DesideriScuri -> RE: social security is broke (8/9/2015 8:16:52 AM)
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ORIGINAL: bounty44 quote:
ORIGINAL: DesideriScuri quote:
ORIGINAL: bounty44 this was indeed one of the topics brought up in the "debate" the other night. its too bad everyone didn't get a chance to weigh-in. chris Christie believes in raising the retirement age, and doing means-testing. mike Huckabee believes that social security can be wholly funded by a consumption tax. if i am remembering rightly, rand paul, though he didn't mention it on stage---has said before he believes his tax system could eliminate the payroll taxes and still fully fund social security. personally, i think id like to see social security phased out completely and have people be able to keep the money they earn and invest it for retirement as they see fit. there'd have to be an awful lot of emphasis on investing and retirement education in the early high school years...and encouragement too. and then someone would have to come up with the answer to the question, what do you do with the folks who perhaps didn't plan for their golden years. The main problem with getting rid of Social Security is in how pervasive it is in our culture. There are people who are banking on SS to fund their retirement. That means, they aren't doing anything on their own. If we got rid of SS and left it up to the people who earned the money, there would be a generation or two that would be fucked, before the post-SS culture took hold and people started taking care of themselves. In the meantime, though, things would go to shit. I'd be more likely to support SS going the way of personalized retirement accounts, like W wanted. I don't disagree it would take a generation or two in order for the paradigm to shift psychologically and in the meantime, lots of people would shoot themselves in the foot. that's why I posed the question of what do we do with them until everyone got their acts together. by "personalized retirement accounts", are you meaning its still a government induced program in that its still "mandated" somehow, but it just goes to where each individual person wants it, as opposed to government coffers? It would still be under government's umbrella, but completely separate, and not possible to "unseparate." Yes, workers are "forced" to have a retirement account, but it'd be more solvent. That wouldn't fund SSDI, though.
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