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Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (28801)	1/20/1999 4:59:00 PM
From: Les H	Respond to of 67261

I think the system has to be scaled back. There've been various proposals to keep a 4-5% payroll tax to help the truly needy elderly. The same proposals would privatize the rest. The demographic trends don't support going farther and deeper down the current path. Europe's been there, done that. 12-20% unemployment. Japan's been there, still doing more of that. 24% FICA tax, perhaps going up to 30%. Most of the countries like Brazil, Portugal, etc. are looking for a way out. 401K's contributions used to be pre-tax, including Social Security tax. Medicare is treated separately. I believe the tax is about 2.6% (1.3% employee, 1.3% employer). Clinton proposed using the SS "surplus" to fund medicare.