Should scrapping social security be part of the bail out plan?

[Irascible Interlocutor]

Should social security be reformed simply and immediately?
How about replacing social security with a monthly benefit check available to all U.S. citizens over the age of 18 and who are not incarcerated. This benefit would replace social security, welfare, unemployment benefits, supplemental social income, student loans, ect.

Think of a government sponsored plan and whack. It's eliminated.

The baby boomers of today could opt out of future social security benefits in exchange for this benefit beginning now. Instead of paying them the estimated benefit amounts which are set begin in just a few years, they could accept a smaller amount right now.
Simultaneously they could replace other programs with the benefit amount as well.

This benefit would not be taxable under $100,000 a year. Banks and financial institutions would have certainty that the money would be there, guaranteed in a sense by the government, to pay back their loans. With so much uncertainty who wants to take out a loan? Who wants to make a loan?
There would be cost savings and other benefits to this plan. Crime rates would be reduced by people not wanting to lose their benefit by breaking the law and going to jail.

Otherwise the alternative seems to be just to try to pump the market back up with stearoids. They created the federal reserve bank to deal with financial collapse, now they just create a mini-me, a clone version of the FED bank to do exactly the same thing the FED did during the last crash, provide liquidity. It's all based on a sham. We need real reform.

What do you think?

[broadcow652]

Brilliant.

[gdsb]

Please don't scrap Social Security. We should privatize it and let everyone invest their retirement in the Stock Market just like Lil George wanted us to do. Oh wait, everyone took huge losses in the stock market melt down and if we had privatized Social Security, we'd be in a bigger mess. Maybe we should stop messing around with Social Security including borrowing from the fund to pay for other projects.

[harry g]

there would be no problem if they take ss out of general fund and put it back in trust. while in trust they could not spend it on anything but ss and there would be more then enough money. Jimmy Carter while pres. put ss money into general funds in order to pay other countries not to hate us, you can see how that worked.

[neuroticwilly]

are you kidding! socialist security is so embedded in our expectations there would be a grey panther revolution! and, rightfully so. a person works 30 years and is forced to put 7 1/2% of his income in the program, his employer must match that fund, so, at LEAST 7 1/2% of employees' money "belongs" to the worker, but it is being held hostage by the government, he may, or may not get some of the employers' contribution in the form of a pay raise, bonus, etc. last number that i saw that money is earning <1.5% R.O.I. poor by any standards! but, that's out government at work ! the money has already been spent, it funded the "great society" and other boondoggles. if the government had 1 ounce ofintegrityy they would allow younger workers to have more options, and more control over THEIR money, but thegovernmentt has nointegrityy, so it ain't gonna happen, young workers! you're screwed just like the rest of us!!

[GWB]

no, we did our part, now you young people flip more hamburger's, dam it!!!

[Drixnot]

WOW ... where exactly does the money come from in your "plan"? From magical pixie fairies perhaps?

Currently social security brings in more money then goes out.