Ill be the first to tell you, im biased. SOCIAL SECURITY IS A PONZI SCHEME! The only obligation you have to your country is to pay your taxes and die for your country! Thats the way I feel right now. Don't take my money and give it to other people
Taking your money that you have earn and storing it for your future is what many American's strive to do. Why should the government be the ones who determines how the money you make is spent. We should be able to decide where our money is being spent. Instead of the government using it for their own gain to establish money that I may not even get to use because they have given it to another individual or used it to fund a government project that I do not support.
There is no way SSI should be broke. People are always paying into it. If the government would keep its grubby hands out the cookie jar, people on it would not be living in such poverty intheir old age. Hands off my money, you government crooks. Leave it a lone.
Are we entrusting our retirement money to people who suffer no consequences for making mistakes with it? You might even say they are wasting it. Think about this. $25 per week invested in diversified world market stock and bond index funds and compounded at stock market average annual returns of 10% in a tax deferred account for 45 years will give you freedom from the insolvent social security plan. You will have your own million dollar retirement fund by age 65. Even money to pay for your health care yourself. Think about it. If you make $10 per hour, you pay $25 a week into SS. Your employer pays another $25 on your behalf. That's a total of $50 per week, twice what is needed to achieve a million dollar retirement fund. You pay in, but do you get back what you should? Does the government know best how to manage your money? It is YOUR money. The stock market has always bounced back from every dip or crash. So, is it dependable? Did you stop buying food, appliances, household goods, cars, cell phones, ... ? The answer is no. That is why the market bounces back. The human race needs to survive and so the market survives. Why give your money to the government for them to handle foolishly? Lets replace the old Ponzi scheme called Social Security with our own real retirement fund based on the total creativity and productivity of the whole world.
Say what you want to say about the one percent.. They know how to make money. When they invest into longterm investments instead of paying into our current failing social security system new revenue is generated because people would be taxed at a capital gains tax. This new revenue can be used to stimulate the economy, or give tax breaks to americans
I don't agree with completely cutting off the current eldery from benefits, nor do I believe all 12.4% should be privatized due to the disability factor. But I do believe slowly siphoning the money to private accounts. It's my tax money therefore it should go directly to my retirement. Thanks.
If every American were forced to save 10% of their income in a private account that was invested in stocks, bonds, mutual funds, ETF's or whatever we decided on, we'd all be multi-millionaires when we retire. As it stands now, we aren't getting all of our money back in the first place and the money we are expected to get is minuscule compared to investing the same amount over time in a retirement account.
I understand people have paid into the system for years and we should continue to support them, so let's keep it at everyone under 40 can decide if they keep 80% in a private account or do what people are doing now.
The United States Social Security program is the largest government program in the world. By privatizing social security people would have control of their own investments. Social security is also unconstitutional; the 10th amendment reserves all powers to people and the state that are not stated in the constitution. By 2036, it will be bankrupt.
Besides lack of confidence in the government to maintain solvency of the program, aspects of increasing individual wealth by privatization of the program should be considered. The money extracted from our pay checks and employer contributions for Social Security are in essence not our assets but that of the government - Is that fair? Unlike our 401k plans, IRA's we don't get to designate beneficiaries and those people receive the funds without restrictive parameters like those with the Social Security Program. Actuarial speaking, the program is rigged - it knows that many people will never see a dime of what they contributed and there will be no subsequent payout as they have no spouse, children under 16, etc. If Social Security is privatized when you die, this individual asset would be left your estate - that could result in increased individual wealth for your loved ones.
Social Security should be privatized and individuals should have their own private accounts. The average return annually on SS is 1.2%. For the stock market, it is about 6.34% (a conservative estimate). This means that if a person could put their FICA taxes into a private account, they could become a millionaire once they retire. The far majority of people will have greater retirement income with private accounts, and people could invest in stocks with dividends to supplement their income. So, private accounts would improve the economy and retirement security, while limiting gov't and its $20 trillion liability in this area.
The program is voluntary in the first place. If the government allows it to go into private hands then the reign of tyranny will be from a private company who will ignore the laws anyways. If people wish to have a retirement program then they can invest their money with an investment company as it is. But because it is done under a treaty the program will be harder to implement if it is in the hands of a private company instead of the hands of a corrupt government.
I think the privatization of Social Security would be bad for everyone. The system currently provides a very basic safety net, which is not motivated by profit. Were the profit motive to enter into the Social Security system, there would be a large presence of companies, with no ethics, looking to transfer as much money as possible to themselves, with the entire American population as their captive customers. People are already able to privately invest of their own choice, if they so wish.
I believe the privatization of social security would be harmful because of the lack of government oversight. Companies would try to increase their own profits by exploiting older adults, especially those who are unable to navigate a more complicated, privatized industry. It is important that older adults be able to afford to live after retirement and the government should be responsible for ensuring that. Of course, social security may need to undergo changes to better improve the lifestyles of older Americans.
I don't think social security should be privatized because not everyone would be able to access it. As a government program, everyone has the same opportunity to access social security. It is also a priority for people to get it as they have to contribute to the fund throughout their working career. If it was privatized, not everyone would find it important to contribute as they would say they can't afford it. Because of that, more people would live in poverty as they aged and less would be able to afford to retire. It is more effective as a government program.
The social security system should not be privatized. A company is a non-entity which means it has the same rights as a person but all too often when there is corruption within that company, no one has to pay the consequences. If social security were privatized, it would open too many doors for the companies running it to steal our hard earned money, and I don't trust the government to oversee the companies running social security.
I do not think that social security should be privatized. While I am a proponent of privatizing almost everything that the government does, I do not believe that we could continue to support the system if the program was shifted away from the government at this time. It is an interesting time now with the big banks are being owned by the government and high salaries associated with handling large sums money are not bounded so it would be a very poor time to take this private. I think that we need to get our financial system in the US underway before we begin to add responsibility to it.
Social Security is too large and important a component of American society to ever be allowed to become privatized. The potential possibilities for abuse by an individual corporation that has access to trillions of dollars is an open invitation to theft by dishonest administrators. The millions of people who live on social security income depend on their monies arriving on time, and a poorly managed social security system privately operated could have devastating results.
For many years, our government has been in charge of Social Security. I know there are problems, but I have been on Social Security for five years and I have been pleased with the service I have gotten. Whenever I have had a problem, I received service at my local Social Security Office and the problem was solved to my satisfaction within a reasonable time. I believe that getting another entity involved will just create another bottleneck in the administration of this most vital program.
I am against the idea of privatizing social security. Social Security was set up as a safety net for the elderly. It is supposed to be about people, not about profit, and the private sector is all about profit. The two ideas clash, and if social security is taken over by a private industry then our poverty, and health care issues will severely increase, especially considering that our elderly population is skyrocketing.
The average American is easy prey for people who make a full time job of it. We have enough trouble getting the average voter who is busy raising his family and doing his job to be able to sort out the political lies to add being a competent investor too.
In the real world it would be the biggest heard of animals to the slaughter ever seen. We can do better as a society to look out for people than every man for himself.