A bullet dodged

AssHatZombie said:
People managing their own money separately would be better than the massive stupidity of putting in it in massive chunks into the hands of wall street charlatans.
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yeah right....

They did so well managing their money in the past decade haven't they?
 
Watermark said:
http://krugman.blogs.nytimes.com/2009/01/05/a-bullet-dodged

A bullet dodged

What would have happened if George W. Bush had actually succeeded in his plan to privatize Social Security? Ask the Italians.

Italy did for retirement financing what President George W. Bush couldn’t do in the U.S.: It privatized part of its social security system. The timing couldn’t have been worse.

The global market meltdown has created losses for those who agreed to shift their contributions from a government severance payment plan to private funds meant to yield higher returns.

…

Gaetano Turchetta, a Rome office manager, made the irreversible move to a private plan after a union representative boasted of the potential for 20 percent annual returns. The 43- year-old father of three now says he would sign with “two hands and two feet” if he could switch back.
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Privatization does not translate to 'all your money has to go into the stock market'
 
uscitizen said:
Yeah right that is a plan? that is just a political statement I acan do that good.

How would the investments be set up? who would administer them?
Insurance guarantees? What age to cut off entry into the program.
A schedule of benefits for those who are are partially in the plan and those fully in the old plan?
Paying back the spent SS surplus.?

the devil is in the details.
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There was no plan. Ever. A plan would be in the form of a bill submitted to Congress.
 
I saw a cartoon with people sweating Madoff under the light and asking him "where did you come up with the idea to pay the early investors off with the money from the later investors?".

And madof answering "From social security"
 
Solitary said:
I saw a cartoon with people sweating Madoff under the light and asking him "where did you come up with the idea to pay the early investors off with the money from the later investors?".

And madof answering "From social security"
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a lot of truth there since they will bail them out partially by spending SS surplus.
 
uscitizen said:
Yep there was a very sketchy concept. Nothing more.
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It's an old trick. Drum up a crisis. Demand that "something" be done regardless of how effective or reckless. The Democrats, all too eager to oblige their Republican peers, develop a plan that, because they are the Democrats, offers some of what the Republicans want from the outset. Now the public sees that, because the Democrats are offering a plan, something really must be done. The Republicans reject the Democratic plan outright but use is as a jumping off point to get everything they ever really wanted in the first place. The Republican plan authored by the Democrats is branded bi-partisan and we get screwed.
 
All the old people have gotten used to portfolio statements with certain numbers on them, even if those numbers are based on lies. Now they;re willing to implement fascism and destoy the futures of upcoming americans if it means preserving these lies.
 
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