That's the only reason I can see that they wouldn't want personal account options for Social Security reform.
Let's look at it logically (and mathematically) shall we?
Retirement age is 67 now, right (for SS benefits)? Well, as SS now stands, if you contribute your whole working life, and you only live to 75--seems reasonable, that's slightly above the average life expectancy for a male--and let's say you worked from age 18 - 67, that's 49 years worth of SS taxes you've paid, right? But if you die after only 8 years of retirement, that's 41 years worth of taxes neither you nor your heirs will EVER SEE. And we know what THAT means...
For those of you who play the lottery (i.e., those of you who can't do math), what that means is that the GOVERNMENT keeps YOUR money. Or, probably more specifically, the Government gets to give your money to whomever or whatever it wants. How do you feel about what should have been your nest egg or your "safety net" going to, let's say, subsidize healthcare for illegal aliens? Wait, wrong question--I'm talking to the libtards who oppose the President's proposal (and the RINOs who are willing to sell their souls to the devil to back them up). You all would probably approve of that. But what if you're a liberal anti-war protester--how do you feel about your hard-earned payroll taxes being diverted from SS to pay for bullets, or (egads) GUNS (icky guns, eeew)?
More likely, that money you leave behind (if Congress doesn't act) will merely go to paying for someone else's basic benefits until they die, which the Government will hope is soon so they can continue to avoid solving the problem created by the world's largest pyramid scheme.
In contrast, if the same scenario played out but you had opted to put 2% of your SS taxes into a private account, that you managed well over the 49 years of your working life (this presupposes, by the way, that you are 18 NOW and that the President gets his way), and you die having only collected 8 years worth of benefits, whatever's left in that private account goes to YOUR HEIRS!! And again, for you liberals, one of those heirs might even be your "same-sex partner" if you've written your will properly (or, if by then you've gotten your way and have legally married him or her).
Of course, you could count on that stem-cell research you all love so much coming up with a way for you to live forever, or you could settle for your measly $300 death benefit and let the nanny state keep the rest for someone else's use (how noble of you).
Personally, I'd prefer to keep my money and have it go to my family when I kick it.
Posted by insomnomaniac at April 29, 2005 1:35 AM | TrackBack