Posted on 04/19/2005 12:48:21 AM PDT by JohnHuang2
THE WASHINGTON TIMES
COLUMBIA, S.C. -- President Bush yesterday said raising the retirement age for Social Security and recalculating how future benefits are paid are among many "good ideas" on the table in the discussions about overhauling the 70-year-old retirement system. During a speech at the state Capitol, Mr. Bush said that unless major reforms to Social Security are made, "we will leave our children and grandchildren with only a few drastic options to keep the system afloat." Social Security trustees predict the program will begin running a deficit in 2017 and become bankrupt in 2037 owing to the nearly $11 trillion in promised benefits that the government would not have the money to pay.
(Excerpt) Read more at washtimes.com ...
If allowing 4% of your income to go to your own private investment retirement account is a risky scheme what kind of scheme is it to allow Congress to spend the entire 12.4% with absolutely no investment?
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