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Greenspan Says SS Is Not The Big Problem..
Topic Started: Feb 16 2005, 11:50 AM (671 Views)
BuddyIAm
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Greenspan says SS is not the big problem..

Greenspan said today.. That a adjustment in financing SS is needed to fix Social security...

NOT PRIVATIZATION.

He also says the most pressing problem is Medicare..

NOT SOCIAL SECURITY..
"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity."
"Facts are stupid things." - Ronald Regan
"Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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Banandangees
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Buddy,

:) That's not quite what he said. You're spinning a bit. He did say the problem of SS down the road was in goods and services available in a changing economic world. And he was not against "privatization" but rather was in favor of it but that it should be approached slowly rather than an all out big change. Medicare -- yes he did say that. But he did say that SS will be a major problem down the road if not addressed.
Banan
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BuddyIAm
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Greenspan calls Bush's privatization..

FORCED SAVINGS.

But he also says that this privatization will have a net zero effect on savings...

Specifically he said:

PRIVATIZATION IS NOT THE SOLUTION

In addition.

Greenspan also said:

A plan that makes SS stable. Such as the one he and Regan presented in the 80’s. (increasing premiums).

With an additional optional retirement system. Is the most desirable of all plans presented.

This is the type of plan that has be presented by democrats..

It is called SS Plus..
"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity."
"Facts are stupid things." - Ronald Regan
"Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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wolfe59
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Oh yesssss, more taxes taken out of our checks, that is the solution!! That is what increasing premiums is right?
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BuddyIAm
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Wolfe

If your car insurance premium goes up..

You pay or you walk.

Increased premium rates is not a quality restricted to government programs.

Can you give me a estimate for what a required Bush annuity will cost.

In 2054?

Do your suggest that private annuity funds will not adjust their premiums. In order to guaranty a positive return from their fund..


Let me suggest what I think the premium will be..

ALL, (every bit of your forced savings plan)

PLUS 1 DOLLAR.......
"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity."
"Facts are stupid things." - Ronald Regan
"Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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Banandangees
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"Greenspan calls Bush's privatization.. FORCED SAVINGS." (or "Private Accounts")

And he called the present system a "Pay as you go" system, which he said "has worked well for 50, 60, 70 years because a system (like the present one) works well if it is fully funded - that is, in a system where the population grows fairly rapidly and with longevity (over 65 pop) growing only moderately (which is the way it was in the past). But the problem now is, we have a population that is growing only moderately and a longevity population that is accelerating, that between the years 2008 and 2018 the rate of funding will decrease and by the year 2018 we will be unable to fully fund and either the working force or the retired, by 2030, will have a significant decrease in their standard of living......'

What you suggest, the Reagan/Greenspan proposal of the 80s, increased premiums, that will help fund the present system; but aren't you glad you won't be part of that labour force that pays the premiums because of the decrease in the rate of pop vs the increase in the rate of longevity population.

Greenspan indicated that he has little faith in the present system - that is, the ability to keep it "fully funded" becaue of the demographics, and does favor a private accounts system "as long as we procede slowly and cautiously as we don't know how the market will respond."

But isn't it Ted Kennedy and a few others that feel there is nothing "urgent" about the SS system?

addendum: The Reagan/Greenspan proposal of the 80s, (20 years ago) if it would have happened, would have possibly delayed the "fully funded" scenario problem a few decades.
Banan
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wolfe59
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Sorry Buddy you are way off base, from what I've heard just putting aside what I put in now will leave me more than triple what I would under this ole broken down system you want me to support.
By the way if my insurance goes up I have many options, such as going and finding another policy from another company. The way SS is now, I can't do anything about it except quit working and let the gov't support me. The way it is now, if they want to increase my premiums (raise my taxes) I HAVE to go along with it with a gun to my head. NO CHOICE
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BuddyIAm
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Bana says:


Greenspan indicated that he has little faith in the present system - that is, the ability to keep it "fully funded"


Buddy says:

This is an indication that he has no faith that the Congress will continue to insure, the full funding of SS, through premium adjustments.

He made it CLEAR THAT THE PROBLEM FACED IN THE 80’s was exponentially greater that the problem SS faces today..

The definition of fully funded. Is simply premium adjustments..

PREMIUM ADJUSTMENTS DO NOT HAVE TO BE RATE INCREASES....
"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity."
"Facts are stupid things." - Ronald Regan
"Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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BuddyIAm
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wOLF





Buddy says:

I know for a fact.. The max you are paying for FICA is 930/month. This is paid into a retirement fund that will pay you until the day you die. If you should be unable to perform gainful employment.. Those benefits can never be taken away from you..

WHAT ARE YOU PAYING FOR YOUR HEALTH INSURANCE?

I will guarantee that no matter how long you have been paying for your health insurance. After a serious illness. A disabling illness. You will be lucky to keep that insurance for more than a year. Even at COBRA prices. For the Average American. (Not the highest paid American, BUT THE AVERAGE AMERICAN). COBRA prices will be more than 1000/month..

In a vast number of cases. The trend toward health insurance. Has been through the Bankruptcy Court.

Even for those with health insurance coverage.. When they first become ill.

Have a serious car accident. Then tell me you can chose your auto insurance.

Have a combination of three claims against Allstate, then tell me you can chose your insurance..

DON’T TELL ME ABOUT THE FEDERAL GOVERNMENT FORCING YOU TO DO THIS AND DO THAT.

PRIVATE INDUSTRY FORCES YOU TO CARRY MORTGAGE INSURANCE.

AND THE STATE FORCES YOU TO HAVE AUTO INSURANCE.

sTOP BEING A WHINER..

Grab a hanky and take a seat in the corner.. :)
"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity."
"Facts are stupid things." - Ronald Regan
"Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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wolfe59
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Sorry wrong again, I own my house so no mortgage insurance needed, yes my auto policy would cancel if I had three claims but I'm not reckless so I would never have a claim, its called personal responsibility, if you should hit me and cause serious injury, I will sue you and let you go bankrupt. As far as whinning, yes I do like to whine about things that I have no say about. I know you like the gov't telling you what to do and when to do it but I don't. The less gov't get involved in my personal life the better.
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BuddyIAm
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Wolf

Did you ever mention how your health insurance premium compares to your FICA premium?
"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity."
"Facts are stupid things." - Ronald Regan
"Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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wolfe59
Member
I don't pay for health insurance. Wife has a plan for her and the kids, its with Blue Cross/Blue Shield thru the Bd of Ed. If you ask me its a waste but with the little rug rats I guess we have to have it. Its been pretty constant as far as what she pays per month but the benefits are not nearly as good as they once were. Its her money so I let her do as she wishes.
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BuddyIAm
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If, GOD forbid. Your wife would be unable to work for a period of time. She would be eligible to continue her Company health insurance for a period of time. By paying into what is called a COBRA plan..

Remember she has become disabled. So she will find it difficult or impossible to find another plan to cover her will she is temporarily disabled.

She in effect will be FORCED to carry the COBRA insurance for herself and your family..

The cost of COBRA insurance is the road to bankruptcy..

You will see that the cost of a few months of COBRA coverage. Will exceed the entire cost of a Cesarean birth with complications..

100’s of thousand of fully insured Americans file bankruptcy every year. Because of the cost of medical care..

Makes the currant SS system seem like a bargain..
"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity."
"Facts are stupid things." - Ronald Regan
"Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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tomdrobin
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BuddyIAm
Feb 16 2005, 07:50 PM


Buddy Said
If your car insurance premium goes up..

You pay or you walk.

Increased premium rates is not a quality restricted to government programs.

Buddy
With car insurance you have a choice, find another company, walk, or drive without insurance. Risky, but a lot of people do it routinely.

If we start cranking up the % withholding for SS, it is just going to lead to more underground economy work, like cash or trading work for services. A significant increase of the flat tax contribution will not be tolerated by the workers, who often are struggling as it is to make ends meet, with the effects on workers of the world economy. The real answer is to cut, cut, cut unnecesary payments to those on the dole who are capable of doing useful work.
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BuddyIAm
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Tom says:

Risky, but a lot of people do it routinely.


Buddy says:

It is more than risky Tom.. It is criminal..
"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity."
"Facts are stupid things." - Ronald Regan
"Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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