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Politics : Formerly About Advanced Micro Devices

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To: RetiredNow who wrote (213522)	12/18/2004 2:33:43 PM
From: Amy J	Read Replies (3) of 1575663

RE: " on to more interesting and personally meaningful debates: Social Security!" This is an interesting observation by Paul Krugman (below). Am for making changes to SS, but Krugman's analysis does give pause - he's saying the management fees would be 20% instead of the current 1%. If true, then a definite roadblock: "More than 99 percent of Social Security's revenues go toward benefits, and less than 1 percent for overhead. In Chile's system, management fees are around 20 times as high. And that's a typical number for privatized systems. These fees cut sharply into the returns individuals can expect on their accounts." "A reasonable prediction for the real rate of return on personal accounts in the U.S. is 4 percent or less. If we introduce a system with British-level management fees, net returns to workers will be reduced by more than a quarter. Add in deep cuts in guaranteed benefits and a big increase in risk, and we're looking at a "reform" that hurts everyone except the investment industry." nytimes.com Why wouldn't it be like an IRA, where you manage it yourself?

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