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September 08th, 2005Federal Reserve on Social Security
September 08th 02:11:09 PM
"Gerald Dwyer of the Federal Reserve Bank of Atlanta has written an excellent overview (available as a 557KB PDF document) of the risks associated with Social Security reform, focusing on the risks to individuals whether the current system reformed to add a personal account option or if the current system is never reformed."
As Political Calculations writes:
"Isn't the opportunity to have true ownership of a portion of one's lifelong contributions from their work combined with the reduction of risk to the individual that comes with diversification reason enough to support having personal retirement accounts within Social Security?"
Posted by Chris Schrimpf| Comments (1)
Katrina
September 08th 09:35:47 AM
For the past few months, we at S4 have been fortunate to see thousands of people come together for a cause bigger than themselves.
Likewise, in the last few days, we have seen this happening on a much larger scale with the response to Hurricane Katrina. Left or Right, Democrat, Republican, or Independent, we are all Americans, and we stand in solidarity with those who are affected and those who are selflessly contributing to the relief effort.
For those still looking for ways to help, hundreds of blogs have come together to create a list of worthy places to send help. A number of the blogs are offering to match any contributions by their readers. You can find that list here.
Posted by Jeremy Tunnell| Comments (0)
September 07th, 2005We've got video!
September 07th 02:27:16 AM
Students from around the country are starting to get involved in their own ways. Andrew Ward from the University of Kansas chapter of S4 has sent us a video that he made about Social Security.
Get it here!
Bittorrent Download (9MB, Use this link if you have bittorrent installed, the download will be faster when a lot of people are downloading)
Direct download link (9MB, Right Click/Save As)
Posted by Jeremy Tunnell| Comments (2)
September 06th, 2005They Said It...
September 06th 11:02:21 PM
As S4 members prepare to rally outside Senator Lieberman's office we should remember some of his former remarks on Social Security:
"A remarkable wave of innovative thinking is advancing the concept of privatization, some personalization of retirement plans." Such a plan can "give people more confidence about what their retirement years will be like." His prediction: "I think in the end that individual control of part of the retirement/Social Security funds has got to happen."
We should also remember that if personal accounts had been created when Lieberman was a child today millions of workers would have access to instruments of wealth creation currently only enjoyed by the wealthy.
Posted by Chris Schrimpf| Comments (0)
Just Who is Rock the Vote?
September 06th 02:12:21 PM
One way to tell the political persuasion of an individual is to look at who they give money to.
Riemer has donated $500 to 21st Century Democrats, according to the Center for Responsive Politics. This small, Washington-based group is a political action committee devoted to building "the Democratic farm team by electing progressive candidates to all levels of government."
Posted by Chris Schrimpf| Comments (0)
Social Security Superstar
September 06th 01:57:22 PM
Congratulations to S4 member Shawn McCoy who got a second story published this week! Shawn has officialy reached superstar status!
Posted by Chris Schrimpf| Comments (0)
Workers of the World Unite
September 06th 12:01:37 PM
And demand Social Security reform.
The United States is lagging behind Latin and South America in creating a nation of worker-capitalists.
Posted by Chris Schrimpf| Comments (1)
They Said It...
September 06th 12:12:14 AM
Nancy Pelosi in March on Fox News:
WALLACE: My question is, the Democrats - it's their plan, Social Security - what is your idea of how to solve the long-term solvency issue?
PELOSI: First, may I just say of that, that is what the taxpayers' dollar, a political ad on the Internet of the House Republican leadership. But that's another issue.
WALLACE: What's your plan?
(CROSSTALK)
PELOSI: The facts, I said, are these.
What?
WALLACE: What's your plan to solve the long-term solvency?
PELOSI: The plan for solvency is to stop robbing Social Security of its money for other purposes.
Posted by Chris Schrimpf| Comments (1)
September 05th, 2005Look Who Got Published!
September 05th 11:11:35 AM
Shawn McCoy and S4 were featured on the FRONT PAGE of Salem News. Great Work!
Congratulations also to Ursula Williams for pointing out that reform is good for latinos the web magazine "Enter Stage Right"
Posted by Chris Schrimpf| Comments (0)
The Supreme Court: Another Key Player
September 05th 09:37:59 AM
S4 remembers Chief Justice Rehnquist today. His peers paid tribute to him today, describing him as "truly the first among equals in discharging his judicial duties" (Stevens), "one of the great chief justices of the Supreme Court of the United States" (O'Connor), and "a warm, compassionate, decent man; a brilliant jurist; and a chief justice of superb and historic stature" (Kennedy). He will be missed.
The Supreme Court itself has played an integral role in the determination of the constitutionality of payroll taxes. Two cases particularly shaped the history of Social Security: the 1937 case of Helvering v. Davis, and the 1960 case of Flemming v. Nestor. The former determined the constitutionality of payroll taxes to advance the general welfare of the United States, and the latter determined that Social Security benefits are not guaranteed.
That's right. Even after paying into the system for your entire career, you are not guaranteed to receive Social Security benefits. The Flemming Court specifically upheld the "Reservation of Power," section of the bill, which provided for Congress's "...right to alter, amend, or repeal any provision of this Act..." Justice Harlan delivered the opinion of the Court, holding that:
It was doubtless out of an awareness of the need for such flexibility that Congress included in the original Act, and has since retained a clause expressly reserving to it '[t]he right to alter, amend, or repeal any provision' of the Act. That provision makes express what is implicit in the institutional needs of the program...We must conclude that a person covered by the Act has not such a right in benefit payments as would make every defeasance of "accrued" interests violative of the Due Process Clause of the Fifth Amendment.
The implications of the decision rendered by the Flemming Court echo even today; an ailing system that cannot pay promised benefits to today's young workers - and is not obligated to, according to the Court's finding in Flemming - is a troubling one, indeed.
Posted by Erin Robert| Comments (1)
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