Fact check on Social Security plan

[slugshooter]

In his State of the Union Address, President Bush said again that the Social Security system is headed for "bankruptcy," a term that could give the wrong idea. Actually, even if it goes "bankrupt" a few decades from now, the system would still be able to pay about three-quarters of the benefits now promised.

Bush also made his proposed private Social Security accounts sound like a sure thing, which they are not. He said they "will" grow fast enough to provide a better return than the present system. History suggests that will be so, but nobody can predict what stock and bond markets will do in the future.

Bush left out any mention of what workers would have to give up to get those private acounts -- a proportional reduction or offset in guaranteed Social Security retirement benefits. He also glossed over the fact that money in private accounts would be "owned" by workers only in a very limited sense -- under strict conditions which the President referred to as "guidelines." Many retirees, and possibly the vast majority, wouldn't be able to touch their Social Security nest egg directly, even after retirement, because the government would take some or all of it back and convert it to a stream of payments guaranteed for life.

Click the link below for the full article:

http://www.factcheck.org/article305m.html

[Mathews XT Man]

well of course slugo, if you got your money tied up in a private account and you arnet paying into the SS system, guess what??? You dont have anything coming from that sacred cow...its in your hands!!! DUH!!!

[slugshooter]

How does that statement even have anything to with that article, what they are saying is, even if you decide to use your Social Security money and invest it in the stock market or whatever is planned, it still isn't "yours" And the government can decide how, when and how much you get over the course of time. Sounds to me like it will be just like Social Security only on the pretense that your money might grow over time. It doesn't matter, Bush proposed it so you guys would be for it even if there was indisputable evidence that it would be the worst thing you could do.

[slugshooter]

But is that guaranteed, it says right there the government will control how you receive those benefits even if you choose the personal plan, who's to say the government won't decide to keep that money once you day and leave your family in the cold.

[Strut10]

Sluggo............. Calm down. "Fact" is, nothing's been put down on paper yet. The "hammering out" stage of the details really hasn't even begun. So nobody knows what this thing is going to look like when finished.

Here's why I am tenatively in support of the "concept": It takes a measure of the government's control over my life and gives it back to me. Which is, by the way, where it belongs. It kinda hurts my feelings to have a bunch of "educated" politicians sitting around under the impression that I'm too dumb to be responsible for my own outcomes. I have established other savings plans on my own and am happy to report that I'm WAY better at getting a return for my investments than the government is. So I'd like to have back 100% of the money they steal from me every week so I could do better with it, too. I am perfectly willing to accept the fact that there is a risk involved. It's one I'd be willing to take on all by my dumb,uneducated self. I don't want the government's "guarantee" of security. I want the government the h*** out of my life!!

[wtnhunt]

[ QUOTE ]
Bush proposed it so you guys would be for it even if there was indisputable evidence that it would be the worst thing you could do.


[/ QUOTE ]

Dont hardly think so buddy.

Recognize where the problem is coming from, try to fix it the best you can. Looks to me like his intentions are good. We will see what gets done.

[David_218]

No matter what they do to the Social Security system, we're all still screwed. I listened to The Chuck Harder Show, on the internet, yesterday (first Hour) and he had an economist on that said President Bush's plan, along with many other plans out there, will not work. Our Enconomy is in such poor shape with trade deficits, individuals credit card debt now around $8,000 Average, and free trade taking away our ability to have a value added economy. Add to this fewer and fewer workers contributing to Social Security System.

[Strut10]

[ QUOTE ]
Our Enconomy is in such poor shape with trade deficits, individuals credit card debt now around $8,000 Average, and free trade taking away our ability to have a value added economy. Add to this fewer and fewer workers contributing to Social Security System.

[/ QUOTE ]

Is that right???

Well, maybe we should all sit back with our thumbs in our rumps and let the gov't. run SS into the crapper and let them supervise our credit card spending, too.

How is it that this Chuck Harder knows the plan won't work when the plan is not even a reality yet??? How does he know what it's going to look like upon completion?? Lemme guess..............he's a Democrat...........right??

[David_218]

[ QUOTE ]
[ QUOTE ]
Our Enconomy is in such poor shape with trade deficits, individuals credit card debt now around $8,000 Average, and free trade taking away our ability to have a value added economy. Add to this fewer and fewer workers contributing to Social Security System.

[/ QUOTE ]

Is that right???

Well, maybe we should all sit back with our thumbs in our rumps and let the gov't. run SS into the crapper and let them supervise our credit card spending, too.

How is it that this Chuck Harder knows the plan won't work when the plan is not even a reality yet??? How does he know what it's going to look like upon completion?? Lemme guess..............he's a Democrat...........right??

[/ QUOTE ]

No he (Chuck Harder) is not a Democrat. Here's his website if you want to check him out : www.chuckharder.com You can also listen to his broadcast at 1 pm CST or 2 pm Eastern Time. He has a lot of good articles on the economy you should explore his website!

[Mathews XT Man]

." Actually, even if it goes "bankrupt" a few decades from now, the system would still be able to pay about three-quarters of the benefits now promised."
OK...in other words,its like paying 3/4 of your bills when they come due!! SORRY, I want all of what I paid in, try that with the gas station next time you fill up!!

[Norm Sauceman]

Until the Government officials who are in control of deciding what MY Social Security retirement is going to be are on Social Security themselves and NOT the PORK they have dished out to themselves for their own retirement, then heck yes, I am going to be scared. At the least, I am going to be skeptical they can get it right.

[ruttinbuc]

Looks like the working class is headed down the crapper again!

[David_218]

[ QUOTE ]
Until the Government officials who are in control of deciding what MY Social Security retirement is going to be are on Social Security themselves and NOT the PORK they have dished out to themselves for their own retirement, then heck yes, I am going to be scared. At the least, I am going to be skeptical they can get it right.

[/ QUOTE ]

Not only do the Senators & Congressmen receive generious retirement benfits; we (the Taxpayers) foot the bill for their Health Care Insurance FOR LIFE!

[stevebeilgard]

sluggo, bush didn't say the ss system was heading for bankruptcy first. the dems have been saying it for over 30 years that i can remember. they simply didn't do anything about it. clinton said in '98 that it would be bankrupt in 20 years. any you're a history major????

Note to other readers: my daughter is a far right wing history professor, and a teacher. all is not lost to liberals!

[13littleones]

The fact is: President Bush said he "open" to any ideas to fix the problem.....it's not set in ink yet...