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    another victory for democracy..., 2005-02-04 08:31:07 | Main | ward churchill..., 2005-02-04 11:01:11

    another tiger in africa!?!:

    Workers who opt to invest in the new private accounts would lose a proportionate share of their guaranteed payment from Social Security plus interest. They should be able to recoup those lost benefits through their private accounts, as long as their investments realize a return greater than the 3 percent that the money would have made if it had stayed in the traditional plan.

    "You'll be able to pass along the money that accumulates in your personal account, if you wish, to your children . . . or grandchildren," Bush said in his State of the Union address. "And best of all, the money in the account is yours, and the government can never take it away."

    What Bush did not detail is how contributions in the account would reduce workers' monthly Social Security checks. Under the system, described by an administration official, every dollar contributed to an account would be taken from the guaranteed Social Security benefit, with interest.

    I.e. the government would take with one hand while wall street takes with the other.

    For those keeping score at home social security was supposed to go bankrupt in 1988 according to Caesar W. Nostradamus here. Foresight is the beginning and end of virtue, sometimes. His claim that it will now go bankrupt in 2018 is, big surprise, merely another prediction with no basis in the inaccuracies of the present. Like a lie, only bigger.


:: posted by buermann @ 2005-02-04 10:05:08 CST | link





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