Author Topic: Social Security is on the brink of demise--sadly  (Read 645 times)

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Offline pjohns

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Social Security is on the brink of demise--sadly
« on: February 08, 2013, 01:35:42 PM »

Offline Rapunzel

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Re: Social Security is on the brink of demise--sadly
« Reply #1 on: February 08, 2013, 03:24:06 PM »
This is one reason I don't understand the administration or congress agreeing to the 2% cut in SS the last few years (finally dropped this year)... especially when at the same time they were saying can't go with privatization - which I think they should have done years ago....

BTW this is one reason I am buying the rumors they want to take over the 401K's

Offline Oceander

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Re: Social Security is on the brink of demise--sadly
« Reply #2 on: February 08, 2013, 07:17:01 PM »
This is one reason I don't understand the administration or congress agreeing to the 2% cut in SS the last few years (finally dropped this year)... especially when at the same time they were saying can't go with privatization - which I think they should have done years ago....

BTW this is one reason I am buying the rumors they want to take over the 401K's

They aren't just rumors.  The unions have been floating rather detailed plans for doing just that for years now.  They want the funds seized to be used to fund the woefully underfunded union pension funds that union management have been soaking for years (funny how, even though the rank-and-file funds are underfunded, management's funds are overfunded).

And since that is just what Kirchner got away with in Argentina, I would very much expect 401(k)s - and IRAs and every other form of private, non-government-controlled, retirement plan - to be "managed" by the government "for the benefit of" the owners of those funds.  In exchange for all your hard-earned money, however, you'll just get some IOUs from Social Security - i.e., you'll get some extra earnings credits to be used to compute your SS benefits.  Benefits which, we can see, those of us who are under 50 will never see.


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