro
Citizen
Username: Rastro
Post Number: 487
Registered: 5-2004
| | Posted on Monday, December 13, 2004 - 11:19 am: |
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It's probably both. The crisis is hyped because someone wants it fixed. But then when there is a fix proposed that is not what was envisioned, there is backpedaling about the problem. Though it is interesting to note that most of the movement in the bankruptcy date was during Clinton's reign.
Personally, I think it's been mostly a scare tactic, but I don't expect any return from SS. The government has never given me anything (directly) that I have been happy about. I can't imagine SS will be any different. |
themp
Citizen
Username: Themp
Post Number: 1269
Registered: 12-2001
| | Posted on Monday, December 13, 2004 - 11:45 am: |
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Here's the thanks Clinton got.
"Testifying before the Senate Budget Committee, Greenspan repeated his opposition to investing government money in the stock market and cautioned lawmakers against relying on projections of large surpluses that may never materialize.
"Investing a portion of the Social Security trust fund assets in equities, as the administration and others have proposed, would arguably put at risk the efficiency of our capital markets and thus, our economy," Greenspan said."
http://www.conservativenews.org/InDepth/archive/199901/IND19990129g.html
I guess the difference was Clinton didn't want to borrow the money, and he wanted the funds managed by the gov't. So CJC, maybe there are nuances that allow people to judge these plans differently.
I think Clinton's idea (if it truly included gov't investment management) is pretty bad. I think Bush's idea, if it includes borrowing, is pretty bad, too.
Isn't there a lot of investment money out there anyway? |
bobk
Supporter
Username: Bobk
Post Number: 6988
Registered: 5-2001
| | Posted on Monday, December 13, 2004 - 12:26 pm: |
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Cjc, to bad you don't watch Fox News. 
Yesterday evening Chris Wallace had Sentators Graham (R-SC) and Corzine (D-NJ) on his show to discuss this issue. First off both behavied like gentlemen, didn't runover each other and actually called each other by their first names instead of the usual "Senator".
Graham is pushing a plan similar to what Bush wants, but not putting all the trillion dollar cost on the debt. He proposes extending the max salary subject to SS to around $250,000.
Corzine, who probably knows a little about the financial markets, indicated that private accounts would be impacted by market cycles. A reasonable return could be expected over someones life time, but that doesn't help someone who retires during a down cycle. This makes some sense.
How can this be handled? |
themp
Citizen
Username: Themp
Post Number: 1272
Registered: 12-2001
| | Posted on Monday, December 13, 2004 - 12:59 pm: |
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Next thing you know, you are socializing the stock market by creating protection from risk and guaranteeing returns to those who came in through SS investments, or something. Isn't that the problem? The gov't will make up the money for losers? So it's like a summer camp where everyone gets a trophy on the last day. Or a Dickensian nightmare of sudden downward mobility?
Also - retirees become players who must be considered when telecom legislation is pending or something? |
Matthew
Citizen
Username: Basketball1127
Post Number: 101
Registered: 11-2004
| | Posted on Monday, December 13, 2004 - 6:42 pm: |
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Please do not let Bush be the one to reform this system.
Let it be a Democrat in 2008 or McCain in 2008... seriously.
Love em or hate em.. I think it can be agreed this man is not compitant to fix this problem, it can wait four years. |
Straw's world
Citizen
Username: Strawberry
Post Number: 4135
Registered: 10-2001
| | Posted on Monday, December 13, 2004 - 7:14 pm: |
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boring |
Matthew
Citizen
Username: Basketball1127
Post Number: 102
Registered: 11-2004
| | Posted on Monday, December 13, 2004 - 8:48 pm: |
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When you're living on the streets with no SS... it might not be so boring. |
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