Personal Saving vs Social Security

Posted by: Anonymous

Personal Saving vs Social Security - 10/21/04 07:30 PM

As a young person, the personal savings accounts sound like a great idea especially with all the talk about social security going away. But wouldn't I be taking away from people who are already on Social Security. My grandfather gets a pension and is also supplemented by Social Security and it helps him make ends meet. Would this be like taking food out of his mouth?<br><br>"There's no substitute for the TRUTH....because the TRUTH needs no PROOF..."<br>
Posted by: yoyo52

Re: Personal Saving vs Social Security - 10/21/04 07:43 PM

Here's my unreconstructedly socialist response.<br><br>It's a real danger to replace Social Security, which acknowledged a national, federal responsibility to the greater good of the nation as a whole, with a private savings scheme, which in priciple erases the idea of that responsibility. I think it's crucially important for citizens to acknowledge their duty to the common welfare regardless of whether particular individuals might make out better with a private accoun that they can invest as they will.<br><br>As I said, that's my unreconstructedly socialist point of view.<br><br>
Posted by: AfterTenSoftware

Re: Personal Saving vs Social Security - 10/21/04 08:21 PM

Probably, but not for the reason you think.<br>Currently, collectively American pay more into the SS system then is going out to those collecting benefits. Even with a 2% reduction this would be true. The problem is the Government has always spent the surplus.<br>So if you are allowed to keep 2% of your own money and invest it in your own account so you'd actually have money to retire on the government would have two choices, reduce spending to make up for the 2% decrease that they can no longer siphon off the SS system or they would have to reduce SS benefits.<br>So, since the government is incapable of actually ever decreasing spending they'd probably just cut benefits.<br><br>SS is dead. If your young then you 15% is going into a hole. I hope you have a plan to take care of yourself.<br><br><br><br>No sig right now, waiting for the next Kerry flip-flop. .
Posted by: Anonymous

Re: Personal Saving vs Social Security - 10/21/04 08:22 PM

Yes I belive that social security is for the common good, but there are always talks of it going away and not being there when I retire. So where does that leave me? I somewhat confused on the issue.<br><br>"There's no substitute for the TRUTH....because the TRUTH needs no PROOF..."<br>