What percentage of FICA does Bush* want Privatized?

[Bandit]

Bush* has said he wants the young to take their FICA and put it into private accounts. Does he mean the entire 6.5% or is there a lower percentage that he will allow? If people put say 1%-2% into a private account drawing interest what would be the best they could get in actual rates. 3%...4%. How much money could a person earn over thirty years? If they earned fifteen dollars an hour and were allowed to put 2% of that in the bank that would be twelve dollars a week or $624. a year. 3% of $624. is $18.72. After thirty years they will have a real bundle won't they? If they could invest in stocks they could possibly do better but they could also loose everything. I think I prefer the "Security" part of Social Security.

[On the Road]

1. I Think It's Half a Percentage Point

on a voluntary basis. (If you choose to do so, you get a lower Social Security check when you retire).

My mother (who is a Bush supporter) mentioned this. But someone can correct me if I'm wrong.

[RaleighNCDUer]

2. Sounds right (I say with a total lack of authority)

But it sounds like what they want -- Gov't pays out less in the long run, and if your investments went bad, or were in, say, Enron, you're screwed.

[leftyandproud]

8. HALF of a percent...good lord!!!

That's nothing...

You pay 15% total including the 7.5% "match" coming from your employer...which is really factored into your salary from day one.

If you end up paying 14.5% into the current system and only get .5% for your own account, I would probably support that. It would be nice for people to have real assets.

[On the Road]

13. I Think It Would be 1/15 of a Person's Contribution

Half a percentage point divided by the 7.5% contribution. Not a completely bad idea, but the transition costs are between $1 and $2 Trillion, and it takes money out of the system at a time when it needs it.

[greekspeak]

3. I cannot tell you any specifics, as I am not an economist

But I can tell you this: some of Shrub's buddies are going to get richer off this little stunt. You can take that to the bank. Well, if you are one of Shrub's freinds, you can.

[wishlist]

4. You are absolutely right- privatization is a scam only benefiting Wall Str

This privatization scam would be a disaster, especially with our budget deficit and stock market situation. Only beneficiaries are the financial fund managers and stock market manipulators.

Other big Bush scam that needs to be exposed is the Medical Savings Accounts as a solution to health care crisis. Do people understand that this is not a solution since you have to save lots of your own money to put into that and then have to pay your medical bills with your own money? Meanwhile, those wealthy and healthy enough to opt out of traditional health care insurance to do the MSA's cause premiums to skyrocket for everyone else by increasing the risk pool of those who can't afford to do MSA's.

[On the Road]

6. Private Accounts Take the "Security" out of Social Security

Inevitably, some people are going to lose their savings and be destitute. Even educated investors. That's what SS prevents.

For low-income workers just starting out, the annual fees on those accounts can outweigh any gains from investment. It's very inefficient, with the difference going to brokerages.

[MallRat]

5. The SS privatization idea misses the point: IT SCREWS CURRENT RECIPIENTS.

The Republicans who love to talk about making Social Security a personal investment are either living in a fantasy world or disingenuous fucks.

I'm no economist, and I know this for a fact. The money that TODAY'S workers pay INTO Social Security goes right back OUT to TODAY'S recipients. If Bush locks up part of those incoming funds in investments, he will dig even deeper into the Trust Fund.

Kerry mentioned this in his rebuttal Wednesday night. Yet, Republicans who pimp the idea of privatization continue to either be oblivious to this fact, or they willfully ignore it.

I think it's the latter. I'm honestly beginning to think that this is part of a master plan to bankrupt the social welfare safety net in this country. Under the guise of fixing Social Security, they'll destroy it.

-MR

[serryjw]

7. Yes..thats the $1 TRILLION gap

Where is that money coming from with the boomers retiring and this outrageous deficit we now have thanks to Bushit & Co


60% of America is invested in the stock market....BUT only a VERY small % is invested DIRECTLY. Most Americans have stock thru there retirement and/or Mutual Funds.Most people, especially young people, would have NO KNOWLEDGE of which stocks to invest in. This would lead to MORE corruption from the stock brokers. I can see it right now, Young people would invest with X because "s/he was cute!"..and they wanted a date!

[RaleighNCDUer]

9. I'm honestly beginning to think that this is part of a master plan

to bankrupt the social welfare safety net in this country. Under the guise of fixing Social Security, they'll destroy it.

Just like No Child Left Behind was supposed to fix education -- but if it isn't properly funded it breaks schools. Parents then turn to voucher schemes which further unfund public schools and voila! No more public school system.

[MisterP]

10. this is their avowed plan!

Grover Norquist says he wants the gub'mint small enough "to be drowned in a bathtub"!
These are neofeudalists we're talking about here!
We're 20 minutes into the future!

[RaleighNCDUer]

11. Just realized I didn't mark the quote from your posting -- too late

to edit it. Sorry bout that.

[MallRat]

12. No problem. My attorneys will contact you Monday morning.

;-)

-MR