Wanted to bring your attention to this article posted at MSNBC. It seems that now the republicans are trying to cut their losses on social security.
http://www.msnbc.msn.com/id/8235966/
With the Senate Finance Committee at an impasse on Social Security and House leaders anxious about moving forward, Republican congressional leaders have told the White House in recent days that it is time to look for an escape route.Senate GOP leaders, in discussions with White House Deputy Chief of Staff Karl Rove and political officials, have made it clear they are stuck in a deep rut and suggested it is time for an exit strategy, according to a senior Senate Republican official and Finance Committee aides.
The Dems are united in opposition, and the Repubs are divided in their support. Bush has responded by blaming the Dems for their “obstruction.” Why the trouble, if the Repubs have the majority? Well, they don’t have the votes if they divert funds to private accounts, but if they take out private accounts, they also do not have the votes because too many GOP conservatives want them.
If they are stuck in the senate, some Republican leaders believe they could put together legislation in the house that would clear the Ways and Means Committee.
But aides and GOP lawmakers say House Speaker J. Dennis Hastert (R-Ill.) has told his members he remains averse to a floor vote on such a plan if the Senate cannot act.
“There is absolutely no way is he is going to put his members on a roll call where they fall on their sword on a bill with no chance of going anywhere,” said one Republican House member, who spoke on the condition of anonymity for fear of crossing White House political officials.
I’m loving it, because the repubs are finally getting it. People can be amazingly detached from the news, but when it deals with how comfortable you are going to spend 25 to 30 years of your life, people take notice. The reason why SS is going nowhere is that the plan has no merit, they want to provide less money and less guarantees and want people to retire at a later age and they can’t figure out why there is not widespread support? That airline pension thing came at an opportune time. Bush thinks that people would be attracted by the opportunity of wealth offered by the so-called private accounts. Well, most of us are just interested in being comfortable in our old age and would rather know that with a high degree of certainty than risk most of what we have for the chance at riches.
I like the idea of lifting the $90,000 cap: bout time the wealthy started paying back some of the tax cuts
A growing number of key Republicans are pessimistic. Graham said he has come to the conclusion that Democrats will not pay a political price, at least anytime soon, for killing the Bush plan without offering their own. “The idea of not having an alternative to the Bush proposal is politically acceptable, at least for the moment,” he said. “So I don’t see any momentum for Democrats to come forward with a proposal.”
I watched (I have no idea what the proper term is) an online townhall meeting last week (or the week before) conducted by my Congressman, Dennis Moore (D – KS 3rd) on the topic of Social Security Concerns.
The questions were overwhelmingly negative toward the Republican plans. In fact, there was confusion about why any leader would consider the idea that Social Security funds should be privatized.
Here in Kansas, there wasn’t any support for the Bush plan.
You know…over and above all the hysteria that Bush has been trying to whip up over the SS shortfall, I had an epiphany of sorts.
When I am eligible for retirement in 25 years or so, the trust fund will be able to pay out only 75% of current dollars. Give or take a few, depending on the source of your numbers.
Me, I figure it this way: it’s a guaranteed benefit of X dollars. If I want to have any more than that, then I do additional things to provide that additional funding, but there is a guaranteed amount of X number of dollars.
In my mind, that isn’t a crisis or even really a big problem. Its just one more set of numbers I need to figure into my retirement planning.
Don’t tell me the sky is falling, Chicken Little. Tell me the bottom line that I can expect from SS when I retire. I’ll take over from there. Anything after that bottom line has ALWAYS been the individual’s responsibility. NOTHING else has changed.
Not a crisis, not even a problem, really. Not an “ownership” society, but a “personal responsibility” society…just like we’ve always been.
I agree, when IRAs first became available, I put as much as I could in mine because I knew that Social Security alone would not provide the funds I would need to survive in my retirement.
When my employer offered a 401K plan, I maxed out my contribution there also. Now that I’m retired, I’m not wealthy but, I’m not eating pet food either.
Taking some responsibility for one’s own future is not a bad idea. SS is just the bare minimum, the rest is up to the individual.