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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Gersh Avery who wrote (130584)	3/6/2001 6:12:34 PM
From: Lazarus_Long	Read Replies (2) \| Respond to of 769670

They wouldn't have to put it into the stock market. They could buy bonds or CDs. I'd allow a wider choice than are currently available for 401Ks, like 1st and 2nd mortgages and gold, oil well shares, ????

To: Gersh Avery who wrote (130584)	3/6/2001 6:29:20 PM
From: Thomas A Watson	Respond to of 769670

Dear Gersh, what does put part of their income into wall street mean?? I've seen no proposal even from the stupid demorats that worker in the US should go to New York city and ??? hmmm... I guess dig a hole and bury a part of their money in wall street. tom watson tosiwmee

To: Gersh Avery who wrote (130584)	3/6/2001 7:19:32 PM
From: aknahow	Respond to of 769670

Privatization would not mean forcing people to put money into stocks. A portfolio of U.S. treasury bonds would provide double the return one gets on the "contributions" currently taken but not vested as the property of the social security taxpayer. As one opponent of reform pointed out the Social Security system is pay as you go. The payments of those not yet receiving benefits is used to cover payments to those retired. Projections show that in the future the benefit payments will exceed contributions. It is a Ponzi scheme, and younger people are starting to worry about their prospects. Will benefits be cut, witholding increased or the eligibility age be raised or a combination? Michael Cummings made some complete and great post about the problem. Privatization provides a means of providing some compensation to those who will be asked/required to accept a change in the rules for receiving benefits. The change will occur but it seems some are intent on assuring there is no attempt to reduce the pain.