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View Diary: Afterglow: Bush's PR Nightmare (w/ pics!) (391 comments)

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  •  Here's the deal (none)
    High income workers (and by high I mean $75,000 or more) would rather see a future benefit cut or even NO benefits rather than have the income cap raised and see their taxes go up next year.

    They can take the 6.2% that would have gfone for increased SS taxes and invest it.  Instant private accounts.

    Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ---Paulo Friere

    by Mimikatz on Fri Apr 29, 2005 at 08:46:30 AM PDT

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    •  Invest it in what (none)
      you have some insider tips? Or were you thinking they should buy real estate (which, of course, is going to crash mightily as interest rates go up).
      •  It's about people fantisizing they're the Donald, (4.00)
        not reality. So many middle-class people with a computer think they can invest their money and get dot-com returns because they're so canny.

        Mimikatz is exactly correct that Lame Duckie hopes that the middle-class will think they can more than make up for what they'll lose in Social Security by the incredible returns they'll get from investing the difference in FICA in the stock market or real estate.

        He hopes they'll lose interest in Social Security, because it doesn't impact them directly. Social Security will become a new Medicaid. The middle-class won't be able to imagine needing it themselves, so the hell with it. Until, of course, they do need it. But Lame Duckie will be earning big bucks from some corporation by then, by delivering inept speeches and making connections within Saudi Arabia.

        Judging from the headlines, maybe Americans have had long enough to think about Social Security to see the truth. The way companies have been reneging on pensions and health care, they may not be so quick to declare their eternal independence from the safety net.

        •  Yep, Mimi's hit the bullseye (none)
          And it's nice to hit that than the usual Repug bulls*** we have to deal with, isn't it?

          But anyway, yes, the rich will do very nicely under the Bush Plan.  What a surprise.

          Gold's not such a bad investment.  Kind of boring.  But kind of comforting for those who fear the Dent.  

          P.S. Coastal real estate that doesn't wash away as sea level rises, will remain a good investment.  Arizona, for instance.  

          "Injustice wears ever the same harsh face wherever it shows itself." - Ralph Ellison

          by KateCrashes on Fri Apr 29, 2005 at 12:49:26 PM PDT

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        •  Office freeper's delusions of grandeur (none)
          It's tragic and comic at the same time. His standard "unambitious librul slacker!" line would be funny if he hadn't gone from his twenties into his thirties with no discernable financial improvement during the Bush Dim Ages.

          His librul co-workers are barely 3-5 years older and miles better off financially but all he sees is barefoot tie-die wearing hippie panhandlers from the sixties.

          He hasn't figured out that the "economy turning a corner" spin has him going in a circle. He's actually running slowly backwards by buying into the Bu'ush propaganda. The monster car he still can't pay for is harder to fill. He's shopped his ass off and day-traded himself deep into debt (or the terrorists win). The overpriced shoebox condo he got with a suckass "mortgage less than rent!" deal has negative equity and he's staring into the vortex of the bankruptcy boondoggle.

          Yeah, whatever -- get the lunch orders right next time Mr. Trump.

          This machine fights fascism - motto on a Woody Guthrie guitar

          by Peanut on Fri Apr 29, 2005 at 01:09:12 PM PDT

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    •  I absolutely disagree (none)
      As one of those "high" income earners (I usually max  out on FICA sometime around the end of October) I have no problem with increasing the maximum salary.  I couldn't invest that some amount somewhere else (and probably wouldn't - more money in my paychecks usually mean more money to spend) for a large enough return to matter.  
    •  This is one "high income" worker (none)
      as you define who is smart enough to know that a gaurenteed SS benefit check that is indexed for inflation until the day I drop dead will be a key component of my retirement.

      My conpany's pension plan is, like 90% of existing pension plans, a defined contribution into a personal tax deffered account.  That, along with my 401K means that I am already heavily dependent on the stock market performance for a chance at a comfortable retirement.

      Take away the guarenteed SS check and replace with anoughter tax deferred account and you have a dangerous lack of diversity in your retirement planning i.e. if the stock market tanks just before you retire, you starve.

      Not to mention, who pays for current retirees when the 6.2% is dieverted from the SS system?

      ownership society - you are on your own

      by Sam I Am on Fri Apr 29, 2005 at 11:48:46 AM PDT

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    •  Another "high income" worker weighing in (none)
      OK, wife of one; I'm part-time. But I am smart enough to know that if all of a sudden my husband got to keep any part of that 6.2% that he currently pays in FICA, his company would consider it a raise and adjust any future salary increases accordingly. Until it was all a wash anyway. But when his other taxes are increased to pay off the trillions of dollars it cost to move to private accounts...hey! We're doing worse!

      The public wants what the public gets, but I don't get what this society wants -- Paul Weller

      by jamfan on Fri Apr 29, 2005 at 01:37:39 PM PDT

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