Impact on Chicago if we phase out social security (upper-class, bankrupt)

[damba]

Originally Posted by HundredRebellion

I heard you all and I want to live in a country much like the "western" countries you wrote about. In doing so, we need a wide middle class to maintain stability. We are on the same boat on this.

My problem with social security is the vast majority goes to old people. AND the government set the rules for when and how we can withdraw the money that we put in. I much rather we phase out social security and start putting the money back into the workers' pockets.

Regarding those who desperately need help? I think it is better to have set aside funds from the federal budget. So instead of SS, Medicare, Medicaid etc. taxed individually, let those be included in the federal tax budget. if it means raising fed tax by a couple of %, I don't care.

Before throwing the baby out with the bathwater, I suggest you first educate yourself on what SS was intended for. The realities of what would happen if people suddenly had to figure out how to manage their money (and could pull it all out early!) is an entire other conversation alone.

[HundredRebellion]

Originally Posted by damba

Before throwing the baby out with the bathwater, I suggest you first educate yourself on what SS was intended for. The realities of what would happen if people suddenly had to figure out how to manage their money (and could pull it all out early!) is an entire other conversation alone.

I know the purpose of SS. I just have a different opinion on how to best manage it going forward especially with SS running thin over the next couple of decades. I don't want government interference in our retirement funds. I don't want government using the funds to fund welfare programs.

But I believe lower income and folks in poverty will be forced out of the city because w/o ss they may not be able to continue to sustain the cost of living. That is not good....we need them working them buses, trains, hotels and retails.

[pete6032]

Bizarre thread of the day.

[chet everett]

The OP should look at a map that shows where most residents are reliant on income from Social Security -- it is enlightening -- http://publicradio1.wpengine.netdna-...itedstates.jpg

[IrishIllini]

Originally Posted by chet everett

The OP should look at a map that shows where most residents are reliant on income from Social Security -- it is enlightening -- http://publicradio1.wpengine.netdna-...itedstates.jpg

Wow, that is enlightening. Ironic those are the counties that regularly support candidates who seek to privatize (or eliminate) the program that pays their bills.

[via chicago]

Originally Posted by HundredRebellion

My problem with social security is the vast majority goes to old people.

then i would say it is successfully fulfilling its purpose.

[jman07]

Originally Posted by IrishIllini

Wow, that is enlightening. Ironic those are the counties that regularly support candidates who seek to privatize (or eliminate) the program that pays their bills.

Because privatizing it would be better for them considering social security will probably go backrupt. Privatize doesn't mean eliminate. Are you enlightened by this?

[NealIRC]

Originally Posted by HundredRebellion

Most important of all, I don't want to be paying for other people, especially old people, that is not related to me.

Damn, am I the only 1 who took offense to the "that is not related to me" the most?

[ToriaT]

Thankfully most people do not agree with the original poster. We do not want things to go back to the way it was before social security. Unfortunately many people can not be trusted to manage money for the future... its nice to think about getting to keep your money and investing it but what if you make bad investments and lose it? Then you would be on welfare and we would go back to square one. I think our society should give social security to older people. They have worked for it, its not free money its taken out of your check and you only get SS after working many years.

[NealIRC]

Originally Posted by ToriaT

Thankfully most people do not agree with the original poster. We do not want things to go back to the way it was before social security. Unfortunately many people can not be trusted to manage money for the future... its nice to think about getting to keep your money and investing it but what if you make bad investments and lose it? Then you would be on welfare and we would go back to square one. I think our society should give social security to older people. They have worked for it, its not free money its taken out of your check and you only get SS after working many years.

Oh it is free money, well, minus the part that you put in. But even people who have been unemployed their whole life, still get it for free.

But I have yet to look for a good argument on why the change was for the better.

Since the change happened during FDR's administration, I saw a documentary at the time, where "Grandma loved it when the mailman came, every once a month he brought a paycheck that was free money."

(Certainly free money for the ones when the system 1st started.).

But here's the thing, if SS started in the 1930s, well then, it means we as a country gone over a century without it. The whole 1800s without it.

So I think the Great Depression in 1929 contributed to why SS was started. If that never happened, would SS have even started?

The nice thing about social security today is a lot of people can't double dip. My Dad gets $64,000 a year from his 1999 pension during, from the city colleges, and so his SS in the 2010s was $117/month.

The highest you can get is like $1500 I believe.