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12Apr2005 Filed under: Uncategorized Author: Charles GuthrieHey, I was wondering if anyone had any views on this whole privatized social security issue. I admit I am having trouble finding any “unspun” info on the matter. I am leaning towards thinking it is would not benifit anyone too well, and it looks like in the end it will cut back on actual benifits one would receive.
On the other hand, the idea of having a private account that you can hand down to your kin does sound somewhat appealing, but several blogs I’ve seen specify that you may not even be able to give the majority of your private account to your decendants.
Here are some interesting political cartoons on the subject:
http://cagle.slate.msn.com/news/AARPSocialSecurity/main.asp
Anonymous
April 12th, 2005 at 1:39 am
Here, check out this site:
http://www.whitehouse.gov/infocus/social-security
and this one:
http://www.whitehouse.gov/infocus/social-security/200501/socialsecurity.pdf
There is nothing there about the government taking away any of your personal account.
Charles Guthrie
April 12th, 2005 at 2:10 am
Cool, a poster! Welcome!
Okay, you’re right, it doesn’t say anything like that in the plan. But why are there sites implying that you cannot just pass it along completely? From this site:
http://www.postwritersgroup.com/archives/cocc0208.htm
It says:
“By the White House’s own account, people who opt for personal accounts would first have to agree to deep benefit cuts in the guaranteed portion of Social Security. Then at retirement, they would be required to purchase an annuity — a contract for fixed, monthly benefits to be paid out over their remaining years — and not treat the account as a lump sum to use as they wish. If a retiree dies at say, age 68, the rest of the annuity would be lost. The monthly benefit dies with the person who owns it.”
Is this just horse-swaggle? If anyone can find soem kind of proof to this issue feel free to post it here.
Also further defenses or attacks on Private Accounts is more than welcome.