News Should Social Security be privatized?

[WhoWee]

I think the cap on contributions should be eliminated. Instead, the contribution could be reduced by perhaps .5% every $50K in earnings down to a minimum 1% regardless of income.

This combined with an increased age of eligibility and a much needed thorough/complete audit of all payment recipients (fraud is a huge problem) would move the program in the right direction. The 31% Medicare fraud rate should serve as a good indicator...EVERY recipient needs verified.

Further, young, able bodied persons receiving benefits due to (a whole host of reasons including heavy drug use) should have benefits reduced and any that are found to work "under the table" should be cut from benefits and forced to repay or imprisoned...likewise for anyone found stealing an elder persons checks or cashing a deceased persons checks.

Back on the point...If you want to privatize any part of the SS system...privatize the administration and enforcement of benefit payments...let the health insurance companies enforce the rules...abuse will go away.

 

[Ivan Seeking]

How about retiring with a ten trillion dollar federal debt on the books? Isn't that stealing, just as much?

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You can thank the Republicans for that. Perhaps your suggestion should only apply to people who supported Bush?


We told you, we told you, we told you!

 

[Ivan Seeking]

R Richard Milhous Nixon, 1969-1974
R Gerald Rudolph Ford, 1974-1977
D James Earl Carter, Jr., 1977-1981
R Ronald Wilson Reagan, 1981-1989
R George Herbert Walker Bush, 1989-1993
D William Jefferson Clinton, 1993-2001
R George Walker Bush, 2001-

http://upload.wikimedia.org/wikipedia/en/3/3b/USDebt.png

Anyone notice a pattern?

 

[CaptainQuasar]

You can thank the Republicans for that. Perhaps your suggestion should only apply to people who supported Bush?

We told you, we told you, we told you!

Actually, most of the elected Democrats supported Bush in the initiation of the Iraq War which was the keystone of the most recent debt avalanche - I hold all government officials responsible for it, both the ones who were jingoistic and the ones who were simply Jello-spined. God forbid an elected official ever have to stand up for what's right.

Props to Obama for being one of the very few exceptions but I'd really only be willing to let someone off the hook if they voted for Nader in 2000, I think.

(I did not vote for Nader.)

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[Astronuc]

How about retiring with a ten trillion dollar federal debt on the books? Isn't that stealing, just as much?

⚛​

Retire it with what?

And if one listened to David Walker - the $10 trillion is just the debt on the books, i.e. the cumulated deficits on the budget. There's apparently another $40 trillion off-the-books, but I don't know if that includes debt besides the government - or apparently it's Medicare and future obligations. The war in Iraq and Afghanistan has already cost nearly $1 trillion, and that is not included in the $10 trillion debt.

David M. Walker, Former Comptroller General
http://www.gao.gov/cghome/dwbiog.html

On, March 12, 2008, David M. Walker, resigned as Comptroller General of the United States and head of the GAO and accepted position of President and Chief Executive Officer of the newly established Peter G. Peterson Foundation.

http://www.pgpf.org/about/leadership/dmw/

US Government Immorality Will Lead to Bankruptcy



According to Walker, Americans are starved for two things - the truth - and leadership [in Washington].

 

[CaptainQuasar]

Oh yes, I know about the further debt. I just didn't want to obscure the discussion about who's stealing from whom with details like that.

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[Astronuc]

Medicare is a bigger problem than SS - maybe about 5 times bigger.

If one looks at the FY2008 budget information posted by the Whitehouse, one will read that the Bush administration expects a growth rate of about 5% per year in the economy, and that tax revenues will grow also, and therefore the deficit will turn to zero by 2012. Well - the growth rate has been more like 3% and this year and next year will be lower, and may even be negative.

In addition, the Bush's war has been financed by supplemental spending - so it's not on the books, i.e. it is not counted in 'the deficit'. For FY2008, the deficiti was in excess of $440 billion or a little over 3% of GDP. The Whitehouse data show a projected deficit of 1.6% - and that's with the 'official' number - not the actual number.

http://www.whitehouse.gov/omb/budget/fy2008/overview.html

Growth projections - about 3%/yr.
http://www.whitehouse.gov/omb/budget/fy2008/economy.html

Latest statement on the budget - http://www.whitehouse.gov/omb/budget/fy2009/message.html . The comment about the deficit is actually false.

See this video in which Walker talks about an even bigger crisis than the one now going on and shows where the $40+ trillion comes in.
https://www.youtube.com/watch?v=KIgrxpp97OQ