[Vision2020] Question for those that want to privatizesocialsecurity

[wocsom at earthlink.net]

Just one more input if I may.  I agree with you this is a problem that
needs to be addressed and the longer we wait, the worse it will get.  I
don't agree with the view of some who say the system is fine until 2042 (or
whatever date it is) and will then be able to pay 75 or 80% of current
benefits so why worry about it.   I agree that current recipients and those
"close to retirement" should not be impacted (I'm still awaiting a
definition of those close to retirement).  Obviously someone who is 25 has
more time to invest into a private account than someone who is 45 so
perhaps a formula based on one's age as to how much goes into the
traditional system and how much goes into private accounts -- the younger
one is, the more they should be able to put into a private account and the
less their eventual check would come from the traditional system and the
opposite for someone the older they are.  I'm troubled by statements that
GW wants to cut current recipients' benefits...I don't believe he has
stated that.  That's appears to be scare tactics for political gain.  If
fact, he has stated the opposite.  As to your statement about the Democrats
fighting any change, I hope that's not the case.  This needs to be done (in
some way, shape, or form) to the benefit of all Americans and not be
politicized by either group or portrayed as generational warfare.  Cheers.

Coop


> [Original Message]
> From: Pat Kraut <pkraut at moscow.com>
> To: vision2020 <vision2020 at moscow.com>
 > Date: 1/17/2005 1:11:50 AM
> Subject: [Vision2020] Question for those that want to
privatizesocialsecurity
>
> I have heard Bob Briley (sp), Judy Savage, Clark Howard and David Ramsey
all
> economist types on the radio and a few others and have not gotten a clear
> picture yet of how it would/could work. I do beleive we need to do
something
> dramatic...but have no idea what. Both the parties seem to have done a lot
> of research (read; spent our money) and at some point have come up with or
> something close to what Bush is trying to set up. I am willing to listen
to
> what Bush wants and willing to go for something totally new because we
just
> cannot go on as we are. It won't work much longer as it is now seems to be
> the only thing all can agree on so creativity is needed. My feeling is
that
> the Dems will fight till the death of us all just to prove Bush wrong.
> 
> 
> 
> 
> Mr. Arnold, you make an excellent point.  I'm 44 and haven't made a
> personal judgement one way or the other (current system, private accounts,
> or a combination of the two based on one's age).  However, US Senator
> Stabenow of Michigan stated that the President's plan, which is estimated
> to involve transition costs of $1 trillion to $2 trillion (according to
> CBO), would worsen the ballooning deficits that currently exist.  Your
> point of current retirees depending on the same tax dollars that would be
> diverted to savings accounts is the "fly in the ointment" and I have yet
to
> see any specifics that detail a very specific transition to private
> accounts.  Perhaps one possible stabilizer could be to tax total income
for
> social security vs. only the first $90K (I believe that's the current
> amount taxed) although I'm not sure how much revenue would be generated to
> shore up the current way of doing social security business.  I really
> haven't read much on that angle either.  Do we want to raise taxes?  Do we
> want to cut benefits?  Do we do nothing?  A tough nut to crack for sure.
> 
> Coop
> 
> 
> > [Original Message]
> > From: Donovan Arnold <donovanarnold at hotmail.com>
> > To: <vision2020 at moscow.com>
>  > Date: 1/16/2005 6:30:44 PM
> > Subject: [Vision2020] Question for those that want to privatize
> socialsecurity
> >
> > I have a question for those of you that wish to privatize social
> security.
> > Where do you plan to get the money to invest in your own chosen plan?
> >
> > Currently, 99% of all funds collected from SS go directly into checks to
> pay
> > current recipients. So you if you take the money that you earned toward
> your
> > social security now, how are we to take care of the millions of
Americans
> > that depend on that check? They paid into social security as well, all
> their
> > life, and the system is already pressed to meet current obligations.
> >
> > Thanks for answering.
> >
> > Donovan J Arnold
> >
> >
> > _____________________________________________________
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> 
> 
> 
> 
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> 
> _____________________________________________________
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