June 25, 2004
FOUR FOR FRIDAY
Q1: Social Security has accumulated trillions of dollars in liabilities to workers who are already retired or who will retire soon. As the program's problems become more apparent, there's growing support for the concept of privatizing the system. Are you in favor of privatizing Social Security?
Q2: Loved and reviled, respected and resented, former U.S. President Bill Clinton is one of the more polarizing and complex politicians of our time. As the President, Clinton presided over a period of dizzying economic growth and technological progress, but his time in office was also marked by a string of scandals, most notably the Monica Lewinsky debacle and subsequent impeachment trial. Earlier this week Clinton's publisher, Knopf, released the 42nd President's highly anticipated and promoted memoir, My Life, which is expected to debut next Sunday at number one on The New York Times bestseller list. Are you planning on reading My Life?
Q3: Where were you ten (10) years ago, and what were you doing?
Q4: Would you rather wash your car by hand or take it thru a carwash?
Posted by Mikal at June 25, 2004 5:18 AM
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Q1: I have lost faith in the system in general, so I have no comment on this question.
Q2: Not likely. I wasnít interested in anything the cheating liar had to say when he was president, and I have even less interest in what he has to say now.
Q3: I had just graduated from college, so I was enjoying my last summer break before "life" took over.
Q4: The carwash!
QUESTION NUMBER 1: Joe Stump's take on Social Security is identical to my own. He writes: Ask any Republican if we should privatize Social Security and you'll get a resounding "YES!". Meanwhile, ask any Democrat and you'll get a resounding "NO!". As usual, the reality is somewhere in between.
Here are the pro's and con's of Privatizing Social Security as I see them currently...
PROS:
- Depending on how you invest your Social Security you could realize strong gains by investing in the stock market.
- This would be a major victory for the stock market, in general, as a substantial sum of money would be infused into the market in a relatively short period of time.
CONS:
- Privatizing Social Security means you have absolutely NO guarantee that your money will be safe. Your money, once put into the stock market, will no longer be insured by the government.
- There is an enormous risk of corporate abuse. Companies could throw all the fees they wanted at transactions, etc. (i.e. exactly what they do with your current IRA's, etc.)
I don't think privatizing will fix the problem of us paying less in that we pay out. Here is how I think Social Security should be set up now. Make Social Security optional. If I want to be in total control of my retirement then let me be.
Have two avenues for Social Security:
a.) Government Bonds (pros: simple, insured; cons: very little/slow growth)
b.) Privatized Account (pros: potential for high growth, flexibility in investment choices; cons: corporate fees, not insured, could lose your ass)
Make sure all Social Security benefits paid for by employers cannot be invested in private accounts. This way if you do lose your ass in the stock market you still have something.
QUESTION NUMBER #2: At 900+ pages, I think I'd be hard-pressed to get thru the whole thing; so I think I'm going to opt for the book-on-tape version... but yes, I will partake in the frenzy.
QUESTION NUMBER 3: Ten years ago I was attending the wedding of my good friend Robert Valashinas in Florida. I got to hang out with some really great people, including my buddy JJ, who I'll be hanging out with next weekend in Pennsylvania! Robert and his extraordinary wife Kimberly just celebrated their 10 Year Anniversary... congrats kids!
QUESTION NUMBER 4: As much as I love playing with the hose and the soap and the suds, I'd opt for the carwash 7 out of 10 times.
1. I don't really know enough about the Social Security system. But, I hope by the time I retire, there's something there for me and my generation.
2. I watched Oprah's interview with Bill Clinton this past Tuesday, and she mainly focused on his affair with Monica. I have no intention of buying his book, but I might read it if someone lent me a copy or if I checked it out of the library. I'm not all that curious about him.
3. Ten years ago I had just moved to California in the hopes of finding a job and starting my life out there. But, alas, it was not to be. There was a recession, and California wasn't the best state to find a job at the time. I lasted 6 months and moved back home. At the time I felt like a failure for not "making it", but now I realize how important the experience was to my life. At the time, I had no choice but to go out there and try my luck at the California Dream. In a way, I'm really glad it didn't work out; ten years later my life has taken on a much better set of circumstances.
4. Since I usually can't stand paying $7-$10 for a drive-thru car was, I usually wash it myself. What's better than getting wet on a hot summer day and the satisfaction of a clean, shiny car that I didn't have to pay for? (But in the colder months, I will take my car to the car wash).
1. What a mess. Is that an answer?
2. Is his book considered Fiction or Non-Fiction?
3. Ten years ago my middle son was home from college and I still had another one at home, so I was doing all the mom things for summer vacations.
4. Carwash!
1. Unfortunately, I don't have the answer, and I'm not so sure Washington does either. I'm saving like crazy in my 401k!
2. I'm not planning on reading this, however it doesn't have anything to do specifically with former president Bill Clinton. I just typically don't read autobiographies. :-)
3. 10 years ago, I'd been out of college a couple years. I shared an apartment with one of my college buddies. Enjoyed the nightlife of BroadRipple and just generally had fun.
4. No doubt about it... Carwash. Espeically when I get carwash coupons/passes for Christmas. (My sister knows me too well) And.. isn't it fun to sing "At the Carwash" while At the Carwash??
1. I'm thinking they should scrap the whole thing and come up with something totally new.
2. The only presidential biographies I read are the ones where they're already dead. But nonetheless, I have read the Slate article which summarizes the Clinton book. Doesn't sound too interesting.
3. Doing summer reading for school. The Cold Sassy Tree, A Tree Grows in Brooklyn, The Once and Future King.
4. Carwash.
1) No! That will only make it worst. It will make it worst for those who are or about to retire. What will happen if when your generation is about to retire and the market drops like it did a couple of years ago? I know I saw my IRAs and Keogh drop by 33 ñ 50%, hopefully they will climb back by the time I am ready to retire in four years.
I think what they should do is take off the cap, what is it something like $75,000 - $85,000 that you donít have to pay any more into Social Security. Just have everyone pay a flat 6%. Also limit who receives Social Security, start rolling back how much you get back at say $50,000.
2) No. I wonít read his book to listen to his excuses. The Republicans railroaded him and he didnít have the guts to stand up and admit what he did.
3) I was building this house. Words of advice do not be your own general contractor. It will drive you nuts. Itís like trying to herd a bunch of four year olds, because thatís how all the subcontractors behave.
4) Iím lazy, carwash.
1. I support support for the concept of privatizing the system. Pension Plans have worked well for the people that have invested in them. It seems like a good thing to have some control over "your" money. I like your logic Mikal.
2. If Bill Clinton's book is anything like this "so called blog of his" found---> http://billclintonbookmylife.blogspot.com/ I will read his book... just for the uhh-ok-interest of it. I bought it for my Step-Mother for her Birthday this Wednesday. It was the one and only thing she wanted. So since my money bought the book... guess I will read. {900+ pages is a lot of book!}
3. I was fairly happy in marriage, working my butt off as a PA in a Cardiologist Office and raising a one year old with Down Syndrome...contemplating another child {which did come to be}. I was crazy-busy!
4. Car-wash is the ultimate treat for my car. The boys and I love to spray each other on a hot day while washing the car. Not sure which I would rather do. :-)
1 - No.
2 - Yawn. No.
3 - Working in cash control at Astroworld for the summer despite having just earned a master's degree, learning that pathological liars are not fun people, and studying for a comprehensive exam. Surprisingly, at this particular moment, switch around some of the details and my life isn't too different. Thank you Mikal, I'm now going to go weep. Don't the French have a saying for this? (The life not changing much part, not the weeping part).
4 - Gets cleaner when done by hand. A carwash just moves the dirt around a bit.
I'm in favor of privatizing a portion of Social Security.
I will not read "My Life".
10 days ago I was sitting here at work, not a whole lot different than at this moment.
Hand wash. Unless it's time for the interior. Nothing beats a full service car wash. I like the new car scent (well sometimes cherry).
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