Figures Lie and Liars Figure
Not to go back and beat a dead horse...but I just happened to run across this little tool on the Web. Allegedly, it will help you compare the standard benefit as promised by the FDR incarnation of social security vs. the one proposed by President Bush in his State of the Union address.
Social Security Benefits Compared...
Go back and look at the address on that web page...is anyone actually surprised that President Bush's plan takes a beating here?
Here are two key things that this calculator DOES NOT address...
1. There isn't enough money coming in anymore to pay for the benefits for the retiring population. It was great when you had over ten workers supporting one retiree's benefits, but we've gone upside down on this one. It's time to let the engines of industry help grow the money we'll need for the future. (I just wish the government would get out of the retirement game altogether. Investing isn't THAT hard to get right...)
2. The calculator does not address the fact that when you die, that's all there is. The payments stop...and your family doesn't receive any more benefits. Under the Bush Plan, what you pay in is yours to keep, spend to the last penny, OR leave to your heirs as part of your estate. I'm all for a plan that allows me to keep more money in my name...and that I can pass on to the next generation in the form of an inheritance or an endowment.
See you on the high ground!
MajorDad1984
posted by MajorDad @ 2/17/2005 09:02:00 PM
1 Comments:
Jim...
Even if the system moves towards privatization, there are still going to be funds that are set aside for the rest of the folks that either cannot decide for themselves...or for those that opt not to participate in the private accounts.
I believe that this is going to be something where each working American is going to have to make a choice...and it's going to be between believing that the future is indeed bright in America and that the engines that have made this nation the envy of the entire world will continue to function. In functioning, they will discover and build new things for the world market. In doing so, they will also make money for those that have decided to take a risk and gamble on the greatness of America. Those that do gamble...will reap the winnings, where our nation wins too.
For those that choose to keep their money in a system that mirrors what we have today, they'll always have what they put in, but it will have grown at much smaller rate. Also, they will not get to keep the money at the end of "the party." When they assume room temperature, the money reverts over to the government system (like it does today) for use with this or the next generation.
I'm going to make a Republican out of you yet!
MajorDad1984
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