Are those who complain about social security the same people who bought houses with ARMs?

Question

why is this so hard to understand-----social security was not designed to provide the best return on your money, it is designed to provide everyone with something so everyone has an income of some sort when they do retire. allowing people to take that money and invest it themselves, would make the current housing mess look like a a kiddy party complete with hats and noise makers. most Americans are financially retarded, and the fact that many of them chose to ignore the contracts they signed for houses they couldnt afford serves as proof these people should not be trusted to invest their own social security. if these nuts are allowed to choose where to invest their social security, those of us who are smart enough not to, will be punished with massive programs and/or taxes to pay for their stupidity.

Answer 1

The problem with Social Security is, that in an attempt to provide everyone with something, it provides no one with much of anything.  Had Bush's private accounts scheme been in place during my working career, I would be ahead of the game by well over half a million dollars.  As for ARM's, there is nothing wrong with using them if you do so intelligently; I have one, which resets in two years -- and the interest rate will go DOWN.

Answer 2

YEP

Answer 3

Social Security is an insurance mandated by the government so that a portion of a worker's wages are earning an entitlement.

Government mis-management of the trust has caused it to fall short of the job it was meant to do. Which was to insure that every worker have enough in retirement to survive. Equating Social Security with the housing crisis is comparing apples to bananas.

85 % of the foreclosed homes in Las Vegas over the past two years have been investor owned. Realtors and flippers took these low or nothing down mortgages to tie up the properties for resale at profit in a very hot market. Those that got caught simply quit making payments. In my tract alone, one individual had 40 properties in foreclosure.

Privatization of Social Security is not because people cannot invest their money properly, but because the powers that be on Wall Street can raid the funds. There are no laws against failure, and even though CEO's can earn hundreds of millions, their firms can still go under.

Haliburton actually cut retiree's benefits not long ago and saved 24 million dollars, the CEO got a 20 million dollar bonus.

Our laws allow for greed to corrupt the entire system. Social Security would be in a much better position if everyone participated. Allowing civil employees to opt out, diminishes it's strength. Allowing the trust funds to be used for purposes other than funding benefits is a complete joke.

However, the new offsetting formulas and future changes in law, make me feel that at some point every retiree's benefits will be equal. Or very close anyway.

and as we all know, portfolios are subject to the whims of the bi money, especially foreign government investors.

Answer 4

Well, Social security is great!

Answer 5

I Could not Agree More.

SS was just to be pocket change - people had to plan for their retirement.

It was also people fault for neglecting to read the fine print and it was not my fault most are mathematical incompetent..

I party hard when I can, yet my savings comes first - everything else is called Jack Daniels..

at 45, my home will paid for on average salary under 65k - it is called planning.

Imagine this, I cannot get a decent credit rating due to the fact that I do not have enough revolving credit proportional to my salary... hah - of all the sheats...

Answer 6

I complain about Social Security and Medicare - both programs steal my money to pay for a Ponzi scheme form which I will never see a penny. I don't want it either. I want to control my own money and I am prepared to pay for my mistakes.

I do not have an ARM, but I have business loans and other (mostly unutilized) lines of credit that have adjustible rates.

And, I do not give a d**n about those retirees who run out of money or lose their homes. Dumb should hurt - it's only fair.