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Originally Posted by pan6467
The problem with privatizing is, if private consumer debt is high now, imagine what happens to people who are given the money..... I would estimate probably 75% of those who make under 50 grand would spend it and not invest it. So in the end..... we will have truly indigent elderly and that will cause government to spend more on them in the long run.
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As I understand it, the proposal would still require SS to be a forced 12% savings plan. The only difference being that we could direct our FICA taxes to real (much better) investments and the funds would be held in our names until retirement age.
Out of curiosity, how much would one of these million dollar T-Bonds cost today for a 20 year old and how much are you proposing we pay back the government for buying it for us? Will these be interest free loans to be paid back over our working life?