In Al Gore revival, Senate Dems eye the lockbox for Social Security

[cal04]

Source: The Hill

Senate Democrats want to put the Social Security trust fund in a lockbox and insulate it from a broader budget-cutting package designed to reduce the national deficit.

It’s a revival of the concept that former Vice President Al Gore (D) made famous when he sparred with George W. Bush over a proposal to invest a portion of Social Security funds in the private market.

Eleven years late, Social Security is again a hot political topic.

(snip)
Leading Senate Democrats say Social Security reform should not be part of a deficit reduction package under negotiation.



Read more: http://thehill.com/homenews/senate/146057-in-al-gore-revival-senate-dems-eye-lockbox-for-social-security

[BeyondGeography]

1. Good strateegery

[polichick]

2. Why in the hell wasn't this done when we had both houses? Hope they...

...can manage it now.

[No Elephants]

18. The time we had both houses, even in theory, was before Scott Brown--1 year.

And most of that year went to hcr.

[Art_from_Ark]

3. It's about time

Hands off Social Security

[inademv]

4. Do this at once

It never should have been considered as part of the budget, that went against the rules set forth when it was created.

[TxVietVet]

5. I don't believe the Dems have enough guts to go through with this.

I don't trust them. They had both Houses and NOW they decide to do this. They better 'cause I'm on SS now.

[doc03]

6. Hasn't the President pretty much agreed to put SS

on the chopping block?

[jaysunb]

7. No

so please stop trying to spread this false assumption. :evilfrown:

[doc03]

9. He hasn't really said he would or wouldn't. Just like when he

campaigned he sort of gave the impression that he backed unions but he is completely AWOL on the recent union busting. He is a master straddling the fence, just when has he ever drawn the line in the sand on anything?

[PSPS]

16. Yes, he certainly did

His "tax holiday" scheme will end up being the first step toward scuttling Social Security.

[unkachuck]

8. good idea....

....I never understood what the problem was with Social Security other than the slimy corporations wanting to get their greedy crooked hands on our money....and give us back fifty cent on our dollar, if we're lucky....

....by 2037 damn near all the Boomers will be dead; solvency problem solved.

[defendandprotect]

10. Best way to do it is to STOP the raising of surplusses -- now $250 billion or more every year!!

Social Security was never intended to run a surplus --

It is set up to be a "pay as you go" system -- raising only enough money to cover

current benefits -- month or two payouts --

It is right wing/elites who have moved Social Security into surplusses to benefit themselves --

to provide a slush fund for their wars, etal --

PS -- Otherwise, there will always be a "national security issue/war" which will call for

more borrowing!!

[bhikkhu]

12. No it isn't - that's just another way of defunding it

For more than 50 years we've known we had to run surpluses to keep Social Security funded through the baby boomer's retirement years. To defund it now would be to cripple it later, simply because of the effect of a high birthrate followed by a moderate birthrate. The surplus keeps it on an even keel throughout.

[defendandprotect]

14. The "baby boomer" retirement was a ruse to increase FICA payments on poor and middle class...

NOT elites -- and to move the burden of Social Security onto the shoulders of the

poor and middle class.

Anticipation of baby boomber retirement could have been handled much more smoothly

as we moved along -- but FICA taxes should have been increased long ago on the wealthy.

And, of course, the SURPLUSSES have served mainly as slush funds for elites --

and now we are threatened with non-payment of those surplusses!!

Does that tell you anything?


:eyes:

[bluestateguy]

11. Another perfectly sensible idea that was literally laughed out of existence

I hope everyone enjoyed the SNL skit, though!!

[DeadEyeDyck]

13. horse left that barn long ago

[customerserviceguy]

15. The ultimate 'lockbox'

is standard-issue Treasury bonds and notes. If the trust fund held those, instead of limited-purpose IOU's, it could pay future benefits simply by selling them on the open market, the way any investor can.

Let's put it this way; if I owed you money, which would you rather have:

1) My written promises to pay, which are legally worthless if you transferred them to someone else, because that's the way the promises are structured to be

2) Or bearer bonds that are tradeable any business day of the week on recognized securities markets, even if you had to take somewhat less than their face value, because interest rates have risen since I handed them to you?

[gtar100]

17. Republicons are like flesh-craving zombies around the Social Security fund.

They see that money not as security and the foundation for our future, but instead they lust after it, wishing to have it all to themselves. They must be stopped and this is a good first step. Fucking repugs destroy everything they touch. Social Security is worth fighting for.