Facts about 1998 Monyihan's S1792 "priv accts"that the GOP lie about

Facts about 1998 Monyihan's S1792 "priv accts"that the GOP lie about


Is this a lie by our media - or a lie by a GOPer? - no matter - it is a lie

Funny how Blackwell can not give the number of the Bill that he says Monyihan introduced and argued for (for the record the bill he lies about is S. 1792, Sponsored by Senators Moynihan and Kerrey, wherein
(Payments to PRAs, Administration of Accounts, and Effect on Payroll Taxes). Workers could voluntarily contribute 1 percent of income subject to the Social Security payroll tax to federally or privately administered PRAs. Each worker's employer would match the worker's contributions. Social Security payroll taxes paid by all workers and employers would be reduced through 2024 and increased thereafter, and (Withdrawals from PRAs and Effect on Social Security Benefits) Withdrawals could be made after individuals began to receive Social Security benefits or after their death. Benefits under the current Social Security system would be reduced. THIS BILL WAS NOT REFERED TO AS A CARVE OUT BY CBO SINCE IT IS NOT A CARVE OUT.If the worker used it to create an individual retirement savings account, his or her employer would have to match it.
http://www.cbo.gov/showdoc.cfm?index=1892&sequence=0

Social Security plan would build equity in more ways than one
Guest column by J. Kenneth Blackwell (R) Treas. Ohio Publication date: 06-15-98
http://www.cincypost.com/opinion/1998/guest061598.html

In an American milestone for retirement, Senator Patrick Moynihan, the New York Democrat, recently introduced legislation that endorsed putting a portion of Americans' Social Security taxes into private investment accounts. It was the legislative equivalent of Nixon going to China: Moynihan's credentials as a champion of the retirement program are beyond question, and his endorsing privatization, to any degree, signals a sea change in the way America saves for retirement.

A LIE!?!?!! The Moynihan speeches are all for an add-on private account - and not for a carve out of current tax private account. WHY DO THE GOP NEVER REFER TO AN ACTUAL BILL?


We should end the pay-as-you-go system, and give people the option of putting their Social Security taxes into personal investment accounts. Instead of a large number of retirees relying on a small number of workers to support their retirement, each worker would invest money for his or her own retirement. With even modest returns, economists estimate that a lifetime wage earner could retire a millionaire. People who die before retirement could leave their private investment account to their families.
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Private investment accounts are a better idea. Interest from private accounts comes from legitimate economic growth, not a rob-Peter-to-pay-Paul tax scheme. And while private Social Security investment accounts won't help blacks live longer, they are a better idea than reforms that extend the fruits of honest labor even further out of reach.



J. Kenneth Blackwell is treasurer of State of Ohio and was a U.S. Senate delegate to the 1998 National Summit on Retirement Savings in Washington, D.C.


Publication date: 06-15-98