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<blockquote data-quote="bacha29" data-source="post: 4175891" data-attributes="member: 58386"><p>Bush II proposed to privatize Social Security just before the 2008 Great Recession. Why did it go nowhere and why do you not hear anymore about it these days? First of all a recession would have virtually guaranteed mass withdrawals of the money from this new private retirement plan well in advance of normal retirement age. In addition few employers if any would be willing to contribute as they do now to Social Security to a private plan which would no doubt serve as a piggy bank for employees who couldn't keep their hands off it. Furthermore how would you fund Medicare given that FICA taxes fund both? The big issue however would be management fees. No merchant bank or investment bank or insurer would take those accounts without being payed management fees coming right off the top of the person's principal. These are some of the reasons why you don't hear much these days about privatizing Social Security. And BTW unless you're savings are in an FDIC insured bank account your principal is not insured.</p></blockquote><p></p>
[QUOTE="bacha29, post: 4175891, member: 58386"] Bush II proposed to privatize Social Security just before the 2008 Great Recession. Why did it go nowhere and why do you not hear anymore about it these days? First of all a recession would have virtually guaranteed mass withdrawals of the money from this new private retirement plan well in advance of normal retirement age. In addition few employers if any would be willing to contribute as they do now to Social Security to a private plan which would no doubt serve as a piggy bank for employees who couldn't keep their hands off it. Furthermore how would you fund Medicare given that FICA taxes fund both? The big issue however would be management fees. No merchant bank or investment bank or insurer would take those accounts without being payed management fees coming right off the top of the person's principal. These are some of the reasons why you don't hear much these days about privatizing Social Security. And BTW unless you're savings are in an FDIC insured bank account your principal is not insured. [/QUOTE]
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