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Politics : Formerly About Advanced Micro Devices
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To: neolib who wrote (213570)12/18/2004 10:09:32 PM
From: RetiredNow  Read Replies (2) of 1575982
 
Hi neolib, I found the article. Bush's proposal # 2 is the current favorite of the white house. Here's the relevant quote in the article as well as the link to it:
"Future benefits would be cut by each dollar that goes to personal accounts, compounded by an interest rate 2 percentage points above inflation."

news.yahoo.com

Anyway, I was wrong. They aren't going to reduce your future benefits by 2%. It will be reduced by much less than that. I think their reduction calc is reasonable, because they are assuming you would only earn 2% per year if you left the $1K per year with the gov't instead of moving it to a private account. So that is what they'll reduce it by. That's a pretty good deal for all of us. Basically, they'll reduce our benefits by much less than what we'd make in the market. So it's a net win for workers.
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