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Wednesday, February 16, 2005

On Calvin the Nest Egg

Posted by: Hammer / 9:39 AM

If the Republican plan to privatize Social Security is so great, why can't they be honest about it? From the latest GOP Newsline (a publicantion from Minnesota Republicans):
To put pressure on Dayton to do the right thing, the Republican Party of Minnesota is encouraging Minnesotans to sign an online petition here . The launch of the Social Security petition is part of an aggressive statewide campaign to put pressure on Dayton to support efforts to strengthen and preserve Social Security. The petition points out the fact that while the number of workers paying into Social Security is going down, the promised benefits are going up. For instance, a 20-year-old worker today is being promised retirement benefits that are 40 percent higher than a retiree today receives from Social Security after adjusting for inflation, but the system does not have the resources to pay those promised benefits. President Bush's plan will not change Social Security for those at or near retirement, and will not change payroll taxes but will allow younger workers to place some of their own payroll taxes in a voluntary personal retirement account - a nest egg they can call their own, government cannot take away, and they can pass on to their children.
What are the three benefits of the Bush Social Security plan?


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