Quote:
Originally Posted by dellinger63
The feds simply distributed the $2.6 trillion it owes to SS benefactors and privatized SS? If an employee instead of paying 6.2% in a payroll tax was able to put it into a private investment account and their employer matched it?
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You want to force private businesses to fund an employee's retirement account? What are you, a Marxist socialist libertarian?
Dell, people have been whining about privatizing social security since it's inception. That's not about helping people or making better retirement plans, that's just a talking point they feed you. It's about the Republican game plan of privatizing everything they can and getting their hands on your money (war contractors, etc).
Privatizing social security funds would be a huge financial windfall to Wall Street in management fees (automatically making the SS return on investment smaller).
And that's
the only reason they want SS privatized. Get it?
For the account holders, it's a good thing Social Security has not been privatized, because the stock market would have wiped out people's retirements three times over. Look what it's done to matched-fund 401K's.
People used to have three methods of saving for retirement: personal savings (that paid 5% interest), company pension plan, and social security. Personal savings are gone, paying only 0.05% interest. Company pension plans are gone (and you're on that side, too, of eliminating those, with you being in favor of union-busting).
The only thing many have left is the success and safety of Social Security. Yes, Social Security is a massive success, and has decreased elder poverty exactly as it intended.
But you want to hand that money over to Wall Street, so they can steal that money via fees and management? BWAAAHAAAAAA !
If that plan would be successful, right now we'd be rolling in people who are privately rich, due to their Wall Street investments over the past 40 years.
Oh, wait. They've been wiped out.
And, your figure of 6.2% on "payroll tax" for Social Security is wrong. You have to eliminate the Medicare portion of that. So you want Medicare eliminated, too?
You want to go back to the massive elderly poverty and elderly illness we had before those very successful programs were instituted? That's exactly what you are proposing, in your faux Libertarian zeal to get the government out of your life. Thank goodness you and your ilk have been outvoted for the past many decades.