What does everybody think of Bush's Broker Security Plan?

[Walt Starr]

I might have to change professions and become a stock, bonds, and funds broker because these guys are going to be ROLLING in dough if Bush gets even half of his scheme to steal money from the common man passed!

[liberal N proud]

1. Broker is the right term

Because everyone will be broke when he is done.

[cthrumatrix]

2. govt expense of plan for 23 yrs = $4.5 Trillion dollars

you don't get the moeny you put in and when you die your heirs get nothing.

It's a sham to put more money back to the govt

[Beetwasher]

6. Back in the Gov't???? Nope.

That money ain't going back to the gov't, it's going right into the pockets and offshore accounts of people who are already insanely wealthy.

[cthrumatrix]

8. your $$$ goes back to the govt when you die - your heirs get zero

nip

Here is why personal accounts are a better deal. Your money will grow, over time, at a greater rate than anything the current system can deliver - and your account will provide money for retirement over and above the check you will receive from Social Security. In addition, you’ll be able to pass along the money that accumulates in your personal account, if you wish, to your children or grandchildren. And best of all, the money in the account is yours, and the government can never take it away.

snip
http://rawstory.com/news/2005/index.php?p=27

now here is the reality of "your privatized soc sec account when you die:

snip

Any funds that remained available under these annuities after death would go to the Social Security program; the money could not be inherited. While that would assure retirees a monthly check while they live, it also could undercut what polling shows is one of the most persuasive arguments on behalf of personal accounts - that they can be inherited.

http://ap.tbo.com/ap/breaking/MGBEOOZ9Q4E.html

Your lifetime payments STOP when you die. Your heirs get $0.

[Beetwasher]

9. Yeah, But That Money Will Never Make It Back To The Gov't Coffers

in reality. In reality, it will be paid out as fees to the brokers managing the system.

[Walt Starr]

11. And thus, the Brokers get to DOUBLE DIP!

This makes it even more of a BROKER SECURITY PLAN!!!

:grr:

[bigtree]

3. and you think brokers hype the strength of their funds?

you aint seen nothing yet till you experience the king bullshitters in our government hype the U.S. economy to get folks to invest, all backed by borrowed money as we are still running a deficit and trillions of dollars in debt.

[Walt Starr]

4. What's really scary is this scam will set up a fund bubble!

Prices will skyrocket beyond value and eventually it'll all come crashing down, so the people will be left with NO retirement!

[Beetwasher]

5. It's Blatant THEFT. It's A Gov't Sponsored PONZI SCHEME!

I'm really almost in awe of how fucking ballsy they are to propose it. It's insane. Batshit fucking crazy. It's a massive theft in broad daylight.

[annabanana]

7. Ponzi Scheme is Right!

Why oh Why isn't everyone calling him on this scam!?

[SammyWinstonJack]

10. Major PONZI SCHEME!

How are the FReeps gonna take this? The gov't stealing more of their money and their Dear Leader is the Lead crook. ROFLMAO!

[cthrumatrix]

12. Bush really wants a "value added tax"...soc sec is a "play"

they expect soc sec plan to be defeated and they roll out heir plan for a larger tax

[SammyWinstonJack]

14. Well that should piss off the FReepers even more

I would think. :shrug:

[Walt Starr]

13. I's an Amway scam

and the guys who will collect are the ones at the top of the brokerage firms.

Everybody else will be paying tribute to them!

Working Retirment will become REALITY!

This is just a way to LEGALIZE SLAVERY!

[Walt Starr]

15. Still looking for responses

I'm interested on the real take on this scam.

[cthrumatrix]

16. It's a scam fro more $$$ to flow to the govt...that's true. However,

you keep saying this is a plan for brokers.

In all due respect...this is not true at all...so quit saying it.

The US govt plan would be managed at a Institutional level of investments probably in no-load companies.'

No brokers would be involved.

[Walt Starr]

17. The Broker term is key to the frame

The intent is to evoke a negative response in white middle class males who get bombarded with broker spam to buy crappy stocks at premium prices and who have brokers managing 401K's that have performed abysmally for four years.

The "brokers" in the frame are, in fact, brokerage firms. The few, the loud, the wealthy.