Cafferty File: Privatizing Social Security
November 13th, 2009 | by security |heathr456 asked:
From the Cafferty File: Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, Fannie Mae and Freddie Mac. The crisis on Wall Street is enough to rattle any investor Let alone one who is about to retire or whos already living on a fixed income. 401(k)s and pension plans — many of which have exposure to these troubled companies — are taking huge hits as a result of this mess. Luckily we have the safety net of Social Security to fall back on For now. You may remember just four years ago President …
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27 Responses to “Cafferty File: Privatizing Social Security”
By SterlingSadler on Nov 14, 2009 | Reply
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By dd on Nov 16, 2009 | Reply
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By KraigPierson on Nov 18, 2009 | Reply
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By MonroeOgden on Nov 18, 2009 | Reply
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By edanlws on Nov 21, 2009 | Reply
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By jjrglobal on Nov 22, 2009 | Reply
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And another big difference privately run ponzi schemes are ILLEGAL, for some reason government run ponzi schemes are not, but it’s amusing that you’re defending the government that continues to steal as much as you let them.
By jjrglobal on Nov 22, 2009 | Reply
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It’s amusing how people still act like there are funds left in social security to give to anyone. SS is the largest ponzi scheme in world history.
By 17Spartacus76 on Nov 25, 2009 | Reply
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“in a privately run scheme, funds will dry up eventually and the whole thing falls apart”
This is a good thing, it exposes the fraud before it consumes the entire economy.
“While in a government run, contribution is not optional”
Correct, they force you into their scheme at the point of a gun, unilaterally change how much you will contribute and how much you will receive. This is not good.
The alternative, being responsible for your own savings, is far better.
By saucy05 on Nov 28, 2009 | Reply
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Except one big difference, in a privately run scheme, funds will dry up eventually and the whole thing falls apart. While in a government run, contribution is not optional, so it will keep going until the population or the economy contracts.
It’s not perfect, but it’s better than the alternative.
By AhhCulo on Nov 29, 2009 | Reply
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Lets see, pensions are vanishing, financial institutions have lost countless dollars that Americans trusted them with, 401k…. a joke! Social Security is being considered for privatization, the few peanuts some retired people get. Save your money….where? The eh ah banks? Regular people are getting FU—!
By profwito on Dec 1, 2009 | Reply
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Most Americans would benefit more from saving their money that they usually pay in SS taxes than from receiving SS in the first place.
By HarveyRex23 on Dec 3, 2009 | Reply
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Social Security is not a pension. It’s a social safety net. Jesus Christ, why don’t most braindead Americans get that? It’s amazing how oblivious most people are when it comes to the idiotic idea of privatizing Social Security. And the negative consequences it potentially has. Privatizing Social Security is codeword for destroying it. Sure, Social Security has it’s fair share of flaws in the system. But it’s the only thing most people have.
By Welch33 on Dec 4, 2009 | Reply
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People should not be dependent on the system.
By popeontop on Dec 6, 2009 | Reply
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social security is slavery
By 17Spartacus76 on Dec 7, 2009 | Reply
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There’s no difference between a government-run ponzi scheme and a privately run one. Most people have no idea how social security works, or even how poorly it performs.
By wazzzup60 on Dec 8, 2009 | Reply
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it all boils down to that not everyone is as fortunate enough as others have money to buy stocks etc.Lottery is someones dream to hit it big & some of our keepers have gambled with our tax dollars so they can have there fortune .Look at the bailout money needed. The social security monies collected from our pay checks is ours & the government has used it tax & interest free for yrs.Social Security is a small price to pay to keep people out of a bread line.
By saintrichie on Dec 11, 2009 | Reply
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Not your mother or Jesus?
By ShaneVicious420 on Dec 11, 2009 | Reply
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Privatizing Social Security would be like giving your car keys to a car thief. Where did the idea that Wall Street was perfect, come from ?
By overmind25 on Dec 14, 2009 | Reply
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It is not a safe net. It is an illusion. The state allying with the corporations was part of the problem. Increasing regulations will only make the problem worse. The state will just selectively enforce regulations like it does now. Abolish the monopoly. Abolish the state. It is just a tool of the rich.
By senorfish4 on Dec 17, 2009 | Reply
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i’d take a bullet for two people- cafferty & ron paul
By sky21448 on Dec 20, 2009 | Reply
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How about no Social Security? Not Government, Privatized, But Personal Social Security. Learn how to save your own money!
By mainebay on Dec 21, 2009 | Reply
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And here is another lie democrats tell the dumb voter. They support the poor. Just check out the sales tax in the home state of Obama full of democrats . They raised the sales tax. . Over 10 percent. That doesn’t effect the rich . That effects the poor
By mainebay on Dec 22, 2009 | Reply
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No it’s not. You need to good financial adviser. And Nesnman is correct. The pension plans that the Senate and Congress have are invested in the stock market. It goes up and down but it goes up much more then it goes down. Gambling is the lottery, and that is stupid if you buy a ticket.
By Licmycat on Dec 23, 2009 | Reply
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It is gambling…unless you have inside information that tells you how stock is going to do….and if you do….you’ve committed a crime as that is called ‘insider trading’ and is illegal.