Social Security in the US

[Palmares]

A few days ago I was reading an article about changes that Bush was pushing for in the department of social security. He said at the current rates, the US will become bankrupt. From what I remember, he was proposing to lower the amount people put in their retirement-type funds and to instead invest the money so to as increase trade in the market. And to reduce costs for the US government.

I'm not entirely sure how accuarate my account here is, but if anyone knows more, could they please contirbute?

What do people think of this?

Bush has put so much money into his wars, he now has to take away from the welfare of his people.

[sin miedo]

He and a number of the republicans want people working now to be able to take the money that would be put into social security and let them privately invest it, for example in the stock market.

One problem (and I'm sure there is many more) is that the money funneling into the SS system now is paying for the current retirees. So by stemming that flow those retirees will no longer have any SS benefits. It would cost a lot and send the U.S. into further debt (by trillions) to ensure these current retirees continue to have SS checks delivered every month. The SS system has problems, but privatization is not the answer.

(This is a simplification, I'm sure it's much more complicated than this)

[redstar2000]

Here's a piece on the U.S. social security system...

http://sf.indymedia.org/news/2004/12/1707813.php

:redstar2000:

The Redstar2000 Papers (http://www.redstar2000papers.fightcapitalism.net)
A site about communist ideas

[sin miedo]

Excellent article.

[Palmares]

According to Smith, "Most Americans do not yet know about the 'theft' of the Social Security money, and Greenspan and Bush would like to keep it this way. After all, Greenspan, who supposedly fixed the baby boomer problem in 1983, has kept silent while the last three administrations have spent Social Security money as if it were general revenue. He knows that the government has made no provision for repaying the money, despite the fact that, beginning in 2018, the money must be repaid in order for full benefits to be paid. By focusing the nation's attention on a proposed privatization plan, the administration hopes to draw attention away from the unlawful use of Social Security money."

:o

Glad I'm not living there.