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Dow Jones stock index went down by over 75% between 1929 and 1933, the Dow did not return to its 1929 level until 1953.

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Razoo

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After the Dow Jones stock index went down by over 75% between 1929 and 1933, the Dow did not return to its 1929 level until 1953. In claiming that the rate of return on a stock investment is guaranteed to be greater than the return on any other asset, Bush was lying. If an investment-firm broker made this claim to his clients, he would be arrested and charged with stock fraud. Michael Milken went to jail for several years for making just this type of promise about financial investments.

Former President Bush also misrepresented the truth when he claimed that Social Security trustees say the system will be “bankrupt” in 2042. Bankruptcy is defined as “the inability to pay ones debts” or, when applied to a business, “shutting down as a result of insolvency.” Nothing the trustees have said or published indicates that Social Security will fold as a result of insolvency.

Until 1984, the trust fund was “pay-as-you-go,” meaning current benefits were paid using current tax revenues. In 1984, Congress raised payroll taxes to prepare for the retirement of the baby boom generation. As a result, the Social Security trust fund, which holds government bonds as assets, has been growing. When the baby boomers retire, these bonds will be sold to help pay their retirement benefits.

If the trust fund went to zero, Social Security would simply revert to pay-as-you-go. It would continue to pay benefits using (then-current) tax revenues, and in doing so, it would be able to cover about 70% of promised benefit levels. In other words, retirees would be taking home more in real terms than today’s retirees do. The system won’t be bankrupt in any sense. On this point, President Bush was “consciously misrepresenting the truth with the intent to deceive.” That is what the dictionary defines as lying.

 
The claim about stocks over time is basically correct, the Great Depression was a one-time aberration. But, the bottom is, a Republican designed plan will be designed to enrich donors, more than benefit the public. There might be a way to give people an option to benefit from the stock market, but it should be designed by experts overseen by progressives to benefit citizens, not parasites.
 
Razoo said:
After the Dow Jones stock index went down by over 75% between 1929 and 1933, the Dow did not return to its 1929 level until 1953. In claiming that the rate of return on a stock investment is guaranteed to be greater than the return on any other asset, Bush was lying. If an investment-firm broker made this claim to his clients, he would be arrested and charged with stock fraud. Michael Milken went to jail for several years for making just this type of promise about financial investments.

Former President Bush also misrepresented the truth when he claimed that Social Security trustees say the system will be “bankrupt” in 2042. Bankruptcy is defined as “the inability to pay ones debts” or, when applied to a business, “shutting down as a result of insolvency.” Nothing the trustees have said or published indicates that Social Security will fold as a result of insolvency.

Until 1984, the trust fund was “pay-as-you-go,” meaning current benefits were paid using current tax revenues. In 1984, Congress raised payroll taxes to prepare for the retirement of the baby boom generation. As a result, the Social Security trust fund, which holds government bonds as assets, has been growing. When the baby boomers retire, these bonds will be sold to help pay their retirement benefits.

If the trust fund went to zero, Social Security would simply revert to pay-as-you-go. It would continue to pay benefits using (then-current) tax revenues, and in doing so, it would be able to cover about 70% of promised benefit levels. In other words, retirees would be taking home more in real terms than today’s retirees do. The system won’t be bankrupt in any sense. On this point, President Bush was “consciously misrepresenting the truth with the intent to deceive.” That is what the dictionary defines as lying.

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Not sure what you want to debate here. Does anyone care about the choice of words Bush II used in 2004 when talking about Social Security? Do you want to discuss the impact on those retired of a 30% cut in their Social Security income? Do you want to show us how the 70% number was derived and then debate that?

Or do want to discuss the best way to reform Social Security so this cut in income does not adversely impact many millions of Americans. BTW- most Americans have not saved enough to live comfortably even with Social Security at current levels.
 
In and of itself, the stock market crash of 1929 did not cause the Great Depression. Maybe 10% of Americans owned stock in 1929. Now, it's about 55%. The stock market is not the economy.
 
bluesmoke said:
In and of itself, the stock market crash of 1929 did not cause the Great Depression. Maybe 10% of Americans owned stock in 1929. Now, it's about 55%. The stock market is not the economy.
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Perhaps he is arguing that Bush's call for privatization was mistaken.
 
The call for privatizations driven by ALEC = both parties are wrong. ALEC's privatization scam is designed for the wealthy to prosper per large monthly windfalls HOWEVER SSI suffers because no one will know what's in their accounts and what amount can be counted on ..........

ALEC designed privatizations are scams ....... ALEC is the only scammer.
 
Until 1984, the trust fund was “pay-as-you-go,” meaning current benefits were paid using current tax revenues. In 1984, Congress raised payroll taxes to prepare for the retirement of the baby boom generation. As a result, the Social Security trust fund, which holds government bonds as assets, has been growing. When the baby boomers retire, these bonds will be sold to help pay their retirement benefits.

Wall Street investments do not always pay more and sometimes have stretches of losses and I've been reading 401k's are not as reliable as was implied however if one can afford to lose money then it doesn't matter. I say middle class levels certainly cannot afford to lose thus SSI will definitely be nice to have around as a supplement.

I don't know of any investments that are insured .......... except maybe low risk deals at banks and such.......but only for $250,000 per account.

Everybody wants OUR money but hey be damn careful who one believes. Our former education secretary became wealthy through a pyramid scheme her parents put forth.
 
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