Bush Soc Sec details reveal complicated casino that only rich are allowed

[papau]

to keep their winnings.

Anyone for a mocking commercial - als -"Harry and Louise" ?

http://www.nytimes.com/2005/02/05/politics/05benefits.html

Memo Gives New Details on Workings of Bush's Social Security Plan
By DAVID E. ROSENBAUM

Published: February 5, 2005

<snip>

Now these details of the memorandum from the Social Security actuary, Stephen C. Goss, to Charles P. Blahous, the main White House staff expert on the program, are circulating among policy experts:

Mr. Goss said a "shadow account" would be calculated based on how much the retiree's investment account would have been worth if it had all been invested in bonds with an average yield of three percentage points above inflation.

<snip>

Those who had low wages in their working years would be required to put at least part of the money in their accounts into lifetime annuities, instruments that make a guaranteed monthly payment for life but then expire and cannot be left to heirs.

Retirees who were more affluent could invest or spend their accounts as they wished.

But the guaranteed monthly payments from the government would be determined as if the tax money they had paid to the government were reduced by the amount in the hypothetical shadow account.

<snip>

[burythehatchet]

1. classist bastards. Can we run Chavez as a Dem?

[elehhhhna]

2. More details here-

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x3062733

[Warpy]

3. They intend to defund it from the top down.

Well all know that Joe Workadaddy isn't making enough to invest 2% of his social security, pay 15% on it, and make any sort of difference to his retirement. That leaves Joe Millionaire who pays the maximum on his earnings, and will have approximately $1260 a year extra to throw at the stock market. Even if he's done the math and realizes he'll lose 15% right off the top in fees, he's hostile enough to ordinary people to go ahead and fatten brokers just to cheat widows and orphans.

It will leave the poorest earners funding the system, especially since that 2% is only the beginning. We all know that once this gang of thieves starts to chip away at it, they won't stop until it's all gone.

NO to this stupid, heartless, and ultimately ruinous plan. NO to any damned fool in Congress who votes for it.

Let's make this one radioactive, so radioactive that even Delay can't bully people into voting for it.