Norman Rafferty ([info]normanrafferty) wrote,
@ 2008-10-10 10:49:00
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Ra(n)t: Give us your money or we'll crash ya!
Courtesy of Google's 10th birthday search ... remember when the Bush Administration proposed investing Social Security money in the stock market? "Smart Reagan-style politics", it says.

If this had been implemented ... then we'd currently be using gov't dollars to bail out problems in the stock market, so we could bail out Social Security ... instead of simply using gov't dollars to bail out Social Security?

I'm beginning to see how this works. It's good to be a banksta.

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[info]ff00ff
2008-10-10 07:59 pm UTC (link)
It was such a good idea, wasn't it :D who knows though, if the banks had the liquidity of social security to play with maybe we could have staved off this economic disaster for whole weeks before having to think about a bailout :D

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[info]roycalbeck
2008-10-13 11:23 am UTC (link)
Atchooly, the SocSec fund already "loses" money...merely putting the same cash in any bank at basic savings-account rates would perform better. This is because Congress has been writing IOUs against the fund for decades. They always repay it the year after, but none of the borrowed amount earns interest.

And, as it stands, Social Security is already doomed to extinction before people our age hit retirement, barring ANOTHER bailout on the scope of the one we're seeing now. Since Congress has continued to dither and do nothing, having pinned all its bailout hopes on Clinton's pie-in-the-sky projections from last century, it's either huge new taxes or the end of welfare for the aged when it finally comes time to pay the piper.

Six of this, half a dozen of that.

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[info]bug_mama
2008-10-13 11:57 am UTC (link)
With SocSec probable not going to last long enough for us to collect everyone's retirement funds are already in the stock market in the form of 401k's and the like. So we're double fucked!

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