Republican Senate May Try To Eliminate Social Security
Minority Leader Mitch McConnell would be the Majority Leader if the Senate turns red, and he refuses to state what he’ll do about Social Security. Steve Benen notes that McConnell has been bragging about his 2005 attempt to privatize Social Security.
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Though he hasn’t mentioned it much on the campaign trail over the past year, McConnell specifically touted his effort to push President George W. Bush’s plans to reform Social Security in 2005, which would have set up private accounts for retirees.
With time running out in Kentucky, Mitch McConnell decided to remind the state that he wanted to effectively eliminate the popular and effective Social Security system. Indeed, it’s been part of McConnell’s governing vision for many, many years.
When local reporter Joe Sonka asked McConnell whether voters should expect the senator to push Social Security privatization after the midterms, McConnell replied, “I’m not announcing what the agenda would be in advance.”[su_csky_ad]
Anomaly 100 October 28th, 2014 at 12:23 pm
There’s those death panels the GOP has been looking for.
Ayn Awnemus October 28th, 2014 at 4:11 pm
Does social security save lives? It would have during the great depression, that’s for sure. But, what about during the time in between depressions/recessions?
What if it turned out social security costs lives when there wasn’t a financial crisis? What if people would have lived longer if they could have been allowed to individually manage the fraction of their income that went to social security? What if you added that cost of all the years in between financial crisis and it ended up being greater than the lives saved during years of financial crisis?
I don’t know the answer.. I do know that I would choose to opt out of social security for life if I had the freedom to do so.
Anomaly 100 October 28th, 2014 at 4:25 pm
Without it, my mother wouldn’t have survived in her old age.
R.J. Carter October 28th, 2014 at 12:24 pm
Another case of where not answering the question is taken as a positive response to the question. C’mon, Alan, are you trying to horn in on the pre-election fear-mongering that is supposedly the Republican bailiwick?
mea_mark October 28th, 2014 at 12:53 pm
Looking at some of the other things McConnell wants to do … http://www.huffingtonpost.com/rj-eskow/from-secret-mcconnell-aud_b_6041782.html?utm_hp_ref=tw … this seems to fit right in there. Of course McConnell isn’t going to admit any of this until after the elections because it might look bad.
arc99 October 28th, 2014 at 2:39 pm
I don’t see how it is fear mongering to pose a hypothetical question as to whether Sen. McConnell will pursue a policy that he has very publicly supported, once he has the power to do so.
Terry Call October 28th, 2014 at 11:45 pm
Well it is sort of like asking someone if they stopped beating their wife yet.
searambler October 28th, 2014 at 12:25 pm
Yeah, good luck with that, Mr. Turtle….
tiredoftea October 28th, 2014 at 12:25 pm
That went sooo well the last time! McConnell has to get past Ms. Grimes, first, then let’s see who is elected as Majority Leader. A Repub led Senate might try to do something as dangerous as forcing SS into a kind of 401 account, but Dems will block it and Obama will surely veto it if it passes the Senate.
They are building their own 2016 electoral gallows if that their line of thought after this election.
R.J. Carter October 28th, 2014 at 12:27 pm
So 401K accounts are poor investments and don’t grow?
mea_mark October 28th, 2014 at 12:54 pm
There is risk in any investment. Social Security is about, wait for it … Security, not risk.
R.J. Carter October 28th, 2014 at 1:13 pm
I’ve seen my estimated SS future payments. This is obviously a use of the word “security” with which I am previously unfamiliar.
tiredoftea October 28th, 2014 at 1:14 pm
If you want a higher future benefit, earn more! You’re a free market guy, this shouldn’t be tough for you to understand!
R.J. Carter October 28th, 2014 at 1:37 pm
Earn *and* invest. It doesn’t matter how much I earn, my SS is going to be a 30% difference downward in my take home today.
tiredoftea October 28th, 2014 at 1:59 pm
That’s why R.J. Jr. is going to assure that you live in the lap of retirement luxury!
R.J. Carter October 28th, 2014 at 2:09 pm
One can only hope that a railway conductor / rube goldberg designer / bigfoot hunter can make that kind of cash!
tiredoftea October 28th, 2014 at 2:23 pm
I hear there’s an opening on TLC. No time like the present to start exploiting his talents.
Mike October 28th, 2014 at 2:07 pm
Wrong. That 30% only comes from the first $117,000, anything after that is not subject to FICA.
R.J. Carter October 28th, 2014 at 2:13 pm
You’re right. If I earn more, my SS will be an even smaller percentage of my standard of living.
Investing 4.2% into my 401K is already building a bigger payout than the 4.2% FICA takes for SS taxes.
Mike October 28th, 2014 at 2:17 pm
True, but back in the 90’s I had over 500k invested in various funds, by 2000 it was sitting at just over 100k. The market certainly increases over time but hit a blip at retirement when you depend on that money and you’re screwed.
mea_mark October 28th, 2014 at 1:34 pm
It is better than nothing which is possible with any self directed investment account. Accounts can go south and fraud can be a problem. Social Security is so supposed to be secure, something you can definitely count on.
tracey marie October 28th, 2014 at 5:16 pm
guess you should have made more money
R.J. Carter October 28th, 2014 at 5:21 pm
What’s my incentive, when I can’t control where all of my retirement gets saved?
Ol Blue October 28th, 2014 at 1:10 pm
Seniors would have been eating a lot of cat food around 2008 and nothing around 1929. I realize SS didn’t really begin until 1940 but you get the idea. Can you imagine the insecurity for those who rely on SS for most of their income? They would be checking the market every day and their whole life would revolve around market turns. Not a good way to live.
R.J. Carter October 28th, 2014 at 1:12 pm
Seniors past a certain age wouldn’t be investing in a volatile sector unless they had the choice to and took that choice. It would make more sense to allow 20-45 year olds to invest in volatility, 45-55 year olds to invest in stable markets, and 55-over in annuities.
Gindy51 October 28th, 2014 at 1:31 pm
You idiot, most people don’t know who to invest their money, that’s why SS is such a godsend. not everyone can be financially literate. How the f do you know for certain seniors would change their investments. You don’t, in fact most would not have changed them or been able to see the handwriting on the freaking wall.
R.J. Carter October 28th, 2014 at 1:36 pm
So, basically, you assume the citizenry to be idiots who need the government to take care of them.
Thanks for being a stereotype.
Mike October 28th, 2014 at 2:04 pm
If FOX News is any indication then yes, at least half the citizenry are idiots.
R.J. Carter October 28th, 2014 at 2:08 pm
My half, your half — at some point in our lives, we’ re all idiots.
Unless we’re elected. Then we’re caretakers.
tracey marie October 28th, 2014 at 5:15 pm
that was a steriotype of an comment, the goptp meme
Budda October 28th, 2014 at 1:33 pm
And what makes you think 20-45 year olds would invest in anything?
R.J. Carter October 28th, 2014 at 1:35 pm
If it’s SS, they would have to pick some place for the money to go.
Ol Blue October 28th, 2014 at 2:04 pm
So if the market dives in your near pre-retirement years you can afford a better quality cat food with an annuity when you retire?
tiredoftea October 28th, 2014 at 1:12 pm
They are expensive to the consumer, have hidden fees that reduce the principal, are risky, and not to be handed over to the Wall St. firms that are clamoring for the big pot of loot that SS represents.
Social Security works, is efficiently administered and most workers will have a base of income for retirement.
R.J. Carter October 28th, 2014 at 1:38 pm
And it’s COLA is tied to the price of 9 Lives. That’s really not much of a base income. Which is another reason why Wal-mart figures so prominently into our future careers.
tiredoftea October 28th, 2014 at 2:01 pm
Another reason to vote for Dems! I can imagine the Walmart interviews now, “Sorry, but you only have one Phd. and our greeters are required to have three”!
Gindy51 October 28th, 2014 at 1:30 pm
If SS had been invested in 401K’s during the melt down of the economy (care of GWBush) the elderly who invested in them would have been on the street, you stupid tool. We had over money invested in our retirement 401K and saw it drop 25%. Luckily for us, we did not depend on that cash for living expenses. Not many folks can handle that kind of loss when they DEPEND on that money to LIVE. God you freaking GOPper make me puke in my shoes sometimes. AH the stupid it burns!!!!!!!!!!!!!!!
tracey marie October 28th, 2014 at 5:14 pm
that was so spot on
Budda October 28th, 2014 at 1:32 pm
Not everyone can afford to have a 401K or an IRA.
R.J. Carter October 28th, 2014 at 1:35 pm
But they can afford to have the government take their money and decide how much to pay them back later?
Budda October 28th, 2014 at 3:10 pm
Yes.
R.J. Carter October 28th, 2014 at 3:24 pm
I guess they enjoy the guaranteed negative rate of return. :/
tracey marie October 28th, 2014 at 5:13 pm
lol, what negative. The average/majority of the people receive 7X the amount they paid in. It could be more if the congress did not raid all the funds
R.J. Carter October 28th, 2014 at 5:22 pm
I guess I can take out more than I put in, provided I live long enough and suffer otherwise catastrophic illnesses so I can get those Medicare benefits.
But actual living wages? Sorry, but cutting back from $90,00 a year to $26,900 is going to be a bit of a belt-tightener.
tracey marie October 28th, 2014 at 5:28 pm
so you did n ot save or invest on your own and are whining?
R.J. Carter October 28th, 2014 at 5:35 pm
Oh, I did! And it would have been even BETTER if I’d had that extra 4.5% of my gross to add to my savings.
Par4thecourse October 28th, 2014 at 1:00 pm
IF the turtle touches social security a vast amount of people ..say over 50 million will be visiting his offices and home..
Linda1961 October 28th, 2014 at 7:52 pm
With pitchforks!
Par4thecourse November 2nd, 2014 at 6:22 pm
Abso-tive-ly Linda .. abso-tive-ly ! for effect we could have him staged in a tower ..;)
Par4thecourse November 5th, 2014 at 5:52 pm
LOL.. Yes.. and cow shi* slingshots/catapults..
BillTheCat45 October 28th, 2014 at 1:04 pm
Good thing the president will veto any such attempt. /fail
Pilotshark October 28th, 2014 at 1:35 pm
“he refuses to state what he’ll do about Social Security”
Well now, that should make him disqualified! even more then not answering something that’s private.
but Mitch what you trying to hide? don`t worry we all know what it is you are trying to lie i mean hide behind.
Bunya October 28th, 2014 at 2:20 pm
I say go for it, Mitch. Let’s see how well that sits with those collecting or close to collecting SS. It’ll be a big win-win for the repubs.
causeican October 28th, 2014 at 2:40 pm
The rich really do want it all.
R.J. Carter October 28th, 2014 at 3:01 pm
And we want it now.
vinceNYC October 28th, 2014 at 3:27 pm
Of course it will never happen
VALERIE MARTIN October 28th, 2014 at 5:37 pm
Now THAT would be just my luck!
:/
Warman1138 October 28th, 2014 at 5:49 pm
Eliminating SS to provide a cash cow to GOP corporate supporters….he dreams at night of the masses chanting Privatize! Privatize! Just another ”paid for” sociopath…..too bad he’s so successful at fooling his electorate.
flopdog October 28th, 2014 at 7:03 pm
You’re going to eliminate a program into which I’ve paid for forty years?
No you won’t.
Linda1961 October 28th, 2014 at 7:51 pm
Where I come from, it’s called stealing.
tracey marie October 28th, 2014 at 8:06 pm
that is a beautiful dog
flopdog November 1st, 2014 at 4:07 pm
He is, thanks. He’s huge (about 180 lb, down from 200 at his biggest) but a total mushball. He terrifies the Fedex guy, and all he does is want to say hello. Bloodhounds are the greatest dogs. B)
tracey marie November 1st, 2014 at 7:06 pm
They are big beautiful dogs. We had a giant red puppy follow us home when we were walking our dogs. he went at 90 lbs. Found the owner and asked her to give the reward to the local shelter.
flopdog November 1st, 2014 at 7:38 pm
They are. I’ve had bassets all my life, and Flop is my first bloodhound. I have a friend who raises the most amazing bassets, and she’s only just out of college. She has a waiting list years long, but her dogs are incredible. maplestreetbassets.com
tracey marie November 1st, 2014 at 8:45 pm
I am a border collie person, love the energy. They keep me fit and young