Re: Obama's Remarks on Retirement Security

On Jun 15, 11:40 am, al Guacamole <a...@xxxxxxxx> wrote:
On Jun 14, 6:30 pm, mg <mgkel...@xxxxxxxxx> wrote:



On Jun 14, 9:22 pm,al Guacamole<a...@xxxxxxxx> wrote:

On Jun 14, 9:58 am, Rita <R...@xxxxxxxxxxx> wrote:

On Sat, 14 Jun 2008 12:50:37 -0700 (PDT), mg <mgkel...@xxxxxxxxx>
wrote:

On Jun 14, 11:05 am, Islander <nos...@xxxxxxxxxxx> wrote:
Gary wrote:
. . .

http://www.realclearpolitics.com/articles/2008/06/obamas_remarks_on_r...

The solution is so simple. But, McCain is now resorting to the same
smoke and mirrors claims about how increasing taxes on capital gains and
dividends will harm seniors' retirement income.

First of all, one should ask how many seniors rely on equity investments
yielding capital gains and/or dividends. Then, one should ask how many
of those who depend on equity investments are invested in tax deferred
retirement accounts where any income from capital gains and/or dividends
will be taxed as normal income when withdrawn.

How many seniors really understand that all the smoke and mirrors about
taxes on capital gains and/or dividends will have no effect on them at all?

I just got through poking around a little bit on McCain's website and
I can't find where he's said anything of significance about Social
Security. He has an "ISSUES" button you can click on, but he hasn't
even put Social Security on his issues list. I wonder if he figures he
can get away with avoiding the issue of Social Security for the entire
campaign?

On his official website there is this:

John McCain Will Reform Social Security. He will fight to save the
future of Social Security while meeting our obligations to the
retirees of today and the future without raising taxes. John McCain
supports supplementing the current Social Security system with
personal accounts – but not as a substitute for addressing benefit
promises that cannot be kept. He will reach across the aisle, but if
the Democrats do not act, he will. John McCain will not leave office
without fixing the problems that threatens our future prosperity.

Sounds like greatly increasing Roth IRA deductions?....

It would be interesting to know how many Americans are maxed out on
their IRAs and 401Ks. I'll bet there aren't that many. Americans
already have a lot of ways to save money, they just don't want to.
Here's an example article:

"U.S. savings rate hits lowest level since 1933
Consumers depleting savings to buy cars, other big-ticket items
updated 10:10 a.m. MT, Mon., Jan. 30, 2006

WASHINGTON - Americans’ personal savings rate dipped into negative
territory in 2005, something that hasn’t happened since the Great
Depression. Consumers depleted their savings to finance the purchases
of cars and other big-ticket items." [. . .]http://www.msnbc.msn.com/id/11098797/

McCain's claim that he can fix Social Security without raising taxes
means he probably wants to cut benefits and or adopt some version of
Bush's Social Security plan.

Or he could plan on a rapidly expanding economy that would solve the
problem. Americans should get paid more if companies earn more...
right? This means more funds for SS.

That sounds sort of like a new version of Reagonics, or "Voodoo
Economics", as George Bush Sr once called it. We currently have a $9
trillion national debt, mostly as a result of the last two times the
Republicans tried something like that. Still I wouldn't mind trying
again (what the heck, I'm flexible) as long as Republicans would take
the tax cuts back they gave to the rich and pay off the debt. That way
we could start fresh. Fresh Voodoo has got to be better than the same
ole stale Voodoo, wouldn't you think? :-)


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