Here, to dispel your FUD mongering about the Bush and Moynihan plans:
Unforgivable, obscene
Sen. Daniel Patrick Moynihan, New York Democrat, says it would be "unforgivable" to label his Social Security plan as "privatization."
"But it has already begun. These savings accounts are being referred to in New York Times reporting as 'partial privatization,' " Mr. Moynihan writes in an opinion piece in that newspaper.
Mr. Moynihan and Sen. Bob Kerrey, Nebraska Democrat, have introduced legislation that would allow people to invest a small portion of current payroll taxes into stocks and bonds.
"The term [privatization] goes back to the presidential campaign of 1964, in which Barry Goldwater made an offhand remark that Social Security should be made voluntary." Mr. Goldwater then was savaged as the man who would destroy Social Security.
"The charge is hurled at every opportunity. Establishing personal savings accounts is described as turning Social Security over to Wall Street. Dock workers would become day traders. A market turndown would wipe out benefits.
"The latter charge is obscene. The present progressive retirement benefit is fixed in our bill. There is no occasion to touch it.
"We add a savings plan modeled on the Thrift Savings Plan for federal employees, including senators. The government matches up to 5 percent of an employee's pay. The money is invested, at the employee's choice, in one of three plans, ranging from government bonds to a stock-index fund. The employee can switch around from time to time. If there is an element of risk even in a 40-year stretch, at no time are basic Social Security benefits at risk. Those are funded and solid, just as they are today and have been for 60 years."
washtimes.com |
