Social Security - Retire At 80?
From Fox News, President Bush has apparently revised his pitch for Social Security reform. Seems that the fear factor of fellow Republicans might be too great to take the revamp to the levels he once had focused on. Private accounts might be leaving the table which is too bad. I personally demand a return rate in the 8% or better range from my money and Social Security is looking like a negative return at this point.
I think its telling that Bush is willing to take on the "sacred sick cow" of Social Security reform. It's an easy scare tactic to say Social Security reform is harmful for those with political agendas. And the DNC is running ads doing just that in every city the President visits. Bush being willing to spend political capital on this important issue is brave and like I said telling, just as the DNC attack on any discussions about reform.
Social Security has to be reformed because it will go broke in the next twenty years. It will be required to pay out more money then it takes in and that is the definition of broke. The socialist contention has taken the stance that we simply need to increase taxes to continue to ensure Social Security payments. That's a looser that will result in more fat federal spending and decreased economic development. Bad model and worse impacts from a socialist model that takes our money, cuts a high percentage off the top in a federal pork grab and then redistributes a much smaller portion to the masses.
If you are less than 55 years old you better pay attention to what's going on right now. Unless there is reform and a better plan is constructed, you will not get back the "principle" of what you have paid into this failing plan let alone any type of "cost of funds" return. Its a looser heading down the drain and something has to happen to make is viable. It is a hard issue but hard issues are what we should be electing our representative on the local, state and federal level to address. If not then why are they there?
I think its telling that Bush is willing to take on the "sacred sick cow" of Social Security reform. It's an easy scare tactic to say Social Security reform is harmful for those with political agendas. And the DNC is running ads doing just that in every city the President visits. Bush being willing to spend political capital on this important issue is brave and like I said telling, just as the DNC attack on any discussions about reform.
Social Security has to be reformed because it will go broke in the next twenty years. It will be required to pay out more money then it takes in and that is the definition of broke. The socialist contention has taken the stance that we simply need to increase taxes to continue to ensure Social Security payments. That's a looser that will result in more fat federal spending and decreased economic development. Bad model and worse impacts from a socialist model that takes our money, cuts a high percentage off the top in a federal pork grab and then redistributes a much smaller portion to the masses.
If you are less than 55 years old you better pay attention to what's going on right now. Unless there is reform and a better plan is constructed, you will not get back the "principle" of what you have paid into this failing plan let alone any type of "cost of funds" return. Its a looser heading down the drain and something has to happen to make is viable. It is a hard issue but hard issues are what we should be electing our representative on the local, state and federal level to address. If not then why are they there?
posted by Steve at 7:45 PM
