Conservatives Will Try to Get Rid of Social Security Through Privatization Read more: http://www.classwarfareexists.com/conservatives-will-try-to-get-rid-of-social-security-through-privatization/#ixzz25RjvOFHD Follow us: classwarfareexists on Facebook

What this will help is executives of companies who handle such financial transactions. With baby boomers starting to retire, I expect the stock market will go down as people sell their stock for living expenses. Wall Street wants to prop up their stock prices with this plan.

http://www.classwarfareexists.com/conservatives-will-try-to-get-rid-of-social-security-through-privatization/#ixzz25Nx3o8my

Posted by icarus on 03 Sep 2012

Most people do not realize that the Republican majority in the House of Representatives voted LAST YEAR to privatize social security … and wouldn’t ya know it passed with a majority in the House. Not one Democrat voted for it;

The only thing stopping this juggernaut from occurring was a Democratic Senate and a Democratic President. Conservatives have opened up their war on what they consider to be “entitlements” while at the same time fighting to make sure the burden on the rich continues to be minimized as much as possible. If given the opportunity – Republicans will try to privatize Social Security and permanently kill the program.

The Center on Budget and Policy Priorities explains what the Republican budget would do to Social Security HERE:

In addition to cutting benefits, Rep. Ryan’s plan would increase payroll taxes by ending the tax exclusion for employer-sponsored health insurance. By themselves, these benefit cuts and the payroll tax increase would be more than sufficient to bring Social Security into financial balance for the next 75 years. However, Rep. Ryan’s plan uses up much of these savings by diverting payroll taxes into private accounts that would impair Social Security’s financial soundness and require transfers from the general fund to assure the program’s solvency.

Although nominally open to all workers, the private accounts would be structured so that only high earners would benefit. The proposal encourages high-wage workers to choose private accounts by making their pay-outs entirely exempt from income taxation, while most of their Social Security benefits would continue to be subject to tax. The Ryan plan would also make the Social Security trust funds responsible for guaranteeing that individuals who opted for private accounts would get back at least as much as they contributed, plus an adjustment for inflation. This guarantee could require Social Security to bail out private accounts when the stock market performed poorly.

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And all of that while the Social Security trust fund has a 2.7 TRILLION surplus (source). Now with the huge baby boom generation retiring – this is having an impact on the future of the program but with a few tweaks – the program will be good for another century. Social Security will be fine as long as our politicians are willing to take action to make it fine. And if they take no action … the program would still be solvent 100% until 2033 and then would pay out at 75% for the next 75 years even under the worst case scenario. So Social Security isn’t going anywhere unless conservatives can convince Americans that it is going bankrupt which is not true.