Cong Ryan quote sums up GOP position re killing SS and Medicare

[papau]

In the JULY 2004 Volume 3 — Edition 4 BCG Insider - a monthly newsletter from folks selling annuities -bcgtermfund.com - we have an excellent summary of GOP thought -


"Why Do Retirees Need an Annuity?
In today’s retirement world, participants in both a defined benefit
plan and a defined contribution plan should give consideration to
the security of a guaranteed income for life, or for a fixed period
of years. In Congress today, there are a few who still believe that
participants are capable of managing their own retirement. One in
particular is Congressman Ryan (R-WI). In a recent speech his said,
“This election is the most important in decades. It will determine
whether the nation continues to move toward a society built around
individual responsibility, or return to the undesirable history of
Social Security and Medicare and other defined benefits that are
based upon collectivism”.
A few other quotes were as follows:
“Defined benefit promises are dying and should be dead!”
“Individual Retirement Accounts and Health Savings Accounts
should define the future”
“Employers should facilitate access, not provide benefits”

The real question is, are today’s participants ready for this ...With the baby boomers on the verge of retirement, and a majority of participants still not capable of managing their own retirement assets, an annuity is frequently the best decision."


In any case - I do think Cong Ryan should speak at the RNC convention in New York.

[Ilsa]

1. I love it. Surely this will be the straw

that breaks the proverbial camel's back. People should hear this, wake up, and smell the coffee about the RNC, their so-called "compassion", and how out of touch with reality they are.

I know, I know. The sheeple will swallow it up as a gospel to live by.

[papau]

2. Today I've asked for original source - and the BCG folks have not yet

replied.

But once I get it I will post it.

[Nicholas_J]

3. Yup

There are simply TOO many people who have been shelling out into this system for too many yearts for the government to back out on what too many people beleive is a promise and contract that the government made to them and which those who have been paying the taxes into have kept honorably, and the government has failed to keep with continual cuts to benefits, and continual cuts to services paid for.

Every time a republican talks about private personal returement accounts, they are looking to vreate a system that favors the wealthy and which will be set up to create another way of letting those with te most money shelter it from taxation.

Uf you look at their idea for medical savings accounts, this is easily seen. A person can save 7500 dollars a year of his earning, from pre tax dollars, for himself, wife, kids, without paying a dime of tax. That could add up to 50 grand a year with a big family. But the catch is, if they want to later take out the money, they can do so, and withdrawal can be for ANY REASON not just medical needs. So A rich person can take out 7500 per family member per year, and at then end of the year withdraw 30,000 to take a nice vacation in Europe form him, his wife, and his two kids penalty free. almost ten geand in taxes in the process. Anytime repukes talk about such plans, look at tax shelter for the ruch, and you will have the real reason for their plans.