Best Social Security Fix I've come across
Written by policy examiners at the Cato Institute, it's the 6.2 percent solution to the looming social security problem. I've read it, and I like it. In the words of Lloyd Christmas from Dumb and Dumber: "I like you....I like you a lot."
My take is this. First of all, there does exist a problem. Therefore, we need to fix it. I will reject any plan that proposes to raise taxes in any way. Yinz in DC already got enough of my money! So this plan solves the problem by allowing people the choice....hold on. Let me re-emphasize that: CHOICE. It gives people the choice to divert their half of the payroll tax (6.2 percent) to private investments: 60 percent stocks and 40 percent bonds. Read the proposal, tell me what you think.
Are there any other proposals out there?
posted by DOBBER at 11:01 AM
4 Comments:
come on travis, can't you make that argument for every tax? our society either believes their should be social security, or there shouldn't. im no fan of taxes, but social security is necessary. the cato plan at least gives me 1. choice, 2. chance at owning more wealth 50 years from now when i retire, and 3. the opportunity to pass it on to charity when i die.
10:49 PM
hypothetical:
Kathy is abandonded by her parents at age 2. She grows up in foster care. She is extremely below average in intelligence. However, she is not mentally retarded. She gets a labor job with a company making $6.00 per hour. She keeps to herself, mostly because she has no family and her mental state makes it hard for her in social situations. She pays tons and tons of money over the course of the next fifty years for all types of government programs and appropriations and pork projects. She pays her social security tax. For sake of argument, let's say if given the choice she chooses not to pay social secuirty. She does well saving money herself and creates a nest egg to retire on when she is aged 68, the age she decides to retire. At age 67 her house that she owns is hit by a meteor. She did not have meteor insurance. Now, she is looking at life: 67, money saved to retire, but now she has to spend over half of it buying a house, or spend about $1500 month on rent/utilities. She thinks .... damn, I done messed up!
2:57 PM
ss is needed bc the majority of americans are stupid and can't be trusted to make sensible decisions. on the flip side of the coin; planning for worse case (our current ss plan) leaves those of us with an ounce of brains screwed in the long run since we have no say in how our gov mandated savings are appropriated.
and the nation did not do well without SS hence it was created. notice that cato (libertarians= republicans without religion) and the gop both support similar plans but the dems... ie the elderly and basically out of touch do not. i think they're on the right track. but thats just me.
10:32 AM
Dobber, Travis, please see my comments here: http://threeleggedstool.blogspot.com/2005/06/social-security-transition-costs.html.
4:19 PM
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