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

To: Bald Eagle who wrote (240158)	3/20/2002 12:17:34 PM
From: George Coyne	Read Replies (2) \| Respond to of 769670

As of now, the system is guaranteed solvent 'til 2038.

To: Bald Eagle who wrote (240158)	3/20/2002 12:26:51 PM
From: Kenneth V. McNutt	Respond to of 769670

That's nice for the long term, but what about those of us who have already been putting money into it at the maxim rate for over twenty years. I sure hope I get something back. Good question, BE. It appears about 2036, or so, when the system runs out of money(bonds to be redeemed) taxes will have to be increased to care for those still in the system. Long before that time the government(us) will have to begin redeeming the bonds owned by the system as an obligation of us, the taxpayer and begin the crossover to individual accounts. These redemptions will have the effect of lowering the national debt. So, it appears there will be transitional period where the general fund will have to sustain the crossover to individual acccounts. I don't remember the estimated figures for this crossover(estimates are just a guideline anyway-they never hold) but the amount will be substantial and when the crossover is completed we will be a stronger country for it. The sooner we begin this transition the better. It is absolutely to the well being and security of our country and its citizens. Ken