Say it louder and fucking own it!!!
I don’t want my social security number privatized. Just want it to remain private.
IMO it’s a good idea but the yearly contributions should be much higher.
You got me!
It’s so funny watching the left propagandize the issue. Oh God, they’re gonna PRIVATIZE social security…that’ll ruin the program!!
As if the federal government is not ruining the program itself.
It’s really obvious to me that the feds will continue to grant inadequate cost of living adjustments (as they have for decades), except perhaps the inadequacy will be worse in the future.
People will need their own money as a supplement, as they already do now. Except they’ll have to carry a greater burden of their total cost of living compared to now.
This move from Trump is similar to Clark Howard’s proposal years back that we require mandatory IRA contributions.
The fact is, there are examples of privatization working significantly better than SS.
Railroad, education, Texas counties, etc.
Another thing the article chose to ignore, is the fact that Bill Clinton actually talked about it too.
In many ways, the federal government can do nothing right. It takes care of its own, at the expense of hard working, underpaid blue collar citizens, with no limits.
Centuries from now (hopefully sooner), they’ll be talking seriously about private militaries.
That’s because S/S is not a personal investment, does not pay out on an actuarial basis and the excess collection is limited to special federal bonds created by Congress (at, I think, 1/4 or 1/2% more than the going rate). For example, spouses without his/her own S/S basis, or those receiving less than half of the other spouse’s S/S, can receive half the other spouse’s S/S amount on that spouse’s death. Or, spouses can receive $255 on a participating spouse’s death. That was intended to cover funeral costs when implemented in 1954, but never changed over the last 72 years. There mare many other factors in calculating benefits that are laid out somewhere on the S/S web site.
Ya, I get what SS is, I am saying that it fundamentally needs to be changed to a better system.
No layman can actually understand that.
I have said before how I used to ride the bus with people who worked for SS and they told me without a doubt that there is no way anyone can figure their own benefits out.
Lol
Classic.
How anybody ever thought this program was a good idea is completely beyond me.
Part of me thinks FDR wasn’t the economic retard he appears to be, but rather knew this was going to be an eventual disaster long after his death when it would be too late to answer for the consequences.
This was actually documented in meetings of the original planners. They made two fatal assumptions:
- No increase in lifespan.
- No change in birth rates.
In other words, unchanging demography.
But they knew well they would be long gone before the program went haywire. They sure were right about that.
The first SS recipients college far, far more than they ever contributed. Can you imagine what a magician FDR seemed to be to them?