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On the issue of social security, I am wondering what other countries implement or have implemented for their forms of social security. Do they even have them? Are some countries in the same predicament as us (U.S.)? I am wondering how radical the Republican's plan of social security is.
thanks for any imput.
Please expand... are you talking about management, entitlement or just the amount of claimants?
I am talking about management, and specifically how other countries have managed to avoid the age gap we have now (if any have)...
How is it really all that radical? they basically want to turn a persons social security system from the current non-interest bearing, out of date system to a proper IRA type account where you will be earning an approximate 4 percent annually.
I myself would much prefer this program to the current one simply because it will give me more money at retirement. It will also relieve a large pressure of the financial liabilities of the government to fund this program with tax payers money.
It would be a good idea to go ahead and get this started as in 2008, the baby-boomers will be reaching retirement age.
could someone very briefly summarise what the US plans are? All i could find on bbc website was a confusing statement that he planned to meet a deficit by making young people pay less??
I am unclear as to what Social Security is in the US
In the UK we have numerous benefits, tax credits and transfer payments.
State Old Age Pensions are not called Social Security here (I suspect they may be in the US). Pensions is deemed a more dignified name for a benefit to those who may well have worked for 50 years. State OAP is applicable from 65.
Social Security is generally seen as a safety net for the poor in the UK - i.e. if you do not qualify for any other form of support, Social Security usually picks you up. It is something off a bette noir for the right who tend to typify the recipients as all young single mothers - something the stats don't actually support.
I think it is fair to say that the European Union is big on Social Security :) but I am sure that those outside the Union suspected that anyway.
Biggles, your Old Age Pension is the equivalent to our Social Security.
Our Welfare, WIC, ect., is the equivalent of your Social Security.
Ah! so the proposed changes are to deal with demographics. As a rule, Pensions are not paid from a pot that has grown over the years but from current account tax revenues. If there are more old people and fewer young people then the sums get tricky (very tricky).Quote:
Originally Posted by Comic_Peddler
The UK is looking at this also, with a number of suggestions on the table - such as raising the retirement age to 70. :angry:
Quote:
Originally Posted by Biggles
aah, ok, same problem here...
the "baby boomer" generation will soon be wanting their money :unsure:
It seems though that the plan that Comic outlined will keep S.S. safe without raising the retirement age or cutting funds; at least thats what is said. The U.S. has the favor of a big strong economy to lean on; for many other countries; this might not be an option.
what if markets crash ?Quote:
Originally Posted by spinningfreemanny
you think?Quote:
The U.S. has the favor of a big strong economy to lean on;
Quote:
Originally Posted by vidcc
awww, vid's all gloom.
don't be a negative nancy. :)
In less polite terms it is known as being bankrupt.Quote:
The rosy dollar scenario has fewer adherents in academia. In a revised paper released this week, Nouriel Roubini of New York University and Brad Setser of Oxford argued that if the status quo persists, the amount of debt that the U.S. owes to outsiders could reach 28% of the size of the economy's GDP by the end of 2004 and 50% by 2008.
Well, if they do 'owe' I guess they just won't pay...who is gonna make em? :dry:
They may not have any choice. The free-market economy will turn against them, simply by its very nature.
It happened in the UK, the government had to borrow money from the world bank in order to meet its obligations. In return they had to meet the demands of the world bank and stop overspending. This resulted in the so-called "Winter of Discontent". The government was voted out of office, yet the following Thatcher government got the blame for clearing up the mess they had been saddled with.
Ask yourself what you do if you've got plenty of spare money, as you should have if your economy is strong. Do you borrow more, or repay what you already owe? If you need to borrow, either you haven't got the strong economy you claim to have, or you are just plain crackers.
Americans, don't be too downhearted, you aren't alone. Unfortunately Gordon Brown seems to have the same crazy mindset.
Well i'm sorry manny but sometimes we have to look at reality. It has nothing to do with gloom...i will not appologise for being a rational thinker.... Life has taught me that there is no such thing as a "sure thing"....... An example can be seen in the UK with people that had an endowment policy for their morgage.Quote:
Originally Posted by spinningfreemanny
even if we have a booming economy at the moment...the question was what happens if it collaspes? .... even you must admit that happens..... right????
what happens to private pension funds when the markets slip?...stocks go down as well as up...you do realise that?.......
You suggest we have a strong economy...but do we ? the $ is weak which makes our foriegn debt larger... we are spending more than we take in tax...so where does the "top up" come from ?
At the moment we are paying off one credit card with another.
And the only way is up for the interest rates on that credit card :lol: