wrote in message
ups.com...
This may be news to you, but Bush wants to reinvent the wheel and take
credit for anything that rolls.

Flash: We *already have* a number of federally recognized retirement
schemes, (IRA's, 401K, etc) doing what Bush is propsing to do with
social security.
People should save for their own retirement and assemble some wealth
beyond social security.

Difference is that the current programs do not withdraw money from a
social security system that is tottering as it is.

If a worker is so strapped that he or she cannot afford to put any
money in the bank unless social security impounds are cut by half, that
worker is probably so strapped that the freed up cash will go into a
higher car payment or an extra credit card balance instead of a
long-range strategy like retirement.


The freed up cash does not go to the person to spend as they like. It
either goes to SS or to personal retirement accounts. At the present time
overall return on SS money that the people put in is -0.3%. And this is
going to get worse as lots of those collecting SS did not pay much into the
system. Only since the LBJ years when the government found that they could
get a huge increase in revenue by raising SS payments a little and SS
deposits a lot has the SS system been going down the tubes. And the SS
system was not designed to be the national retirement system in it's
formative years.