MSNBC - Kerry: Bush planning ˜January surprise"
Massachusetts Sen. John Kerry accused President Bush on Sunday of planning a surprise second-term effort to privatize Social Security and forecast a “disaster for America’s middle class.”
Is it any wonder there are problems getting along in Washington? What won't Kerry say to win?
Posted by Tim at October 17, 2004 09:11 PMBush has promised to preserve SS as is for those of us currently on it and those nearing retirement.
Perhaps if Kerry had spent some time on his job, he would know that congress will debate this and arrive at whatever the solution is to be. I posted on this today.
I am in the process of applying for social security (age 62)...
Kerry is once more pandering, using fear as a tactic.
I ran a calculation on how I would have done if I'd been allowed to use the marketplace instead of the government to invest. My social security benefit after 44 years of productive work will be $1200 per month, which I appreciate. However, I invested the same amount in my company 401K for 13 years and have accrued what would amount to a monthly beneft of $1800, assuming that actuarial tables on lifespan are correct. Not only that, by withdrawing $1800 a month for the rest of my life the amount in my account would stay level. This is assuming an 8% annual growth in the fund.
Something really needs to be done with SSI, but Kerry's pandering makes it a hot button issue that means it probably won't get fixed. It's a shame, because the people who are really going to lose out are those who are early in their professional careers right now.
Posted by: Phil Dillon at October 18, 2004 02:09 PM
