Professionally I manage credit risk in bank deriviatives for conservative investors. Politically I write commentary for Fix Social Security Now, www.FixSSNow.Org.
It is a serious question. Do millions of people have nothing better to do than listen to politicans spin data? When Obama says that Social Security is "structurally sound", it is patently absurd. The Trustees of the system have said the exact opposite. (Since Romney didn't laugh at him, he is equally to blame.) So what is the point of watching candidates wax poetic about how up is really down. Do you have nothing better to do with your day?
Social Security is a vital program. I doubt that any program has more dependents with fewer options. Structurally sound?
The Trustees have said that it is in need of immediate reform, and have said so for at least 3 years.
According to the Trustees the cost to fix Social Security : 20.5 trillion. The cost to make our problem a problem for our grandchildren 8.6 trillion.
Poverty in households headed by someone 35 and under is at historic highs - 22%. The boomers are counting on a generation to lift them out of poverty that cannot get itself out of poverty.
The federal debt per worker has increased by more than 5 fold over the last decade. So not only do we have fewer workers per retiree but those workers will be less able to pay payroll taxes on which Social Security depends.
The system has produced 77 years of declining economic returns. Now the largest investment in retirement planning of most Americans delivers a negative return. So Social Security is creating poverty rather than curing it.
The returns are so low now that 28% of the public thinks the system is a ponzi-scheme. Yet every solution coming from Washington would make the system deliver lower returns.
What is the point of watching these debates if candidates say truely stupid things, and no one laughs.5 AnswersElections8 years ago
There is a tremendous uproar, but I can't figure out why. What plan are you are talking about?
Liberals say : "Proposal to privatize Social Security rears its ugly head again", but never tell you where the plan is.
Conservatives say : "His plan is the salvation of the Gen-xer", but never tell you where the plan is.
Ryan produced a plan for Social Security as part of his 2010 Roadmap For America. I don't believe the Social Security part even reached the draft state of legislation. His recent budget left Social Security completely untouched.
Does anyone have a plan (even endorsed by Ryan) that is more current than the 2010 work which didn't even get into legislation?
Thanks,2 AnswersGovernment8 years ago