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Politics : Formerly About Advanced Micro Devices
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To: bentway who wrote (321667)1/18/2007 8:13:53 PM
From: RetiredNow  Read Replies (3) of 1576892
 
I agree with you Chris. I too want every dime paid back. But read ALL of my posts on the subject.

1) calculate how much we owe in SS obligations minus the assets in the trust fund and float bonds to cover excess of the debt over the assets; this will ensure that we recognize for all time what those debts really are; put the cash inflow from the debt float back into the SS trust fund and make it untouchable except to pay out to SS participants
2) permanently ban the practice of allowing SS income to be treated as a general revenue
3) tag all SS income to SS #s from now on
4) make the SS plan mandatory just as SS is today
5) make it mandatory that the money be invested in age appropriate target retirement funds; the only choice people get is which brand: Fidelity, Vanguard, etc

Now, I understand the plan above will mean that some people will have a lower payout when they retire and many Americans will feel this isn't fair, because although we claim to believe in market dynamics we hate it when applied to poor people. So if you want to get fancy and introduce socialist policies into the mix you could say that all people who earn passive income of let's say $1 M per year after retirement age, won't be eligible to collect the money they put into SS all their lives. That money can be redirected to to bolster the payouts of people that earn less than $50K per year in passive income after retirement. Then make sure you change the figures for inflation so you don't get an AMT-like problem in the future.

Anyway, you get the picture. There are a million ways to solve this problem permanently. We just need the willpower to do it.
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