Picture of me countering anti-Bush protesters after the event.
Posted on 04/27/2005 10:03:01 AM PDT by freedom44
President Bush arrived at Ellington Field Tuesday around 11:45 a.m. to pay a visit to Galveston to promote his Social Security plan. He shook hands briefly with some officials before boarding Marine One for the short trip to UTMB Galveston where he is scheduled for a roundtable discussion.
There he will speak to Galveston County employees who have been off Social Security since the 1980s. They haven't contributed to Social Security since the 1980s when the city exercised its option to invest in an alternate plan. Also online
Bush roundtable, protesters at UTMB Galveston
Details of President's plan
Calculator shows how plan would affect you
Has that program worked for the employees? It depends on whom you ask.
Bea Bentley, who works for Galveston County, says the program has worked out really well. She and her husband, who is on leave from Iraq, will be on the panel Tuesday with President Bush.
Instead of contributing to Social Security, employees contribute to something called the alternate plan. That money goes to bonds and annuities and allows employees to double, triple or even quadrupled the money they would normally get in benefits once they retire.
This program began in the early 1980s, thanks to a loophole in which the government allowed employers to opt-out of the Social Security program and come up with their own alternatives.
That loophole was closed in 1983, leaving only programs that were already in place.
"Asset building account is just like a 401K. You put your money in, it belongs to you, nobody else owes you anything, you take it with you when you go and you have the rule of law protecting you of your personal property. You know, it's just a different approach," says Rick Gornto of First Financial Benefits. Inc.
Critics of the program say that program benefits people who make more money and don't have as many dependents.
Social Security did a study of the Galveston program a few years ago and found that some people could actually outlive their benefits.
President Bush's plan is different from the Galveston County plan in that he advocates some of the money going into stocks, which could increase the risk for participants.
His plan also would allow only about one-third of contributors' money to go into private accounts.
President Bush will speak at William Levit Hall at UTMB in Galveston at 12:30 p.m.
ping
Good job, freedom44!
Congratulations for taking a stand!
Be Ever Vigilant!
At least the people that work for Galveston County OWN their account. Unlike Social Security where circumstances allow the government to pay limited benefits or none sometimes. Many times people pay in the SS for years then die before benefits are ever collected.
SS is a ponzi scheme and a ripoff.
PS - The woman behind you is not an anti-Bush protestor. That's Constable Pam Mantranga. Pam is a hoot and I expect she's watching your back there. Actually, Pam seems to be checking out your butt. LOL!
My husband taught in California for 18 years during which time he paid into the teacher retirement system and they DID NOT PAY INTO SOCIAL SECURITY. In 1979 he wanted to go into business for himself so we moved back to Washington State where we had originally gone to Calif from. Unfortunatly we didn't look far enough into the future. He was not able to transfer the teacher retirement to another state. So those 18 years of paying into the Calif. retirement were lost. He could only take out the money he had put into the retirement system. So not only did we lose that we also lost 18 years of not paying into Social Security. Our retirement is now pretty slim.
I have no idea what Bush's Social Security Tax plan is other than wanting people to be able to put a portion into the stock market. We took out an IRA which HAS GONE NOWHERE IN 20 years.
Is there an online site that tells a person exactly what President Bush has in mind?
I think that lady was about to spit on your suit. Thanks, for standing in the gap!
It's in galveston, but you might want to ping to your list.
Bush knows that and unlike other weak-willed 'Pubbies, he stands by his friends and his Party.
TWO THUMBS (WAY) UP!!
BUMP
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