Saturday, February 05, 2005

Yahoo! News - GOP Sees Short Time to Sell Soc. Sec. Plan

Yahoo! News - GOP Sees Short Time to Sell Soc. Sec. Plan

Ok, so according to the rightwing Chicken Littles, Social Security will run out of money if contributors continue to put in 100% of current and recipients continue to draw 100% of current.

So, the plan is to have young people contribute less and receive less in the future.

Unless the amount that we'll receive is more drastically reduced in proportion to the amount contributed (which could be done anyway without privatization), how has anything changed? How has this solved the insolvency problem? The answer is simple: it hasn't. If I choose to divert 30% of my FICA contribution away from the general fund and into my own private account, and I expect to receive 70% of my originally-planned payment from the general fund upon retirement, how has this done anything to relieve the burden? 70 is to 70 as 100 is to 100, is it not? Privatization is superfluous whether or not benefits are cut, which they no doubt would be either way.

Besides, this is all yet another plot of the ruling classes to dupe the rest of us. In 1978 Bush said that Social Security would be bankrupt by 1988 unless Congress privatized the system

1 Comments:

Anonymous Anonymous said...

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9:24 PM  

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