I am not opposed to privatization in theory, but after reviewing Bush's
plan, it does not seem very good. In order to do better than what
social security would normally pay out, one has to have investments
that get 3% above inflation, which could be anywhere from 4%-8%
probably, which is not terribly difficult, but not that easy either.
The risks also seem quite great. So to me the potential reward does
not seem worth the risk. In talking with my dad, I suggested that they
simply invest the social security money in U.S. treasury bonds, instead
of having it just sit around not earning any money. My dad informed me
that they already do this. However, there usually isn't much money
sitting around. When there is some money sitting around, our
legislators usually pillage it for other reasons. So that leads to my
first proposal
1. Stop stealing from social security.
My dad also made another recommendation, which president Bush has
recently said he will consider, which is raising the cap on how much of
income is subject to social security tax (FICA). Currently one only
pays FICA on up to $90,000 of income (it has been going up slowly -
$76,200.00 in 2000). This obviously benefits the rich greatly. If we
got rid of the cap entirely, that would greatly increase social
security money.
2. Lift CAP
Unfortunately, Stabenow's petition offers no suggestions, merely,"We
need to build on the success of Social Security by developing bold and
innovative ways for Americans to build wealth and save for retirement.
Privatization is not the answer." Why not suggest some alternatives?
I am not going to sign her petition, but I will send her my suggestions.
Thanks.
Rob
On Feb 18, 2005, at 10:15, Lisa Hsu wrote:
> hey guys,
>
> by writing to our senator (whom i like, she always sends back a
> relevant message), i guess i've now gotten on the list to receive
> emails on her pet issues. this one is about social security and what
> our michigan senator is doing about it. she includes a petition to
> tell Bush to take privatization adn shove it.
>
> lisa
>
> ---------- Forwarded message ----------
> From: Senator Debbie Stabenow
> Date: Fri, 4 Feb 2005 20:53:42 -0500
> Subject: Keep the Security in Social Security!
> To: kerry Æ lisazapato.com
>
>
>
>
> February 4, 2005
>
> Miss Lisa Hsu
> 2200 Fuller Court, Apartment 401B
> Ann Arbor, MI 48105
>
> Knowing of your interest . . .
>
> . . in critical issues affecting the future of our country, I am
> writing to update you regarding the current debate over Social
> Security. As you may know, I am leading efforts in the United
> States Senate to keep Social Security secure and ensure its
> solvency through the 21st century.
>
> Social Security is a great American success story. We need to
> reject privatization schemes that would require deep benefit cuts
> and massive increases in the national debt and work together to
> strengthen and improve Social Security. We should look to the
> future to create new ways for Americans to build wealth and
> retirement security.
>
> Working together, we can achieve these important goals. But I
> need your help. We need to join together and fight these
> privatization schemes to keep Social Security safe for all
> Americans. I invite you to visit my website at
> http://stabenow.senate.gov/socialsecurity for more information and
> to sign my online petition to encourage President Bush and the
> Congress to reject privatization and instead, build on the success of
> Social Security.
>
> As always, thank you for your interest in the important issues
> facing our country.
>
> Sincerely,
> Debbie Stabenow
> United States Senator
>
> ---------------------------------------------------
> You are receiving this e-mail because you have previously
> communicated with my office about a related issue. If you would
> rather not receive e-mails like this in the future, please respond to
> this message with the word REMOVE in the subject line.
>
>
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