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Reply #6: 'How do we fix this'? Clinton tried to set up a centrally-managed Sovereign Wealth Fund [View All]

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ProgressiveEconomist Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-26-10 11:18 PM
Response to Reply #5
6. 'How do we fix this'? Clinton tried to set up a centrally-managed Sovereign Wealth Fund
for Social Security. That was when there still were fifteen years of surpluses to redirect. But the Rs were adamant--that would have been 'Socialism". Only privatization of Social Security would provide the "right incentives" rather than allow government to--heaven help us--exert political influence on market decisions.

See http://www.brookings.edu/papers/2005/04saving_diamond.a... .

IMO, time is running out for strategies other than (1) and (2) listed in the OP.
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  -There's no immediate SS crisis. But there IS a SS SCAM that has been going on since 1983, ProgressiveEconomist  Aug-26-10 10:05 PM   #0 
  - Cut the military budget, eliminate free trade, and ensure people get jobs.  valerief   Aug-26-10 10:41 PM   #1 
  - Alam Simpson should be horsewhipped on the Capitol steps with national live coverage.  Raster   Aug-26-10 10:49 PM   #2 
  - I prefer waterboarding  Hawkowl   Aug-27-10 02:39 PM   #20 
  - You know far more than Alan Simpson.  ThomCat   Aug-26-10 10:50 PM   #3 
  - Simpson doesn't mention that, if SS payouts are cut, TRILLIONS collected in FICA  ProgressiveEconomist   Aug-26-10 10:59 PM   #4 
  - Yes yes yes. It was a complete scam perpetrated to raise taxes on the little guy to cut taxes for  dkf   Aug-26-10 11:00 PM   #5 
  - 'How do we fix this'? Clinton tried to set up a centrally-managed Sovereign Wealth Fund  ProgressiveEconomist   Aug-26-10 11:18 PM   #6 
     - That is why you buy gold. No impact on corporate governance.  dkf   Aug-26-10 11:31 PM   #7 
        - Nice idea, but too late. When the FICA cash flow turns negative, current obligations  ProgressiveEconomist   Aug-26-10 11:56 PM   # 
           - No not from surplus. Dedicate extra estate tax revenues to recapture taxes that were reduced under  dkf   Aug-27-10 12:12 AM   #11 
              - Diamond and Orszag suggest something like that at the link in post #6, but  ProgressiveEconomist   Aug-27-10 12:35 AM   #14 
                 - This would be specifically to recapture the surplus funds they spent earlier.  dkf   Aug-27-10 12:49 AM   #15 
  - So  BeFree   Aug-26-10 11:35 PM   #8 
  - IMO the kind of asset held by the Trust Fund is far less important than Congress's  ProgressiveEconomist   Aug-27-10 12:26 AM   #13 
     - I don't think the gimmick bonds have a maturity date.  dkf   Aug-27-10 12:52 AM   #16 
  - Using the SS trust fund for general revenues instead of the income tax is higher REGRESSIVE....FICA  Faryn Balyncd   Aug-26-10 11:56 PM   #9 
  - You've got to appreciate Greenspan's far-seeing evil genius. The poor suckers  ProgressiveEconomist   Aug-27-10 12:08 AM   #10 
     - You are right...that is a twisted evil genius.  dkf   Aug-27-10 12:25 AM   #12 
  - It gets worse than that  Mnpaul   Aug-27-10 03:24 AM   #17 
  - Have you seen this USA Today article about Trust Fund mechanics?  ProgressiveEconomist   Aug-27-10 05:57 AM   #18 
  - Your opinion is solid and mirrors  Enthusiast   Aug-27-10 06:43 AM   #19 
  - K&R  Wednesdays   Aug-27-10 09:30 PM   #21 
  - I rec'd your excellent OP yesterday, here's a kick. (nt)  scarletwoman   Aug-27-10 10:26 PM   #22 
 

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