Accounts Could Replace Soc. Sec. Checks

[Rose Siding]

WASHINGTON - Future high-wage earners could see their traditional Social Security checks replaced by the proceeds of the personal investment accounts proposed by President Bush, according to a report by the nonpartisan research agency used by Congress.

The traditional checks would disappear as the result of two factors: the cut in benefits the president has proposed for all people who open private accounts, and a change that would diminish checks by linking their growth to prices instead of wages, an option the president has said he would consider.
.....
"This is like being for the Civil Rights Bill in 1960," said Rep. Tom Cole (news, bio, voting record), R-Okla., emerging from a meeting of the rank and file. "You may not win but it makes you feel good and you're on the right side."
.....
The office of Rep. Nancy Pelosi (news, bio, voting record) of California, the top Democrat in the House, said the study proves "that advocates of private accounts are inaccurate to argue that the accounts would be a modest addition to Social Security and a carrot to enable passage of modest benefit cuts that preserve Social Security.

"Rather than preserve Social Security, private accounts would actually put us on the road to eliminating Social Security," Pelosi said.

http://news.yahoo.com/news?tmpl=story&u=/ap/20050406/ap_on_go_pr_wh/social_security

[Straight Shooter]

1. Comparing destroying SS to the Civil Rights Bill? How low can you go?

Just when you think they can't sink any deeper into their morality muck, there they go again.

[MrBenchley]

2. That IS rich...

Wonder if your creditors can seize your personal account before you can get it? Also wonder what happens if the stock market tanks?

""This is like being for the Civil Rights Bill in 1960," said Rep. Tom Cole (news, bio, voting record), R-Okla."
If you don't count that the scum of the earth that opposed civil rights in 1960 and still opposes it now are pushing this idiotic scheme....

[0007]

7. That's a good question. After analyzing the bankruptcy bill

you can draw a fair conclusion that big business can seize your personal account before you can get it.

Debtor prisons are being build.

[MrBenchley]

13. It sure seems to be a question

the GOP doesn't want asked or answered....

[0007]

16. Debtor prisons are being build and the people will fill 'em.

[Judi Lynn]

10. Exactly. Surely glad you mentioned this!

If you don't count that the scum of the earth that opposed civil rights in 1960 and still opposes it now are pushing this idiotic scheme....

[MrBenchley]

12. By the way, have you noticed that the ranting about

"judicial activism" dates back to the sort of fuckwit who boiled in rage over "Brown v Board of Education"...

One of the blogs (Digby?) had a wonderful link to an essay by a guy recalling how Judgekiller Johnny Cornyn used to rant about "legislating from the bench" and the like when he was campaigning for George Wallace as a young guy...

[UpInArms]

3. Top-selling funds of 2000 deep in red

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=1372741&mesg_id=1373033

http://www.usatoday.com/money/perfi/funds/2005-04-05-bear-usat_x.htm

Never have so few lost so much for so many.
The average stock fund has eked out a 1% gain the past five years. But investors who poured money into the 50 hottest-selling funds five years ago are down an average 42% since March 2000, according to Lipper, the mutual fund trackers.

These aren't just a bunch of tiny Internet funds. Consider Fidelity Aggressive Growth, which had $23 billion in assets in March 2000. Investors poured $15.1 billion into the fund the 12 months before the S&P 500 peaked that month. A $10,000 investment then would be worth $2,697 now — a 73% loss.

Other big top-sellers that have fared badly: Janus Worldwide, then a $13 billion fund, has fallen 45% the past five years; Nasdaq 100 Trust, then a $10 billion fund, has fallen 67%; Janus Global Technology, a $10 billion fund in March 2000, has plunged 73%.

All told, investors put $228 billion into the 50 best-selling stock funds in the 12 months before the market peaked. Only two of them have shown a gain the past five years: American Funds New Perspectives, up 2.3%, and Vanguard Capital Opportunity, up 1.5%.

more...

When will the truth about these wretched "private accounts" be told?

[sinkingfeeling]

4. Is this what Bush means by 'the economy is doin' great'?

[MrBenchley]

14. Remember, Chimpy swindled stockholders at Harken Energy

and left them holding the bag when he cashed out on insider information...

In fact, investors took a bath on all of Chimpy's deals.

And Bill Frist lost a ton of money in the market not so long ago and needed a sweetheart loan to bail out...

[Toots]

5. Explain to me how this would work

If you reach sixty five and decide to retire how would you receive your money? Would you have to cash out all of your investments and decide what to do with your lump sum or what? :shrug: I just don't see how you can set up monthly checks and still be able to be "in the market". The temptation to spend the whole amount would be just to great.. I don't think this has been thought through very much at all. Most people who invest in the market have their retirement already set up and in place and the market is in addition to. I guess I just am too stupid to figure this one out...:shrug:

[w4rma]

6. Don't feel bad. The Republicans don't know either.

They just know that this is the best shot they have and destroying social security until another FDR type President (and Congress).

[wicket]

8. I can't believe that asshole compared it to the Civil Rights bill

:grr: :grr: :grr:

[geomon666]

9. People were killed for being in the movement.

This guy is walking, talking dog s*** like most rethugs.

[Megahurtz]

11. How dare this Repuke compare this to the Civil Rights Bill!

and "you're on the right side"?:puke:

Lying sackwad!:argh:

[wicket]

15. Especially with it being only 2 days since the anniversary...

....of Martin Luther King's murder.

[toopers]

17. The way to resolve this issue quick . . .

is to make SS better for all of us or force the government off the taxpayer funded government pension plans and onto the the SS we have to live with!