Wednesday, February 02, 2005

"The Money in the Account" is NOT All Yours

The Washington Post has an article that does a good job debunking the White House Social Security Plan. Particularly this statement from Bush’s speech tonight:

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

Jonathan Weisman, WP Staff Writer says that the plan “is more complicated” than Bush is letting on…

Under the proposal, workers could invest as much as 4 percent of their wages subject to Social Security taxation in a limited assortment of stock, bond and mixed-investment funds. But the government would keep and administer that money. Upon retirement, workers would then be given any money that exceeded inflation-adjusted gains over 3 percent.



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