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To: Charles Tutt who wrote (36518)10/15/2000 6:54:10 AM
From: JDN  Read Replies (2) of 64865
 
Dear Charles: "Instead of "privatizing" SS, why NOT just increase IRA deductions allowed? Wouldn't the effect be similar, with the degree of choice higher in IRA's? And it wouldn't require yet more rules."

Heres the RUB on that arguement. According to various predicting agencies Social Security is going to go BUST eventually (dates differ dependent upon who is estimating). No ones plan to SAVE SS is adequate as the ONLY method of SAVING it is to increase the returns. It will NOT be politically possible to save it by putting more TAX DOLLARS into it as there just isnt enough money available. So, the answer is to get more RETURNS on the money that IS PUT IN. To do that they initiate a "Privatization Plan". Thats just a name, what it means is moving funds from low yield to higher POTENTIAL yield investments. We are not talking a big risk here IMHO as only a 1-2% increase in the yield over many years with MUCHO DOLLARS invested can and will result in much more money earned. It starts out quite small (I think Bushes plan allows you to invest 10% of your normal SS contribution in this PRIVATE plan) but I suspect over a long period of time and if it is successful the amount will gradually increase until SS as we know it is eventually phased out.
What I cant understand is why ANYONE would be against it? Under the PRIVATE plan the money is YOURS FOREVER. To spend, to pass on heirs etc etc. Both my parents died at age 62 (we got $250 each to bury them) its still ONLY $250. All they paid in was lost. I would be SO HAPPY if only they would give me back the money I PAID IN over my lifetime and they can forget the whole damn thing for me. JDN
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