I am stunned to see how much damage Reagan (aka, "Benedict Ronald") got away with.
I want to sound a warning of another scam against Social Security that Republicans will try to impose:
Privatization
There are sooo very many massive problems "privatizing Social Security" would cause, including subjecting everyone to the stock market's wild swings, and putting the financial security of retirees into the hand of Wall Street pirates - those folks who gave us the Great Recession.
But the greatest stubborn fact that nullifies and obliterates all schemes of privatization is this:
There is not enough money in America to put into individual secure savings to fund even the present average Social Security check of $18,000!!! Consider that 330,000,000+ citizens would need to each save over 1/2 a million dollars to provide themselves with a decades long annuity for that mere $18,000 average. 330,000,000 people needing to save $500,000 in their working years each means over a period of time, $165 Trillions somehow much wind up in individuals' retirement savings.
That will never happen.
There is not enough money in America to privatize Social Security.
Consider other stubborn facts that prove privatization is impossible:
If you can find reliable/accurate total values for the US stock market, the residential and commercial real estate markets, and private savings, add them all up, and the total paper value will fall far short of the real money required for savers to fund their Social Security checks. Then consider these "capitalization and paper values" fluctuate wildly, and are known to lose trillions in a matter of weeks, privatization will effectively force many people into poverty, because their private savings plans will suffer massive losses. Look at how the US "market cap" has fallen this year. And remember the 2008-2009 market meltdown, when stocks and real estate caused losses of 50% for too many people. Meanwhile those who had savings watched their incomes drop when interest rates collapsed in the effort to stimulate the economy. The fact is during that period Social Security was a savior for many retirees.
Nevertheless, Republicans will come for our Social Security. To prepare for the onslaught of lies, "arguments", sound bites, smoke and mirrors, and "denigration of government" rhetoric, this essay at the Heritage Foundation gives us a taste of what is coming. Study it to know how to combat this now.
Wages are not high enough for all Americans to save $500,000 during their working years. I suggest using a financial calculator to learn how much money one must save each year to eventually have $500,000. Achieving this is even more problematic when considering the fluctuations of interest rates over one's working years.
I am stunned to see how much damage Reagan (aka, "Benedict Ronald") got away with.
I want to sound a warning of another scam against Social Security that Republicans will try to impose:
Privatization
There are sooo very many massive problems "privatizing Social Security" would cause, including subjecting everyone to the stock market's wild swings, and putting the financial security of retirees into the hand of Wall Street pirates - those folks who gave us the Great Recession.
But the greatest stubborn fact that nullifies and obliterates all schemes of privatization is this:
There is not enough money in America to put into individual secure savings to fund even the present average Social Security check of $18,000!!! Consider that 330,000,000+ citizens would need to each save over 1/2 a million dollars to provide themselves with a decades long annuity for that mere $18,000 average. 330,000,000 people needing to save $500,000 in their working years each means over a period of time, $165 Trillions somehow much wind up in individuals' retirement savings.
That will never happen.
There is not enough money in America to privatize Social Security.
Consider other stubborn facts that prove privatization is impossible:
If you can find reliable/accurate total values for the US stock market, the residential and commercial real estate markets, and private savings, add them all up, and the total paper value will fall far short of the real money required for savers to fund their Social Security checks. Then consider these "capitalization and paper values" fluctuate wildly, and are known to lose trillions in a matter of weeks, privatization will effectively force many people into poverty, because their private savings plans will suffer massive losses. Look at how the US "market cap" has fallen this year. And remember the 2008-2009 market meltdown, when stocks and real estate caused losses of 50% for too many people. Meanwhile those who had savings watched their incomes drop when interest rates collapsed in the effort to stimulate the economy. The fact is during that period Social Security was a savior for many retirees.
Nevertheless, Republicans will come for our Social Security. To prepare for the onslaught of lies, "arguments", sound bites, smoke and mirrors, and "denigration of government" rhetoric, this essay at the Heritage Foundation gives us a taste of what is coming. Study it to know how to combat this now.
https://www.heritage.org/social-security/report/creating-better-social-security-system-america
PS, another important consideration:
Wages are not high enough for all Americans to save $500,000 during their working years. I suggest using a financial calculator to learn how much money one must save each year to eventually have $500,000. Achieving this is even more problematic when considering the fluctuations of interest rates over one's working years.