Friday, February 04, 2005
Crisis on Infinite Social Security Plans
Now, I've stayed head and shoulders above the entire social security privatization debate, if only for the fact that I don't have a clue about most of it. But you know, I think I understand this part:
Even more curiously, a "senior administration official" who briefed reporters on the Social Security proposal earlier today disclosed details of the White House plan that I don't think will play well in Peoria. Most significantly, this official revealed that most or all of the earnings from new "personal" or privatized accounts will be paid not to the holder of the account, but to the government. The senior official called this a "benefit offset." It's one way to finance the creation of these private accounts, but it's going to cause quite a political stir, I think.
Remind me why I want to play poker with my pension if all of the big earnings might go to the government, Mr. President?
UPDATE: I got taken. Again. And now, I will continue to shut up about social security.
Even more curiously, a "senior administration official" who briefed reporters on the Social Security proposal earlier today disclosed details of the White House plan that I don't think will play well in Peoria. Most significantly, this official revealed that most or all of the earnings from new "personal" or privatized accounts will be paid not to the holder of the account, but to the government. The senior official called this a "benefit offset." It's one way to finance the creation of these private accounts, but it's going to cause quite a political stir, I think.
Remind me why I want to play poker with my pension if all of the big earnings might go to the government, Mr. President?
UPDATE: I got taken. Again. And now, I will continue to shut up about social security.
