[Vision2020] Question for those that want to privatize socialsecurity

[wocsom at earthlink.net]

Mr. Arnold, you make an excellent point.  I'm 44 and haven't made a
personal judgement one way or the other (current system, private accounts,
or a combination of the two based on one's age).  However, US Senator
Stabenow of Michigan stated that the President's plan, which is estimated
to involve transition costs of $1 trillion to $2 trillion (according to
CBO), would worsen the ballooning deficits that currently exist.  Your
point of current retirees depending on the same tax dollars that would be
diverted to savings accounts is the "fly in the ointment" and I have yet to
see any specifics that detail a very specific transition to private
accounts.  Perhaps one possible stabilizer could be to tax total income for
social security vs. only the first $90K (I believe that's the current
amount taxed) although I'm not sure how much revenue would be generated to
shore up the current way of doing social security business.  I really
haven't read much on that angle either.  Do we want to raise taxes?  Do we
want to cut benefits?  Do we do nothing?  A tough nut to crack for sure.

Coop


> [Original Message]
> From: Donovan Arnold <donovanarnold at hotmail.com>
> To: <vision2020 at moscow.com>
 > Date: 1/16/2005 6:30:44 PM
> Subject: [Vision2020] Question for those that want to privatize
socialsecurity
>
> I have a question for those of you that wish to privatize social
security. 
> Where do you plan to get the money to invest in your own chosen plan?
> 
> Currently, 99% of all funds collected from SS go directly into checks to
pay 
> current recipients. So you if you take the money that you earned toward
your 
> social security now, how are we to take care of the millions of Americans 
> that depend on that check? They paid into social security as well, all
their 
> life, and the system is already pressed to meet current obligations.
> 
> Thanks for answering.
> 
> Donovan J Arnold
> 
> 
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