I GIVE UP

I just read an article that my honey sent me which analyzed Bush's plan for "privatized" Social Security accounts. Let me make this as clear as I possibly can: Bush's plan has ABSOLUTELY NOTHING to do with:

-privatization
-personal retirement savings accounts
-individualized anything
-actual benefit to the taxpayer who would opt-in

Brass Tacks (or Tax, get it, huhhuh): The plan would allow individuals to invest up to 4% (up to a cap of $1,000/yr) of their SS taxes in a "personal" account which would offer more or less the same type of investment vehicles as the Thrift Savings Plan (stock funds, bond funds, mixed funds, and the like). So far so good, then comes the kicker: upon retirement, the individual would be able to receive any money over 3%. So...the government would get a cut of 3% right off the top. Why? Something to do with leveling the playing field for those who opt out of the plan and collect the guaranteed benefit only. WHAT?! WHY? They've CHOSEN to opt out and that should not effect a penalty on the part of the "opt-inners." Also, as you might expect, the O/Is' guaranteed benefit is reduced by some as-yet unspecified amount.

The way I read it is that if your gains totalled 3%, then you would have gained NOTHING over the traditional Social Security plan - because THE GOV'T has taken a cut because THEY CAN. This is a TERRIBLE plan and WOULD NOT give participants ANY REAL advantage. This CANNOT be construed as a personal savings account in any sense of the word, because savings accounts don't generally take away money you've earned. This is not privatization because again, you don't get to keep all you've earned; you choose the funds, but have NO control over the extortion.

Gaack. More BIG GOVERNMENT - and from a Republican! Shameful!

NB: Let's see if I can come up with a link to the article I read.