The Bottom Line on Overhauling Social Security

http://www.nytimes.com/2004/12/23/business/23scene.html

HOW can Americans be anything but confused by the complex debate over the privatization of Social Security? Investing part of the payroll taxes we pay in stocks and bonds to produce a personal nest egg is alluring. But until there is a detailed plan to analyze, we cannot know the true consequences.

At last week's economic summit meeting, the Bush administration began to give clues as to its plan. The administration appears to be leaning toward the Reform Model 2 proposed in December 2001 by its Commission to Strengthen Social Security, which was under the direction of former Senator Daniel Patrick Moynihan and Richard D. Parsons, the chief executive of Time Warner.

The plan is disheartening. Based on an analysis done by the Social Security Administration and the Congressional Budget Office, it will result in significant benefit reductions from the levels promised under the present system.

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And there are other costs to privatization. Consider the potential impact from borrowing as much as $2 trillion, which many experts see as the projected transition costs to cover the gap that would arise in payments to current retirees and those retiring soon once workers started diverting into private accounts some of the payroll taxes used to pay benefits. Financial markets may not absorb that debt without interest rates rising and the dollar falling.

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Fits right in with the plan to destroy the US economic future.

if bush* is proposing it, it has to have a negative impact on you. Unless of course you are extremely rich, then it is swell!

very simple.

they always make a point of telling you is that you should not to invest more money than you can afford to lose. The extension of that statement would be to consider whether we can afford to do without retirement income, because there is a very real possibility that we could lose it all.

Not everyone leaves the stock maket with their money.

kept off it.

If anything, the govt needs to add more to it, to further increase its benefits.

This is bush killing us to save us again.

an even more regressive tax system and, as such, is at the heart of the neocon dream, the soul of their character, the essence of their ideology, and the cornerstone of their of scheme to further promote, not the general welfare, but the welfare of the precious few.

That's how moron operates. Everything that he has shoved through the rubber stamp congress has been done will little debate or regard for public opinion.

He did this with the medicade bullshit, hiding 136 billion in additional costs until after it was passed.
He screwed us then, he's screwing us now.