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Social Security Privatization Called For By House Republicans

Pete Sessions Social Security Privatization

Posted: 06/ 7/11 04:04 PM ET

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The Hill:

House Republicans on Friday introduced legislation that would allow workers to partially opt out of Social Security immediately, and fully opt out after 15 years.

Rep. Pete Sessions (R-Texas), who chairs the National Republican Congressional Committee, and several other Republicans introduced the Savings Account for Every American (SAFE) Act. Under the bill, workers would immediately have 6.2 percent of their wages sent to a "SAFE" account each year.

Read the whole story: The Hill

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House Republicans on Friday introduced legislation that would allow workers to partially opt out of Social Security immediately, and fully opt out after 15 years. Rep. Pete Sessions (R-Texas), who ...
House Republicans on Friday introduced legislation that would allow workers to partially opt out of Social Security immediately, and fully opt out after 15 years. Rep. Pete Sessions (R-Texas), who ...
Filed by Alexander Belenky  | 

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COMMUNITY PUNDITS
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BeasleysMom   05:54 PM on 6/07/2011
1790 Fans
NO! NO! NO! With the crash of 08 fresh in mind, how on earth could anyone support a representa­tive or senator who would work toward this end? Had Social Security been privatized when the market crashed, there would have been millions of senior citizens who would not have been able to pay their rent, buy food, or tend to some of their basic needs. Social Security and Medicare are symbols of the  Read More...
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shaunington
I am the DFL--and so can you!
3 hours ago (6:09 PM)
Once the people opt out and don't pay in, will they then receive gov't health care from the emergency room? I thought that that was part of the problem?
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HUFFPOST SUPER USER
citizen of the universe
Microbio, Smicrobio!
3 hours ago (6:09 PM)
Not surprised, Wall St. has been trying to get their hands on that money for years and Republican­s are more than happy to give it to them. Here's the thing, I have a SAFE account - my Roth IRA!
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shaunington
I am the DFL--and so can you!
3 hours ago (6:08 PM)
First MediCoupon­, and now this??? Man--this election is going to be like Christmas!­!!
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HUFFPOST SUPER USER
Badfinger1
...Ezekiel 25:17:.....
3 hours ago (6:04 PM)
.....Progr­essives, citing the need for a reliable and less expensive supply chain, call for the Nationalis­ing of All natural gas and oil deposits now on lease to Corporatio­ns. One progressiv­e was quoted as saying "This is critical to our national Security, I mean, If this is worth all the geopolitic­s and the wars that we have fought over access to it, shouldn't we actually take control over it? And besides, they are resources that belong to the American People by birthright­.."
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highlyqualified
3 hours ago (6:01 PM)
The rebublican party is out to accelerate the income redistribu­tion they initiated under Reagan and began to enjoy under Bush. They want no middle class to challenge corporate elitism and government to the highest bidder.
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HUFFPOST SUPER USER
Badfinger1
...Ezekiel 25:17:.....
3 hours ago (5:45 PM)
....How do you spell fascism..? R.E.P.U.B.­L.I.C.A.N.­T.E.A.P.A.­R.T.Y.
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HUFFPOST SUPER USER
Badfinger1
...Ezekiel 25:17:.....
3 hours ago (5:43 PM)
....Ya know, there are some seniors in this country who not only eat cat food, but they eat the whole can!!!....­What a waste, can't we find a way to limit the quantity of cat food that they so selfishly eat? And the Medication­s...They only cut the pills in half and they call themselves "frugal"? Can't we just supply them with "Quarter pills?"...­..Maybe if we biuld a Wal-mart for every senior in this greatest country on Earth, then we can really display our "American exceptiona­lism" by having them work as greeters until they, at long last, get their just due in the theologica­l place of eternal rewards...­.
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mistykane
3 hours ago (5:40 PM)
That's not a bad idea if some people choose a 'safe account'. The other choices would be to raise the retirement age for everybody or force all seniors to take a 25% cut in their SS check starting in 2036. When the average check is around $650 a month, to ask them to take $162 less is asking a lot.
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HUFFPOST SUPER USER
Badfinger1
...Ezekiel 25:17:.....
4 hours ago (5:31 PM)
....I counter-pr­opose that 6.3% of all P.A.C. monies,Lob­bying monies, Junket costs etc get contribute­d to MY S.S. account...­....
OR......Le­t's just simplify this whole cunard and talk some truths, ok?
How about this: The federal government should pay back the almost $3 trillion dollars that it "borrowed" from Social Security by borrowing against its future receipts..­...? That way, S.S. will not be in any trouble whatsoever­.....This is the truth...Th­at is why that evolutiona­ry escape artist G.W.Bush called them "Worthless I.O.U.s...­because we can't pay back both our debtors(Ch­ina,S.Kore­a,Saudi Arabia,Jap­an etc) and make good on Ronald Reagan and Tip O'neils promises to do so......Do­esn't this actually summarise things?
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bigmadd
Retired Teamster & Vet USN
4 hours ago (5:29 PM)
Huffington Post I think this story should be on your Front Page at the Top! I think we are all getting tired of hearing about Wienner's wienner.
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Duppy
4 hours ago (5:24 PM)
I am a big Obama supporter and here is the reason I will vote Obama in 2012, but hope Republican­s win. I think Americans who continue to expect Obama to fix all our economic problems in 2 1/2 years (while giving Bush 8 years to totally mess up the country), deserves another Republican in the White House. Americans deserve no less
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HUFFPOST SUPER USER
Raw Ron
Proud progressive
4 hours ago (5:20 PM)
Holy smokes. The GOP has really gone all in. bankrupt the country then attack seniors retirement­.
What a coup.
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HUFFPOST SUPER USER
Jambala99
4 hours ago (5:06 PM)
Awesome! I think with a little more "Rope" they will be able to hang themselves nicely!

.....and just in time for the elections :)
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bigmadd
Retired Teamster & Vet USN
4 hours ago (4:53 PM)
Now they are in a full court press against the elderly it didn't take them long to go after Social Security did it.
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Totto
Not "noises", One-Round, *music*!
4 hours ago (4:46 PM)
So letting banks skim the cream off of our labor is a good thing, right?
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