5. Bush admits his plan doesn't fix Social Security.
Social Security is going to go broke in a few years so Bush is coming up with a plan that will cut benefits, allow a forced investment into stocks and bonds (rather than privatize the whole system and let people freely provide for their own future), yet he admits this won't fix the problem.
How encouraging.
http://www.msnbc.msn.com/id/6906269/
Bush admits his plan doesn't fix Social Security
President on five-state tour to sell proposal for private accounts
The Associated Press
Feb. 4, 2005
LITTLE ROCK, Ark. - President Bush, on a road trip to promote private Social Security accounts, acknowledged Friday that his proposal would not by itself fix the future financial problems of the retirement program.
Though many in his own party are wary of tampering with a beloved domestic program, the president said he would push ahead.... his idea for letting younger workers put up to two-thirds of their Social Security tax contributions in accounts invested in stocks and bonds. In return, those workers would see an unspecified reduction in their traditional Social Security benefit...
The president has not spelled out the size of benefit cuts that would go along with the private accounts.
http://www.msnbc.msn.com/id/6908534/
Retirees would lose some profits from accounts
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.
http://backwaterreport.com/index.php?p=306
“Fixing” Social Security
How encouraging.
http://www.msnbc.msn.com/id/6906269/
Bush admits his plan doesn't fix Social Security
President on five-state tour to sell proposal for private accounts
The Associated Press
Feb. 4, 2005
LITTLE ROCK, Ark. - President Bush, on a road trip to promote private Social Security accounts, acknowledged Friday that his proposal would not by itself fix the future financial problems of the retirement program.
Though many in his own party are wary of tampering with a beloved domestic program, the president said he would push ahead.... his idea for letting younger workers put up to two-thirds of their Social Security tax contributions in accounts invested in stocks and bonds. In return, those workers would see an unspecified reduction in their traditional Social Security benefit...
The president has not spelled out the size of benefit cuts that would go along with the private accounts.
http://www.msnbc.msn.com/id/6908534/
Retirees would lose some profits from accounts
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.
http://backwaterreport.com/index.php?p=306
“Fixing” Social Security
posted by T.G. at 3:34 PM
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