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Bill Cassidy wants to pass the Promise Act to save Social Security!
Posted on 8/7/26 at 10:08 pm
Posted on 8/7/26 at 10:08 pm
His big idea is:
A pension investment fund, in which dollars are invested at an early stage, allowed to grow, and as those dollars grow over time, they meet the needs of the retirees as they become eligible for pulling those dollars down.
We’ve actually done that in the federal government.
What are the odds Congress takes the money and puts IOU's in the fund? Thats why SS is going broke now. Those IOU's are coming due and Congress can't replace all the monies its stolen from the SS Trust Fund.
LINK
A pension investment fund, in which dollars are invested at an early stage, allowed to grow, and as those dollars grow over time, they meet the needs of the retirees as they become eligible for pulling those dollars down.
We’ve actually done that in the federal government.
What are the odds Congress takes the money and puts IOU's in the fund? Thats why SS is going broke now. Those IOU's are coming due and Congress can't replace all the monies its stolen from the SS Trust Fund.
LINK
13
Posted on 8/7/26 at 10:11 pm to America250
I spoke with Bill about it a few months ago, and it’s an interesting plan. I’m not sure if it will fully fix the problem, but it seems like it could at least buy us some more time.
Posted on 8/7/26 at 11:12 pm to America250
Too little, too late, but I am glad he isn't going out spitting sour grapes.
Posted on 8/7/26 at 11:19 pm to America250
Cassidy? Nah. I’m good.
Posted on 8/7/26 at 11:48 pm to America250
quote:Who's dollars are they taking for this investment fund? At least with SS, everyone pays in and has skin in the game, plus the more you pay in, the higher the amount you take back.
A pension investment fund, in which dollars are invested at an early stage
Posted on 8/7/26 at 11:57 pm to America250
The only way these types of retirement savings accounts can truly work is if:
1) The money is not controlled by the government. If it is, they will frick it up and spend it on other shite just like they currently do.
2) The money can not be removed from the account or borrowed against prior to retirement age. It can only go in, not out until you actually retire, or at least reach retirement age.
3) Money in the accounts is not taxed, even upon withdrawal. If you want people to save, let them save tax free. The government doesn't have to put its grubby mitts into every pot.
1) The money is not controlled by the government. If it is, they will frick it up and spend it on other shite just like they currently do.
2) The money can not be removed from the account or borrowed against prior to retirement age. It can only go in, not out until you actually retire, or at least reach retirement age.
3) Money in the accounts is not taxed, even upon withdrawal. If you want people to save, let them save tax free. The government doesn't have to put its grubby mitts into every pot.
Posted on 8/8/26 at 1:08 am to HubbaBubba
The best plan is taking every dollar of the retirement funds in the congressional retirement system, and put it all in the SS Trust fund. Then see how fast Congress fixes the problem.
Posted on 8/8/26 at 6:20 am to America250
quote:
The best plan is taking every dollar of the retirement funds in the congressional retirement system, and put it all in the SS Trust fund. Then see how fast Congress fixes the problem.
How about they just end the Congressional Retirement system and replace it with Social Security? No more going to DC for a few years and getting a check for life.
Posted on 8/8/26 at 7:15 am to Tarps99
This is truly what needs to be done.
Posted on 8/8/26 at 7:19 am to Tarps99
While you’re at it, eliminate the health care plan they enjoy and put them in “affordable” health care too.
Posted on 8/8/26 at 7:20 am to America250
It was always a lie that SS revenue was different than other revenue raised by taxes or fees. But the lie was in the dialog around it, not in the laws that established it.
Posted on 8/8/26 at 7:34 am to America250
quote:
The best plan is taking every dollar of the retirement funds in the congressional retirement system, and put it all in the SS Trust fund. Then see how fast Congress fixes the problem.
That's an awesome plan.
We need you to run for office.
Posted on 8/8/26 at 8:00 am to America250
quote:
What are the odds Congress takes the money and puts IOU's in the fund?
Yep, and back in the eighties, Joe Biden and his democrat crook pals turned Social Security into a slush fund. I was there I watched in frustration as they voted to move Social Security Income Tax receipt into the general fund. Basically treated those receipts as just another income tax revenue fund. The move so incensed Senator Daniel Patrick Moynihan (D-NY) I remember him prancing on the senate floor glaring at his colleagues as he blurted out,"It's official, we're stealing from the American People". (hint: Senator Daniel Patrick Moynihan was the last good democrat)
You wanna save Social Security? Pass the SAVE Act. Because if the mafia democrats are able to steal enough elections this November to regain power the first thing they're going to do is move to impeach President Trump. And given the level of closet hatred for Donald Trump by many Republicans in the Senate I believe they'll most likely be successful in kicking him out of the Oval Office.
Then it'll be "katy bar the door" because they'll go back to stealing everything including Social Security.
Lying, cheating, thieving bunch these mafia democrats AND their RINO pals.
This post was edited on 8/8/26 at 8:06 am
Posted on 8/8/26 at 8:21 am to America250
As long as I get my gubmin check, I don't care.
Posted on 8/8/26 at 9:12 am to HubbaBubba
quote:
At least with SS, everyone pays in and has skin in the game
This is not true at all. There are certain groups that do not use SS. Their retirement contributions are fully funded and safe.
Posted on 8/8/26 at 9:24 am to America250
If my math is accurate, all that is needed is a 20% federal spending cut across the board to fund ssi at @ 100%. Annual social security payout is approximately $1.5 trillion. If federal spending is $7 trillion, 20% = $1.4 trillion. I call it the bestbanker plan.
Posted on 8/8/26 at 9:55 am to America250
What we need to do is temporarily suspend Social Security Payments for 25 years
Posted on 8/8/26 at 10:03 am to America250
If it's done like how he proposes it, it would end up being more like the false reality of what they thought SS was supposed to be (a sort of pension instead of a supplement). I think that would be at least better than the current SS program.
Your question is important and it's why I think Al Gore's old "lockbox" stance toward Social Security is probably the only stance he's ever taken that I agreed with. Any such program needs to be completely sealed off from the fiscal predations of Congress.
The statement about IOUs being why SS is going broke is only half-correct. One part of it is indeed that Congress has borrowed so much from it and now owes so much back (while still spending over $1.5T in annual deficits for the foreseeable future) but the other part is that with Boomers fully in their SS years the mathematical inputs of workers paying into the system is lower than the output of system payments to retirees. Had Congress kept their mitts off of Social Security AND had those funds simply been invested in simple savings accounts (and then moved into HYSAs when they came into being), there would be no problems as the returns would have slightly out-performed inflation (~3% vs ~2.8%).
quote:
What are the odds Congress takes the money and puts IOU's in the fund? Thats why SS is going broke now.
Your question is important and it's why I think Al Gore's old "lockbox" stance toward Social Security is probably the only stance he's ever taken that I agreed with. Any such program needs to be completely sealed off from the fiscal predations of Congress.
The statement about IOUs being why SS is going broke is only half-correct. One part of it is indeed that Congress has borrowed so much from it and now owes so much back (while still spending over $1.5T in annual deficits for the foreseeable future) but the other part is that with Boomers fully in their SS years the mathematical inputs of workers paying into the system is lower than the output of system payments to retirees. Had Congress kept their mitts off of Social Security AND had those funds simply been invested in simple savings accounts (and then moved into HYSAs when they came into being), there would be no problems as the returns would have slightly out-performed inflation (~3% vs ~2.8%).
Posted on 8/8/26 at 10:04 am to America250
All the need to do is make the Thrift Saving Plan available to everybody who is on a payroll. Use it to gradually phase out SS as we know it.
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