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Fiscal Storm is Brewing
October 05th 04:10:20 PM
Senator Demint wrote today about the need to press on with reform.
"Among the hard-won lessons we can draw from these disasters is the paramount importance of planning. Sadly, few in Congress will learn the simple lesson that Americans have picked up on so quickly: If you plan for a disaster, you can diminish its impact and recover rapidly.
It is the responsibility of Congress to start identifying other potential disasters and address them before it is too late. Yet today, as our nation rebuilds, another far more preventable crisis looms: a Category 5 Social Security failure...
Stopping the raid on Social Security would end Washington’s secret slush fund and force politicians to be honest with American workers. True reform will never occur as long as Congress can secretly steal from Social Security.
Fifteen years ago, Sen. Reid said, "It is time for Congress, I think, to take its hands … off the Social Security surpluses. Stop hiding the horrible truth of the fiscal irresponsibility that we have talked about here the past two weeks. It is time to return those dollars to the hands of those who earned them — the Social Security beneficiaries and future beneficiaries."
I completely agree! We must seize this opportunity and give every American a legal right to their retirement. In the process, we can change the biggest tax that most Americans will ever pay, into the largest savings account that most Americans will ever own.
Posted by Chris Schrimpf
Comments
So rather than respond to my comments, you once again posted tons of meaningless crap to your blog in order to flush my comments from your webpage. So here's where the discussion left off:
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Comments
Social Security Equity Funds EQUAL More Big Government Control and Corruption.
S4 Sucks.
Posted by: Noid at September 29, 2005 07:13 PM
Noid, I love you man, but if your posts don't start having some kind of content, i'm going to delete them and block your ip.
I think that we have an incredibly lenient comments policy here. In fact, I don't think that we have removed a comment yet.
You may criticize us as much as you like as long as you keep it civil and informative.
Copying and pasting "S4 Sucks" on to every post isn't going to work.
Posted by: Jeremy Tunnell at September 30, 2005 10:39 AM
Just to chime in, if these kids take the time to post something new every day, you could take the time, to come up with a new critique that somehow relates to what they're talking about.
Posted by: charlie at September 30, 2005 02:49 PM
booyah!
Posted by: ponzi at September 30, 2005 03:27 PM
QUOTE:
Just to chime in, if these kids take the time to post something new every day, you could take the time, to come up with a new critique that somehow relates to what they're talking about.
/QUOTE:
They aren't posting anything particularly new, just different ways of ignorantly limiting the debate to issues of 'rate of return'. Such ignorance will be very damaging to our country if social security equity fnuds are passed.
Oh, and BTW if you wanted to get me to stop posting what I've been posting, you should actually try replying to its content, that your proposals will increase the influence and power of the federal government, rather than making fascist threats of censorship. But of course, that would require that you all admit how wrong you are.
PS:
Social Security Equity Funds EQUAL More Big Government Control and Corruption.
S4 Sucks.
Posted by: Noid at September 30, 2005 06:23 PM
Noid, your persistence is impressive.
I concede that there is, of course, the possibility that personal accounts will open up a new realm of government regulation, something you and I both abhor. I firmly believe, however, that the risk is very limited and is one worth taking considering the very imperfect position we find ourselves in.
What evidence, besides postulation, do you have that personal accounts will spark increased gov't regulation of the market? Over 30 countries have already created personal accounts - has any of these countries experienced the kind of regulation that concerns you? Has Chile's gov't imposed increasing strictures on financial markets? Quite the contrary: the institution of personal accounts has steadily liberalized the market. Chileans are offered a more liberal selection of investment options every year.
We all share your concern Noid, but simply repeating yourself is ineffectual. Show me some empirical evidence or tenable reasoning and we can make this a discussion, not a repitition contest.
Posted by: Fransisco d'Anconia at October 1, 2005 12:14 PM
Hey Noid,
Are you a virgin?
Jason Varitek
Posted by: Jason Varitek at October 3, 2005 02:29 AM
Funniest Post Ever!!!
Posted by: Adam Cahn at October 3, 2005 02:32 AM
Fransisco,
Read this:
http://www.heritage.org/Research/SocialSecurity/draft-govinvest.cfm
There's lots of examples of corrupted "personal accounts"
Posted by: Noid at October 3, 2005 05:02 PM
Also, how long have these 30 countries had "personal accounts"? Do they invest largely in U.S. or other foreign companies? Perhaps their politicians haven't had enough time or enough stock to control to effectively screw their contituents. Or perhaps Chilean corruption isn't important enough to make the pages of the New York Times.
Are you including China as one of your 30 countries? According to http://english.chinamil.com.cn/english/pladaily/2004/09/08/20040908001017_TodayHeadlines.html
"In 2000, the Chinese Government decided to create a national social security fund. Its sources include: funds acquired from reducing state shareholding, stock ownership assets, funds from the central budget, funds raised by other means approved by the State Council, and investment returns. The national social security fund is administered by the National Social Security Fund Executive Council, and is operated on market principles in accordance with the procedures and requirements prescribed by the "Interim Measures for the Management of the Investment of the National Social Security Fund." The national social security fund provides an important financial reserve for the implementation of old-age insurance and other social security programs. By the end of 2003, it had accumulated over 130 billion yuan."
That sounds a lot like an "independently" managed
equity fund that ya'll seem to be advocating. Now if you know stuff about China, you'd know that their entire way of corporate life right now consists of kissing the govt's ass to become blessed and supported by the PLA so that you are invested in. I think it'd take awhile for the U.S. to get to *that* stage but the "personal" accounts that you advocate would pave the way.
If you think phasing SS out with nothing is politically unreasonable, why not support my suggestion of just phasing SS out by letting people opt for diverting their payroll taxes to FDIC insured bank CD's, municipal bonds, and U.S. treasuries of *the people's* choice. You wouldn't
be legally giving the feds any more power and the
investment would be safer than equity funds so they'd be an easier sell to those unreasonably afraid of the stock market.
Posted by: Noid at October 3, 2005 05:34 PM
Posted by: Noid at October 4, 2005 07:34 PM
Not only that, you got rid of your homepage link to the archives too. I'll tell you one thing, as full of crap as Crock the Vote was, at least they did a great job of presenting a forum to discuss the issue. This site totally sucks it and gives change. But what should I expect from a bunch of neo-CON suppresive fascists
Posted by: Noid at October 4, 2005 07:50 PM
I think all the archives are here http://weblog.secureourfuture.org/ over on the right hand side
Posted by: Roark at October 4, 2005 08:41 PM
Posted by Noid on October 05th 08:11:38 PM
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