Gingrich calls for private retirement accounts

[brooklynite]

Source: AP

MANCHESTER, N.H. (AP) — Republican presidential contender Newt Gingrich is telling college students that he would let them use their payroll taxes to fund private retirement accounts instead of putting the money into Social Security, if they want to.

Younger workers could also opt to stay in the Social Security system.

Gingrich says his proposal would let those workers decide what to do with their money and how to save for retirement.

He says private accounts are likely to perform better than Social Security, even in grim economic times.

Read more: http://news.yahoo.com/gingrich-calls-private-retirement-accounts-140950969.html

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Newt if you really think your privatized retirement plan is best for America, why give people a choice?

[montanacowboy]

1. OMG didn't someone named Bush try this?

old stale stinkin stupid ideas
fat ugly asshole Newtie
serial cheater
serial liar
POS lobbyist

words just escape me for this cretin
I would probably be banned if I said what I really felt

[brooklynite]

6. Nope, wimpy Bush only wanted 2% of your retirement funds to be eligible...

[Still Blue in PDX]

19. Newt Gingrich gives fat ugly assholes a bad name.

Speaking as a woman who would never be in a Victoria Secret catalog, it really bothers me that someone like Newtie is characterized as fat and ugly. I am sure cretins feel the same way.

I would like to say he is in a class all to himself, but unfortunately there are people who agree with him! My mother-in-law forwarded a 9-minute video of him saying "Must watch!"

:puke:

[auburngrad82]

2. He's trying to appease the majority who are against privatizing SS

While at the same time appeasing the banks who would like nothing more than to get their greedy little hands on your retirement.

[CTyankee]

3. What about YOUR retirement account, Newtie? Didn't we taxpayers fund it?

Oh, the fat pr*ck!

[Rambis]

4. If we had done

then no one would have a dime left you stupid fucking idiot. Put all your SS $ into the market sounds really great when there is a market that isn't lurching like George W Bush at a fraternity party kegger. Great idea:silly:

[Liberal Veteran]

5. Wow. What a new and exciting plan you have there Newtie.

What will be your next "new" idea? Crop rotation? Animal domestication?

[russspeakeasy]

11. If he has a mother, I hate her.

[meow2u3]

7. SCAM ALERT!!!

Another Wall Street swindle in the works, courtesy of the Greedy One Percent.

[rexcat]

8. The Social Security program is not a retirement account per se...

but a safety net for those who could not afford or were not given a retirement account by their employers or for those who lost their retirement accounts because the company they worked for did not fund the program as they were suppose to.

The republicans are such assholes.

[liberalhistorian]

9. Fine, Newtie, why don't you start with yourself

and give up your cushy PUBLIC congressional pension paid for by WE THE PEOPLE, the very people whom your policies have and would screw over royally. If you're so enamored of private pensions that are subject to the market so that decades of saving and investing could be wiped out in just a couple of days, then GIVE UP YOUR PUBLIC PENSION ENTIRELY AND MAKE IT A PRIVATE ONE. Bleh. I am SICK TO DEATH of the RW hypocrisy on this issue.

[woodsprite]

10. So his goal is to kill SS slowly by attrition.....

while making it sound like he's doing our young people a favor

(and repub hands in the cookie jar while no one is looking)

[Semi_subversive]

12. Semi_subversive calls for Newt Gingrich

to kiss my ass!!!

[iscooterliberally]

13. You're a mean one, Mister GinGrinch.... n/t

[RKP5637]

14. Sleaze at its best! n/t

[exboyfil]

15. Since we are at pay as you go levels now

where does he plan to get the money to fund current retirees and the defined benefit for future retirees who have been in the system for awhile?

Do these potential high earners understand that the system subsidizes the lower earners so even if we found a mechanism to ratchet it down (which does not exist), they still will have the address the needs of the low earners in their generation?

We already have a directed defined contribution system - it is the 401(k)/529 which is subsidized by your current tax rate (of course they get you on the other end especially when you figure in taxing Social Security so I am not saying it is a great vehicle, but it exists).

If you say screw the current retirees and the future low earners, then just come right out and say it.

[krispos42]

16. Translation:

Let Lehman Brothers manage it. They'll do better than the Feds!


Um, I mean Merrill Lynch.


No, wait, Washington Mutual!


Wachovia?


Bear Stearns?


AIG?


Countrywide Financial?


Bueller? Bueller? Bueller?

[Juneboarder]

17. "He says private accounts are likely to perform better than Social Security..."

... for the top 0.01%!

[Sarah Ibarruri]

18. This man is an ass. nt

[alp227]

20. and the Grinch's senior econ adviser is none other than the screaming Thom Hartmann regular

"Peter Ferrara, Gingrich's senior economic policy adviser, said federal spending as a whole would be reduced by half within the next three decades."

Yes, the same Ferrara who got paid to write apologetics for Jack Abramoff and who is a regular guest on the Thom Hartmann show and when on the show regularly screams over the phone when Hartmann takes his libertarian views to task.

[aint_no_life_nowhere]

23. I think Hartmann has Ferrara on for comedic relief

I've never heard such hilarious non-stop hysterical screaming in any TV interviews that I've heard with Ferrara on that show. I thought Ferrara was some obscure right wing crackpot. I had no idea that Gingrich would be associated with someone who seems to have such intensely psychotic fits. Thanks for the info. My God!

[alp227]

32. If you watch TH on Free Speech TV or online

actually the interviews are for the radio, but some guests have Skype for a video feed of their interviews. A video of what Ferrara looks like screaming in the phone...uhh I don't know if I'd want to watch that. And I think I may have heard you call the show given you're from Huntington Beach.

[zalinda]

21. Ask all the people who lost everything in their retirement

accounts, how it's going for them. Enron, anyone? And didn't some airline get the okay to liquidate the pension fund?

zalinda

[tanyev]

22. It's a great idea.

If you have million dollar lobbyist excuse me, historian checks to put into a private account.

[demigoddess]

24. Has this idiot Gingrich never heard of IRAs, 401Ks, and

savings accounts, money market funds, certificate of deposits????????? Social Security is the 'back-up, if all else fails" INSURANCE that we all pay into so that we do not end up in the gutter if a major depression or something else happens, such as a republican government driving us into the gutter. He forgets that most of us earn our money the HONEST way, not taking kick backs under the table like he does.


:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

Pardon me, but my blood pressure just went through the roof!!!!!!!!

[Gregorian]

26. It's OK. And thanks for posting this since I don't think everyone realizes what SS is for.

We try to create a good country, and they keep dragging it down. Pretty tough for all of us to handle.

[liberal N proud]

25. Private as in the Stock Market

I am so sick of the drive to privatize. These fuckers are on a bent to privatize anything they get their hands on.

A another way to rape the people!!!!!!!

[WestSeattle2]

27. We already have private retirement accounts. Social Security

is a backstop for when Goldman Sachs and others in their industry decide to plunder our private retirement accounts.

[yellowcanine]

28. Well he can kiss Florida goodbye now. Probably PA and S. Carolina also.

Lots of old folks don't like this sort of talk.

[mwooldri]

35. Won't help him in the primaries for sure... but S Carolina ...

that's going to be solid Republican in terms of a US Presidential vote. If Obama wins South Carolina in 2012 I guess I'll have to do something crazy.

[yellowcanine]

36. I was thinking primary for S. Carolina. Lots of old folks there and they vote.

And I think for the general - North Carolina, Pennsylvania, Arizona and Florida are pretty good bets for Obama if Newtie is the nominee and he pushes this SS thing.

[unkachuck]

29. that's right....

....young people, channel all your retirement money into the private sector so it can disappear long before you retire....you listen to that fat-fascist, he knows, he's been feeding at the public trough all his fat life doing the bidding of the private sector while they handsomely financially grease him....

[BiggJawn]

30. Quick Quiz: How'd the Dow do today?

Not so great, eh?

So who's paying the amphibian lobbying fees to push this tired old idea?

[jmowreader]

31. Private accounts with $40 million in them are likely to perform better

There are EXTREMELY aggressive investment vehicles, most in hedge funds, that will perform better than Social Security.

Unfortunately for Newt's little theory, you have to be an Accredited Investor to get into them. This is what one is:

http://www.sec.gov/answers/accred.htm

Look at line 6: "a natural person who has individual net worth, or joint net worth with the person's spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person." This person could also have an income exceeding $200,000 over the last two years and a reasonable expectation of the same income level this year, as stated in line 7.

Once again, folks: President Obama is campaigning against one candidate with fourteen heads, because they're all running on the same basic platform.

[sarcasmo]

33. Trying to steal social security and kill medicare, the republican way.

[mwooldri]

34. Here's my take.

1) Hike up SS tax, raise the cap.

2) Allow people to opt out of the raise as long as the money goes into a retirement account.

The upside is that people are now actually putting some real money away for retirement, and Social Security is better funded. It also gives individuals a choice because they can choose between a public or a private (supplemental) retirement account. It also provides a safety net so if the individuals who choose private and their plans go bust then the basic Social Security amount will still be there for them as they would still be paying SS Tax at todays' present level.

The downside is that people who are not contributing to a retirement plan of any kind will feel the pinch in the short term with the increased SS Tax.

[high density]

37. I have a bunch of these already

A Roth IRA
A 401k from a former job that I really should roll over to an IRA
A 403b from my current job

So I have retirement accounts. Plus I hope to have social security, assuming the GOP doesn't dismantle it in the next 35 years (big assumption.) And if I feel that's not enough savings, nothing is stopping me from putting money aside in taxable accounts.

Government approved firms then would compete for consumers, who could move their money among accounts based on fund performance.

Yes, endlessly chasing performance is always the best "investment" strategy. :crazy: