why did president bush's proposal to privatize 4% of social security a couple years back come under such intense criticism, especially given the fact that social security is widely recognized as inevitably heading for bankruptcy by just about everybody?
2007-10-10 12:35:25 · 9 answers · asked by White 5 in Politics & Government ➔ Other - Politics & Government
blondie, unless serious changes are made to social security, one day the amount of money that is needed to be paid out will excede the amount coming in. of course those who have paid in all their lives deserve to get it back in old age, but eventually there will be a generation that gets screwed because the money won't be there.
thats news to me, bankrupcy? what are you talkin 'bout? social security is the elderly's fallback, what they LIVE on. they have worked hard all of their lives, don't you think they deserve a little somethin' to EAT with! and what about their grandkids and family! They want to leave their savings to their love ones, idk where you're from, but down south we don't roll like that!
2007-10-10 12:49:10 · update #1
Because the Democrats are too stupid to understand how badly the present program is screwing the public. I ran the numbers, and found that if my Social Security taxes (old age only) had been invested each year in the Dow Jones 30 Industrials, I would have FOUR TIMES as much money as I have from Social security. There is not the slighest fancy timing involved in this -- it is simply something that would be done on a regular basis, and there are mutual funds available which do exactly that. I strongly encourage everyone to perform the same analysis: get your earnings record, and the tax rates from the Social Security Administration, stock prices from Dow Jones website, and put it together on an Excel spreadsheet. The difference will make you sick.
2007-10-10 12:42:22 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Bush is trying to pass the buck instead of fixing the problem. The reason Social Security is in trouble is that the goverment has borrowed from is so much to cover everything else they have depleted the resource. Thats why the retirement age was changed from 65 to 70 and then 72. The only way for this to be fixed is to return the money, which is not going to happen, so just give it to someone else so we can blame them. We are basically screwed.
2007-10-10 12:40:41 · answer #2 · answered by Kevin D 3 · 0⤊ 0⤋
Because by privitizing it, it accelerates the bankruptcy.
Right now most if not all the money coming in from SS tax is going out as SS payment checks. Imagine if a third of it is diverted to private accounts. SS would be in deficit and that will have to come now from the general funds pool.
I'm somewhat for it, but that's the problem that's attached to the idea.
Of course SS and Medicare are HUGE problems that's gonna require that some generation take it in the shorts. Because those programs are not sustainable.
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Just looked it up. SS is projected to break even in 2017, which means what's coming in equals what's going out. And in 2042 all the money that was in the trust fund including the IOU's from Congress will be exhausted.
Medicare went past the break even point in 2004 and will exhausted its trust fund in 2020.
2007-10-10 12:39:47 · answer #3 · answered by feanor 7 · 1⤊ 0⤋
Those that would make a haul on this were the investment companies. They were the ones putting the money behind the politicians. Social Sec. is something big business would like to end, along with insurance, and retirement. If Reagan had left social sec alone and not put it in general funds SS would still be in good shape. There's plenty for a war.
2007-10-10 12:59:36 · answer #4 · answered by gwf2 2 · 0⤊ 0⤋
President Bush might be anything but, a Fool he is Not.
Yes ,Bankruptcy should be avoided for all sorts of reasons .It has a detrimental effect in the long run.
2007-10-10 12:46:26 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Because some people do not want to lose control over that much money, just think each person could invest their own money and the government could not do anything about it.
2007-10-10 12:38:29 · answer #6 · answered by julvrug 7 · 3⤊ 0⤋
thats news to me, bankrupcy? what are you talkin 'bout? social security is the elderly's fallback, what they LIVE on. they have worked hard all of their lives, don't you think they deserve a little somethin' to EAT with! and what about their grandkids and family! They want to leave their savings to their love ones, idk where you're from, but down south we don't roll like that!
2007-10-10 12:41:27 · answer #7 · answered by pokerface 3 · 0⤊ 4⤋
i dont know i think private accounts are a great idea i think though mostly its because of the war and anything bush suggests is going to be highly criticized
2007-10-10 12:39:20 · answer #8 · answered by Anonymous · 2⤊ 1⤋
Bush is an idiot, why does he do anything he does?
2007-10-10 12:38:54 · answer #9 · answered by tru_blu_scorpio 2 · 0⤊ 5⤋