House Pubs Look To Privatize Social Security

[lakhota]

It's so sad, and un-American, how the rich want to freeload off the system - while trying to destroy social programs that help the poor and middle class - even ones like Social Security and Medicare that working people paid into their entire working lives.



'Patriotic Millionaires' Describe What They've Done With Their Bush Tax Cuts: 'I Built A Dance Floor In My House'

WASHINGTON -- Paul Egerman isn't certain how many millions he's saved from the tax cuts enacted during the George W. Bush administration in the early 2000s and extended by President Barack Obama in December of last year.

"I do not know how much I've saved over 10 years but I'm sure it is several million dollars -- probably in excess of $10 million," said Egerman, founder of a medical transcription company called eScription.

And what, HuffPost asked, have you done with all that cash?

"I've kept it," he said. "I have not done anything with that money."

Egerman is part of a gang of self-described Patriotic Millionaires who wish the federal government would help itself to more of their money to address its big budget deficits. Nearly 200 millionaires have signed a letter asking congressional Republicans to consider healing budget gaps with increased revenue -- in particular, higher taxes on millionaires -- instead of just reduced spending.

The group is coordinated by the Agenda Project, a New York think tank, and Wealth for the Common Good, a network of business leaders and wealthy people that promotes "fair and adequate taxation" to support the economy.

Other millionaires on a conference call Monday morning said they had more fun with their extra money than Egerman did.

"I probably traveled a little bit more than I otherwise would have," said Frank Patitucci, CEO of NuCompass Mobility Services, a company that offers relocation management services.

"I got a bigger boat than I used to have," said Dennis Mehiel, the founder and chairman of cardboard box manufacturer U.S. Corrugated, Inc. He lamented that the construction of his 150-foot sloop didn't create any jobs for American workers. "The problem is, it was built in Italy."

Dal LaMagna, founder of Tweezerman, said he used his extra money to help the local economy in by adding stuff to his house in the Pacific Northwest.

"I just started creating jobs myself. I built a dance floor in my house -- which I really didn't need," LaMagna said, adding that he also put in a parking lot. "I just became a Dal LaMagna economic stimulus package in Poulsbo, Washington."

HuffPost readers: Got tons of money? More than you need? Tell us what you do with it -- email [e-mail]. Please include your phone number if you're willing to do an interview.

The tax cuts enacted in 2001 and 2003 overwhelmingly benefited the richest 1 percent of taxpayers, according to the nonpartisan Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute. The progressive Center on Budget and Policy Priorities estimated in 2009 that the tax cuts "added about $1.7 trillion to deficits between 2001 and 2008."

The tax cuts would have expired in January, but President Obama broke a campaign promise and struck a deal with congressional Republicans that reauthorized the cuts for two more years in exchange for one year of extended unemployment benefits, among other things. Tuesday, June 7, is the 10th anniversary of the tax cuts.

Extending them further would result in an extra $68,079 for the average member of the richest one percent of taxpayers in 2013, according to estimates by progressive advocacy group Citizens for Tax Justice.

"If they are fully extended, they will cost five-and-a-half trillion dollars over the coming decade," said CTJ President Bob McIntyre on the conference call.

www.huffingtonpost.com/2011/06/06/patriotic-millionaires-bush-tax-cuts_n_871840.html

[ed1066]

Wow! There are execs from almost all those companies in Obama's administration. What a coincidence!

[vonnie6200]

Aren't these the companies that are employing Americans?

[hello fromWarsaw]

You believe their mytholgy and blame the victims...

[vonnie6200]

Jun 7, 2011 20:02:43 GMT -5 @ed1066 said:

Wow! There are execs from almost all those companies in Obama's administration. What a coincidence!

Oh no - Obama is a Corporate Master? Who knew?

[formerexpat]

www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_tax_StayingInPlace_121710.pdf

Education begins on page 19

said Egerman, founder of a medical transcription company called eScription.

Founder of a company earning the fruits of his labor. Good for him.

Tax cuts also don't add to the deficit.

[hello fromWarsaw]

Sure

[ameiko]

Privatizing SS as an option I think is a great idea in theory but tough to pull off because SS is a pay as you go rather than a true savings plan.

What SHOULD be privatized is the rules, more specifically how the Trust Fund (or what is left) should be invested and any surplus that comes in should be handled. Just as a private corporation would be breaking the law if it embezzled pension funds, so should the same be applied to politicians and beaurcrats who raid the SS fund for anything except SS payouts.

The above said, I wish we could truly privatize it; have just a few options like the system that the government uses (Thrift?) so just about anyone can have a decent retirement.

[ameiko]

Jun 7, 2011 18:20:03 GMT -5 @lakhota said:

Medicare will need something like $85.6 trillion to pay our medical bills.

We need Single Payer to save Medicare, but Republicans won't even consider a Public Option. How do you reason with people like that - who are bought and paid for by their corporate masters?

The above quote is why no one takes Lakhota seriously. I disagree with a public option for a few reasons but not one involves getting a check from my "corporate masters."

Maybe they got the address wrong?



Seriously, Lakhota, why don't you and other liberals try to build a business and thus employ people so they can buy their OWN healthcare? Or why don't you and other lefties get together with Bill Gates, Buffet, Hollywierd, and other limosine liberals to buy/create a healthcare company that is non profit, pays you CEO nothing, and run on your never tested ideas that you would force upon us?

Why are you so scared or lazy that you demand that others provide for you and your ideas?

[Deleted]

This message has been deleted.

double post

[ameiko]

Jun 7, 2011 18:17:37 GMT -5 @lakhota said:

What is there to discuss about Republicans wanting to kill Social Security and Medicare?

Another reason why no one respects Lakhota. The GOP is trying to SAVE Social Security and Medicare since they can not support themselves in their current incarnation in large part due to demographic shifts (including liberal supported abortion and illegal immigration) and general mismanagement. In a private setting, the raiding that has happened with the SS trust fund would have resulted in lengthy jail sentences.

You may disagree with HOW the GOP is trying to save it but to think that they seek is destroy it just shows how much of an unreasoning idealogue that you are.

[Deleted]

Republican leaders left Social Security untouched in their House budget this year, but a group of GOP lawmakers are looking to fill the gap themselves with legislation that would create a voluntary privatized version of the program.

It's about time!!! I wish they had privatized it 40 years ago!

[lakhota]

The above said, I wish we could truly privatize it; have just a few options like the system that the government uses (Thrift?) so just about anyone can have a decent retirement.

TSP options are stock market investments.

www.tsp.gov/index.shtml

[hello fromWarsaw]

Lots of people respect Lak, and people who want to privatize SS or "save" medicare are the whacky 20%.. Pubs have really believed their own scare tactics on this...keep digging!! ;D

[EVT1]

Jun 7, 2011 21:04:06 GMT -5 ameiko said:

Another reason why no one respects Lakhota.

You may disagree with HOW the GOP is trying to save it but to think that they seek is destroy it just shows how much of an unreasoning idealogue that you are.

I do so try again- I respect anyone trying to shine a light on all of the BS coming from your side of the fence.

You really believe they want to save Medicare or SS? Go ahead and cut up your registered republican card because you obviously don't know what they are about.

[fairlycrazy23]

We need to do something, it seems wrong to burden future tax payers with covering current voters retirements. The money should have always been keep apart and not invested(loaned) back to the general fund.

[AgeOfEnlightenmentSCP]

It's taxation without representation. My kids have no legal or moral obligation to pay this debt. I hope that in the future there will be a strong "F*** YOU!" youth movement to let people die rather than pay this debt.

[ugonow]

It's about time!!! I wish they had privatized it 40 years ago!

You have been free to invest in 401's and a host of different IRA's for a long time. Privatising SS imo,is just another of the multitute of tax defered investment vehicles already offered. Why bother? Either leave it as an insurance or saftey net,or get rid of it.

[AgeOfEnlightenmentSCP]

The Democrats are going to completely privatize Social Security, too. And the farther down the road we get- the more I support their plan- which is, as near as I can tell, "F*** it. Let it go bankrupt." I don't know, but I kinda like that. Screw it. Just let it eliminate itself. Hell-- let's expand it by passing amnesty and creating more beneficiaries. I am getting to the point where I don't care HOW we get rid of it-- just so it's gone.

[Deleted]

Pubs have really believed their own scare tactics on this...keep digging!!

Scare tactics........Do you mean like the left wing lug nuts that go out & try to kill people. Or do you mean like the left wing lug nuts that go to conservative speeches & try to shout down the speakers? Which left wing lug nuts scare tactic are you talking about?

[floridayankee]

Jun 7, 2011 18:20:03 GMT -5 @lakhota said:

Medicare will need something like $85.6 trillion to pay our medical bills.

We need Single Payer to save Medicare, but Republicans won't even consider a Public Option. How do you reason with people like that - who are bought and paid for by their corporate masters?

The government blew medicare so you want them to take care of everybody's medical needs?

And people have the nerve to say libs have no sense of humor.

[jkapp]

Jun 7, 2011 18:00:30 GMT -5 ❤ mollymouser ❤ said:

I think most agree that something needs to be done about Social Security. Whether this is the best solution ... only time and analysis will tell.

I think this is the only way to really make it work...otherwise as long as the funds are held by government, they'll keep trying to get their sticky fingers into it (as we have seen for decades).

Remember, this was pretty much how the plan started out: voluntary, with funds held in an account (not the general fund).

[jkapp]

Jun 7, 2011 18:20:03 GMT -5 @lakhota said:

Medicare will need something like $85.6 trillion to pay our medical bills.

We need Single Payer to save Medicare, but Republicans won't even consider a Public Option. How do you reason with people like that - who are bought and paid for by their corporate masters?

The same way you argue with people who think that single payer will actually fix medicare and not kill our healthcare industry.

[jkapp]

>>It's so sad, and un-American, how the rich want to freeload off the system - while trying to destroy social programs that help the poor and middle class - even ones like Social Security and Medicare that working people paid into their entire working lives.<<

It's more sad and un-american to have bs'd people into thinking the money they were paying into the system was actually going to be there for them when they needed it...instead it was spent out on the current retirees and wasted on "balancing budgets"

[jkapp]

>>'Patriotic Millionaires' Describe What They've Done With Their Bush Tax Cuts: 'I Built A Dance Floor In My House' <<

Ah the Democrat mantra of: we know how to spend your money better than you do...

So what you are saying is that everyone's money should be community property and the government will shell out what it thinks you deserve? Yeah...nice.

[AgeOfEnlightenmentSCP]

A dance floor, a swimming pool, a yacht, fine automobiles, art, horses, dogs, toys of all kinds...the possiblity that we all might enjoy these things is what makes America great. Some will win, some will lose-- most will fall somewhere in between. However, in Obamaville, ALL will lose. I guess we'll be equal then, though, eh?

[ed1066]

A dance floor, a swimming pool, a yacht, fine automobiles, art, horses, dogs, toys of all kinds...the possiblity that we all might enjoy these things is what makes America great

It's also what makes perpetually poor and self-identified victim liberals go into convulsions...the fact that someone, somewhere, is enjoying their own hard-earned money...

[jeep108]

If it goes private can I have the money I have already paid into SS?

[formerexpat]

Privatising SS imo,is just another of the multitute of tax defered investment vehicles already offered. Why bother? Either leave it as an insurance or saftey net,or get rid of it.

That's a short sighted view.

Why can't that 12.4% be privatized for individuals to pay for deferred annuities with disability riders? Much better alternative than SS.

Right now, the upper income [those with income above $40k] don't get their premiums back from the system - and they're taxed on the premiums they've put into the system.

Premiums on deferred annuities aren't taxed; only gains.

We need Single Payer to save Medicare,

The government screws up 50% of health care spending so the fix is to give them the other 50% of health care spending. Genius.

[lakhota]

The government screws up 50% of health care spending so the fix is to give them the other 50% of health care spending. Genius.

50%? Can you provide any credible proof of that?