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Forum Post: Tie Social Security benefits to CEO pay, says Elizabeth Warren

Posted 2 years ago on Nov. 7, 2015, 8:17 a.m. EST by factsrfun (8778) from Phoenix, AZ
This content is user submitted and not an official statement

When I put a similar ideal on my profile:

http://occupywallst.org/users/factsrfun/

I thought it one of my more extreme proposals but I guess I was just a few years ahead of Elizabeth on this...

http://money.cnn.com/2015/11/06/news/economy/social-security-ceo-pay-elizabeth-warren/

9 Comments

9 Comments


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[-] 1 points by turbocharger (1756) 2 years ago

How about I just manage my own retirement? Or is that too radical of an idea lol?

[-] 4 points by ImNotMe (1488) 2 years ago

''The 401(k) scam: How American workers have been robbed of their retirement benefits'' ...

From 1st link, I abridge and excerpt: ''A retirement crisis of staggering proportions faces millions of American working people. (Any) plunge in the stock market has profound implications in a country where most pensions and savings are not based on fixed benefits paid by employers, but instead are dependent on voluntary contributions made by workers to be invested on Wall Street.

''The 401(k), as the plan is known, is literally a do-it-yourself retirement plan completely dependent on the vagaries of the market. With over $7.7 trillion wiped out in two-and-a-half years by the 44 percent fall of Standard & Poor 500, many face a shrinking pension or none at all. Unlike a high-powered executive, the average worker has no broker who is constantly following investments, giving tips or advising him or her on the wisest allocations. The 401(k) plan places the responsibility and burden entirely on the worker.

''Because they have seen their retirement savings wiped out, many people are being forced to work longer years than they ever expected. In the past year the number of people in the workforce 55 or older—the only age group that is growing—jumped 8 percent, to 20 million. These baby-boomers are facing a precarious financial future.

''Millions have been forced to abandon their plans to retire in their 50s and early 60s to spend their remaining years enjoying an active lifestyle. Now many of these workers will have to work well into their 70s. Many in this age-bracket face the combined strain of paying for college tuition for their children and at the same time taking on the care of older parents.

''The US pension system is entirely inadequate or nonexistent. Social Security, which came into effect in 1935, is to this day a very limited benefit and was never conceived as being more than a supplemental pension. Due to changes carried out by the US government, the age at which workers can qualify for Social Security benefits will soon rise to 67 from the current 65 years old. In addition, the Bush administration has been campaigning to open up Social Security to private investment, so that individuals can also put a portion of their benefits into the stock market.

''The grim reality is that only a very small percentage of American workers have a fixed defined retirement pension plan sponsored by their employers. In fact, today only 16 percent of the population currently receives guaranteed-pension benefits that cover them for life. Even at its height, fixed pensions covered only a fraction of the workforce; mainly large manufacturing unionized industries such as auto and steel.

''In contrast to the plight of working people, however, the top executives of companies engulfed in financial scandals have no retirement worries, even in those instances where their companies have collapsed. In the case of Enron, Jeffrey Skilling made $78 million. Laid-off Enron workers received a mere $4,500 severance payment, no matter how many years they had worked for the company.''

From 2nd link: ''The average investor has returned 1.8 percent per year over the past 40 years. The psychology of investing is very difficult.''

''Question ALWAYS the trillion dollar industries that are paying millions to fool you (finance industry, housing industry, college industry, etc)... from Link #2 .. which may well appeal to you.

Good reads both .. from arguably opposite ends of some nebulous spectrum - lolol. Maybe Effective Collectivism is more efficient than Total Individualism? Wall Street can NOT be trusted w/ Pensions!

radix omnium malorum est cupiditas ...

[-] 0 points by factsrfun (8778) from Phoenix, AZ 2 years ago

We tried that, millions were left in poverty, jobs in America don't pay enough for people to save for retirement, plus there are many con artiest that swindle people out of their saving. Why should everyone have to become an investment pro? Social security is a system that has worked, we the people do great things when we work together.

Shithead conservatives like you are just greedy pigs that don't give a shit about anybody else.

[-] 2 points by turbocharger (1756) 2 years ago

First off, I'm more liberal than you ever thought about being. We've gone over this. Begging the feds to fix your life doesnt make you a liberal. Fact, you dont even know what liberal means.

Second, I'm going to go off on a limb and suggest that I probably do more to help people over the course of a week than you do.

Thoughts?

[-] 0 points by factsrfun (8778) from Phoenix, AZ 2 years ago

Your only concern is wither or not you are going to be asked to pay a little tax, you don't give a damn about the 99% or OWS that is why you are always here trying to help elect the GOP.

[-] -1 points by factsrfun (8778) from Phoenix, AZ 2 years ago

Are you going to manage the whole $12/hr by yourself or are you going to get professional help?

How about we try something other than "every man for himself" that's resulted in the top 1% having about 90% of everything. You are a GOP loving con, just saying....

[-] 2 points by turbocharger (1756) 2 years ago

It doesnt have to be every man for himself. If you would like the nazis and war criminals to manage your retirement over the course of 50-70 years depending on how long you live, that is your choice.

Do I not deserve a choice?

[-] 0 points by factsrfun (8778) from Phoenix, AZ 2 years ago

You get to vote like everyone else, and of course you can always move to Mexico i don't think they have social security, people from there move here because they like the way of life you sound like you would prefer Mexico have you considered immigration?