"That will leave 10 years of Boomers out of the plan."
No kidding.
I think it's also pretty sleezy that they are selling the change as 'private accounts' (like IRAs or 401Ks) when in fact they are nothing of the kind, and not 'private accounts' at all since the *government* is to keep ownership of the accounts, plans to rake off for themselves 60 - 70 - 80% of any potential gains above what traditional SS accounts would have earned, only pass along the remainder of the 'extra gains' (if any) to the individual at retirement in the form of an annuity (not a lump sum cash-out payment).
If the so-called 'privitized' accounts actually don't earn more then the regular SS payments would have, (say because the overall markets under-perform, or the individual retires at a bad time for the markets, or the few investment choices offered happen to be lousy), well then the individual who signed up for it is screwed, because they only get the *smaller* amount.
Of course, the 60 - 70 - 80% of so-called 'excess profits' that the GOVERNMENT RAKED OFF during the life of the individual's 'investment account' --- well, the government KEEPS ALL THAT MONEY, regardless of the fact that at the point of the individual's retirement the account might be under water when compared to traditional SS payments.
On the other-hand: since they plan to cut the traditional SS plan payouts --- by changing the rate of annual increase, moving from a growth rate based on national wages to one based on the CPI... a heavily manipulated government statistic that understates the national growth in prices --- maybe few of the people who signed up for the so-called 'private' accounts will notice that they are getting screwed, because the traditional payment plans will also be cut so drastically.
I wonder who dreamed this up, Rube Goldberg????? |
