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To: Tom Chwojko-Frank who wrote (103407)5/15/2000 9:02:00 AM
From: Joe NYC  Read Replies (2) of 186894
 
Tom,

I guess we would be ok if we make it to a fully funded retirement system. The only way to get there is to collect more money than what is needed and spend less, so that enough assets are built up that we can switch from the pay as you go basis.

Regarding the safety net, I think welfare and food stamps are safety net. Social Security is perceived as a retirement system, meaning, you get out of it some amount that is in some proportion to what you put in. Changing social security from this to a pure safety net (like welfare) will effectively kill it, because the majority of working (and voting) people would see it as a bad deal, and would vote to kill it. This is the opinion of Pat Moynihan, retiring Democratic Senator from New York, who has spend a good part of his career trying to save the Social Security system.

Joe
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