Vote on U.S. Social Security revamp may be delayed (until later this year)

[sabra]

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http://www.alertnet.org/thenews/newsdesk/N13656091.htm

Vote on U.S. Social Security revamp may be delayed
13 Jul 2005 20:53:57 GMT

Source: Reuters

By Donna Smith

WASHINGTON, July 13 (Reuters) - Congressional action on one of President George W. Bush's top priorities, restructuring Social Security, will likely be delayed until later this year, Republican leaders in the U.S. House of Representatives said on Wednesday.

Rep. Roy Blunt of Missouri, the third ranking House Republican, told reporters that other pressing matters including trade, highway and energy legislation will push back until at least September consideration of plans to establish private Social Security accounts.

"We've got heavy work to do on the floor this month," Blunt told reporters, adding that House Ways and Means Committee Chairman Bill Thomas, a key figure in Social Security legislation, also has a big role to play in the other issues before the House.

Lawmakers had talked about voting on revamping Social Security before lawmakers leave for the month of August. But Blunt said he thought the House would vote on Social Security legislation this year, possibly in September.

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[RobertSeattle]

1. Bush's New top priority is SALVAGING his Presidency

[clydefrand]

2. Well, well, this should give Bush even more time to waste our

tax money running about the country with his propaganda on a program that he knows nothing about.

[eleny]

3. I smell toast

Rumplescotty

[VegasWolf]

4. What!? With all that political capital he has? nt

[HockeyMom]

5. Schwab Mutual Funds

My husband "invested" $36,000 in this. Since January, he has LOST almost $1,000.

Maybe I am crazy, but if you are in your 50s this is NO WAY TO INVEST YOUR MONEY.

Put the damn money in a saving account or CD account. You certainly won't LOSE a thousand dollars in seven months.

Screw Bush and his "personal/private" accounts.

[Iowa]

7. Hi HockeyMom

Just wanted to share some personal investment experiences with those who aren't into investing. I'm an older guy (50s) and have a fair amount of investment experience. I used Schwab briefly, maybe 10+ years ago, when the no-fee fund marketplace was a new concept. Schwab was terrible to deal with. They screwed up continually and failed to fix their mistakes without being prodded repeatedly. Furthermore, they tend to sell funds with higher expense ratios. For example, you can't buy Vanguard funds without paying a fee (or at least that used to be the case; I haven't checked in some time). And finally, Chuckie Schwab is leading the charge to destroy SS so you probably don't want to do business there anyway. So I'd suggest your husband dump Schwab for many reasons. There are better ones out there.

If you're interested in safe investments and can hold until maturity, keep an eye on TIPS rates. TIPS are treasury securities that pay a fixed rate PLUS the CPI. You can lock in for a long time if that suits your needs. If the long-term fixed rate gets back up to around 2.5% or so (about 1.8% now), you might consider those if you're looking for a long-term holding. I bought TIPS when they were paying 2.5%+ a year or so ago. Also, at the moment I have some CDs that have been paying 5.25% which isn't too bad. For cash, take a look at: http://www.emigrantdirect.com/. They're paying 3.25%. For stock funds look at Vanguard; that's where a lot of us old guys who are into this stuff invest. Be careful where you invest - there are a lot of sharks out there! Good luck to you and your husband.

[HockeyMom]

8. Thanks. Will pass this on to him

[Iowa]

6. What a bunch of assholes!

"...pushed back until at least September..." Yeah, right. I don't think so you worthless, incompetent, sleazebags. The country has decided, we have made our wishes known, and we have moved on. This issue is dead. LEAVE SOCIAL SECURITY THE HELL ALONE AND DO YOUR DAMNED JOBS!!

[pinerow]

9. The closer to the 2006 elections the better...

that way, the idiots positions on SS will still be fresh in the electorates mind.

[MaineDem]

11. Exactly

And I heard a while ago that the longer the vote is put off the greater the chances it will never even make it to the floor. I don't think the GOP Leadership wants this to be voted on just before the 06 elections.

[cosmicdot]

10. what? they're not fast-tracking this one???

Bu$h isn't calling for a quick vote???

strange how that fast-tracking rhetoric train works
:eyes: