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I saw this on FB. I think we can all agree that it is failing. How can we fix it?
Posted >1 y ago
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There is an alternative taking place, but very limited. The Feds can't do it or won't because of the money they owe the SS fund.
http://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/
http://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/
How Three Texas Counties Created Personal Social Security Accounts and Prospered
Three Texas counties opted out of Social Security 30 years ago by switching to personal accounts, and those workers have made money every year.
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Capt (Join to see)
Cpl (Join to see) I was going to bring this up as well. I watched a documentary on it. Great stuff.
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Cpl (Join to see)
In 2013 the government owed the SS Fund $2.7 Trillion. They would have to borrow that amount plus to buy back the treasury backed assets that aren't even close to maturity. Charles Ponzi ain't got nothin' on the Social Security.
On top of that, the $2.7 Trillion added to the public debt would still have to be payed back by the tax payer. The amount of debt added in a short period of time would be catastrophic on our current fiat economy. John/Jill Q Public would have to pay 12.4% for the same retirement they pay at 6.2% now. The self employed rate would have to increase to 24.8% for the same payout at their current rate of 12.4%.
Ponzi scheme = "a fraudulent investment operation where the operator, an individual or organization, PAYS RETURNS to its investors FROM NEW CAPITAL paid to the operators by new investors, RATHER THAN FROM PROFIT EARNED by the operator."
On top of that, the $2.7 Trillion added to the public debt would still have to be payed back by the tax payer. The amount of debt added in a short period of time would be catastrophic on our current fiat economy. John/Jill Q Public would have to pay 12.4% for the same retirement they pay at 6.2% now. The self employed rate would have to increase to 24.8% for the same payout at their current rate of 12.4%.
Ponzi scheme = "a fraudulent investment operation where the operator, an individual or organization, PAYS RETURNS to its investors FROM NEW CAPITAL paid to the operators by new investors, RATHER THAN FROM PROFIT EARNED by the operator."
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SPC David Hannaman
Or the Railroad Retirement Board, benefits are twice what Social security pays...
http://en.wikipedia.org/wiki/Railroad_Retirement_Board
http://en.wikipedia.org/wiki/Railroad_Retirement_Board
Railroad Retirement Board - Wikipedia, the free encyclopedia
The U.S. Railroad Retirement Board (or 'RRB') is an independent agency in the executive branch of the United States government created in 1935[1] to administer a social insurance program providing retirement benefits to the country's railroad workers.
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I think the first step is to stop allowing the federal government to "borrow" from the SS fund. Whoever started that nonsense? I remember it being a topic in the news years ago, and it needs to stop.
Second, maybe privatize SS? I'm not sure of the details, but that seems like a good idea. Grandfather the older folks, and maybe give the younger folks an option ... Just some random thoughts.
Second, maybe privatize SS? I'm not sure of the details, but that seems like a good idea. Grandfather the older folks, and maybe give the younger folks an option ... Just some random thoughts.
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SFC (Join to see)
CW5 (Join to see) It has been brought up numerous times, but it lost the spot light. Wars, VA, gun control, civil disorder, and so on... I guess Americans have ADD.
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