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

To: Kenneth E. Phillipps who wrote (670969)	2/3/2005 5:40:00 PM
From: Peter O'Brien	Read Replies (2) \| Respond to of 769670

shifting the risk to retirees??? oh really??? I have already pointed out in a previous post that SS benefits are not 'guaranteed'. This was decided by the Supreme Court in 1960. In fact, your so-called 'guaranteed' SS benefit is totally up to the whim of Congress at the time you retire... i.e., no 'guarantee' at all! You don't perceive the current system as being 'risky'??? I think private accounts reduce the risk to the individual.

To: Kenneth E. Phillipps who wrote (670969)	2/4/2005 1:46:30 AM
From: DuckTapeSunroof	Respond to of 769670

"...private accounts" Nope, as my previous post pointed out, they aren't proposing true 'private accounts', they want to use the people's money to 'invest', then rake-off most of any profits for the federal government. "the federal government is going to have to borrow to make up the difference. And what looks like -- as best we can make out is it's a trillion dollars in the first decade, another $3.5 trillion in the second decade, and continuing onwards. Again, I don't think anyone's plotted out this one directly, but the plans we have all looked at suggest that the budget deficit will be higher than it otherwise would be until about 2050." "So, if you distill the whole thing down to the essence, it's the U.S. government borrowing to buy stocks, but shifting the risk. This is the really important thing: shifting the risk onto retirees." Yep, the government wants to borrow in the people's name, then keep well over half of any potential profits for themselves... while passing ALL of the risk of losses back to the individual. “Well, if it does badly, well, that's your problem.” What a card these guys are....