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View Diary: Social Security by the Numbers (73 comments)

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  •  May I add to this.... ??? (1+ / 0-)
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    Liberal Thinking

    The real reason the Republicans want to Privatize SS is because....

    OF THE GREAT MASS RETIREMENT OF THE BABY BOOMERS !!!

    And those baby boomers will be withdrawing about $5 Trillion out of Wall Street from the IRA's, 401k's and other pension plans.

    Republicans (i.e. Wall Street) wants those funds replaced and the best way for them to replenish those lost monies is through SS Privatization.

    That is the real deal behind why they want to destroy SS as it is - because they want the money.

    -6.13 -4.4 Where are you? Take the Test!!!

    by MarciaJ720 on Sat Mar 30, 2013 at 07:54:16 AM PDT

    •  Yes (1+ / 0-)
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      MarciaJ720

      They point to the baby boomers and go, "Goo, goo, goo!" But the truth is that Reagan and Congress fixed this in the 1980s. That's why we pay 12.4% for OASI tax, instead of 10.8%.

      During the early part of Reagan's administration, the Greenspan Commission (NCSSR) recommended changes to Social Security to address the needs of the baby boomers. This was enacted in 1983. It pushed the retirement age back, increased the rates, established the "trust fund", and made some of the benefits taxable. This was all done to make sure the baby boomers would have adequate funds. In effect, it makes us work longer and harder to retire. Yeah, Reagan.

      As a result, we have about a two-trillion-dollar surplus in the Social Security fund. Politicians want to raid it because they don't want to actually pay this money that we owe to retirees.

      Too bad.

      Yeah, they don't want to pay it, but the real reason, I think (and wrote) is because they see an enormous opportunity for profits.

      Either way, it's about the money. They want to piratize it, as someone once put it. We worked for those benefits and they belong to us. Don't let them banditize it.

      References:

      http://en.wikipedia.org/...

      http://www.ssa.gov/...

      http://www.taxpolicycenter.org/...

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