Here's what you need to know.<br><br>Privatization has nothing to do with solvency. The issue is solvency and this should be the debate. If we can get to solvency, then privatization can be discussed without the issue being clouded up like it is now.<br><br>But why haven't the Dems come up with their own plan? That's the big question you often hear. Look back at Hillary Clinton's health care proposal. It was easily killed. What the Dems learned from that failure was that the Repubs were able to attack, attack, and attack without proposing an alternative plan. They didn't need to do so to achieve their goals. Attacks work unfortunately. Privatization attacks are working as well. Dems will attack, attack, attack the President's privatization proposal and not come up with an alternative because right now the debate should be solvency. <br><br>
investing now into IRAs, that money is not taxable income, right? Nothing paid into one's SS on this amount invested, so isn't similar to the feds giving you a private SS account to invest? Can't the laws simply change on how much you can put into an IRA each year without overhauling the entire system?<br><br>[tired and sunburnt, brain working on low charge at the moment ]<br><br>
<blockquote><font size=1>In reply to:</font><hr><p> DLC,<br>Janus 20 is a small member of my fund portfolio. I bought it when it was $20.76... so you're saying it's more than doubled? Goody. <p><hr></blockquote><p><br>well depends when you bought it... if you bought it in 1999 it's <50% of it's peak and most likely you lost $$<br><br>if you bought it say in 2001 then yes you 2X your money. But it's relative... some win, some lose. Luckily I sold most mine on the slide and thus had some profit- I need to buy back in. Kept 10 shares so I could buy more- the Fund was closed back in 1999 or 2000.<br><br>Regards,<br><br>David (OFI)<br>
Loc: New Hampshire
"Privatization has nothing to do with solvency. The issue is solvency and this should be the debate. If we can get to solvency, then privatization can be discussed without the issue being clouded up like it is now."<br><br>Now that's just plain funny. SS will never be solvent because of simple math. It's like the government had a bake sale and promised everyone that bought a muffin they would win a steak dinner. The scam has been exposed and it's time to pay for all those promises. There is no free dinner.<br><br>Politicians don't like privatization because it removes the 'smoke screen' of people needing the government to help them out in their retirement. If everyone was forced to save 6% of their gross pay and employers were forced to match that amount and it was placed in modest retirement plans they could retire comfortably without the need of the government. Of course, there wouldn't be this nice slush fund for politicians to buy you a steak dinner.<br><br>Without the Government's 'help', someone making 25,000 per year could retire a millionaire with only an average 7% rate of return over 47 years. It's the miracle of compound interest.<br><br>I'm glad both my parents and my wife's parents were the old fashioned types that instilled a simple common sense 'save your money' attitude in us at an early age. <br><br>Simple lessons that politicians don't want you to know - <br><br>"Spend less then you earn and you'll always be rich"<br>"Save your money for a rainy day"<br>"Don't put all your eggs in one basket"<br>"You can have anything you want, you just can't have everything you want"<br><br>And for the individuals with a higher education, it amazes me that this lesson gets lost<br><br>Compound Interest<br>-------------------------<br><br>When saving, more money, longer terms, higher interest rates will yield a miracle where your money works for you.<br><br>When borrowing, less money, shorter terms, lower interest rates will work in your favor.<br><br>I just wonder how many people bought their home with little or no money down, with a 30 year mortgage and no personal retirement plans think SS is actually a good idea because they need the government to help them out in their retirement.<br><br>[/rant]<br><br><br><br>
I won't address most of your post that gets away from solvency.<br><blockquote><font size=1>In reply to:</font><hr><p>Now that's just plain funny. SS will never be solvent because of simple math. It's like the government had a bake sale and promised everyone that bought a muffin they would win a steak dinner. The scam has been exposed and it's time to pay for all those promises. There is no free dinner.<p><hr></blockquote><p>Of course it can be solvent but the benefits and taxes will have to change. It's quite simple. <br><br>Drop the $90,000 limit for taxing SS. This is increasing taxes on people making more than $90,000 obviously. Unpopular.<br><br>Reduce benefits for people who are wealthy. Unpopular.<br><br>Look man, these aren't popular but they'll have to happen. Nobody wants to be the first to propose these simple solutions and that's the impasse right now. Privatization is another discussion for another day. I am not opposed to private accounts but that's going to be a huge expense and I don't like seeing that discussion cloud up the real issue.<br><br>I have credit card debt. I have reduced it dramatically. I understand as well as anyone about spending less than you earn as I've been living it for some time now. I cut out cable television. I cut buying any music and that was a big expense. I stopped spending on most things I enjoy to get my credit card paid off. I still use my credit card for all purchases, but I pay off everything I've spent and much more each month. I will also have my student loans paid off soon because I pay so much extra on them each month. I am getting out of debt that was created before I understood money completely. I think schools should do a better job of teaching budgeting. I didn't get any in High School. My parents still don't get it so they couldn't teach me either. Our schools are just so misdirected, I think. I shouldn't have had to figure financing out on my own. You're lucky if your parents instilled the right values in you about money. We should all be so lucky before we start getting into debt. The credit card companies are awesome at marketing. That stuff works when people aren't prepared to read the fine print because everyone else is doing it. <br>Boom! Late fees. <br>Boom! Extra finance charges. <br>Boom! Compounding interest on the debt. <br>It's a sad cycle that is just accepted by to many. <br><br>
Wow! I'm stunned almost, but not quite, to the point of being speechless. <br><br>You are giving new meaning to the word, 'pompous'. I've been keeping quiet for the past week, just watching what goes on here and YOU, good Sir, win the grand prize of over inflated ego.<br><br>I can't imagine the kind of money you had to spend on a steel renforced neck brace to hold up that big head of yours. It's one thing to diagree with people here, but the position you're taking is more like 'I'm God, and you're the great unwashed'. <br><br>Well settle down little fella. We're all impressed that you can string a couple of words together and sound like you have a thought in that head of yours. It's cute really. Yet, remember something, you're just a newbie here and in my opinion, haven't earned the right to go pissing on folks here. <br><br>It's okay when you feverishly copy and paste text from what you read and try to make it sound like you wrote it. But knocking Steve like your his superior shows a level of immaturity and lack of class.<br><br>Mind your P's and Q's, Dis. Otherwise we'll gonna stick you in the corner for some much needed 'time out'<br><br>
S'ok, skul. It may be others he's attempted to knock by way of innuendo or implication, but I haven't felt anything yet. Oh, someone did try to hump my leg the other day, but that was Sam. He does that once in a while. Yeah, that NYTimes is one valuable source. *SMACK* Down Sam! <br><br>
I'm never worried about you Steve. Anyone who feels at home in The Big Apple has to be made of pretty tough stuff.<br><br>Just remember, you have two legs. It could be that Dis is on the other one. The way he talks, it seems he's trying to over compensate for a lack of something (I'll leave that to anyones guess). That being the case, you might not feel him on your other leg.<br><br>Just a thought.<br><br>
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