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How do you know when reform has a chance?
September 20th 12:06:37 AM
When Senators like George Voinovich start calling for reform.
According to Dow Jones:
"Republican Sen. George Voinovich on Monday
unveiled legislation to create a 'lockbox' that would forbid the federal government from using Social Security revenues for any purpose other than paying benefits.
The Ohio lawmaker's proposed 'Truth in Budgeting Act' would also prevent the government from raiding any trust fund to spend money on other programs."
"Voinovich's plan would require the Treasury Department to establish an Office of Trust Fund Administration. The agency would then invest the surplus funds in a range of debt instruments, including municipal bonds, corporate bonds, bond funds and mortgage-backed securities. The agency would be barred from investing in stocks or federal debt instruments."
Posted by Chris Schrimpf
Comments
Is he proposing a constitutional amendment? 'Cuz if not then congress can just legislate to ignore his law even if it is passed.
Also, investing our SS in corporate bonds is dumb both as an investment choice and for corruption reasons, but if he got rid of that part of his plan and stuck with bonds and muni's, that'd be a step in the right direction. I'd have to think about mortgage debt. Not sure what I'd think about that.
Posted by Noid on September 20th 04:23:13 AM
Actually, having thought more about it, I'm thinking it would have similar problems to SS equity accounts only instead of using SS funds to reward favored companies, they would use SS funds to reward favored states by buying their debt at artifically high interest rates, but it's better than SS equity funds in that at least corporate voting rights aren't going to be controlled. Buying muni's doesn't give anyone any voting rights in a state.
However, Voinovich's idea of letting SS funds be invested in muni's is a great idea if *we the people* make the decisions about which states to pick. So, I will amend my SS bank CD account idea to include allowing people to choose any state's muni's as well. States along with banks would offer people special, non-marketable bonds that mature when they reach 65 or so. Heck they could also get U.S. bonds too. This would allow *us* to control our own money with as little interference as possible from the feds. No 'Administration' has the right to pick the stocks and bonds I invest in. Especially when it isn't even necessary to implement the spirit of retirement law which is to tell people, dammit you *have* to save for retirement.
Posted by Noid on September 20th 04:46:01 AM
Erm, change that to:
"they would use SS funds to reward favored states by buying their debt at artifically low interest rates"
Posted by Noid on September 20th 04:48:05 AM
Whiney little crybaby bitch...maybe he'll get something right for once. He certainly owes it to his party.
Posted by John Bolton on September 20th 12:23:56 PM
home equity loans http://www.homeequityloans-x.com
Posted by home equity loans on September 30th 10:18:33 PM
mortgage http://www.mortgage-911.net
Posted by mortgage on September 30th 10:19:02 PM
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