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Saturday, February 05, 2005

SS boondoggle 

CAP pointed out some interesting notes on the so called social security reform plan in their daily progress report dated 3 feb. Most notable is the clearest explanation yet of the proposed benefit changes and their costs, from a WaPo article:
workers who opt to divert some of their payroll taxes into individual accounts would "ultimately get to keep only the investment returns that exceed the rate of return that the money would have accrued in the traditional system… In effect, the accounts would work more like a loan from the government, to be paid back upon retirement at an inflation-adjusted 3 percent interest rate." The Congressional Budget Office predicts an average of 3.3 percent gains, leaving most workers "with nothing but the guaranteed benefit." In other words, even assuming the market stays stable, unless workers received an unusually high rate of return on their investments, they would face significant cuts to their Social Security benefits
How is this better than what we have now? Is it the increased risk? Or maybe the lowered benefits? I know everyone is better off when the elderly have less money. After all, they are so frugal, they hardly inject any money into the economy on much needed consumer products like scented toilet paper and disposable toilet brushes. Then, they bitch about having to eat dog food so they can afford their medicine- medicine that, via the medicare drug-discount card program, would be cheaper for them if they had less money.

-Ben  16:29 EST | |

About us:

This weblog is an ongoing, if periodic, effort by several friends to stay in touch, in reading material, and in ideas.

Lucky Luciano is a former Italian Stallion real estate hustler and Benedict Arnold CEO turned shady lawyer-to-be. He lives in Denver.

Ben is a Paramedic and would-be philantropist who lives in Denver. He knows everything about nothing.

Fuzzy Dunlop lives in Manhattan. He is more than capable of standing up to the stresses of a high crime urban environment.

Jess is a teacher. But have YOU given her an apple? No, you haven't. You should be ashamed of yourself. This crazy feminist currently rests her copy of Awakening in Jersey City.

Matt is a pariah, iconoclast, and professor of gambling living in Oakland.

Miguel Sanchez is not Lionel Hutz.

Daddy Brooklyn lives in Brooklyn. He hates Republicans, though he wouldn't mind being ensconced in the landed elite of New York City.

Paul just smoked my eyelids and punched my cigarette.

Ziggy Stardust has no past.

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