Posted on 11/04/2004 8:54:18 PM PST by LouAvul
Contending Americans have embraced his conservative agenda, President Bush pledged Thursday to aggressively pursue major changes in Social Security, the tax code and medical malpractice awards, working with Democrats if they are receptive and leaving them behind if they're not.
"I earned capital in the campaign, political capital, and now I intend to spend it," Bush said a day after a decisive victory that made him the first president in 68 years to win re-election and gain seats in both the House and Senate.
CBS News Correspondent Wyatt Andrews reports the president's idea of reforming Social Security begins with creating private accounts for Americans under age 55.
Right now in every paycheck, workers pay a 6.2 percent tax into the system. Depending on the rules of the reform, you could divert anywhere from 2 to the entire 6.2 percent out of the system and into your personal account -- including an approved account invested in stocks and bonds.
However -- and this is a critical detail -- your account would be untouchable. No withdrawals until you retire, reports Andrews.
Because of the election, Social Security, the once untouchable program, is on the table and on top of the pile. And it will rank among the most ambitious reforms any President or Congress has ever attempted, says Andrews.
(Excerpt) Read more at cbsnews.com ...
It's genius and it will work. But it must be started now, not later.
Barry Goldwater ran on this same platform in 1964 and was laughed at... think how prophetic he looks now. He could see the pyramid scheme of SS.
And as far as the IRS... close the doors, rip up the tax law and turn the land the IRS building(s) is on into the new ballpark for the D.C. baseball team...
No way in the world that Kerry could (or would) have ever attempted something like this.
All the money comes out of our wallets.
GO W!!! We got your Back.
Under this program, what would happen to the prior Social Security contributions of those under 55?
I think this kind of proposal is far from enough, but at this point I'll take anything over nothing...
"...what would happen to the prior Social Security contributions of those under 55?"
Uh, Dude, that money was gone the instant it was deducted from your paycheck. Do you think there's some vault with your FICA money stashed in it?
If we do not take radical action NOW this country will be destroyed by financial chaos.
The FedGov has already promised 2X more in entitlements than all privately held wealth in America.
Bwhahahaahaa .....heeee heee heee ....hooo hoo hoo.
Stop it man, you're killing me.
Had to ask. ;-)
The government has absolutely no legal obligation to repay your contributions.
Thank you for your support....your reward will likely be hyperinflation and a decreased standard of living.
Not to worry -- I've buried a few gold bricks in the back yard, and I keep a briefcase full of Yuan under the kitchen sink. ;-)
Thus if half his total SS payments (including employers portion) went to a private investment account, his earnings that year for SS benefit calculations would be half his nominal salary. If instead he only contributed 20% of his SS payments to a private fund, his earnings for that year for SS benefit calculations would be 80% of his nominal salary. Prior years are not effected, and enter the formula in the usual way.
The portion sent to either option can thus be left entirely at the discretion of the individual, and can vary from individual to individual and from year to year. Entirely voluntary partial privatization of SS is the expected result. Anyone who prefers the present system simply chooses not to make any change, and gets the same benefits they would under current law.
Same here except for the Yuan, I prefer Sinopec and PetroChem stock.
So do you have an estimate of what the BLM land would be worth? A lot of it looks like desert to me, so I'm not quite sure of the commercial value.
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