Monday, May 23, 2005

Philadelphia Inquirer | 05/22/2005 | Some worry Bush's plan could breed discontent

Ilsa pointed this detail about Bush's ss plan out to me, it's really unbelievable. First, I can't see how anyone in their right mind would go for the private accounts, because you have to pay it all back, plus 3 percent interest and inflation. Second, here's the diabolical part, they take it out of the traditional Social Security check!
Philadelphia Inquirer | 05/22/2005 | Some worry Bush's plan could breed discontent: "At retirement, the administration says, the worker would have to pay back all the money that went into the private account, plus 3 percent interest, plus inflation, regardless of how his or her investments fared. This would make the system whole for the money diverted away on the worker's behalf.

But the repayment - which would be a six-figure amount in many cases - would not be taken from the private account.

Instead, and this is the key point, it would come as an 'offset,' a reduction in the traditional Social Security check."

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