🚀 go-pugleaf

In ca.general Gunner <gunner@lightspeed.net> wrote:
> On Sun, 26 Jun 2005 21:07:17 +0000 (UTC), Merlin Dorfman
> <dorfman@green.rahul.net> wrote:

..

>>> Btw...being allowed to put 3-4% of your social security funds in a
>>> private account is hardly "destroying the system"
>>
>>    It's not 3-4% of "your" Social Security funds, it's 1/3.  You
>>see, Social Security is about 12% of "your" funds (6% from you and
>>6% from your employer, unless you happen to be self-employed, in
>>which case you have the honor to put the entire 12% in yourself.).
>>    So 3% of "your" funds would be 1/4 of Social Security, and 4%
>>would be 1/3 of Social Security.

> Please provide a citation to your claim.
> No blogs allowed.

     A quick search didn't turn up Bush's exact proposal--can
you find it?  <http://www.factcheck.org/article305.html> kind of
dances around the subject.
     If it were 3-4% of the entire Social Security intake, I 
don't think it would raise nearly the objections it has...and
it wouldn't increase anybody's nest egg any more either.
     I'll look some more for the exact proposal later...BTW
read about "clawback" in the cited article, the government is
going to charge you for the privilege of a private account.

>>    But that's really beside the point.  The point is that the
>>purpose of Social Security is to provide a minumum guaranteed
>>income to everybody, regardless of the state of the economy, or the
>>state of the stock or bond market, or the quality of investment
>>choices made by the individual. 

> And again you are wrong.

     Then correct me, O wise one, what is the purpose of Social
Security?

>> Social Security should do just 
>>that--take the minimum in taxes necessary to provide that absolute
>>floor of retirement income.  Individuals should have the complete
>>responsibility for providing for themselves above and beyond that.
>>The government should help, with tax deferral for IRAs, 401k's,
>>etc., but that's all.

> Finally..you got something right.

> Gunner


> "Considering the events of recent years, 
>  the world has a long way to go to regain
>  its credibility and reputation with the US."
>                                  unknown