It’s Was Just A Matter of Time

The greedy Republicans want ALL of our money.  Last Friday, Rep. Pete Sessions (R-TX), introduced a bill that would allow workers to immediately stop contributing 6.2% of their pay to Social Security and instead, put this money in a “Savings Account for Every American” (SAFE).

That would take the place of the 6.2 percent the workers now contributed to Social Security.

Another 6.2% is sent to Social Security by employers. Under the Sessions bill, employers would continue to make this matching contribution to Social Security, but after 15 years, employers could also send that amount to the employee’s SAFE account.

(Source:  The Hill)

Under the bill, employees would be able to make tax free contributions to their SAFE account, and take tax-free distributions at retirement age. The bill would also allow employees to stay with the Social Security program if they wish.

From “the bill”…

‘‘(2) The trustee is a bank (as defined in sec20
tion 408(n)) or such other person who demonstrates
21 to the satisfaction of the Secretary that the manner
22 in which such other person will administer the trust
23 will be consistent with the requirements of this sec24
tion.

A bit more from “the bill”…

‘‘(3) No part of the trust funds will be invested
2 in life insurance contracts.
3 ‘‘(4) The interest of an individual in the bal4
ance in his account is nonforfeitable.
5 ‘‘(5) The assets of the trust will not be commin6
gled with other property except in a common trust
7 fund or common investment fund.

H/T Blatant Liberal

So here it is, the privatization of Social Security.  This is what the Republicans have been working towards since the days of President Franklin D. Roosevelt.

To the Republican plan, I’ll be saying, “Thanks, but no thanks.  I’ll be staying with Social Security.”

9 thoughts on “It’s Was Just A Matter of Time

  1. These S.A.F.E accounts are the new and unimproved 401K’s. It’s another way to give our money to Wall Street. Besides being bailed out by us, these thieves didn’t get enough of our money the first time so they are going for more.

  2. By hook or by crook (mostly by crook) these rotten GOPigs will try every way possible to destroy SS.
    An average person who makes an average of $60K/year for 30 years will have $112,500 for hisretirement. Let’s say he lives 15 years after retirement — that will give him $7500/year annual income for food, shelter, and medical needs (the needs not covered by Medicare, which the GOP wants to destroy also).

    So the rich will not be affected, Wall Street will grow fatter and the average American will live in poverty until he dies.

    • marie, absolutely correct. They may want to consider turning the old into soylent green, however./sarc It’s disgusting.

  3. Look, people are perfectly capable of donating to a 401K plan now in addition to contributing to SSI if they so choose…The beauty of SSI is that everyone is required to contribute if they work. Personally, I like knowing that SSI is there for me even if my 401K tanks like it did in 2008.

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