The President's plan to give you privatize the bulk of Social Security turns out not to save any money after all. He's giving you four choices in how to save money in the system. It's possible that a combination of these may be necessary.

 

1. Reduce money for wealthy retirees.

2. Raise the retirement age.

3. Index benefits to prices rather than cost of living (picture greatly reduced benefits in 40 years)

4. Discourage workers from taking early retirement benefits.

 

Apparently there's a fifth option that the President doesn't want you to know about.

From Today's New York Times.

 

Some Republicans have even gone so far as to suggest the one approach Mr. Bush did not mention in his speech, raising the ceiling on income subject to payroll taxes, which is now about $90,000 a year. The idea appeals to some politicians because only about 6 percent of Americans earn more than $90,000 a year. Imposing Social Security taxes on incomes of up to $200,000 would come close to eliminating the entire deficit.

f*** a duck. That sure seems like an obvious solution. I wonder why he didn't include that as an option?

 

:headshake